XRP Trading Sideways as UAE Exchange Adopts Ripple for Overseas Payments
Ripple (XRP) is trading around $0.3030 on Friday, without any major changes, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
The price tested the midterm descending channel resistance, and now is finishing its short term sideways correction. The XRP is trying to break out the local support, which would allow the price to go down to reach the major channel support at $0.2630. The major midterm target, however, is the fractal support at $0.2365. The resistance is meanwhile at $0.3135.
Fundamentally, UAE Exchange is ready to start running overseas payments based on the Ripple platform. This will be launched in early 2019, mostly in Asia.
This news was first mentioned in Feb 2018, when UAE Exchange highlighted blockchain’s powerful opportunities, but also noted this needed a lot of development before implementation. Blockchain really offers a medley of opportunities to the exchange, as it will help it become a leader in the Middle East. At first stage, however, UAE is going to work with just one or two Asian banks.
In 2017, the overall amount of overseas payments in Asia was at least $613B, with the major part coming from the Middle East, from where employed people sent their money to their home countries.
Ripple will be using RippleNet for overseas payments, which will allow the exchange to boost the transaction speed, thus quickly conquering the mobile and online payment market.
Ripple already succeeded in similar projects over the last few months, in Malaysia and South Korea. The Middle East is even more attractive, though, with lots of opportunities awaiting.
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