- Japan’s largest bank MUFG will be collaborating with Brazilian bank, Banco Bradesco, leveraging Ripple technology for payments between Japan and Brazil.
- XRP/USD technical bullish formation eyed (a pennant pattern on the daily chart view) subject to a breakout.
It was reported last Friday that the largest bank in Japan, MUFG Bank, will be utilizing Ripple’s technology. MUFG Bank and one of the largest banks in Brazil, Banco Bradesco, announced signing a Memorandum of Understanding. They will be collaborating to develop a new cross-boarder payment service, which will leverage Ripple’s technology between Japan and Brazil. It is anticipated that they will be using Ripple’s xRapid, which requires the use of XRP, to facilitate with the transactions overseas between the two countries.
Ripple announced via their Twitter account, “@Bradesco and @btmu_official are leveraging Ripple’s #blockchain technology to create a new cross-border payment service between Japan and Brazil.”
Ripple continue to add large financial players to their ever-growing list of users on their network. It was only reported at the back-end of last month that the National Bank of Kuwait (NBK), one of the largest banks in the Middle East, is actively testing and readying to go live with Ripple’s xCurrent payment solution.
XRP/USD daily chart
XRP/USD over the past two sessions is moving back higher, after a chunky cooling in the price was seen. On 6th November, XRP/USD ran up to its highest level that was seen in around 6 weeks, moving just above $0.5700 mark. This was part of a 30% gain, which commenced after bouncing off support on 31st October. The bulls then ran into some near-term resistance,