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Will Ripple’s latest Partnership with UAE Bank Boost XRP Price?

Ripple’ multinational remittance platform RippleNet has alliances with another big commercial bank in the UAE region. It is now alliances with the National Bank of Fujarirah (NBF) and the report was addressed by the Dubai based commercial magazine, Entrepreneur Middle East. NBF’s users will now be utilizing the global remittance solution through blockchain technology with RippleNet.

Recent the RippleNet is also alliances with one of the biggest private bank of Pakistan and now NBF in Gulf region. NBF also stated that they are working on the other banks too to execute the Ripple’s RippleNet in this year. Ripple is very famous among banks and financial institution for its global remittance service RippleNet.

Current Status of Ripple (XRP): Currently, the currency is trading t the value of $0.269122 and its value is decreasing by 2.12%. The market capitalization of Ripple is $11,593,791,512 and the 24-hour volume is $1,669,474,371. The circulating supply of the currency is 43,080,011,224 XRP and its ROI is 4,481.71%.

The technical analysis of the XRP is showing bearish pressure like Bitcoin and Ethereum’s one. The main support of the XRP right now is $0.2650. The currency also dropped from its former strong support of $0.2850 and the SMA of 100-days. The value of the currency is trading beneath the $0.300 and the main price to examine near the current value is $0.2720.

XRP Chart by TradingView

The currency has a sudden resistance level near the price of $0.2695 and the most recent lower value was crated around the value of $0.2640. The value could concur with the fib retracement level of 23.6% and the value recently dropped up to $0.2640 from the value of $0.2864. Also, the 50% fib retracement level current drop value is low of $0.2640 and high of $0.2864 and it is around the value of $0.2752. The currency has a lot of resistance levels between the range of $0.2750 to $0.2800.

XRP Price Analysis: The hourly chart is showing that the value of Ripple has an important decreasing trading channel creating near the resistance level of $0.2810 and the 100-SMA that is at $0.2820 is near the decreasing resistance channel. That’s why the main resistances are near the value of $0.2800 and $0.2850. If the value could be able to reach up to $0.2850 then it will new start for the Ripple.

On the other hand, if the value of the currency is not able to go higher overhead the value of $0.2750 and $0.2800 then it will remain the bearish pressure and value will decrease further. The important supports levels of the Ripple are $0.2640 and $0.2650. If the value goes below the level of $0.2650 then there will further decrease in the value. Then after this, the major support levels lie around the value of $0.2550 and $0.2500.

The chart of the Ripple is showing the value under bearish pressure beneath the value of $0.2750 and $0.2800. If the value remains under bears then the value could decrease from the main support of $0.2650 and examine the value of $0.2500. The MACD is going up in the bearish region and RSI is beneath the level of 40. The main support levels are $0.2500, $0.2640 and $0.2650. The main resistance levels are $0.2750, $0.2810 and $0.2850.

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About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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