The third largest cryptocurrency is rising along with the broad market, with alt season in the full force now.
Up 9% in the past 24 hours, XRP today breached the $0.30 level, for the first time in three months.
According to analyst The Cryptomist, “Just a matter of time till this takes off. Breaking resistance, need a daily close above.” 31cents, 35 cents, and 38 cents are the next resistances stated by her.
XRP Processed 7.5% of USD to MXN Remittances
Apart from the alt season effect, this jump in price came amidst a myriad of good news. Ripple SVP of Product, Asheesh Birla revealed that “Last week 7.5% of USD to MXN Remittances went through XRP.”
This revelation came after Bitcoin proponent Peter McCormack said while Bitcoin is being used by the Venezuelan people, on his recent trip to the border, there was “no evidence or use of” XRP, Bitcoin Cash, BSV, Dash, ETH, Tron or PotatoCoin.
“The only crypto people care about here is BTC,” said McCormack.
XRP might not be making noise in the Venezuelan market but it is taking special interest in Mexican market which is the third highest country with remittance recipients and US tops the list countries with the highest inbound flow to this region.
Recently, San Francisco-based tech startup also partnered with International Money Express (Intermex) for transparent cross-border remittance service in this corridor.
Also, in 3Q20, it was divulged that Ripple partner MoneyGram has been powering 10% of the transaction volume between the US and Mexican border, just after six months of their partnership, through On-demand Liquidity (ODL) that uses XRP.
Additionally, the liquidity index for Bitso XRP/MXN has been making new all time highs.
Signing Cooperation Agreement with National Bank of Egypt
In another good news, the national bank of Egypt signed a cooperation agreement with Ripple to receive remittances from Egyptians abroad. With this agreement, the national bank has become the first bank in Egypt to use blockchain technology.
After the signing, Hisham Okasha, Chairman of the National Bank of Egypt Okasha said this agreement would help them expand in new markets, especially the Gulf region.This is also a “strong move” for Ripple which will help it expand in the region and further in the Middle East and North Africa.
While pointing out the 300 plus partners of RippleNet network, Dalia El-Baz , Vice Chairman of the Board said they are further expecting it to “grow exponentially.”
Ghada Al-Bili, Chief Executive of the Treasury also indicated towards its plans to implement the technology with its other correspondents in the Arab Gulf states in future.
A New Feature Proposal via the Amendment Process
Elsewhere, Ripple CTO David Schwartz proposed a new feature, deletable accounts, in the amendment process that will allow these accounts to be removed from the XRP Ledger and recover the reserve locked in the account to prevent spam.
In the latest article titled, “Amendments: Ensuring Sensible Evolution of the XRP Ledger,” Schwartz, talks about this key governance mechanism that XRPL uses.
The amendment system basically provides a means of introducing new features to the network without causing disruptions. It uses the core consensus process of the network to approve any changes, which are coordinated by the community through this process.
For a feature to be approved, it needs to have 80% support within two weeks. Those who did not agree will become amendment blocked.
“The purpose of this amendment process is to empower the community to coordinate activation of amendments that do have broad support with minimal disruption and to avoid an accidental fork if servers do not agree on network rules,” said Schwartz.