Ripple Partners With Mastercard, While XRP Price Falls Below Crucial Level
The post Ripple Partners With Mastercard, While XRP Price Falls Below Crucial Level appeared first on Coinpedia Fintech News
Mastercard has announced a strategic relationship with several blockchain companies, including Ripple. This is a big deal that shows how important central bank digital currencies (CBDCs) are becoming in the global financial system. Despite the positive sentiment, XRP token tumbled by 14.3% in the last 24 hours, along with other assets.
Ripple’s Master Stroke Is Real Now?
Today’s launch of Mastercard’s CBDC affiliate program shows the company’s dedication to forging strong relationships with industry heavyweights. While for Ripple is it surely another milestone. The whole purpose is to educate central banks on CBDCs and their potential to alter the shape of financial systems in the digital era. Mastercard has positioned Ripple, which it refers to as the “CBDC platform” in a press statement, as the frontrunner in this ambitious project.
The early CBDC platform partners will include Ripple, blockchain and Web3 software company Consensys, multi-CBDC and tokenized asset solution provider Fluency, digital identity technology provider Idemia, security technology consultant Consult Hyperion, and digital asset operations platform Fireblocks.
Evidently, Ripple’s partnership with the Republic of Palau has led to the launch of a first-ever govt-launched stablecoin, making its position clear as a major player in the CBDC list. However Mastercard sees this collaboration as a real test of Ripple’s capabilities, in addition, the company may bring four more additions to the CBDC’s pilot project.
A Welcome Move for Banks!
In this context, Michael Miebach, CEO of Mastercard, showed his excitement and said apart from Ripple the company is already working with several central banks to help them leverage this new digital currency project. His aim is to bring transparency, stability, and security to the financial system.
In response, Ripple CBDC Advisor Antony Welfare has also shown his excitement on his X post. While other’s think this move will enable the company to use XRP as a payment system.
Excited to be working with @Mastercard on #DigitalCurrency and #cbdc projects
“Ripple’s launch of an inaugural government-issued national stablecoin in collaboration with the Republic of Palau, in addition to work on four CBDC pilots.” https://t.co/dH73IMFlVr— Antony Welfare (@AntonyWelfare) August 17, 2023
BREAKING: MASTERCARD AND SUB COMPANIES OFFICIALLY ACCEPT #RIPPLE AS A PARTNER
MANY ARE SPECULATING THAT $XRP MAY BE USED A METHOD OF PAYMENT FOR THE PAYMENT SYSTEM
pic.twitter.com/ZrB9Kx5T1c
— CryptoGeek (@CryptoGeekNews) August 17, 2023
On top of this, Ripple has also formed partnerships in nations including Montenegro, Hong Kong, Colombia, and Bhutan as part of its efforts to become a truly global enterprise.
No Relief for XRP?
While Ripple is shining, XRP is still facing rejections in the market. In the recent downturn, the price of XRP dropped to a crucial level of $0.4347. Right now, it’s being traded at $0.5048, which is less than the average price over the past 200 days, which is $0.5251. Expectedly if it rebounds from here, XRP supporters can aim for $0.5251 first and then $0.5524. But it’s crucial for XRP to stay above $0.43; otherwise, it might drop further to $0.41.
