Will XRP Price Rally Amid Convera—Ripple Partnership?

On March 31st, the XRP price rose over 1% to reach a trading value of $1.33. The buying pressure aligns with the relief rally in the broader market as Bitcoin price recently rebounded from $65,000 floor. However, the XRP price gained additional momentum as it reacted positively to the Ripple—Convera partnership to empower stablecoin-enabled cross-border payments. 

Ripple Partners with Convera to Power Stablecoin Cross-Border Payments

Conversa, a leading commercial payments firm has joined hands with Ripple, a leading provider of blockchain-based enterprise solutions, to offer crypto-enabled payment and treasury solutions for businesses.

The partnership brings two industry leaders to enhance global payments through stablecoin and blockchain infrastructure. The system would leverage Convera’s trusted global network with foreign exchange expertise and customer experience, combining with Ripple’s digital asset liquidity, settlement structure, and conversion tools between fiat and crypto.

According to the press release, the collaboration will run on a “stablecoin sandwich” settlement model, where payment being an engagement with regulated stablecoins used in between for settlement. Convera will orchestrate the payment experience, while Ripple provides the infrastructure for liquidity, on/off-ramping, and cross-border settlement.

While the Convera partnership is less likely to have an immediate and direct impact on XRP price, the long-term trend could receive a significant uptick. More adoption of Ripple’s tech could eventually bring more users to the broader Ripple/XRPL world.

XRP Price Eyes Recovery to $1.6 Before Major Breakout

In the last two weeks, the XRP price witnessed a significant drawdown from $1.6 to $1.34 trading value, registering a loss of roughly 19%. The pullback followed the broader market trend pressurized by the escalating tension between the U.S. and Iran.

The falling price, backed by increasing trading value, indicates strong conviction from sellers to drive a prolonged correction. However, the XRP price stabilized at the bottom support of its ongoing consolidation and bounced over 1% today.

The uptick may signal another recovery cycle within the sideways action of the daily chart and hit the overhead resistance at $1.6. That said, the coin price must breach the overhead resistance to drive a sustainable recovery towards $2 psychological level.

On the contrary, if the coin price breaks the bottom support of $1.34, the selling pressure will further intensify and drag Ripple cryptocurrency to $1.12 or $1.