In the Middle East, Ripple is targeting 78 billion dollars … despite the SEC?

Ripple is growing aggressively in the MENA – Middle East North Africa zone. Although the company is still grappling with American justice in its country of origin. Indeed, the SEC which continues to explore millions of messages in search of incriminating evidence. But meanwhile, Ripple’s parent business, money transfers, is not going to rest.

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  • After Asia, Ripple is expanding in the Middle East
  • Ripple payment solution grows despite SEC lawsuit
  • XRP Technical Analysis Sends Positive Signals

Ripple beyond his trial

One might think that Ripple is a law firm, so much we hear about them only in the context of legal matters. While Coinbase CEO Brain Armstrong recently lent his support to the company, this is not the way to look to see encouraging news for the famous firm specializing in cross-border and instant payments.

After establishing a regional headquarters in the United Arab Emirates, Ripple is expanding. The Middle East – North Africa zone represents a particularly interesting sector, all the more so for a company like her.

Cross-border payments are facilitated in countries like France or the United States. The strength of the country is a pledge of confidence, and the most powerful banks in the world operate there. In addition, many international agreements guarantee these exchanges. Europe uses the euro, the United States the dollars, etc.

But for weaker countries, cross-border trade can be a real headache, with many additional costs killing foreign trade. In such countries, cryptocurrencies can bring about a revolution. And Ripple got it right.

Especially since these parts of the world represent hundreds of billions of dollars of GDP and several billion inhabitants. Be the ideal place to launch a revolutionary payment method!

Read also – “The Madness Continues: $ 17 Million Bitcoin Found!

Ripple’s cross-border ODL

Ripple’s system consists of converting funds into a transfer currency, ideally XRP which is ultra-fast and secure via the blockchain. This is called the ODL (We Ask for Liquidity). A system set up primarily in Asia, particularly in Malaysia and Indonesia.

Recently, Ripple has a large headquarters based in the United Arab Emirates. This is the outpost in the MENA region. From there, the company is building a powerful cross-border payment service.

“The MENA region continues to be a critical region for Ripple thanks to our exceptional roster of clients, a welcoming regulatory environment and a regional focus on needed improvements to the current financial system,” said Brooks Entwistle, Managing Director of RippleNet. in APAC and MENA.

To solidify this position, the company has partnered with Pyypl, a blockchain company that operates in the region.

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This service will ultimately help companies develop their activity. For example, for the United Arab Emirates and Saudi Arabia alone, the market Ripple seeks to develop was worth more than $ 78 billion in 2020.

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Development in Europe

But these areas of development are not the only ones. Ripple also continues to expand into more palpable and closer areas. This is for example the case of this Belgian restaurant chain FRIETSHOP Wetteren which now accepts payments in Ripple.

Ripple is one of the cryptocurrencies that are systematically added when a trade switches to payments in digital currencies. The main ones, Bitcoin BTC and Ethereum ETH are often the ones we see the most. But others are still in the game, precisely because they are excellent payment tools. Like Bitcoin Cash BCH and Ripple’s XRP.

XRP technical analysis

Ripple’s XRP, moreover, is still in an accumulation phase on the stock charts. This has been going on since the beginning of the year, when the trial began with the SEC. However, despite a very violent correction at this point, the price held up. With resistance at $ 2 and support at $ 0.50.

Ripple XRP TA Technical Analysis

Ripple’s XRP is currently moving in a triangle marked by green support and slanted red resistance. The breakout of resistance will be a buy signal!

For the moment the price does not go out of these zones. But the previous 2018 record, which saw XRP hit $ 3, is still relevant today. And an exit of this pattern from above could propel XRP to ATH, before starting another bullish rally.

A first aborted extraction attempt took place at the beginning of September. Price then re-entered the pattern, and it is currently testing the top of the triangle. A powerful movement on the side of Altcoins or simply a breakout from XRP could be a buy signal.

Outside of the high-profile cases with the American justice system, Ripple is doing well. Concrete developments are legion. Ripple is a payment method that wants to free cross-border transfers. This is their goal, and they are focused on it. Their efforts are numerous, and they are crowned with success. In such a context, the future of this company and its crypto can only be positive.

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