Saudi British Bank has launched a USD cross-border settlement service powered by Ripple
The Saudi British Bank has announced that it will leverage Ripple’s technology in order to provide its corporate clients with instant USD settlements.
This is the third corridor that has been opened with the help of Ripple.
In 2019, the San Francisco-based company also helped Saudi British Bank to launch remittance corridors to India and Sri Lanka.
Ripple’s Brooks Entwistle claims that the expansion of the partnership will benefit corporations and consumers in the region:
We’re excited to bring this to market in partnership with SABB and to continue our longstanding partnership to the benefit of corporates and consumers alike in the region.
Last month, Ripple CEO Brad Garlinghouse said that the Middle East was the company’s fastest-growing region.
Ripple’s business activity has seen a five-fold increase there over the past year.
SABB become one of the first banking institutions to join the sprawling RippleNet network.
The Saudi Arabian bank started piloting Ripple’s cross-border payment service with Indian rupees in December 2018 after forging a deal with the company earlier that year.
Ripple Price Analysis: XRP spikes to $0.91, support found?
- Ripple price analysis is bullish for the rest of the day.
- XRP/USD saw heavy selling earlier today.
- Support found around $0.91.
Ripple price analysis is bullish today as a strong lower low has been set at $0.91, with buying pressure returning right now. Therefore, we expect bears to be exhausted, leading XRP/USD higher later today.
The market has seen strong selling pressure over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 6.07 and 7.1 percent, while Ripple (XRP) has lost almost 9 percent.
Ripple price movement in the last 24 hours: Ripple breaks $1.02 support, finds support at $0.91
XRP/USD traded in a range of $0.9367 – $1.06, indicating strong volatility over the last 24 hours. Trading volume has increased by 35.61 percent, totaling $4.27 billion, while the total market cap trades around $44.745 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looks to reverse from $0.91
On the 4-hour chart, we can see slight rejection for further downside for the Ripple price as bears are exhausted after a strong selloff earlier today.
Ripple price has seen consolidation in an increasingly tighter range above $0.102 support over the past week. The $1.02 mark was initially reached on the 18th of November after a strong decline from the $1.35 previous major swing high.
Despite the $1.02 support holding, further lower lows were set over the week, slowly building up pressure in the market. Yesterday, another lower high was set at $1.06, leading to more downside overnight.
Ripple price continued lower to $1.02 when a sharp break lower was finally seen over the past hours. Currently, XRP/USD has found low around $0.91, likely leading to recovery over the next 24 hours.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as further downside currently gets rejected after a spike to $0.91 earlier today. Therefore, XRP/USD has likely found a new low, leading to a retracement over the next 24 hours.
While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
XRP holds key support while indicators point to short-term recovery
- Ripple started a recovery wave above a key support level of $1.024.
- XRP price started an upside correction as indicators suggest a short-term recovery.
- The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.
XRP is in the process of forming a triple bottom price pattern boding more upside, for the pair priced against the US dollar., XRP price recently found support at the pattern’s base during the formation of the third bottom. Now, Ripple is at a crossroads – a spike in selling pressure may drive a bearish breakout, whilst technical indicators signal a bullish reversal. It all depends on whether or not a critical support level holds.
XRP rejected above the triple bottom at $1
XRP has found support above $1.024 and started a bullish recovery similar to peer altcoins. The XRP price has found footing at the $1.024 level for the third time making it a triple bottom pattern.
If there is increased demand at the current price level it will push the XRP price towards its double top level at $1.108. However, the 20 and 50-period exponential moving averages may act as minor hurdles at $1.076 and $1.108.
The MACD has closed the first histogram above the 0 mark, indicating a bullish reversal. While the RSI is still holding at 44, a crossover above 50 may encourage investors to go long. In that case, the XRP price might spike towards $1.165. Additional gains could lift the price towards the next key hurdles at $1.218 or $1.284
XRP 12-hourly chart – Triple bottom to drive uptrend
If XRP disappoints to start a new spike above the $1.081 level, it could extend losses. Initial support on the downside is near the $1.024 level.
The upward trend that started on September 21 also extends to significant support at the $1.024 mark. Therefore, a break below the $1.024 support level might push the price further down. The next critical support level is near $0.963, below which the price may fall to the $0.888 level.
XRP price consolidates as Ripple bulls eye a 15% run-up
- XRP price is hovering above the $1.01 support level, anticipating a potential retest before an upswing originates.
- A breakdown of this level could lead to a buy opportunity at $0.98 before Ripple rallies to $1.17.
- A daily close below the $0.92 foothold will invalidate the bullish thesis.
XRP price has been on a downtrend for roughly two weeks and shows that a short-term reversal could be near. Market participants need to watch for two immediate support levels that are likely to facilitate this bullish outlook.
XRP price to pull a 180
XRP price has dropped roughly 23% since November 10 to where it currently trades – $1.04. The downswing is likely to retest the $1.01 support floor formed by the November 18 swing low. This will create a triple tap setup, suggesting that a short-term reversal in momentum is likely.
In this scenario, the XRP price could attempt to retest the 50% retracement level at $1.17. This run-up would constitute a 15% ascent from $1.01.
While this scenario makes sense, a breakdown of the $1.01 support floor will suggest that a further downswing is possible. However, this move does not invalidate the bullish thesis but provides investors with a buy opportunity at $0.98. Investors can expect a bounce off this level to propel XRP price to the same level as before at $1.17. This move would constitute a 19% climb.
XRP/USDT 4-hour chart
While things are looking up for the remittance token, a breakdown of the $0.98 support level will create a lower low and invalidate the bullish thesis. This move would also suggest a weakness in buying pressure and set the stage for further losses. In this situation, market participants can expect XRP price to drop by about 6% to $0.92.