XRP Price Forecast: Ripple Skyrockets To $1 Amid Partnership With GME Remittance For RippleNet
- XRP price hits $1 for the first time since the beginning of June.
- GME Remittance partners with Ripple to tap into RippleNet amid plans to expand to new markets.
- Ripple must close the day above $1 to validate the uptrend currently eyeing $1.5.
Ripple price continues to shine amid impressive weekly gains. The international money transfer token had stepped above $0.8 last weekend. However, a barrier at $0.84 limited the price, forcing bulls to confirm support at $0.75 on Monday.
Meanwhile, bulls did not give up their bid for $1 as they soon recoiled above $0.8 and cracked the three-month descending trendline resistance. This addition to the news that GME Remittance has officially partnered with Ripple catapulted the price above $1.
GME Remittance Partners With Ripple To Tap Into RippleNet
Ripple was bolstered significantly upward following a partnership between Ripple and GME Remittance, one of the largest non-bank remittance service providers in South Korea. According to GME Remittance, RippleNet allows businesses to launch new markets within a short time; in addition to that, it offers faster and cheaper solutions.
The partnership has also helped GME Remittance link to Siam Commercial Bank (SCB), Thailand’s largest bank in market capitalization. Subash Chandra Poudel said in a statement:
“We chose Ripple as our partner because RippleNet allows us to launch into new countries with new partners in as little as 1-2 weeks. This has significantly reduced our time to market and gives us an advantage over our competitors.”
Ripple has been expanding its products to new markets and broadening its partnership base, especially in Asia. In July, the blockchain startup company tapped into the $2 billion remittance market between Japan and the Philippines using its flagship product, On-Demand Liquidity (ODL).
Ripple Price Needs To Hold $1 Support
Following the breakout that saw Ripple revisit levels above $1 for the first time since early June, the price slowed down. At the time of writing, the token is trading at $0.977 amid a bearish building momentum. Hence, bulls must wake up to reclaim the position above $1, a move that may call more buyers into the market as speculation mounts for gains eyeing $1.5.
Meanwhile, the Moving Average Convergence Divergence MACD) indicator has a vivid bullish impulse highlighted by the index’s movement above the mean line. A buy signal flashed in July still holds, hinting at the Ripple’s ability to sustain the uptrend.
XRP/USD Daily Chart
The Relative Strength Index (RSI) shows that Ripple is overbought, and a correction is imminent. As the RSI retreats into the neutral zone, selling pressure is bound to increase. Therefore, traders must be aware of tentative support areas such as the 100-day Simple Moving Average (SMA) and the 200-day SMA in case losses gain traction in the near term.