Ripple signed new 28 production contracts as the CEO Of the platform Brad Garlinghouse announced for his XRP remittance platform, as we are reading further in the XRP news today.
Ripple signed the new 28 production contracts for the XRP remittance platform in the first quarter of the year. The CEO Brad Garlinghouse revealed the numbers during a virtual meeting published on YouTube. According to Garlingouse, Ripple exceeded the expectations for a new XRP customer acquisition and started to see a drop in transaction volume in March, right when the Coronavirus impacted the industry. There was also an 85% increase in the RippleNet volume between Q4 and Q1 despite the March crash.
Garlinghouse also commented that Ripple saw some of the biggest clients playing out in Thailand which is a catalyst for an increase in volume. The CEO also said that they foresaw 20 new contracts and ended up signing new products on contracts in the last quarter. Despite the dynamics of the pandemic, they were also able to end the quarter stronger. In response to the global economic slowdown, Ripple dropped the number of new employments and for this reason, the company expected to end this year with a total of 575 employees. Now ripple plans to end the year with 515.
This year, the entire crypto company moved up to new projects slowly. Over the past reports, we explained that Ripple I snow the currency of choice for arbitration. The company also promoted the use of the RippleNet cloud for financial institutions due to the Coronavirus pandemic. Ripple has also managed to conquer the top spot in the global crisis. All of the alliances that it achieved have been of severe importance such as the alliance with WordPress and the alliance with Bitrue that were a catalyst for the XRP price on the market.
Ripple is also positioned as the third cryptocurrency on the market by market cap but its momentum had dropped over the previous months because of the ongoing pandemic. Ripple will rise up again thanks to the many partnerships and promotions which could also boost the price in the upcoming near term.
The XRP/BTC trading pair broke through another important support level yesterday which led to Ripple (the company) to be called out on Twitter by the veteran chart analyst Peter Brandt. Brandt shared a chart that showed how the Ripple XRP price is down and has fallen below the long-standing support level at BTC 0.00002060. He indicated that Ripple “has blown the wad allocated to support XRPBTC,” and pointed out to a likely next level of support for the token found at around BTC 0.0000194.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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