Ripple Backs $3.2B Flutterwave in Stablecoin Push as XRP Enjoys 8% Weekly Gains

Ripple announced a strategic collaboration and investment into the African payments giant Flutterwave. The move comes as part of Flutterwave’s vision of expanding the use of stablecoins for cross-border payments across Africa.

With this partnership, Flutterwave integrates Ripple’s RLUSD stablecoin into its payment network. The platform will also gain access to Ripple Payments, Ripple’s global payment network.

Ripple invests in Flutterwave, XRP price sees a hike

Africa’s payment platform, Flutterwave, recently announced a “strategic investment” from Ripple. Although the company hasn’t disclosed the investment amount, the deal was reportedly a part of Flutterwave’s Series E funding round that valued it at $3.2 billion.

XRP price has delivered a solid performance this week, as it's up 8% in the last 7 days. Despite this positive momentum, XRP has seen a daily decline of nearly 2%.

Notably, the Ripple-Flutterwave deal is focused on making international payments and settlements faster and cheaper using stablecoins. Thus, Flutterwave’s payments platform will integrate Ripple’s RLUSD stablecoin, Ripple Payments, and the XRP Ledger. The platform will use RLUSD for cross-border payments.

According to Flutterwave founder Olugbenga "GB" Agboola, the investment is a “pivotal moment.” It allows the company to expand its stablecoin payment system. He added:

Ripple deepens its expansion in Africa

Significantly, Ripple’s investment in Flutterwave highlights its commitment to expanding its presence in Africa. Ripple’s Managing Director Reece Merrick stated that the move will help establish RLUSD within Flutterwave’s infrastructure. It will also help boost XRP Ledger’s role in real-world payments across the African crypto market. His statement read,

Ripple has been steadily expanding its presence in Africa. This is mainly because of the favourable conditions in the country’s crypto market. In addition, cross-border transactions in Africa face higher fees, making XRP and RLUSD viable alternatives.  

Recent developments also highlight the XRP Ledger’s growing popularity in Africa. For instance, South Africa’s ABSA Bank is exploring Ripple-based settlement options. Also, platforms like TEXTM and Splendor Labs are working to support an XRP-based payment system.

XRP price eyes breakout, says analyst

As the XRP price is showing bullish signals, market experts remain optimistic about its potential uptrend. In an X post, analyst Nebraskangooner shared a technical chart, which showcases the XRP price entering an accumulation phase.

While buyers are quietly building their positions before a larger move, they are waiting for a solid confirmation. According to the analyst, $1.34 emerges as a key point. If the token breaks above this resistance level, it could send the XRP price to a higher level. In the coming weeks, the Ripple token is expected to see a strong rally if it sustains its momentum.