RippleNet Powers the First Cross Border Payment Between the United Arab Emirates and Pakistan

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RippleNet Powers the First Cross Border Payment Between the United Arab Emirates and Pakistan
RippleNet Powers the First Cross Border Payment Between the United Arab Emirates and Pakistan

Ripple is not slowing down any time soon as it continues to broaden its horizon despite lawsuits with the US regulator. The partnership with Banks and our Fintech companies have caused the XRP to surge. 

RippleNet to Process Payment Between the UAE and Pakistan

According to an announcement on November 14, Alfalah Bank, one of Pakistan’s largest private banks, has partnered with LuLu Exchange, a remittance and foreign exchange company based in Abu Dhabi, to open a remittance channel.

Payments between the United Arab Emirates and Pakistan are processed using the RippleNet cloud service.

Earlier this year, LuLu Exchange also opened a remittance channel to India and Egypt.

Pakistani people make up about 12.5% ​​of the total population of the United Arab Emirates. The UAE is also Pakistan’s second-largest source of remittances.

Atif Bajwa, CEO of Alfara Bank, in a statement, stated that Partnering with RippleNet will help them deepen their partnership with Lulu Exchange and strengthen the financial bridge between Pakistanis living in the UAE and their local families.

As reported by Fxcryptonews, the UK Bank of Saudi Arabia started leveraging Ripple’s technology earlier this month to provide instant billing for corporate customers.

XRP price shows a huge bullish pattern

XRP price established a cup-and-handle pattern on the weekly chart, moving 94% from the cutout of the pattern to $3.85. Looking to the future, Ripple needs to break through $1.95, which is the cutout of the optimistic target pattern, in order to attract attention.

However, XRP prices can encounter great resistance before reaching the cleavage of the dominant technical pattern. The first obstacle to Ripple was the September 6th high of $1.39, followed by the May 17th high of $1.71, which coincided with the resistance line of the Momentum Reversal Indicator (MRI).

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Just $1.95 above the final barrier, the uptrend line of the current chart pattern, will trigger an explosive rebound to $3.85 and set a new historical high for XRP prices.