Ripple's XRP tanks 2.2% despite Kingdom of Bahrain expansion

US-based blockchain firm and stablecoin issuer Ripple has entered a partnership with Bahrain Fintech Bay (BFB), one of the Kingdom’s leading fintech incubators, to accelerate blockchain adoption and innovation in Bahrain.

Ripple revealed the collaboration through a press statement on Thursday, saying BFB will help steer initiatives to improve Bahrain’s digital asset ecosystem. 

Some of the projects under the agreement include pilot projects for cross-border payments, cryptocurrencies, stablecoins, real-world asset (RWA) tokenization, and blockchain educational and accelerator programs. 

Ripple expands Arabian Gulf footprint with Bahrain partnership

According to Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, Bahrain was among the first jurisdictions globally to regulate cryptoassets and is thriving in blockchain adoption. 

Under the guidelines of the Central Bank of Bahrain (CBB), the Kingdom has licensed about 8 Virtual Asset Service Providers (VASPs), including the Rain exchange, which has over 180,000 customers.

Bahrain Fintech Bay’s Chief Operating Officer, Suzy Al Zeerah, asserted that the partnership with Ripple shows Bahrain’s ambition to integrate blockchain technology into its economic framework.

She continued to say the partnership would open doors for pilot programs, talent development, and the deployment of innovative financial solutions in the Gulf region.

The announcement coincided with Fintech Forward 2025, a two-day Economist Impact event taking place in Sakhir, Bahrain, which comes to a close later today.

More plans for Africa and the Middle East

Ripple’s partnership with Bahrain Fintech Bay adds to its recent agreements and partnerships made in the Middle East and Africa. It has over 60 regulatory licenses and registrations from several jurisdictions, including its Dubai Financial Services Authority (DFSA) license obtained in March. 

The firm also recently partnered with property technology firm Ctrl Alt to modernize real estate transactions using the XRP Ledger. 

According to a report covered by Cryptopolitan in September, the financial institution is introducing the RLUSD stablecoin to the African market through partnerships with payment platforms Chipper Cash, VALR, and Yellow Card.

In Europe, Ripple chose Luxembourg as a launchpad for expanding RLUSD under the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. It will use Ripple Payments Europe SA to establish an RLUSD settlement option for institutional clients throughout the European trade bloc.

XRP price tanks amid partnership announcements

Despite the new partnership announcement, XRP, the digital asset associated with Ripple, fell 2.2% over the last 24 hours, trading around $2.83 at press time. The token’s price has dropped 5.9% in the past week, according to Coingecko data. 

XRP is consolidating above support level $2.80, corresponding to its 20- and 100-day exponential moving averages (EMAs). The Relative Strength Index (RSI) is in mixed territory, which could convince some buyers to hold their positions until the momentum direction is clearer.

Trading data shows that the $2.80 price level has become a significant area of support, with high transaction activity recorded in that range. Around 2.48 billion XRP, nearly 4% of the total supply, changed hands at this level, making it the most concentrated zone of realized value in recent trading sessions.

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