Turkish Banking Giant Garanti BBVA Adds XRP Support to Its Mobile App
- DDDOriginal
- 2024-09-30 09:10:15676browse
A prominent Turkish bank and the second-largest in the country, Garanti BBVA, recently announced support for Ripple's native cryptocurrency XRP within its mobile application.
Turkish banking giant Garanti BBVA has recently announced support for XRP within its mobile application. The announcement was made through a recent notification on the bank’s official website, which now lists XRP among the supported services.
Community figure WrathofKahneman later brought the integration to public attention in his post on the X platform. XRP’s recent integration comes as part of Garanti BBVA’s expansion of crypto offerings.
In addition to XRP, Garanti BBVA has also integrated Arbitrum (ARB), a top 50 crypto asset, into its platform. The additions join other supported assets, including Ethereum (ETH), Bitcoin (BTC), Avalanche (AVAX), Chiliz (CHZ), and the stablecoin USD Coin (USDC).
Korcan Abali, General Manager of Garanti BBVA Digital Assets, also explained that the decision to add XRP was driven by customer feedback. This follows the bank’s previous announcement, where it announced plans to expand its crypto offerings with a comprehensive monthly security review.
Abali further noted the growing interest in crypto assets custody and trading among its customers. He added that the bank would continue to support its customers throughout their crypto journey by offering excellent customer service, robust security, and cutting-edge technology.
After the recent changes to Turkey’s Capital Markets Law, Garanti BBVA has already been recognized as a crypto asset service provider. The $76 billion banking giant is known for its services across different banking verticals.
Analysts Predict 10,000% Rally in XRP
Popular crypto analyst EGRAG recently suggests the ripple’s native XRP could be preparing for extreme price movements. Thus, he predicted that the XRP price could either rally by 10,000% or face a potential crash up to 72%.
His analysis comes as XRP sits at a critical market juncture, where it could either rally significantly or face a sharp decline. On the bearish side, EGRAG pointed out that XRP might drop between 40% and 72%, depending on market conditions.
The potential decline would follow the breakdown of key support levels, particularly the Fibonacci retracement zones highlighted in the chart. XRP’s price could fall to $0.15922 (a 39.31% drop) or even as low as $0.11137 (a steep 72.48% crash).
These projections are based on previous major support zones and downward trend lines that have influenced XRP’s price since its 2018 peak. EGRAG’s chart also highlights several failed breakout attempts, with the Ripple altcoin repeatedly struggling to break through resistance levels, remaining stuck between $0.50 and $0.90 before facing rejections.
Despite the positive developments in the Ripple vs SEC lawsuit, the XRP price has continued to trade under the crucial resistance of $0.65. The bulls are taking a wait-and-watch approach as the latest CNF report suggests that the SEC is likely to appeal the programmatic sales of XRP moving ahead.
Amid the uncertainties surrounding XRP, asset manager Grayscale chose to give XRP a skip in its recent report of the top 20 altcoins that it believes could outperform in Q4 2024, reported CNF.
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