Ripple has been in the lime light for a while now due to its various partnerships. The latest partnership with the International Rescue Committee (IRC) has attracted the attention of the XRP holders.
Announced on the 16th of October, the partnership focuses on enhancing the Humanitarian Aid Relief Trust (HART) operations. They aim to do that by using Ripple’s international payment solutions and the expected RLUSD stablecoin.
This sort of partnership has generated some controversies in regard to the future direction of the XRP market value in addition to its usage in the real world applications.
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Ripple’s Collaboration with the IRC
In collaboration with the IRC, Ripple is working towards utilizing blockchain technology. This is to be done to help solve some of the world’s humanitarian crises by trying to make this process less cumbersome and faster. Ripple has pledged $1 million for a multi-year grant to determine how the XRP Ledger (XRPL) could optimize cash relief programs. This is especially in places where access to conventional banking systems is limited.
Additionally, IRC is implementing its programs in over 40 countries. Therefore it has technical proven experience in delivering financial assistance. As of today, IRC has disbursed over $70 million in cash and voucher based assistance.
The collaboration will have timely impact especially given that the United Nations has estimated that there are currently 360 million people in crisis all over the world. Ideally, for the integrated relationship between Ripple and the IRC is to embrace how blockchain technology can enable the delivery of aid that is secure, easily accessible, and efficient for the recipients.
The Role of RLUSD Stablecoin in Aid Delivery
One of the components of this cooperation is ripple’s RLUSD stablecoin. It is believed to be integral to cross border payments for humanitarian purposes. Stablecoins such as RLUSD are engineered to have least possible fluctuations to use in financial transactions. Hence, RLUSD is necessary in the crisis-hit areas where stable monetary assets are needed.
Admittedly, the addition of RLUSD into Ripple’s payment services will increase cash transfer efficiency and security. This offers a reliable alternative to the slow traditional methods that are often costly.
Further, the partnership shows that Ripple’s solution can also be useful in broader contexts other than the financial industry. It demonstrates how this technology can be used to support international humanitarian activities. The demand and acceptance of solutions offered by Ripple, can rise and affect the position of XRP.
XRP Price Market Response and Investor Outlook
Subsequent to the news of Ripple-IRC cooperation, XRP posted a bullish market value. Currently, XRP price is $0.55, this is up by 3% of its value over the last one day. Trading volume grew by 110%, which equalled to $121 billion, pointing to the growing interest from investors and general activated market. The market cap of XRP also increased by 3.18% to $31.60 billion.
Blockchain analyst Lory pointed out that the deal may help the company expand usage of its solution. It could be specifically in the humanitarian space. In the same way, Lory encourages investors in XRP to continue believing in the innovation of the technology and the possibilities. She urged the audience to keep abreast of developments with how Ripple’s blockchain services are being implemented worldwide.
While it is too early to predict the long-term effects of this partnership on XRP’s market value, the increased utility and exposure to a wider audience could lead to sustained growth in the future. Therefore, Ripple’s RLUSD stablecoin and its broader blockchain solutions implementation will play a pivotal role in shaping the future of XRP’s market trajectory.
