Ripple Price Analysis: XRP/USD rockets to new yearly highs at $0.3353
|- Ripple partnership with NBE is “a first of its kind” among the commercial banks in Egypt.
- Ripple price seeks higher support, preferably at $0.32 or $0.30 to ensure that the focus on $0.35 stays intact.
Ripple blasted past the stubborn resistance at $0.30 in the wake of a grad partnership that saw the National Bank of Egypt join RippleNet. XRP is among the biggest single digit gainers towards the end of the Asian session. The crypto has grown by over 7% to trade at $0.3276 after adjusting lower from an intraday high at $0.3353. The existing strong bullish momentum coupled with high volatility levels propose that XRP still has immense potential for growth.
National Bank of Egypt joins RippleNet
The largest bank in Egypt in terms of total assets, National Bank of Egypt (NBE) has joined Ripple’s flagship blockchain system for financial solutions, RippleNet in order to tap into the offered remittance services. NBE signed a co-operation agreement that will ensure that it has access to “more effective channels” in remittance. The bank’s chairman Hisham Okasha believes that the development brings “a new and important tributary” especially when receiving remittance from other RippleNet partners. He added that the agreement was a “first of its kind’ among commercial banks in Egypt.
Ripple price analysis
Ripple is exchanging hands at $0.3295 after adjusting from the new 2020 highs at $0.3353. The move to yearly highs used $0.30 as a stepping stone. The ongoing pullback in necessary for the run-up to $0.4 as well as $0.5. Besides, technical levels suggest Ripple is strongly groped by the hands of the bulls.
The RSI is pointing and digging higher into the overbought region. The recovery from December low at 22.72 has been forming a higher high and a higher low pattern. A similar pattern is observed with the MACD on XRP/USD daily chart.
On other hand, reversal is likely in the near term. However, there will be no need to panic as higher support at $0.30 is anticipated and could see XRP bounce back into the direction of $0.35.
XRP/USD daily chart
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