Ripple-based transfers to launch in UAE: XRP/USD weak bullish trend could head higher- Confluence detector

  • UAE Exchange to start Ripple based payments to the Asian region with the support of a bank.
  • XRP/USD range-bound between the moving average support and resistance.

A large remittance in the United Arab Emirates (UAE) is currently developing a system using the Ripple network that will see the region have access to blockchain-based payments to the Asian region. The company, UAE Exchange as reported by Reuters has support from one or two banks in Asia. The new system will use RippleNet payment solution and is looking to capitalize on a large number of Asian workers in the UAE region.

XRP/USD daily technical confluence detector

Ripple price is trading at $0.30 and it has remained range-bound within the moving average support and resistance at $0.3058. The asset recently corrected lower from the bullish channel support at $0.3008.  The RSI hourly RSI is currently ranging around 55. The volatility in the price has reduced from the levels of the previous week as observed by the Bollinger bands.

There is a major resistance at $0.3073 while the resistance range extends to $0.3121. The current trend is likely to remain sideways in the coming few days. The DMI is also in a sideways trend, which also means that both the sellers and the buyers are providing equal pressure on the price.

The initial significant support is available $0.3007. Ripple price could correct lower below this support. However, there is a major support highlighted at $0.2950.

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