Key Takeaways
- Ripple has announced a partnership with Novatti Group, which will see RippleNet and ODL used in remittances.
- The partnership will focus on Australia and the Philippines and is part of Ripple’s efforts to sign deals in the Asia Pacific region.
- Ripple prices are performing well, perhaps due to positive developments in Ripple’s SEC case.
Ripple has announced that it is partnering with Novatti Group, an international payments firm, to help it use XRP-based services.
Ripple and Novatti Work on Remittances
According to Ripple, this partnership will initially focus on remittances between Australia and the Philippines. It will specifically be carried out through the financial services company iRemit.
Ripple says that Novatti expects to process “several thousand transactions per month” through RippleNet and its On-Demand Liquidity (ODL) service. Novatti also plans to extend the service to other customers and countries in the future.
The news is notable due to Ripple’s regulatory troubles; the firm is currently facing charges of securities violations put forward by the U.S. Securities and Exchange Commission (SEC). Its decision to add Novatti as a partner is a sign that the firm is continuing to seek partnerships in Asia, a relatively crypto-friendly market.
Though Ripple initially signed the deal in December 2020, it did not reveal the full details of the partnership until this week.
XRP Prices are Trending Upward
XRP prices are performing fairly well. The cryptocurrency broke out of an inverse head-and-shoulders formation on Apr. 4, recently rising by nearly 240% to reach a three-year high of $1.98.
Based on the inverse head-and-shoulders pattern, XRP could surge by another 65% and reach its previous all-time high of $3.30. Meanwhile, an upward impulse past the January 2018 all-time high of $3.30 could send XRP into a parabolic arc towards the 127.2% Fibonacci retracement level at $8.30.
Though the recent Novatti partnership is unlikely to have caused these trends, positive news regarding the lawsuit between Ripple and the U.S. SEC could be responsible. Recently, Ripple was granted access to SEC documents, while the SEC itself has been blocked from viewing the bank records of Ripple executives.
Both of those decisions cold help Ripple win its case. However, if Ripple fails to win the legal battle against the SEC or faces further trouble, a steep crash to $0.60 or lower can be expected.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
