RIPPLE RISES AS IT PARTNERS WITH A UAE REMITTANCE FIRM
Yesterday, Ripple rose to a two-week high after the company announced a new partnership with UAE Exchange, a company that provides remittance services. It is a major company present in more than 21 countries, providing its service to more than 21 million people.
According to a statement, the company will use Ripple’s Ripplenet product to process cross-border transaction with the aim of reducing friction and costs.
This is a major deal for Ripple, which has in the past announced partnerships with other remittance companies like Western Union, MoneyGram, MercuryFX, and IDT Corporation.
After the announcement, the price of ripple rose to a high of $1.0507, which is its two-week high. The price is however significantly lower from Ripple’s all-time price of $3.299.
Ripple’s rise was not in isolation. It happened at a day when the prices of other cryptocurrencies were moving up.
As shown below, the pair is trading slightly lower than the 50 and 14-day SMA, with its RSI at 39.8. There are two potential scenarios. In the first, the price could correct slightly as traders move to lock in profits. This would see the pair drop to the $0.9178. Alternatively, traders can ride the momentum which would see the pair move higher.