Ripple XRP/USD has advanced from $0.74 above $1.30 since the beginning of August, and the current price stands around $1.17. The current trend of this cryptocurrency remains bullish, and for now, there is no risk of a positive trend reversal.
Fundamental analysis: Ripple has announced a partnership with Global Money Express
Ripple offers the most advanced blockchain technology for global payments, which allows financial institutions to expand into new markets worldwide. More than a third of the world’s 100 largest banks have tested or are already using this payment technology, and it is important to mention that the businesses and people they serve have access to an open and inclusive system no matter where they are located.
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Ripple blockchain technology improves the speed, cost, and reliability of how people transact while Ripple CEO Brad Garlinghouse said that transaction volumes of this cryptocurrency are expected to increase even more.
According to the latest news, Ripple has announced a partnership with Global Money Express, one of the largest non-bank remittance service providers in South Korea. Global Money Express has connected to Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capital, through Ripple’s global financial network technology RippleNet to accelerate and scale payments from South Korea into Thailand.
“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors. Since launching our partnership, our team has benefited from the robustness of RippleNet, where transactions are tracked at every step of the process, making it easy to send money across borders with speed and transparency,” said Subash Chandra Poudel, Director and COO at Global Money Express Co. Ltd. (GME Remittance).
August has been a very positive month for the cryptocurrency market; most cryptocurrencies’ prices went up; still, if the price of Bitcoin falls below the $45000 support level, it could add pressure to the whole cryptocurrency market.
Technical analysis: Bulls remain in control of the price action
Ripple’s (XRP) price has exploded since the beginning of August, and this crypto continues to trade in a bull market. If the price jumps above $1.40 in the upcoming days, it would be a signal to trade XRP, and the first target could be around $1.50.
There is no risk of the trend reversal for now, but if the price falls below $1 support, it would be a firm “sell” signal, and the next target could be around $0.80.
Summary
Ripple’s (XRP) price has exploded since the beginning of August, and if the price jumps above $1.40, the next target could be around $1.50. Ripple is constantly adding new clients, and according to the latest news, Ripple has announced a partnership with Global Money Express, one of the largest non-bank remittance service providers in South Korea.
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