Crypto NewsRipple (XRP)

XRP price primed for future rally Ripple’s MENA extension

the XRP-Price has developed below average in the last two years. While XRP from all-time high down 90.04% from $3.40 on January 6, 2018 Bitcoin (-75.76%) and Ethereum (-74.52%) show significantly lower losses.

One of the main reasons for this is probably the lawsuit against Ripple by the US Securities and Exchange Commission, which has caused great uncertainty among investors. In addition, numerous exchanges have delisted XRP or, like Grayscale, dissolved their XRP trust. A comparison with the SEC or a Ripple court victory is therefore considered to be an extremely powerful catalyst for XRP price.

Ripple expands the adoption of ODL

Another reason to be optimistic, however, is Ripple’s XRP-based On-Demand Liquidity (ODL) technology, which is also seeing strong adoption outside of the US. In an interview, Navin Gupta, Ripple’s Managing Director for South Asia and MENA, said that ODL is available in markets that make up nearly 90% of the $6 trillion daily FX market.

Gupta further noted that there is a lot of interest in XRP-based technology in the Middle East and North Africa (MENA) region:

We’ve seen a lot of interest from institutions across MENA in using On-Demand Liquidity (ODL) to support the remittance services they offer, and we already have local payment processors like Pyypl using the solution to facilitate remittances between United Arab Emirates and the United Arab Emirates to facilitate other countries around the world.

Those responsible also revealed this. Ripple expects further growth in the region and adds; “[w]We have partnerships with several leading banks in the region including SABB in Saudi Arabia and QNB in ​​Qatar. We also partner with local payment processors like Pyypl and LuLu Money, who use Ripple’s crypto solution to facilitate global movements between different currencies.”

As Gupta also pointed out, RippleNet’s total payment volume has grown to over $15 billion in the last year, while global ODL volume has grown ninefold year-on-year. Especially in the United Arab Emirates Ripple finds an open attitude towards the use of cryptocurrencies for Treasury transfers and payments.

More recently, Gupta has observed that traditional financial institutions are more comfortable with the idea of ​​adopting crypto. “While adoption of traditional financial institutions has been slower, MENA is certainly seeing an increase in new services and adoption in the region by consumers and businesses,” he added.

The XRP price today

At press time, XRP price was $0.3339. This puts the price just above the key support level at $0.3333 where it needs a rally not to drop towards the next support level at $0.3212. On the downside, XRP bulls need to push the price above $0.3548 to build momentum.

XRP price primed for future rally Ripple’s MENA extension, Crypto Trading NewsXRP/USD, 1 hour chart

Featured image by vjkombajn/Pixabay, chart by TradingView.com

Source: Crypto News Deutsch

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