coincodex.com
Key takeaways
- Algorand forms new partnership with Ripio to bring its blockchain services to more than 8 million users in Latin America
- ALGO has been in a downtrend that has lasted for almost 2 years and has yet to form a higher low during the period
- Algorand hopes that improved blockchain accessibility will help to expand the network’s user base over time
Algorand extends global infrastructure to LatAm amid 648-day downtrend
Algorand has formed a new partnership with Ripio, a company that provides electronic payment solutions for businesses in Latin America. Ripio Wallet and Ripio Trade users can now use Algorand’s high-performance blockchain to send and receive stablecoins as well as to buy ALGO tokens directly on each platform.
We’re proud to partner with @RipioApp, Argentina’s leading digital asset platform, to accelerate the adoption of Algorand in Latin America.
— Algorand Foundation (@AlgoFoundation) August 24, 2023
This integration with @Algorand offers users the fastest and cheapest option for USDC on-ramp and transfers across major exchanges. pic.twitter.com/MqPZ2nbblh
Ripio currently supports more than 8 million users. As stated in a recent announcement from Algorand Foundation, “Building on Algorand strengthens Ripio’s commitment to continue contributing in an innovative way to crypto adoption in Latin America”.
Could Algorand’s Ripio partnership help the ALGO token to recover?
Algorand has joined forces with Ripio during an ongoing downtrend for the network’s native token, ALGO. ALGO reached its all-time high of $2.99 in November 2021 before experiencing a downtrend that has lasted almost two years, losing 97.37% of its value as of today.
In 2023, the total crypto market cap (TCAP) has climbed more than 40% year-to-date; however, ALGO has underperformed and fallen 45% in the same timeframe.
Ongoing project developments such as the recent partnership with Ripio could help to bring more demand for Algorand’s native token, but it remains to be seen whether ALGO is able to recover from its recent slump before the end of the year.
1-Month ALGO price prediction: Algorithm expects further 17.35% move to the downside
The CoinCodex price prediction algorithm expects further downside for ALGO despite the ongoing project developments. Over the coming 30 days, ALGO is expected to fall a further 17.35%. This would take the price of ALGO to $0.077034 by 27th September 2023.
1-Month ALGO price prediction, CoinCodex
ALGO’s poor recent price action could be cause for concern for the project’s earliest backers. The token is more than 95% down from its ICO and still has 21.73% of its total supply left to be unlocked. This could impact the price further if early investors choose to sell.
Some good news in terms of ALGO price action, however, is that the multi-year downtrend could be nearing its end. The CoinCodex price prediction algorithm expects a 2.31% price rise over the next 12 months, which indicates that a bottom may soon be found.
Bottom line: Could continued project developments spark a trend reversal for Algorand’s shrinking user base?
Algorand is a high-performance, Turing complete blockchain. It offers high-speed and low-cost transactions and is considered to be one of the earliest examples of ‘The Blockchain Trilemma’ being solved. Algorand is scalable, secure, and decentralized, and even boasts sub-zero carbon emissions thanks to its proof-of-stake consensus protocol.
Since the Algorand network is Turing complete, programmers can create custom dApps for blockchain users. You can learn more about the best Algorand NFT marketplaces here.
By all technical measures, Algorand is a leading blockchain solution. However, it has struggled to maintain usership since it first launched. On 27th August 2023, the entire Algorand blockchain had only 20,458 active wallet addresses. Ethereum, Web3’s original Turing complete chain, had 500,557 active wallet addresses on the same day.
Algorand has also been experiencing a steady decline in terms of active wallet addresses, with the total on 27th August being 70.55% lower than one year ago.
Algorand Foundation will hope that continued enhancements to the network infrastructure, including fresh partnerships with leading Web3 companies such as Ripio, will help breathe new life into the ecosystem. Successful developments could attract more external investment and generate organic daily trading volume for ALGO, which in turn, could drive positive price action.