Ripple Partners with NAB and CIBC for Cross-Border Payments Solution

Updated:

Ripple (XRP) has signed a partnership deal with the National Bank of Australia (NAB) and the Canadian Imperial Bank of Commerce (CIBC) to provide cross-border payment solutions using the RippleNet solution.

The NAB revealed in a recent announcement that many traditional financial institutions would start to use Ripple’s payment technology for cross-border settlements considering its effectiveness in delivering ridiculously cheap and faster transactions.

The Executive General Manager of NAB Labs, Jonathan Davey, noted that apart from facilitating significantly cheap and fast cross-border payments settlements, the RippleNet solution can dramatically improve the bank’s productivity and security. Davey added: “We’re excited to be working with CIBC and have already partnered with them in using Ripple’s blockchain technology to complete international payment transfers between our banks as a proof of concept.”

The recent development validated reports of widespread adoption of Ripple technology by traditional financial institutions looking to improve their cross-border payments services.

By using RippleNet, XRP functions as a link between two fiat currencies, a practice that frees up capital, minimizes operational cost, and eliminates the need for pre-funding accounts on each end of the transaction.

Since its launch, RippleNet has partnered with over 300 financial institutions globally and has continued to perform remarkably in that front despite the legal woes it currently faces with the US Securities and Exchange Commission (SEC).

Key Ripple Levels to Watch — March 23

Ripple has finally broken above the descending trendline as it tapped the $0.8650 top following a parabolic run last week. However, the sixth-largest cryptocurrency has posted a mild retrace on Wednesday, as it tumbled to the $0.8250 support level.

XRPUSD 2022 03 23 14 20 10.png
XRPUSD – Daily Chart on Bitfinex. Source: TradingView

That said, we could see a bearish push for the $0.8000 support in the near term, as the stochastic indicator shows a bearish crossover coming up, before seeing a bullish rebound to the $0.8800 before next week.

Meanwhile, my resistance levels are $0.8500, $0.8800, and $0.9000, and my support levels are $0.8250, $0.8000, and $0.7500.

Total Market Capitalization: $1.91 trillion

Ripple Market Capitalization: $39.7 billion

Ripple Dominance: 2.07%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.