UAE bank use RippleNet to enhance RMT services into Philippines, Justin Sun is bullish XRP, what will XRP price look like in the near future?

By Selena On Feb 24, 2020

Retail and business bank in UAE RAKBANK has partnered with BDO Unibank, a full-service global bank in the Philippines, with plans to strengthen the current money transfer system in the Philippines. Meanwhile, RAKBANK, a partner of RippleNet, has joined the network to provide instant cross-border payments to India’s Axis Bank beneficiaries since 2017. With the development of Ripple and RippleNet, how will the XRP price develop?

Through RippleNet, BDO Unibank now becomes the Philippines’ bridge between the island country and the Gul

This partnership will allow customers to transfer money instantly and securely to any bank in the country, via RippleNet using RAKBANK’s remittance services.

Peter England, CEO of RAKBANK, stated:

“We, at RAKBANK, are committed to increasing our international remittance footprint and are delighted to enhance our RMT services into the Philippines, thanks to our partnership with BDO. This partnership aims to offer the Filipino ex-pat community here in the UAE the ability to safely and instantly remit money back home at competitive rates with zero back-end charges and no hidden fees.”

Peter England, CEO of RAKBANK

Through RippleNet, BDO Unibank has now become the Philippines’ bridge between the island country and the Gul, which is responsible for providing financial and banking services to the Filipino expatriates in the UAE.

Besides, Ripple’s The Growing Remittance Market in Asia-Pacific: 2020 Global Payment Opportunities also emphasizes that the Asia-Pacific market (APAC) is pioneering digitalization as it has improved the process. Send global payments to users. It also noted that remittances flowing into low- and middle-income countries such as the Philippines and Thailand reached a record high of $ 529 billion in 2018 and are expected to reach $ 550 billion in 2019.

Moreover, the Philippines is the third-largest remittance country in the world, and with more than 10 million Filipinos working abroad, there are large numbers of remittances from workers sending money home.

With the development of Ripple and RippleNet, how will the XRP price develop?

XRP price predictions

XRP price had fallen 3.5% in 24 hours of trading when support was found at $ 0.27. This drop is mainly due to Bitcoin’s inability to break the $ 10,000 level. XRP has now established a new bearish trajectory, and if it breaks below the 200-day EMA, the downside pressure will continue to push the cryptocurrency to $ 0.25.

The XRP price tried to climb higher from the support at $ 0.2268. However, it could not get anywhere near the $ 0.29 level before it sideways and started falling. The latest price drop has pushed XRP back to $ 0.2268 as buyers prepare for the battle at the 200-day EMA.

Although while the price of XRP continues to fluctuate below $ 0.30, the general sentiment of the market relative to this currency is still rising. Cryptocurrency traders anticipate various price movements in the short term, but all seem to bet on XRP is increasing.

Analyst Michael van de Poppe said XRP needs to hold above $ 0.25 to continue rising to $ 0.46. The destination could also be as high as $ 0.60.

$XRP #RIPPLE

Still fine here.

As long as we stay above $0.245-0.25, I’d say we’ve got a S/R flip and we can continue towards $0.46 and possibly $0.60. pic.twitter.com/z8qO5a25ts

— Crypto Michaël (@CryptoMichNL) February 23, 2020

Meanwhile, Twitter user @mrlevelup also shares his bullish view XRP. He compared the similarities between the chart from 2017 and the chart from this year, showing that the market is currently at the same point as it was then, at a time when the price of XRP soared.

Just an FYI, as I read in the comments. The image above is 2017 vs 2020 today. Its an “area” location that we are at in 2017. With that being said… the details for today are in this video below. pic.twitter.com/knG0vw72zy

— Awake (@mrlevelup) February 24, 2020

Weiss Ratings criticized Ripple CEO but Justin Sun bullish XRP

On February 22, financial analysis agency Weiss Ratings published an article criticizing Brad Garlinghouse because he said that the world of cryptocurrencies could not function without a bank, and getting bankers on board is very important for the future of cryptocurrencies. However, Weiss Ratings believes that cryptocurrencies can replace banks.

#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don’t need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn’t. Crypto doesn’t need banks, because crypto will replace them.

— Weiss Crypto Ratings (@WeissCrypto) February 22, 2020

Following the comment, the XRP community showed their disagreement and started a heated discussion.

OMG IM DYING!! Crypto is going to replace banks ?let me guess bitcoin is going to be a currency as well – WOW this statement made my weekend

— XRP Researcher | XRP Investor (@XRPNews_) February 22, 2020

We don’t need Weiss Crypto Ratings to get involved in the crypto.#satire

— C3|Nik (@C3_Nik) February 22, 2020

In a new interview on CNN, the founder of Tron said that he owns a diverse cryptocurrency portfolio.

An introduction to @Tronfoundation network founder CEO @justinsuntron – we talk disrupting digital content sharing, buying @BitTorrent, crypto investing and his $4.5M lunch with Warren Buffett! #XRP #TRX #BTC on @firstmove/@cnni this week. pic.twitter.com/WW3Pnd9QcZ

— Julia Chatterley (@jchatterleyCNN) February 23, 2020

Sun shared:

“I’m a crypto believer, so I converted like all my assets in 2013. These days I only exchange the crypto to fiat if I need to spend money in my daily life … I own lots of the XRP and the Ethereum too. I’m a long-term believer [in] crypto, so I want all the crypto assets to succeed. That’s why I own lots of the other different cryptos as well.”

In addition to asserting that Bitcoin price will surpass $ 100,000 by 2025, he said we can count on many other cryptocurrency projects. Such as XRP, like Tron, like Ethereum. Sun believes all of these projects will also enter a bull market.

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