- Ripple Labs announced a new partnership with Portugal’s leading crypto exchange provider, Unicâmbio
- The collaboration aims to enhance transactions between Portugal and Brazil
- XRP surged to $2.52 following the announcement, its highest value since February 7
XRP saw a much-needed surge in value on February 11, after reports of a new deal involving the two largest Portuguese-speaking nations in the world.
Today, Ripple Labs announced a new partnership with the Portuguese firm Unicâmbio, Portugal’s leading crypto exchange provider. The new collaboration aims to facilitate transactions between Portugal and Brazil, adding yet another layer of utility to the XRP Ledger.
Ripple President Monica Long celebrated the new partnership on Twitter, mentioning the fact that the investment in the Brazil-Portugal corridor expands the Ripple Payments network even further. Unicâmbio will be joining other luso-firms like Travelex Bank and Mercado Bitcoin.
Brazil and Portugal share a 525-year history, as Portugal founded the South American nation and was once part of Portuguese territory. Today, a large portion of Brazilians are descendants of the Portuguese, maintaining a strong connection between the two nations.
Today, there are over 330,000 Brazilians living in the Western European nation. In fact, 70% of all transactions coming from Europe into Brazil come from Portugal, meaning that Ripple’s investment into the Brazilian-Portuguese corridor could significantly enhance the efficiency and speed of remittances between the two countries.
XRP Hits $2.50
The recent collaboration with Unicâmbio has led the digital asset to regain some of its lost momentum in the day. At its high point in the day, XRP reached as high as $2.52—its highest value since February 7th.
However, the larger scope reveals a more troubling scenario. Since losing the $3.00 zone in the beginning of the month, the asset found itself trading sideways for over a week, bouncing within the $2.30 to the $2.50 zone.
Much like the rest of the top cryptocurrencies, XRP took a hit from market uncertainty inherited from a potential trade war in the U.S. — as fears of growing inflation could lead to higher interest.
Tomorrow, February 12, the U.S. will reveal the data regarding consumer prices in the nation. A positive outlook on American inflation could re-spark altcoins to return to their bullish momentum, so stay tuned.
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