XRP Price Pumps 11 Percent as Ripple Inks Partnership With Major Remittance Company

Wed, 02/05/2020 - 07:24
Alex Dovbnya
XRP significantly outperforms other cryptocurrencies in the top 10 while Ripple strikes a deal with Intermex
Cover image via 123rf.com

The price of XRP has increased by more than 11 percent over the past 24 hours, which allowed it to breach the $0.28 level for the first time in 2020. Meanwhile, Ripple moved to extend its presence in the Latin American market by inking a deal with Intermex.      

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Ripple partners with Intermex

On Feb. 4, the San Francisco-based blockchain behemoth announced its new partnership with Intermex, one of the leaders in the remittance industry in Latin America that boasts more than 100,000 locations.  

From now on, Intermex will be able to make faster and cheaper cross-border payments to Mexico by relying on the RippleNet network that surpasses 300 customers. 

While it's unclear whether the Intermex partnership had any impact on the XRP price, trader Josh Rager recently suggested that the token's double-digit price gains were driven by BitMEX adding a USD pair with XRP.     

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XRP is poised for more gains 

As reported by U.Today, XRP popped eight percent while the rest of the top 10 coins were in the red. After giving up some of its gains, the third biggest cryptocurrency recorded another leg up that pushed it above $0.28. 

Many traders are taking a wait-and-see approach until XRP clearly breaks above the $0.30. That said, Big Cheds recently noted that the token has finally moved above its 200-day moving average (MA) for the first time since March 2019. 

 image by @BigCheds

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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