XRP price has increased significantly following the announcement of a partnership between Ripple and popular cryptocurrency payment platform MoonPay. This new collaboration will allow users to purchase, manage, and store XRP directly through the MoonPay app.
MoonPay and Ripple partnership
A key part of this partnership is the introduction of RLUSD, Ripple’s dollar-backed stablecoin. Ripple developed RLUSD with the help of several platforms such as Uphold, Bitstamp, Bitso, Independent Reserve, CoinMENA, and Bullish. This move is expected to strengthen liquidity within the Ripple ecosystem and simplify trading.
MoonPay confirmed the integration with XRP in a social media post about X, saying, “You can now purchase and manage XRP directly within your MoonPay account. Whether you’re a first-time user or a long-time supporter, welcome to the family.” He also stressed that the partnership aims to make cryptocurrencies more accessible to the average consumer.
Aten hat! 🫡
XRP military roll call! 📢
In partnership with @rippleNow you can buy, save, and manage. $XRP Directly within your MoonPay account.
Whether you’re a new recruit or a loyal soldier, welcome home. pic.twitter.com/6kWvego7g1
— MoonPay 🟣 (@moonpay) October 16, 2024
In an interview with Paul Baron Network, MoonPay CEO Ivan Soto-Wright spoke about the company’s vision to simplify the user experience in cryptocurrency trading. He emphasized the importance of making crypto wallets as intuitive as traditional banking apps.
He explained that MoonPay aims to streamline the onboarding process. “We are focused on reducing friction when bringing new users into the ecosystem,” Soto-Wright said.
MoonPay’s innovations include a one-click transaction feature for returning customers who have already completed their initial onboarding and KYC steps. The setup process includes biometric and identity verification, but once completed, users can easily make subsequent transactions.
Sotorite also likened this approach to PayPal’s early challenges, noting that what started as a complex system eventually evolved into a reliable, user-friendly service. “Our goal is to create an elegant, seamless interface, similar to Apple Pay, that eliminates barriers for users,” he said.
Soaring XRP price
After the latest partnership announcement, XRP price skyrocketed as Ripple native tokens became more accessible. At the time of writing, XRP price has increased by 1.05% to $0.5488 on Wednesday, October 16th. However, the trading volume decreased by 16.79% in the past 24 hours to $1.07 billion. This is likely due to increased market volatility.
XRP’s gains have been modest, but still significant gains from the intraday low of $0.5375. Moreover, analysts expect the price of XRP to rise further if Ripple wins its cross-appeal to the SEC. Furthermore, the potential approval of a Spot XRP ETF following applications from Bitwise and Canary Capital also adds to the continued bullish mood.
Also read: XRP hits 12-day high amid Harris’ crypto plan, Trump’s SEC implications in focus
