XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

Ripple News - National Bank of Kuwait Debuts RippleNet-Powered Remittance Service

  • Alex Morris
    📰 News

    Kuwait, along with a slew of other Middle Eastern countries, remains keen on utilizing Ripple’s Blockchain technology

National Bank of Kuwait Debuts RippleNet-Powered Remittance Service
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The National Bank of Kuwait (NBK) has rolled out NBK Direct Remit, a new service for instantaneous money transfers. So far, the service is only available for Jordan with more countries being added in the nearest future.

National Bank of Kuwait Debuts RippleNet-Powered Remittance Service

NBK Direct Remit

The new remittance service is available for bank customers around the clock. The payment solution is built on top of Ripple Net but it doesn’t use the company’s native token XRP.

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The transaction fee for is set at 1 KWD per transaction ($3.29 at press time). Meanwhile, transacting money to any other Jordanian bank will result in a 5 KWD fee. The amount of money that can be transferred with the help of the new feature is limited to 2,000 KWD.

Leading the way with RippleNet adoption   

NBK is considered to be one the largest Middle Eastern banks with a total amount of assets reaching $86.3 bln. The bank made an announcement about inking a deal with RippleNet for performing international transactions back in May.    

In October, numerous outlets reported about the banking giant adopting Ripple’s xCurrent project that allows instantaneously exchanging fiat currencies with the help of Blockchain technology.

Ripple making waves in the Middle East

One has to take into account the growing popularity of Ripple’s banking solutions in the Middle East. The Saudi Arabian Monetary Authority (SAMA), despite its openly hawkish stance towards cryptocurrencies, adopted xCurrent for Saudi banks to improve their infrastructure.

The DLT started also partnered with a remittance firm in Abu Dhabi (UAE) as well as yet another Kuwait-based bank, The Kuwait Finance House (KFH), which conducted a test of Ripple’s xRapid in August. Unlike xCurrent, xRapid converts national currencies to XRP. NBK is currently sticking to xCurrent (allegedly, due to lack of regulatory clarity).

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Ripple News - XRP Price Predicted to Stay in a 4-Cent Channel — What Needs to Happen for Coin to Rally

  • Jack Thomas
    🤷 Opinions

    ✋👀🔥XRP’s price has found a spot between $0.30 and $0.34 that it is having problems breaking above, as well as below; what can trigger a move?

XRP Price Predicted to Stay in a 4-Cent Channel — What Needs to Happen for Coin to Rally
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Ripple and its native token XRP have had a busy time in 2019 with a number of big and key partnerships being formed, however, the movement in price of the token has been relatively disappointing, getting stuck in a channel of about four cents.

Ripple has been aiming itself at being the best answer to a digital asset that can be used in interbanking conditions as well as across borders; because of this, the company has been seeking out major companies and financial institutions to align itself with.

This is a good move from a cryptocurrency and blockchain startup, showing positive growth along its roadmap. However, even with these good news boosts, the price of XRP has struggled to move out of this spot between $0.30 and $0.34.

Things like being listed on Coinbase Pro as well as popularity across investors in the general market have hardly shifted the price, so the question needs to be asked: what will it take to move and shake the XRP price?

No news boost

Ripple’s performance has been dismal and lagging in the last few days. On the one hand, there are expectations that prices will head higher once Bitcoin recovers, but Ripple itself will not want to be so tied to the decentralised major cryptocurrency.

It has been building its own base up with the Coinbase listing and plans of venturing into the multi-billion gaming industry via Forte, but that has not pushed the price of the coin above $0.34.

News in the past year, through the bear market, was struggling to have an effect on the price of certain tokens, unlike in 2017 when the market was extremely bullish. Now, there is a small change in the sentiment, with some people calling it the beginning of crypto spring, but it has not been strong enough to ride on the good news that abounds.

What will it take?

The assertion that Bitcoin will lead the rest of the market is a tried and tested one. When Bitcoin is rallying, the remaining coins near the top of the Coinmarketcap rankings are never far behind. However, there has been talk of an altcoin season leading the way into crypto spring.

Certain altcoins, like Litecoin, Binance Coin, and EOS for a small portion of an example, have seen a successful beginning of 2019, and have been part of the reason why Bitcoin now finds itself over $4,000 for the second time since November last year.

If XRP was able to break its strong ceiling and get past the $0.34 mark in one of its own rallies, it may well be able to stay there with the strong altcoin sentiment at the moment. But, what it needs to get above that mark is still very unknown.

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