Ripple’s XRP token has gained a strong six percent today, pushing the coin up through the significant resistance point of $0.34.
The move follows comments made last month by the International Monetary Fund (IMF) that cryptocurrencies and digital ledger technologies (DLT) like Ripple could be beneficial in solving perceived issues with fund transfers between African nations.
“DLT systems such as Ripple can be used to efficiently process foreign payments and can be supported by international banks and payment companies,” said the IMF, in a report regarding financial technologies in Sub-Saharan Africa.
Earlier this week we reported on plans by the IMF to develop a ‘fake’ cryptocurrency called Learning Coin, intended to be used internally as a way to teach staff about crypto and blockchain technology.
Positive News for Ripple’s xRapid System
In other developments, Ripple’s cross-border payment platform and flagship product, xRapid, has received positive feedback regarding its rollout to the Philippines and Mexico.
“On-demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has been overwhelming,” said Senior Vice President of Product at Ripple, Asheesh Birla, in a recent discussion with Ripple’s Ginger Baker.
Birla went on to outline the companies plans to continue expanding its xRapid product to several other destinations globally. xRapid utilizes the XRP cryptocurrency in order to provide liquidity for the transfer of funds internationally.
XRP is the third largest cryptocurrency by market valuation, currently trading at $0.34 with a market cap of $14.28 billion.