Forex and Crypto News

XRP price ads 11% today

14:19 29 April /2020

XRP Ripple was able to grow 11% in two days. The XRP cryptocurrency was able to overcome the resistance levels of $0.20 and $0.21. The pair XRP/USD was also able to reach a maximum of $0.2254, but at the time of publication, the price of XRP is $0.2195. On the daily XRP/USD chart, 8 bullish candles formed in a row. Analysts say about the beginning of an uptrend. However, they expect a downward correction. But now the level of $0.2120 provides sufficient support.

xrpusd-29-April.jpg

Analysts explain the increase in XRP price by signing an agreement between Ripple and Japanese bank Sumitomo Mitsui Financial Group (SMFG). Under this agreement, Japan's second-largest bank, Sumitomo Mitsui Financial Group (SMFG), acquires a 20% stake in SBI Holdings. Recall that SBI Holdings is the main partner of Ripple.

Analysts believe that thanks to this agreement we will see an increase in demand for XRP and an increase in its use.

This deal is beneficial to both companies. Sumitomo Mitsui Financial Group Bank will be able to strengthen its online presence. And SBI Holdings will gain access to the bank's branches, which will expand customer awareness and asset availability. Moreover, Sumitomo Mitsui Financial Group said that the company's shareholders can receive dividends in XRP.

Shareholders holding 100 to 1,000 shares as of March 31, 2020, will be able to receive 95XRP. Shareholders who own more than 1000 shares in less than 1 year can also receive 95XRP. Converting into the Japanese currency, this is 2,000 yen. Shareholders who have owned more than 1000 shares for more than 1 year can receive 380XRP, which equals 8,000 yen.

The Japanese stock market reacted to this event with growth. Shares of SBI Holdings rose by 4%.

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