- Ripple enters another partnership with a bank from emerging markets.
- XRP/USD attempts to break above $0.2900 but retreats to the previous range.
Ripple's XRP, the third-largest digital asset with the current market value of $12.5 billion has been gaining ground during early Asian hours. At the time of writing, XRP/USD is changing hands at $0.2880, off the recent high of $0.2922. The coin surpassed $0.2900 for the first time since early November 2019.
Ripple will provide technological solutions for the National Bank of Egypt
The National Bank of Egypt (NBE) joined RippleNet to get access to fast and cost-efficient payment remittance processing. NBE is the first bank in Africa to enter into a cooperation with Ripple, the local media outlet yourm7.com reports.
It is still unclear, whether the bank will use Ripple’s XRP token for remittance purposes.
Hisham Okasha, Chairman of the NBE, believes that access to RippleNet will allow to speed up remittances from the Gulf region to Egypt and process transactions at lower costs. Also, the bank intends to use the deal to establish a relationship with partners from the United States of America, the United Kingdom or Canada.
XRP/USD: Technical picture implies that more sell-off is in store
On the intraday charts, the initial support is created by $0.2830 ( the middle line of 1-hour Bollinger Band). Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2800 and $0.2760. This barrier is created by a combination of SMA50 and SMA100 on 1-hour chart. The RSI has reversed to the downside, though it is still above 70.00, which means that XRP is overbought. This technical setup implies that the coin may continue the downside correction in the nearest future.
The above-said area below $0.2800 is likely to serve as a bottom and a jumping-off ground for the next upside wave. The critical resistance is created by $0.2900. It needs to be taken out before a stronger barrier of $0.30 will come into focus.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.