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Ripple (XRP) continues to expand its footprint in the MENA region. The cryptocurrency provider announced today that it signed a new partnership with the National Bank of Egypt.
With the new partnership, Egypt’s largest banking institution in terms of assets can facilitate remittance inflows from the United Arab Emirates through LuLu International Exchange.&.
The North African country currently takes the sixth position in the global remittance recipient rankings, with overseas indigenes sending about $24.4 billion home last year.
Ripple MD for South Asia and MENA Navin Gupta illustrated the economic importance of fast and cheap remittances, noting that:
“The ability to send and receive money quickly, reliably, and inexpensively today plays a larger role than ever before. Ripple is proud to partner with NBE and LuLu Exchange to bolster the MENA region’s financial infrastructure and provide a frictionless cross-border payment experience for the Egyptian community.”
Ripple entered a partnership with Lulu Financial Holdings, an Abu Dhabi-based investment company, in January 2020.
The cryptocurrency provider has maintained a robust presence in the MENA region for some years now. In February 2018, the San-Francisco-based company partnered with Arabia’s central bank to help the banking sector facilitate payments with its superior technology.
Ripple has partnered with banks in Oman, Kuwait, and the UAE.
Key Ripple Levels to Watch — May 19
As the cryptocurrency market struggles to stay afloat, XRP remains under immense bearish pressure. However, the seventh-largest cryptocurrency appears to be trading along a bullish channel, thereby lending ample support against raging bears.
That said, XRP could attempt to close up the gap towards the 50-day SMA at $1.5280 over the coming hours. A further additional decline from the 50 SMA should get adequate support and boost from the $1.4500 support.
Meanwhile, our resistance levels are $1.5000, $1.5500, and $1.6000, and our support levels are $1.4000, $1.3500, and $1.3000.
Total Market Capitalization: $1.86 trillion
Ripple Market Capitalization: $50.6 billion
Ripple Dominance: 2.7%
Market Rank: #7
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