JP Morgan joins forces with Ripple partner in the UAE, what this means for XRP price


  • JP Morgan, an American banking giant, joined forces with Ripple partner Al Fardan Exchange LLC to offer customers value transfers. 
  • Proponents say the partnership will enable transactions in leading fiat currencies and same-day transfers in record time. 
  • XRP price chart indicates the altcoin is heading into the buy zone before a breakout that targets $0.40. 

JP Morgan, a global leader in financial services, will work alongside Al Fardan Exchange LLC in the United Arab Emirates (UAE) to power faster transaction settlement and transfers in fiat currencies. RippleNet partner Al Fardan Exchange LLC provides money transfer and exchange services in the UAE. The outlook on XRP price remains bullish and the altcoin is headed to the buy zone. 

Also read: XRP bulls in spotlight as SEC v. Ripple court filing hints at early closure

JP Morgan joins hands with UAE-based Ripple partner

JP Morgan, investment and retail banking giant, is now partnered with UAE-based Al Fardan Exchange LLC. The money transfer firm’s clients will be able to make transfers in several fiat currencies like the United States Dollar (USD), the British Pound Sterling (GBP), the Euro (EUR) and the South African Rand (ZAR), among others. 

Al Fardan Exchange LLC announced its partnership with RippleNet, Ripple’s cross-border payment network in January 2022. 

Hasan Fardan Al Farhan, CEO of the money transfer firm said that the company's collaboration with global banking giant JP Morgan is attracting major global players from the financial industry,  who are returning to the UAE market. 

The exchange’s users will access the service through the mobile application AlfaPay, which can be used for making remittances and paying bills. 

In making strides with new partnerships and expanding its global presence, Ripple is forging ahead regardless of its ongoing lawsuit with the US Securities and Exchange Commission (SEC), who have alleged Ripple’s XRP cryptocurrency should be classed as a “security” with all the legal and regulatory implications that would entail. Ripple’s team of lawyers, however, are confident they can win the SEC v. Ripple case. 

David Gokhstein believes Ripple will win the legal battle

David Gokhstein, former US Congressional candidate and host of the “Crypto-Mamba” podcast believes Ripple’s win in the SEC v. Ripple lawsuit is imminent. Gokhstein shared his views in a recent tweet:

Brad Garlinghouse, the CEO of Ripple congratulated the entire team of its legal counsel for their work so far, and assured the crypto community that the payment giant will fight tenaciously to win the case. 

XRP price outlook remains bullish

XRP price remained unchanged following recent developments in the SEC v. Ripple lawsuit. The altcoin is currently trading at $0.38, at its 50-day Exponential Moving Average (EMA). 

The $0.41 level has acted as key resistance for XRP on nearly four occasions since November 2022. If XRP price continues its climb the $0.40 and $0.41 levels are the next two resistance points  where the altcoin is likely to meet heavy selling. The Relative Strength Index (RSI) a momentum indicator, is at 38, which is below the neutral zone. This implies XRP is close to the buy zone, an optimum spot for traders to scoop up the altcoin before it begins a recovery. 

XRP/USDT price chart

XRP/USDT price chart 

Crypto Faibik, a crypto analyst on Twitter believes XRP price is ready for a breakout in Q1 2023. The expert noted similarities in the XRP price trend in Q4 2022 with Q4 2020, confirming his theory of a bullish breakout in the altcoin. 

XRP/USDT price chart

XRP/USDT price chart 

In 2020 the price formed a similar bullish falling wedge pattern (see chart above) which led to an upside breakout, and Crypto Faibik expects the same to happen in Q4 2022. 

This disclaimer makes it clear that there is no professional relationship or partnership between JP Morgan and RippleNet. JP Morgan is not associated with RippleNet or any Ripple-related services.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP