Ripple opens payments in Portugal with local partnerships

Ripple, the company behind XRP, has announced a strategic partnership with Portuguese currency exchange provider Unicâmbio. The collaboration aims to facilitate instant cross-border payments between Portugal and Brazil through Ripple’s payment solution. 

In a February 10 press release, the company announced the partnership, terming it as the first time its services have been made available in Portugal, broadening the company’s reach in the European Union region. It is also earmarked to strengthen the payments corridor between the two Portuguese-speaking nations.

The collaboration also fosters Ripple’s continued expansion in Latin America, particularly in Brazil, where it has already established strong relationships with major financial institutions. 

Other partners include Travelex Bank, which has been using the US-based firm’s payment solution since 2022. Then there is Mercado Bitcoin, the largest crypto exchange in Latin America, which joined Ripple’s network in late 2024. 

Ripple and Unicâmbio partner for cross-border crypto payments in Portugal

“We are thrilled to announce this partnership with Unicâmbio [this is a] major milestone in Ripple’s European expansion,” said Cassie Craddock, Managing Director for the UK and Europe at Ripple. 

Ripple’s blockchain-based payment solution aims to streamline international transfers. It will provide near-instant settlement and reduce costs compared to traditional payment methods. 

“Portugal has a dynamic and thriving crypto ecosystem, and by connecting our payment networks in Portugal and Brazil [we] are enabling faster and more cost-effective cross-border payments. This collaboration strengthens the economic ties between these two vital markets.”

The company will also be pushing for the adoption of its stablecoin Ripple USD (RLUSD) in Europe. TIt will be going up against competitors like Tether’s USDT, which is facing regulatory hiccups in the jurisdiction due to the EU’s Markets in Crypto Assets regulation (MiCA). 

Adriana Jerónimo, Executive Board Member at Unicâmbio, said the firm’s payments network will help strengthen the deep economic and cultural ties between Portugal and Brazil. 

“With significant financial flows between the two countries, our partnership with Ripple allows us to revolutionize the way money moves across borders,” Jerónimo explained. “Ripple’s crypto-enabled solution drastically reduces costs and enables faster transactions, delivering tangible benefits to our customers.”

XRP still consolidating after global adoption updates

Even after a series of “bullish” updates regarding Ripple’s expansion to other countries, XRP, the native cryptocurrency of the Ripple network, is yet to start a sustained market bull run. 

After a rally that saw the price of XRP rise from $2.10 to $3 towards the end of January, the crypto has undergone a corrective phase for more than 2 weeks now. As of February 10, XRP is trading at $2.42, a drop of more than 10% from its intraweek high of $2.77, per Coingecko data.

Technical analysis of XRP’s price chart on TradingView shows the immediate resistance level for XRP is at $2.55. There are further barriers at $2.60 and $2.80. Despite a recent correction, XRP has maintained stability above crucial support levels.

Market sentiment around XRP appears to move toward the bears. The recent rally seems to have lost the support of the Trump run.

For now, XRP’s price movement remains in a corrective phase, with the crypto yet to break decisively above the $2.77 mark. If this resistance level holds, XRP could drop further, testing lower support levels. 

However, a breakthrough above $2.70 would signal a potential shift in the market bull-bear price pushback position.

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