- Turkish bank Garanti BBVA, the country’s second-largest, has expanded its cryptocurrency offerings by integrating Ripple’s XRP and Arbitrum (ARB) into its mobile app.
- The bank’s decision to add XRP was driven by customer feedback, and it aims to further grow its crypto services.
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. The announcement came through a recent notification accessible from the bank’s official website which stated that it now provides services for XRP.
Later, community figure WrathofKahneman drew public attention in his post on the X platform. The recent integration of XRP comes as part of Turkish bank Garanti BBVA’s expansion of crypto offerings.
In addition to XRP, Garanti BBVA also introduced Arbitrum (ARB), a top 50 crypto asset, into its platform. These 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 comes following the previous announcement by the bank wherein it announced plans to expand its crypto offerings via a comprehensive monthly security review.
Furthermore, Abali also stated that there’s a 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.
Following the recent changes to Turkey’s Capital Markets Law, Garanti BBVA has already gained recognition as a crypto asset service provider. This $76 billion banking giant is famous for providing 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 underscores 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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