- Summary:
- Ripple price is breaking new grounds as National Bank of Egypt signs agreement to incorporate RippleNet into its remittance business.
Ripple price is surging this Thursday afternoon, continuing a winning streak that has seen the XRPUSD cross the 0.32 price level for the first time in almost six months. Ripple price is now trading at 0.33224 after the National Bank of Egypt signed a partnership agreement with RippleNet.
The National Bank of Egypt (NBE) is the country’s largest bank in Egypt in terms of total asset base and hopes to integrate RippleNet into its services to expand the scope of its remittance business. This is the first agreement of its kind in the predominantly conservative banking industry in Egypt.
This news is just the latest in a series of positive fundamentals for Ripple, which has seen its price continue the recovery run that started in December 2019 when it secured a $200million financial investment.
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Technical Outlook for XRPUSD
The latest turbo push in Ripple price to the upside follows the break of a second successive bullish flag with a rather rapid conclusion to the measured move. However, XRPUSD is getting a further boost from the BTCUSD, which has staged a powerful burst through the $10,00 psychological resistance level.
Ripple price is presently challenging the resistance at 0.32613 having seen the daily candle breach this area. There needs to be a closing penetration of 3% above this resistance which definitively defines the breakout. If this is successful, Ripple price could possibly target the next resistance at 0.34101 (previous highs of 20 July 2019). Further resistance lies at 0.36881 (previous lows of 9 June 2019 acting in role reversal).
Failure to break the 0.32613 or 0.34101 returns price in pullback fashion back to the 0.30925 price level for a retest of that area. 0.28408 marks the bullish flag’s broken upper border and could provide a test for any further pullback below 0.30925.