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Ripple to open new office in Brazil

Benson Toti

Ripple, the San Francisco-based start-up that developed the XRP crypto token and its underlying technology, has opened an office in Brazil as part of a plan to expand across Latin America, industry website Cointelegraph has reported.

According to a Cointelegraph Brazil report published earlier today, Ripple is expected to officially announce the move during the CIAB Febraban conference that will take place in Sao Paulo from June 11 to June 13. The new office will reportedly be Luiz Antonio Sacco, who joined Ripple in March 2019. The US fintech company hopes that the expansion would help it expand the reach of its blockchain-powered payment network RippleNet, which already has more than 200 customers, including three – Santander Brasil, BeeTech Global and Banco Rendimento – based in Brazil. Currently, only five of those clients are using XRP in cross-border payments.

XRP market performance

With regards to XRP, the cryptocurrency has experienced a price uptick on Monday, following some difficult trading over the weekend. Having opened at $0.423 on Saturday, the digital coin incurred significant losses in both weekend sessions, with the decline culminating in late Sunday trading, when its price hit a two-week low of $0.379. The coin eventually closed the Sunday session at $0.388, which was still well below its opening price of $0.412.

While XRP enjoyed some positive price action on Monday morning, it seemed like the coin didn’t have enough momentum to attempt recapturing the $0.40 level. The situation changed in the afternoon, when the token saw a sharp increase that lifted its price to as high as $0.404. The coin has pulled back to lower levels in more recent trading, but it has remained above the $0.40 mark.

As of 16:34 BST, the XRP price stood at $0.400, according to data from digital currency Coinmarketcap. The digital coin has gained 0.9% in the past 24 hours and its total market cap currently stands at $16.9 billion.

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