After scoring the regulatory license in Dubai, Ripple’s network has now charmed two United Arab Emirates based banks for full integration. As per Ripple’s official statement, the leading blockchain infrastructure provider for business is expanding their range with Zand Bank & Mamo, two major banks located in the United Arab Emirates (UAE).
XRP Assists UAE In Hosting 1 Million Businesses
Previously, Ripple Payments network bagged the regulatory license by the Dubai Financial Services Authority (DFSA), enabling end-to-end payment settlement in a matter of minutes. With the move, Zand Bank & Mamo aims to reduce friction to a dramatically low level while making the transactions as cost-effective as possible.
Certainly, this aligns with UAE’s target to host 1 million promising start-ups by 2030, while banks like Mamo are likely to be at the forefront of this digital & economic transformation. Doubtlessly, Ripple’s XRP chain integration has helped several major banks to adapt to the demand for instant payments, including Santander, IFX & SEB.
XRP Price Prepared To Break The Falling Wedge?
As XRP price is closely approaching its lighthouse target of $2.50, analysts are pointing to $5 as the long-term goal. However, securing $2.50 sets the tone for Ripple coin’s price direction in the near term, as it represents a major demand zone established in December, 2024 right before the favorable SEC vs. Ripple ruling came out.
While last week was a downward slope for the OG altcoin, Monday’s mini bounce back has Ripple’s XRP price trading at $2.34, according to CoinGecko. Technically speaking, the altcoin would have to close the day above $2.35 at least to break the falling wedge pattern for a bigger bull run. Surely, the $2.50 target is on the cards if Ripple coin continues to grow in trading volume, as seen today on Futures markets.
As the first-ever XRP ETF Futures product went live on the Chicago Mercantile Exchange (CME) today, Derivatives markets soared to a $7.59 billion daily trading volume. On spot markets, the action was twice slimmer at ballpark $3.67 billion exchanged in 24 hours, falling behind some altcoin peers. Additionally, the XRP exchange-traded fund (ETF) applications in queue on the SEC’s table could bolster the altcoin’s value, with some decision deadlines coming later in May.
On The Flipside
- Amidst the 66% upswing in Derivatives trading volume, there’s a staggering imbalance between liquidated long & short Ripple (XRP) price positions.
- A stupendous $12.42 million out of $13.50 million over-leveraged plays were XRP bulls, or those who expect Ripple coin’s price to take an upward direction.
Why This Matters
Institutional level adoption in tech hubs like the United Arab Emirates gives a long-term cause for Ripple network, critically acclaimed for cross-border capacity.
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