XRPUSD Above Ichimoku Cloud on UAE Remittance Giant Partnership with Ripple. Ripple has been making waves in the Middle East as a major UAE forex and remittance house is in the process of partnering with FinTech firm Ripple for real-time cross border payments using blockchain technology. Ripple surged versus the USD on the news on Wednesday, testing above the daily Ichimoku cloud.
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In the Gulf region, remittances are an important aspect of local economies. Unfortunately, those services suffer from expensive fees and poor foreign exchange rates. The middlemen all want their slice of the pie and that situation won’t change anytime soon. Most high volume corridors rely on the SWIFT messaging service. That isn’t uncommon, as the network has been a major part of global remittances for quite some time. Now Ripple can make a big impact on this.
The remittance operator sees blockchain technology as the solution toward faster and efficient money transfers at significantly lower costs for customers. Ripple uses its bank-friendly public blockchain, the Ripple Consensus Ledger, to link its international partners and facilitate real-time money transfers globally.
Ripple has also been talking blockchain tech with Chinese Central Bank officials. According to a report by Chinese publication Weixin, the delegation was a part of a diplomatic exchange mission to promote financial technologies between China and the United States. The report reveals that the Chinese delegation was given a presentation on Ripple’s outlook of the global payments ecosystem which promises significantly faster and cheaper cross-border remittance costs.
Technical Points: XRPUSD Above Ichimoku Cloud
In terms of Ripple’s value against the USD, the XRP/USD pair tested above the daily Ichimoku cloud for the third day in the row on Wednesday. But this time in a more forceful manner. A confirmation above the cloud could open doors for further gains towards the 50% and 61% Fibonacci retracement levels at 0.26 and 0.2884.
XRPUSD Above Ichimoku Cloud
It is important to remember that XRP is a newly traded currency and therefore its historical data is not yet quite sufficient for proper technical analysis. However, comparing its price action to other FinTech companies after IPO, it has so far moved in a similar path; dropping below IPO price and then recovering. Therefore, we could see long-term gains towards at least its initial pricing against the USD.
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Combining all points of the IDDA, here are Invest Diva’s calculations for important approximate levels to keep an eye on:
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