Ripple’s fresh South African footprint could be the perfect catalyst for the third leg of the altcoin season.
Ripple Labs (original XRP issuer) has just entered Africa, marking an unprecedented move in the industry. Confirmed today in Johannesburg, Ripple’s new African venture comes in partnership with Absa Bank, one of the largest banks in South Africa.
The partnership will revolve around crypto custody, so Absa Bank will be able to leverage XRP Ledger’s infrastructure to stay ahead of the game and meet the rising demand for compliant digital asset trading.
RLUSD, XRP Enter Top African Bank
The South African Republic is among many countries in the region benefiting from crypto assets as a substitute for fiat currencies in every-day payments. Absa Bank’s integration of Ripple’s institutional-grade custody tech will work as the ultimate storage that’s scalable to meet market demand with a full set of regulatory approvals.
With over 60 regulatory licenses and approved registrations in various jurisdictions, Ripple offers crypto custody not only in the native XRP coin, but also RLUSD. Ripple’s new RLUSD stablecoin has already planted itself in major crypto markets across America & Asia, so swiftly capturing African markets seems like a no-brainer.
Is Altcoin Season Still On The Horizon?
Bears munched another hefty bite of the general crypto markets this Wednesday, sending Bitcoin (BTC) to retest $110,000. While major-cap altcoins, including Ripple (XRP), somewhat rebounded after last Friday’s crypto market nuke, XRP trades at $2.44, still a distance below the $2.50 psychological threshold. Despite this, market watchers are relying on altcoin season to return.
Projected to start today by Rekt Fencer, this third leg of the altcoin season could be postponed for quite some time if the multi-million dollar sell-offs on both Bitcoin and Ether ETFs carry on. Ethereum’s ETFs saw staggering outflows of $428.5 million on October 13, while Bitcoin (BTC) ETFs slimmed by $326 million that day.
While the major-cap altcoin movement against Bitcoin (BTC) definitely resembles the structure of 2018 & 2021 bull rallies for alts, the ETF stats serve a cold shower along with delays on XRP’s own ETF submissions. As of press time, XRP struggles to regain the next confluent resistance line of $2.50, despite clinching over $5 billion in daily trading volume.
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