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Ripple News

National Bank Of Kuwait To Use RippleNet For Cross-Border Payments

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A new project launched by the National Bank of Kuwait named ‘’NBK Direct Remit’’ is a blockchain based project that according to the latest blockchain news, will use RippleNet for cross-border payments within the nation.

The launch of the project only extends to supporting payments close to Jordan but the National Bank of Kuwait plans to launch the project in another 15 countries soon in order to make sure that this project will preserve the country’s primary way of transacting money:

‘’Focused on digital transformation, NBK has previously launched successful and innovative products that serve different segments, including the NBK Tap & Pay, QuickPay, NBK SelfiePay, cardless cash withdrawal, Biometric Cards, in addition to the continuous enhancements to the NBK Mobile Banking App and other services that make our customer’s banking experience an enjoyable one.’’

Kuwait is going strong for mainstream integration of the blockchain since last year the country experienced one of the worst per-capita incomes in a long time. Implementing blockchain is a good strategy to stimulate activities that will boost the income in the country.

The Vice President of Customer Success at Ripple Marcus Treacher, while talking about the integration, pointed out:

‘’The National Bank of Kuwait (NBK) is an important partner in the region, and we’re excited that they have begun moving live payments across our blockchain network on behalf of their customers. We will continue to work with NBK to connect them to more RippleNet partners so their customers can make quicker, cheaper payments to anywhere in the world.’’

Kuwait is one of the MENA countries that are integrating blockchain in important fields such as Dubai which is a leading country for blockchain-oriented projects.

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Ripple News

Heavy Downside Pressure For Ripple’s XRP Price

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heavy downside pressure
Heavy downside pressure is forming for Ripple’s XRP with a bearish short-term and medium-term trading outlook. The four-hour time frame shows there is a bullish inverted head and shoulders that has been invalidated as we are reading more in the latest ripple news.The daily time frame shows a bearish breakout forming from the triangle pattern. Ripple remains under heavy downside pressure and still hasn’t established a technical price floor. The XRP/USD pair has lost more than 30 percent since the start of November and is now trading around five percent below the opening price of the month. The technical analysis shows that the pair is creating a bearish triangle breakout on the daily time frame which moves the cryptocurrency within the touching distance of the $0.20 level.The four-hour time frame shows that the bullish inverted head and shoulders pattern was invalidated a few days ago which is bearish development for the pair over the short-term. The price is also making lower lows which once again hint that the XRP/USD pair has yet to find a strong price bottom. The $0.1900 level is now offering the strongest form of long-term support under the psychological $0.2000 level.The bulls have to rally the price of XRP towards the $0.25 level just to encourage purchasing and then stabilize the XRP/USD pair above the $0.285 level which is the most important technical area. By looking at the potential pattern formation, if the buyers are able to rally the price after one lower push, the large inverted head and shoulders pattern could also form on the daily and four-hour time frames. The Relative Strenght index for the daily time frame shows that Ripple is quite oversold while the MACD indicator shows pockets of bullish MACD divergence.According to the latest sentiment data, the short-term sentiment towards ripple is neutral at 52 percent while the overall long-term sentiment for the cryptocurrency is quite bearish at a 24 percent range. The four-hour time frame shows that the key technical resistance is now located at $0.235 and $0.25 levels so the technical resistance over the medium-term is now located at $0.285 and $0.31 levels. The four-hour time frame shows that the XRP/USD pair has a strong medium-term technical support around the $0.21 level.The critical long-term technical support for XRP is located at the $0.19 level. Ripple has yet to establish a strong price floor placing the emphasis on more XRP/USD weakness towards $0.19.
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Ripple News

XRP Is Set To Finish 2019 Poorly After Failing To Garner Momentum

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xrp is set
XRP is set to finish poorly as 2019 was a hard year for the altcoin since it set new yearly lows in the past several weeks with its fall down to $0.20. This bearishness has made XRP be one of the worst-performing cryptos of the major ones, in the markets over this year, and it looks like further losses could be imminent as we reported in the previous Ripple XRP news.Yet, analysts are noticing that XRP could see some gains against its trading pair BTC in the near future, should it hold hard above a key support level. At the time of writing this article, Ripple (XRP) is been traded sideways at the current price of $0.22, which marks a notable up from its daily downs of $0.21 that we’ve seen last night.These falls were set concurrently with BTC’s fall to $7,000 yesterday, and similarly, XRP’s growth from this fall went up after Bitcoin posted a strong growth up to $7,800. Over a seven-day period, XRP is traded down noticeably from its weekly highs of $0.233 but it managed to go up significantly from its recent lows of $0.20 that were made in late-November of 2019 during the market fall that was led by Bitcoin’s fall to %6,500.In the near future, XRP may experience some further relief if it manages to surge against its trading pair, Bitcoin, with Bitcoin Jack, a well-known crypto analyst on Twitter, sharing to his followers last week that he thinks the embattled crypto could grow if it is able to bounce from 0.0002695, which is slightly down from its current price of 0.00002947. However, XRP is set to fail the next year but according to the analyst we should:
“Let’s give $XRP another go. Support here looks like shit, if it breaks this is where I want to get long. Looks like a decent opportunity to trade it back towards range high,” he explained
Another well-known crypto analyst on Twitter, elaborated in a new tweet that XRP was traded for 21 quarters, with an average quarterly growth of 114%.
“$XRP has traded for 21 quarters; – Avg Q = 114% – 10 Pos Q – 11 Neg Q – Pos Q Avg = 276% – Neg Q Avg = -32% – 6 of 8 Qs have been neg since Jan 2018, w/ Pos Q <30%.”
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Ripple News

Ripple Returns All XRP Funds From Escrow Days After Unlocking

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ripple returns
Ripple returns all XRP funds from Escrow only a few days after unlocking. The entire 1B XRP was moved through wallets for a few days without selling or distribution as reported in the previous Ripple XRP news.The recent whale transaction tracking noted that the recent Ripple escrow arrived at the start of the new month and the usual 1B XRP released was later returned in large tranches. The transfers were completed in only three transactions and the largest one of 500 million XRP. The previous escrow unlocking about 400,000 XRP remained in outside wallets to be distributed or sold and this time Ripple returns the funds after facing doubts about the intentions to sell the coins mainly as the price continued to slump.XRP moved down as low as $0.21 during the recent sell-off and is once again at the $0.219 level. At this point, the XRP loss for most of 2019 is once again getting close to 30% with only outlandish hopes for an eventual increase. The readiness of Ripple to hold onto the assets could even spike the hopes of future development and the current usage of XRP is an option on the RippleNet decentralized protocol. The transactions on the network also showed a lot of increase during October and November rising to millions per day.Right now, it is uncertain what the source of the transaction is but there are a lot of records of significant transfers of value through Ripple’s protocol and the transactions are only a part of the mix. The recent return of the entire escrow was seen as extremely bullish limiting the free supply of XRP. However, XRP also enjoyed a collection of staunch supporters that look at the asset rising based on Ripple network usage and future adoption but the rise is not immediate and some of the XRP are undervalued and the low prices are a buying opportunity.XRP managed to pass the short-term rallied and the overall trend remains downward and as December started in 2018 so XRP traded at $0.35 and moved closer to $0.30 for most of the months except for the rally mid-year. XRP is now getting into an extended slide closer to the $0.20 range.
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Ripple News

Ripple Unlocks Monthly Escrow Worth $225 Million: Report

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Ripple unlocks
Ripple unlocks its monthly escrow which raises even more questions about the XRP performance. In our Ripple news, we will try to find out an answer to some of these questions so let’s dig in.Over the course of this year, the token has dramatically underperformed and lost all hopes of an end-of-year rally. XRP is still down by more than 30 percent this year as we are getting to the end of 2019. Ripple unlocks the escrow tranche of 1 billion coins so it is uncertain how many of them will be sold or distributed by ripple itself. The selling could happen on OTC markets but there is a huge supply of coins and too little demand beyond speculative trading and limited testing by banks. Getting close to the rock-bottom prices invited some of the buyers to hold the asset hoping to get some returns.XRP got low to $0.21 during the latest sell-off and some of the analysts marked this as a decent buying level. However, holding the XRP coin could be counterproductive and the expectations of heavy gains could never materialize. XRP is about two years away from reaching the peak prices above $3.40 and the level never actually repeated in BTC terms. Waiting for the new hike of the price is seen as unreasonable right now. XRP increased some enthusiasm with the summer rally reaching above $0.47 but as Bitcoin abandoned the yearly peak, XRP also started to fall.The Ripple Swell conference in November was only one event that was supposed to make the investors wait for another potential rally. Instead of doing that, XRP dropped by more than 16 percent at that point. Right at the end of 2019, XRP is down to around $0.22 and added to the flat price so the volumes are even lower. The usual activity is about $1.4 billion in 24 hours but the activity fell to about $1 billion per day during the Thanksgiving weekend.There are some who believe in the crypto asset but the coin is seen as a tool to make a huge bet on an unexpected gain. It is uncertain if the XRP market could afford some bigger volumes to absorb the selling but the XRP token looks pressured in comparison to other coins.
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