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Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon

Avalanche (AVAX) price is seen to soar by 24% or $32 within its consolidation period. A breach projected overshooting the descending parallel channel would nudge AVAX closer to its hurdle or resistance level at $25.

After AVAX was able to maintain support at $22.50, a bull run is anticipated to happen. Avalanche was recently rejected at $25 due to strong selling activity which precipitated a rebound seen in the last week of July.

The challenge here lies with AVAX ability to soar above the descending parallel channel to stir up a spike of 24% from along the neckline of the inverse head-and-shoulders (H&S) pattern.

Chart from TradingView.com

Can Avalanche Slice Through Resistance At $25?

To establish the bullish reversal following the token’s slump in the last couple of month, AVAX price retested the $25 resistance levels twice without breaching it. The token nosedived a bit from July 22 to 26 giving way to an inverse H&S pattern, which when validated, may pump up AVAX price by 25%.

However, AVAX price will have to breach the descending parallel channel giving the token enough force to slice through the resistance at oHo $25.00. More so, AVAX should also maintain its price above the 50-day SMA to deter bearish corrections in the range between $22.50 and $19.50.

The social significance or social volume metric of AVAX has spiked immensely as seen in the period from July 26 to August 3  implying a bullish momentum as AVAX is gearing up to move at the support seen at $22.50.

Increased Investor Interest With Upcoming AVAX Hackathon

The token’s supposed rally towards $32.00 could happen with the increase in investor interest. Meanwhile, the launch of Avalanche’s hackathon happening in Seoul is a widely anticipated event as it brings together the most popular and reputable icons in Web3 such as Tracey Bowen, Mark Shim, and others.

The event is set to happen from August 11 to 12 which is said to trigger an uptrend for AVAX price shooting for $32.

According to CoinMarketCap, Avalanche price is showing a bearish stride as it faces resistance noted at $24.09 and support spotted at $22.99. Currently, AVAX price has dropped by 2.65% or $23.27.

Daily chart for AVAX price shows the token has been on a decline as the buyers were not able to punch the prices to surpass the resistance level of $24.09. Additionally, a head and shoulders pattern has also formed which means the prices can plunge back to the support of $22.99 and resistance of $24.09.

Crypto total market cap at $1.03 trillion on the daily chart | Source: TradingView.com

Featured image from AAX Academy – Chart from TradingView.com

Ripple, SBI Remit Join Hands to Enable Real-Time Payments Between Japan and Thailand  

Japan’s SBI Remit will use RippleNet Technology to enable instant money transfers between Japan and Thailand. The new partnership also brings Thailand’s Siam Commercial Bank (SCB) on board, Ripple said in a PR on Tuesday. Japan-Thai Remittance Service As part of the arrangement, both SBI Remit and SCB will use Ripple’s enterprise blockchain solution RippleNet to process::Listen

Japan’s SBI Remit will use RippleNet Technology to enable instant money transfers between Japan and Thailand.

The new partnership also brings Thailand’s Siam Commercial Bank (SCB) on board, Ripple said in a PR on Tuesday.

Japan-Thai Remittance Service

As part of the arrangement, both SBI Remit and SCB will use Ripple’s enterprise blockchain solution RippleNet to process real-time remittance services. Right now, Thai recipients use local agents to retrieve cash sent by their relatives in Japan.

“This makes it possible for 47,000 Thai nationals living in Japan to send money home faster. SBI Remit’s customers can use ATMs to instantly send money in JPY to a recipient’s SCB savings account in Thailand and receive funds in THB within seconds,” Ripple said in its PR.

Progressive Regulation in APAC

Announcing the news of the new partnership on Twitter, Ripple underlined progressive crypto regulation and business innovations in Asia-Pacific as significant contributors to the growth of the company in this market.

“It is our duty to continuously search for superior technological solutions to deliver ever improving remittance services for our customers. With the steady rise of remittance flows, we see Ripple helping us open up new revenue potential for our business and a better overall experience for our customers,” Nobuo Ando, Representative Director at SBI Remit, said on the development. 

report published by Ripple a few days ago said 76% of financial institutions and 71% of businesses will start using blockchain and cryptocurrencies by 2025. 

Ripple Forging New Partnerships

Last month, Ripple and Singapore-based Fintech FOMO Pay announced a partnership that paved the way for the latter to use Ripple’s On Demand Liquidity (ODL) technology to provide low-cost and real-time cross-border payments to its customers in US dollars (USD) and euros (EUR). FOMO Pay is among the top digital payment processing companies in Southeast Asia. 

Early last month, Ripple launched CBDC Innovate, a hackathon with $197,000 in prize money, aimed at encouraging technologies for CBDC interoperability and financial inclusion. As part of the contest, developers were asked to build applications that run on XRP Ledger (XRPL), Ripple’s open-source blockchain. 

The post Ripple, SBI Remit Join Hands to Enable Real-Time Payments Between Japan and Thailand   appeared first on CryptoPotato.

Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon

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