Mega-Banks Joining Ripple Despite XRP Sell-Pressure
Ripple (XRP) prices find support at 30 cents
SABB launches Instant Cross-Border Transfer Service
With the facilitation of SAMA, the primary regulator in the Kingdom of Saudi Arabia, SABB, is part of the growing RippleNet family after launching Instant Cross-Border Transfer Service that will use XRP. Meanwhile, Ripple (XRP) prices are ranging with support at 30 cents.
Ripple Price Analysis
The traditional global finance network is rigid. Despite what it offers—and the acknowledgment that it has been steadying world economy thanks to SWIFT and globalization, it has been 43 years since its launch. SWIFT shaped lives, easing processes but it’s about time an efficient competitor in Ripple Inc replace it.
With Brad Garlinghouse as CEO, Ripple Inc admits that it has a long way before they dominate the world. However, with they have to offer, it won’t be decades but rather years, before banks shift camps as they root for efficiency, speed and cost savings that Ripple Inc’s xCurrent, xRapid and xVia tags along. Saudi British Bank (SABB) is now part of the growing RippleNet family, and the effort of the Saudi Arabia Monetary Authority (SAMA) is paying off.
Here’s what Majed Najm, the Deputy Managing Director Corporate and Institutional Banking at SABB said:
“SABB provides its customers with faster, safer and more transparent cross-border payment services by the launch of “Blockchain” technology through “Ripple.” The Indian Rupee (INR) is a positive start to a future roadmap being the first currency to be activated in SABB. This plan aims to provide customers with a valuable service and link more countries and currencies in the near future.”
If anything, it is until there is regulatory clarity on Ripple (XRP) status that prices will begin moving. Presently, prices are ranging, oscillating within a 10 cents range from a top-down approach and 4 cents in the short-term.
As aforementioned in previous trade plans, once prices edge past 34 cents with high transactional volumes, traders can begin loading up on dips with modest targets of 40 cents. On the flip side, any slide below 30 cents could invalidate our stand as bears of Q4 2018 flow back driving prices towards 25 cents or Sep 2018 lows.
Anchoring our analysis are Apr-24-25 bear bars. Even if bulls are steady and reversing losses, an effort versus result analysis point to bears. However, should there be a sharp expansion of prices with volumes exceeding Apr-24-25 average of 36 million, driving prices above 34 cents, and then aggressive traders can initiate longs on pullbacks.
Chart courtesy of Trading View
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