- Ripple price violates the $1 resistance level.
- RippleNet partners with GME Remittance to expand into the Asian Market.
- XRP must close the day above $1 to validate the bullish trajectory to $1.5.
Ripple price has jumped over 14% in price over the last 24 hours. This rally has caused XRP to reclaim its position among the 10 top cryptocurrencies by market capitalisation according to Coinmarketcap. It currently sits at #6 with a market capitalisation of $46,828,801,498 which has also jumped by 13% over the same period.
The XRP demand witnessed over the last 24 hours is a reaction to the news that RippleNet was partnering with Global Money Express (GME Remittance), a South Korea based money transfer company.
GME Partnership To Bolster Ripple Transactions
According to the announcement by Ripple on its official website on August 10, the partnership is expected to boost cross-border payments from South Korea into Thailand. Reportedly, the partnership is established through SBI Ripple Asia — a joint venture between SBI Holdings and Ripple. It will see GME remittance utilise the Ripple global payments network to work in conjunction with Siam Commercial Bank (SCB), which is Thailand’s largest bank in terms of market capitalization to accelerate and scale cross-border payments.
GME Remittance is looking to use this partnership to connect with existing RippleNet clients to expand into global remittance corridors.
Subash Chandra Poudel, Director and COO at GME Remittance said:
“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors”
Ripple has continuously partnered with financial institutions to access new markets. GME Remittance is now one of the latest join this group of companies. The legal battle between Ripple and the SEC has not slowed the company’s efforts to grow.
Ripple Price Trades Above $1
XRP price prediction is bullish as it trades at $1.01, with the 24-hour trading volume hovering above $9.7 billion. Ripple price has rallied 91% from the July 20 low $0.514.
XRP/USD Daily Chart
Note, bulls must hold Ripple above the $1 to maintain the bullish bias. A daily closure above this level may trigger more buy orders as bulls eye gains at $1.5.
Realise that the Moving Average Convergence Divergence MACD) indicator has a clear bullish outlook highlighted by the indicator’s movement above the mean line. Moreover, the movement of the Relative Strength Index (RSI) in the overbought region adds credence to this bullish outlook.
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On the flipside, the RSI shows that Ripple is extremely overbought, indicating that a correction might occur in the near-term. If this happens, XRP might retreat towards the 100-day Simple Moving Average (SMA) and the 200-day SMA before another recovery begins.
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Nancy Lubale
