Ripple ODL Registered in the UAE to Offer P2P and Electronic Financial Services

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Ripple ODL Registered in the UAE to Offer P2P and Electronic Financial Services
Ripple ODL Registered in the UAE to Offer P2P and Electronic Financial Services

XRP community members @RipplePandaXRP and @WKahneman tweeted, announcing that Ripple’s ODL brand is now officially registered with the UAE Ministry of Economics.

UAE Approves Ripple ODL Financial Services

According to the tweet, the on-demand liquidity product has been registered with the trade division of the UAE regulator to provide P2P financial data services.

According to the translation in the comments, Ripple has registered ODL to offer electronic financial services that include paying with fiat currencies and exchanging digital currencies and fiat currencies over the network.

It will also provide a virtual currency (presumably XRP) for exchange on a computer network and help verify the payment and deliver it from the sender to the recipient.

According to the document, Ripple applied to the UAE supervisory authority for ODL registration in October 2020.

Ripple’s XRP Price Analysis

Ripple’s XRP fell 0.34% on Friday. After Ripple’s XRP fell 6.24% on Thursday, it closed at $0.65717.

The start of today was mixed, with Ripple’s XRP rising to an intraday high of $0.66686 and then reversing.

Ripple’s XRP fell to the first major resistance level of $0.6948 and fell to an intraday low of $0.63337.

Ripple’s XRP fell through the first major support level at $0.6355 before a partial recovery to $0.65 levels.

At the time of writing, Ripple’s XRP was up by 4.0% to $0.6778. A mixed start to the day saw Ripple’s XRP rise to an early morning high of $0.65887 before falling to a low of $0.65509.

Ripple’s XRP left the major support and resistance levels untested early on.

Ripple’s XRP broke the first major resistance level at $0.6716 to trade at $0.6778.

In the event of another breakout, Ripple’s XRP could test resistance at $0.70. The second major resistance level sits at $0.6860.