Ripple has partnered with Portuguese currency exchange provider Unicâmbio to offer instant international payments between Portugal and Brazil. The service uses Ripple’s payments platform, which incorporates digital assets to facilitate cross-border settlements.

Meanwhile, the XRPUSD H1 chart shows a bearish correction in progress. The uptrending trendline support could play a crucial role in determining the next movement on the intraday charts.

Ripple Links Portugal-Brazil for Faster Transfers

Cassie Craddock, Managing Director for the UK and Europe at Ripple
Cassie Craddock, Managing Director for the UK and Europe at Ripple, Source: LinkedIn

Unicâmbio’s corporate customers can transfer funds and settle payments within minutes. Ripple said this is its first entry into the Portuguese market.

"Portugal has developed a thriving crypto ecosystem so we are delighted to open up our payments solution to partners there," said Cassie Craddock, Managing Director for the UK and Europe at Ripple.

Ripple’s payments system operates on the XRP Ledger. Users can send and receive various currencies, including fiat and crypto assets, through a financial institution network using the XRP token.

"By connecting our payment networks in Portugal and Brazil we are facilitating faster, more cost-effective cross-border payments, while strengthening the economic bridge between these two major markets," Craddock added.

XRPUSD Nears Support, Awaiting Price Direction

The XRPUSD H1 chart indicates that the price has been undergoing a bearish correction after facing rejection at the 2.53000 level. Currently, the cryptocurrency is trading near the support of an uptrend trendline.

XRPUSD, H1 Chart, Source: TradingView
XRPUSD, H1 Chart, Source: TradingView

A bearish candle appears to have broken through the support level, followed by a bullish inside bar. If a bearish engulfing candle forms at the broken support area, it may push the price further down. Conversely, a bullish candle could attract buyers, potentially driving the price upwards.

Ripple Whales, SEC Shifts, and XRP Ledger Updates

Ripple whales have attracted attention due to their continued buying activity. Recent data shows that large investors, referred to as whales, acquired 520 million XRP tokens during a recent price dip. This suggests that some market participants maintain confidence in the cryptocurrency despite the downturn.

The SEC's reassignment of key staff members, including Jorge Tenreiro, has raised questions about the agency’s approach to cryptocurrency cases like Ripple. Tenreiro, who previously oversaw the SEC's litigation in cases such as Ripple and Coinbase, has been moved to the IT department.

Ripple has recently donated $100,000 in XRP to aid communities affected by the California wildfires, supporting organizations like World Central Kitchen and GiveDirectly through The Giving Block platform.

In decentralized finance (DeFi), Ripple has partnered with Chainlink to integrate its RLUSD stablecoin with DeFi applications on the Ethereum blockchain, enabling trading and lending features.

The discussion around XRP’s potential inclusion in a US crypto reserve continues, with concerns over centralization. Ripple’s Schwartz defended the decentralization of the XRP Ledger, emphasizing its resilience to manipulation.

Ripple is progressing in Japan, with expectations that banks will adopt the XRP Ledger by 2025. This initiative, according to SBI CEO Yoshitaka Kitao, is aimed at improving cross-border payments and currency conversions for remittances.

The XRP Ledger (XRPL) briefly experienced a disruption due to an issue with its consensus mechanism, which caused validations to fail and ledgers to “drift apart.” Ripple's CTO, David Schwartz, noted that the issue appeared to resolve itself after at least one validator operator reset the consensus to a validated ledger state.

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