XRP price has surged significantly following the announcement of a partnership between Ripple and MoonPay, a popular crypto payments platform. This new collaboration will allow users to directly purchase, manage, and store XRP through the MoonPay app.
MoonPay Partnership with Ripple
A key part of this partnership is the introduction of RLUSD, Ripple’s dollar-backed stablecoin. Ripple developed RLUSD with the help of several platforms including Uphold, Bitstamp, Bitso, Independent Reserve, CoinMENA, and Bullish. The move is expected to enhance liquidity and simplify transactions within the Ripple ecosystem.
In a social media post on X, MoonPay confirmed the integration with XRP, stating: “You can now purchase and manage XRP directly within your MoonPay account. Whether you’re a first-time user or a long-time supporter, welcome to the family.” The company also emphasized that this partnership is aimed at making crypto more accessible to the average consumer.
ATTEN-HUT! 🫡
XRP ARMY ROLL CALL! 📢
In partnership with @Ripple, you can now buy, store, and manage your $XRP directly within your MoonPay account.
Whether you’re a new recruit or a loyal soldier, welcome home. pic.twitter.com/6kWvego7g1
— MoonPay 🟣 (@moonpay) October 16, 2024
During an interview on The Paul Barron Network, MoonPay CEO Ivan Soto-Wright discussed the company’s vision for simplifying the user experience in crypto transactions. He highlighted the importance of making crypto wallets as intuitive as traditional banking apps.
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He explained that MoonPay aims to streamline the onboarding process. According to Soto-Wright, “We are committed to reducing the friction involved in bringing new users into the ecosystem.”
MoonPay’s innovations include a one-click transaction feature for returning users who have already gone through the initial onboarding and KYC procedures. While the setup process includes biometric and identification verification, once completed, future transactions become effortless for users.
Soto-Wright also likened this approach to PayPal’s early challenges, pointing out that what started as a complex system eventually evolved into a trusted and user-friendly service. “Our goal is to create a polished, seamless interface, much like Apple Pay, that eliminates barriers for users,” he stated.
XRP Price Surge
XRP price shot up after the latest partnership announcement as the access to the Ripple-native token became easier. As of writing, the XRP price gained 1.05% $0.5488 on Wednesday, October 16. However, the trading volume slumped 16.79% to $1.07 billion in the last 24 hours, possibly due to increased volatility in the market.
Though the gains for XRP is modest, it still marks a notable increase from the intraday low of $0.5375. Moreover, analysts expect XRP price to climb further in case Ripple wins the cross-appeal against the SEC. In addition, the probability of a spot XRP ETF getting approved son has also spurred the ongoing bullish sentiment with filings from Bitwise and Canary Capital.
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