Ripple Scores Best Cross-Border Payment Platform Award as XRP Struggles

• Ripple was awarded the “platinum winner” status for the Best Cross-Border Payments Platform at the Fintech & Payments Awards 2024.

• The award could increase the demand for XRP despite the price decline in the recent past.

San Francisco-based blockchain company Ripple has clinched the ‘Best Cross-Border Payments Platform—platinum winner’ in the Fintech & Payments Awards 2024. This recognition comes from Juniper Research, a reputable industry analysis firm that specializes in fintech and new technologies. Despite the recent volatility in the price of its associated cryptocurrency, XRP, Ripple remains a leader in cross-border payments.

This recent accolade is not the first time that Juniper Research has recognized Ripple. In 2023, the firm was rewarded for its efforts in Central Bank Digital Currency (CBDC). This recent recognition comes in the wake of other recognitions that have placed Ripple strategically positioned to compete with other companies offering cross-border payment solutions.

Award Potentially Boosts XRP Despite Recent Price Dip

 In response to the announcement on X,  Ripple said that it was honored to be recognized for its work in the fintech and payment industries. It is important to note that Ripple uses blockchain to solve issues typical for cross-border payments, including time and money.

The award can also positively impact Ripple’s native token XRP as the token is a key part of the company’s payment solution. The general adoption of Ripple technology may create a high demand for XRP, which will, in turn, affect its price. 

However, there have been some price fluctuations lately. For instance, XRP went below $0.54 due to legal problems with the SEC, but the company’s technological developments might help the token’s value in the future. 

Other winners of the Fintech & Payments Awards include SAP Fioneer for banking as a service and Signicat for digital identity services. These companies, together with Ripple, are part of the new generation of companies that are revolutionizing the way of managing payments, identification, and banking services. Additionally, in the field of fraud prevention, Visa and Fraud.net were identified as leaders for their work to strengthen security in digital payments.

Ripple Expands its Global Presence

In addition to the Juniper Research award, Ripple has been growing in the Latin American market. Ripple has further cemented its position within the Brazilian market through a new partnership with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America. The partnership seeks to improve cross-border payment services in Brazil with the help of its blockchain technology. It also enhances the speed and reduction of costs in international transactions for companies that use Brazilian Reais. Mercado Bitcoin is the first Brazilian company to join Ripple Payments.

Besides the shift to Brazil, the company was recently approved by the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC). This is a boost for Ripple as it seeks to expand its business within the UAE. The introduction of Ripple Payments Direct (RPD) is designed to offer faster, safer, and legally compliant cross-border transactions to companies in the UAE.