Ripple Scores New ODL Partner As XRP Bulls Target These Price Levels
27 February 2023 - 10:15PM
NEWSBTC
Ripple partner Tranglo announced today that it has signed EzyRemit,
one of Australia’s fastest growing fintech companies, as a new
partner. EzyRemit will use Tranglo’s cross-border payment
solutions, including the XRP-based On-Demand Liquidity (ODL)
payment technology, according to a press release. “As part of
Tranglo’s global push for Ripple’s On-Demand Liquidity (ODL), the
partnership will also allow EzyRemit to leverage ODL to maximize
working capital and deliver quick and cost-effective transactions
across key corridors, including Indonesia, Philippines, Vietnam,
Thailand, India and Bangladesh,” the announcement reads. EzyRemit
will leverage the Tranglo platform through an interface to
seamlessly route transactions in real-time. In addition, the
partnership is said to allow EzyRemit to “streamline its operations
and create new revenue streams” by offering its customers more
options to send international payments. Commenting on the
partnership, EzyRemit co-founder and CFO Allan Nguyen said, “The
strategic partnership between EzyRemit and Tranglo will offer a
comprehensive cross-border payment solution for all customers. This
partnership combines EzyRemit’s extensive remittance network and
Tranglo’s expertise in global payment infrastructure.” Related
Reading: XRP Price Prediction: Ripple Lacks Momentum But Holders
Are Safe, Here’s Why To what extent EzyRemit will use XRP-based ODL
technology is therefore not entirely clear yet. One thing to keep
in mind is that Tranglo enabled ODL for all of its payment
corridors in March 2022, after launching an ODL pilot in September
2021. At that time, Tranglo announced that it would use ODL
transactions through RippleNet from markets such as Australia,
Japan, the Philippines, and Singapore. Noteworthy, Ripple also
acquired 40% of Tranglo in 2021 to scale RippleNet and its ODL
service. With EzyRemit, Tranglo and Ripple gain an ambitious new
partner. EzyRemit was one of the finalists in the Finnie Awards,
AFR Most Innovative Companies and India Fintech Awards in 2022.
This year, the company plans to expand its remittance market to
more than 150 countries. XRP Price Stays In Sideways Trend Despite
Ripple News Meanwhile, the XRP price is unimpressed by the recent
new partnerships of Ripple. At press time, XRP traded at $0.3729,
sitting in the middle of the $0.32 and $0.42 trading range in which
the price has been since early November. Related Reading: ‘Relist
XRP’ Trends Again As Coinbase Changes Risk Disclosure, Rally
Imminent? At the moment, XRP is holding support at the $0.3729
level after the price tested the upper edge of the sideways channel
in the second half of January. Since then, the XRP price has fallen
in line with the broader sentiment on the crypto market. In this
respect, it is important for the bulls to hold the mid-range
support for the time being in order not to fall towards the bottom
of the channel. Should this succeed, a bounce could be in play.
Then, the resistance at $0.42 could come into focus again. Featured
image from Kanchanara / Unsplash, Chart from TradingView.com
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