- Ripple’s South-East Asian (SEA) customers actively leverage RippleNet Cloud which facilitates domestic and international transactions.
- Some of the customers like iRemit leverage XRP to enable cross-border payments.
- XRP price seems primed for a 60% upswing as it bounces off the parallel channel’s lower boundary.
Ripple’s growing customer base in SEA could help XRP price appreciate and target new yearly highs.
RippleNet Cloud in Sout-East Asia
In a recent blog, Ripple stated that RippleNet transactions did a 10x in 2020, with Sout-East Asia playing a significant role. The number of deals signed year-on-year more than doubled in this region.
On closer look, Thailand’s Siam Commercial Bank (SCB) contributed heavily to this growth.
As the country’s largest bank in terms of market capital, SCB completed over half a million transactions on RippleNet in 2020 — a 300% growth for inbound remittance volume and 500% outbound remittance growth year-on-year.
Another major stride in Asia was landing BKK Forex, connected to SCB and DeeMoney, a financial solutions provider, via RippleNet Cloud. Through this partnership, more than 45,000 Thai nationals can send money from Singapore.
Perhaps, the most important development comes from RippleNet’s On-Demand Liquidity (ODL) solution, which leverages XRP as a bridge currency to facilitate cross-border payments. In doing so, the need for holding capital in NostroVostro accounts can be freed up.
iRemit, which is the largest non-bank remittance service provider in the Philippines, has joined BKK Forex. It is worth noting that iRemit is an early adopter of ODL and could play a crucial role in triggering a considerable growth in XRP price.
XRP price primed for a 60% upswing
XRP price has created three distinctive higher highs and higher lows since late December 2020. Connecting these swing highs and lows using trendlines shows that Ripple is traversing an ascending parallel channel.
The recent 34% crash has dragged XRP down towards the channel’s lower boundary, where it currently trades.
If buyers rescue the remittances token, a 60% bounce seems more than likely. A solid confirmation will arise after a decisive close above $0.50. In such a case, XRP price could surge to $0.75, which coincides with the breakout line by the Momentum Reversal Indicator (MRI).
While a reversal at $0.75 seems plausible, a breach of this barrier could catapult Ripple by another 40% to $1.00.
XRP/USDT 1-day chart
On the flip side, investors should be wary of a spike in bearish momentum that leads to a breakdown of the channel’s lower trendline at $0.45. If XRP price manages to slice through the 61.8% Fibonacci retracement level, a 16% downtrend to $0.36, coinciding with the 50% Fibonacci retracement level can be expected.
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
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.