In a significant move signaling the growing importance of Central Bank Digital Currencies (CBDCs) in global financial systems, Mastercard has announced a strategic partnership with several blockchain companies, including Ripple. Meanwhile, the XRP price took a nosedive in the past 24 hours, falling 14.3% amidst the marketwide downturn.
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Mastercard partners with Ripple, XRP falls below pre-SEC levels. Ripple Partners With Mastercard
Mastercard has launched its CBDC Partner Program, which aims to collaborate with leading figures in the CBDC ecosystem. The program's objective is to provide central banks with a comprehensive understanding of CBDCs and their potential for redefining the future monetary systems. Ripple, recognized as a "CBDC platform" in Mastercard's media release, is one of the program's inaugural partners. Mastercard partners with Ripple, XRP falls below pre-SEC levels.
Other partners include Consensys, Fluency, Idemia, Consult Hyperion, Giesecke+Devrient, and Fireblocks. Mastercard highlighted Ripple's recent accomplishments, such as the partnership with the Republic of Palau, which resulted in the launch of a government-issued stablecoin, as a testament to its capabilities.
Michael Miebach, Mastercard's CEO, stated that the company is partnering with several central banks to help them research new digital currency projects. He emphasized the importance of understanding what they want to achieve with this technology, building in transparency, consumer privacy, and stability. The CBDC Partner Program will enable Mastercard to learn from a handful of key blockchain, Web3, and payments players.
Antony Welfare, CBDC advisor at Ripple, expressed his enthusiasm for the collaboration, stating that he is excited to be working with Mastercard on digital currency and CBDC projects.
Ripple's involvement in the CBDC Partner Program is another testament to its growing influence in the domain. The company has already established partnerships with nations like Montenegro, Hong Kong, Colombia, and Bhutan.
XRP Price Crashes To Pre-SEC Ruling Levels
The XRP price has recently dropped to a significant level amidst the decline in the cryptocurrency market. It briefly fell to $0.4347, which is below the price level before the summary judgment in the legal battle between Ripple and the US Securities and Exchange Commission (SEC). Mastercard partners with Ripple, XRP falls below pre-SEC levels.
At present, XRP is trading at $0.5048, which is below the 200-day EMA at $0.5251. In order for XRP bulls to stage a recovery rally, the first target should be to reach the 200-day EMA level, followed by the 23.6% Fibonacci level at $0.5524. On the downside, it is crucial for XRP to defend yesterday’s low at $0.43, as a failure to do so may lead to a potential crash towards $0.41.
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