JP Morgan joins forces with Ripple partner in the UAE, what this means for XRP price
- JP Morgan, an American banking giant, joined forces with Ripple partner Al Fardan Exchange LLC to offer customers value transfers.
- Proponents say the partnership will enable transactions in leading fiat currencies and same-day transfers in record time.
- XRP price chart indicates the altcoin is heading into the buy zone before a breakout that targets $0.40.
JP Morgan, a global leader in financial services, will work alongside Al Fardan Exchange LLC in the United Arab Emirates (UAE) to power faster transaction settlement and transfers in fiat currencies. RippleNet partner Al Fardan Exchange LLC provides money transfer and exchange services in the UAE. The outlook on XRP price remains bullish and the altcoin is headed to the buy zone.
Also read: XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure
JP Morgan joins hands with UAE-based Ripple partner
JP Morgan, investment and retail banking giant, is now partnered with UAE-based Al Fardan Exchange LLC. The money transfer firm’s clients will be able to make transfers in several fiat currencies like the United States Dollar (USD), the British Pound Sterling (GBP), the Euro (EUR) and the South African Rand (ZAR), among others.
Al Fardan Exchange LLC announced its partnership with RippleNet, Ripple’s cross-border payment network in January 2022.
We've taken a leap in leveraging blockchain technology to revolutionize cross-border payments as we've partnered up with RippleNet Cloud Ripple’s cloud-based global financial network.@Ripple https://t.co/UP9dXMjDdm
— Al Fardan Exchange (@alfardanuae) January 26, 2022
Hasan Fardan Al Farhan, CEO of the money transfer firm said that the company's collaboration with global banking giant JP Morgan is attracting major global players from the financial industry, who are returning to the UAE market.
The exchange’s users will access the service through the mobile application AlfaPay, which can be used for making remittances and paying bills.
In making strides with new partnerships and expanding its global presence, Ripple is forging ahead regardless of its ongoing lawsuit with the US Securities and Exchange Commission (SEC), who have alleged Ripple’s XRP cryptocurrency should be classed as a “security” with all the legal and regulatory implications that would entail. Ripple’s team of lawyers, however, are confident they can win the SEC v. Ripple case.
David Gokhstein believes Ripple will win the legal battle
David Gokhstein, former US Congressional candidate and host of the “Crypto-Mamba” podcast believes Ripple’s win in the SEC v. Ripple lawsuit is imminent. Gokhstein shared his views in a recent tweet:
Ripple will win. The #crypto industry will win as well.
— David Gokhshtein (@davidgokhshtein) December 4, 2022
Brad Garlinghouse, the CEO of Ripple congratulated the entire team of its legal counsel for their work so far, and assured the crypto community that the payment giant will fight tenaciously to win the case.
XRP price outlook remains bullish
XRP price remained unchanged following recent developments in the SEC v. Ripple lawsuit. The altcoin is currently trading at $0.38, at its 50-day Exponential Moving Average (EMA).
The $0.41 level has acted as key resistance for XRP on nearly four occasions since November 2022. If XRP price continues its climb the $0.40 and $0.41 levels are the next two resistance points where the altcoin is likely to meet heavy selling. The Relative Strength Index (RSI) a momentum indicator, is at 38, which is below the neutral zone. This implies XRP is close to the buy zone, an optimum spot for traders to scoop up the altcoin before it begins a recovery.
XRP/USDT price chart
Crypto Faibik, a crypto analyst on Twitter believes XRP price is ready for a breakout in Q1 2023. The expert noted similarities in the XRP price trend in Q4 2022 with Q4 2020, confirming his theory of a bullish breakout in the altcoin.
XRP/USDT price chart
In 2020 the price formed a similar bullish falling wedge pattern (see chart above) which led to an upside breakout, and Crypto Faibik expects the same to happen in Q4 2022.
This disclaimer makes it clear that there is no professional relationship or partnership between JP Morgan and RippleNet. JP Morgan is not associated with RippleNet or any Ripple-related services.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
