- Ripple’s RippleNet grows exponentially with 200 signed partners.
- Ripple eyes Dubai’s job market with its international money transfers.
- XRP/USD breaks from the triangle resistance and the bear range.
Ripple, the San Francisco-based blockchain company behind the world’s third-largest cryptocurrency, XRP has released its plans for the Middle East region. The company announced that its next destination is the United Arab Emirates (UAE)’ hub Dubai. Ripple is entering the Middle East through an office it is about to set up in Dubai.
The company through the head of Global Infrastructure Innovation, Dilip Rao shared this news in a conference held in Dubai. He also mentioned that over 200 partners in the region and across the world are now part of the RippleNet system. Rao stated while emphasizing on the technology:
“If you want to send this money, particularly you’re not clear about what the fees are going to be that the bank is going to charge on the other end. And therefore, what you’ll receive might be substantially less than what you sent out. And if you’re sending money for blue collar workers, this often can be a small amount of money, $200, and the fees for these kinds of small payments can be as high as 5 to 10%. So this is actually hurting the people who can afford it the least.”
The Middle East has very open to blockchain and the related ledger technologies. Besides, Ripple wants to get a share of the region’s growing job market where most workers are foreigners who need better and cheaper cross-border remittances.
Ripple price technical picture
Ripple is currently trading above the resistance range we explored during the analysis on Wednesday. The above news sent slightly bullish waves in the market where the price corrected higher from the range support at $0.437. XRP/USD spiked in a single bullish engulfing candle breaking out of the contracting triangle pattern during the evening (GMT) session. Ripple reclaimed the support at $0.45 before stopping marginally above $0.455. Similarly, the 100 SMA is still blocking movement faintly above $0.455. On the flipside, Ripple is supported immediately by the 50 SMA at 0.450.
XRP/USD 60’ chart
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