XRP Above Ichimoku Cloud as Ripple Signs Deal with UAE Exchange: Ripple’s XRP has been trying to pierce through the pivot level and 61% Fibonacci retracement level of 1.12 over the weekend with no luck. However, it does appear its price may have bottomed out at the support level of 0.69.
On the 4-hour chart, it has broken above the Ichimoku cloud and it now could be in the pull-back phase. The future cloud appears bullish, however, the Tenkan line and the Kijun line are moving down. The Chiko span has yet to break above the cloud so we have a bit of a mixed-signal situation going on from a Technical point of view.
Ripple remains the 3rd largest cryptocurrency by market cap, trailing behind Bitcoin and Ethereum. Ripple’s company just signed a massive deal with UAE exchange to have them join RippleNet network for cross-border payments. UAE Exchange is hoping to bring customers an “enhanced, new payments experience” by incorporating Ripple’s blockchain technology into their payments systems.
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Now, what XRP investors need to keep in mind is that it’s not clear if UAE Exchange will use Ripple’s cryptocurrency in its processes. But Ripple is hoping that by adding a market leader like UAE Exchange to RippleNet, they can bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.
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