The call for secure and reliable cross-border payments has increased over the past few weeks, as an article released by The Guardian highlights the problems with SWIFT today.
SWIFT is the protocol that most banks use to enable cross-border payments. However, it seems that the technology still has its pitfalls as many users trying to transfer funds across from the UK to different countries have experienced many delays as transactions become “lost” or “stuck,” some taking a few months to settle.
Ripple specializes in cross-border payments and companies such as American Express have greatly applauded the ability for the blockchain, specifically Ripple’s, to make these cross-border payments much more efficient.
In other Ripple news, the remittance blockchain-based South Korean company Coinone Exchange has begun its expansion of cross-border remittances into Thailand.
Coinone Exchange will allow users on their mobile app, Cross, to execute cross-border remittance payments using the RippleNet technology. They have partnered with a major bank in Thailand, Siam Commercial Bank (SCB), to help improve remittance flows back into the country.
The partnership will give the opportunity for all Cross customers to have access to their PromptPay feature which will allow anybody with a Thai bank account to receive payments, across borders, instantly.
It is said that this partnership will greatly help the 153,000 Thai immigrant workers that are currently working within South Korea. Before this partnership, remittance payments were often too expensive to be viable for small transactions making it difficult for workers to send money home to their families.
Let us continue to take a look at the XRP/USD market and highlight any potential areas of support and resistance moving forward.
After seeing a sharp 10.46% price drop over the past 7 trading days, the XRP cryptocurrency is now exchanging hands at a price around $0.3087, at the time of writing.
The market has fallen by a significant further 41% over the past 30 trading days as the bulls now struggle to defend the $0.30 handle.
Ripple is ranked in 2nd position in terms of the market cap rankings and holds a total market cap value of $12.42 billion. The 64-month old project has fallen a significant 91% from its all-time high price, leaving many who bought at the top almost completely wiped clean.
Analyzing XRP/USD from the short-term perspective above, we can see that the severity of the market decline in November 2018.
Price action had managed to rebound from support at the .886 FIbonacci Retracement level (drawn in green) priced at $0.3249 toward the end of the month. However, as December 2018 began to trade, price action fell further.
The market has managed to hold the $0.30 support level but the sellers continue to test the market as they continuously attempt to close below the support.
The market has seen a significant bearish decline over the past 30 trading days and has only recently found a form of support at $0.30.
XRP is currently trading sideways as investors within the market find some breathing room to reassess their positions. If the selling pressure manages to cause XRP/USD to close a candle on the daily chart below the $0.30 handle, we can assume that the dominant bearish trend has resumed.
If the bears to manage to overpower the bulls and push price action below the $0.30 support, we can expect immediate support beneath to be located at the medium-term downside 1.414 FIbonacci Extension level (drawn in orange) priced at $0.2764, closely followed by the long-term downside 1.618 FIbonacci Extension level (drawn in blue) priced at $0.2669.
If the sellers continue to drive price action even lower, then further support beneath can be expected at the long-term downside 1.272 Fibonacci Extension level (drawn in red) priced at $0.2468, followed by further combined support at a short-term downside 1.414 FIbonacci Extension level (drawn in purple) priced at $0.2247.
If the buyers can aggressively defend the $0.30 support handle and begin to push the market higher, we can expect immediate significant resistance above to be located at the .886 Fibonacci Retracement level (drawn in green) priced at $0.3249.
Further resistance above this can then be located at the previous long-term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.3596, closely followed by the .786 Fibonacci Retracement level (drawn in green) priced at $0.3775.
The RSI is trading in the bearish territory below the 50 handle. However, it is starting to show some divergence away from the price pattern which could suggest that a large move toward the upside is imminent.
We would need to see the RSI make its way back toward the 50 handle and break above it for a confirmation that the bulls are in control of the market momentum.
Despite the criticism that Ripple receives about being a centralized cryptocurrency, the team continues to progress along their development curve at an outstanding rate.
They are also in the lead with solidifying ground-breaking partnerships as the company brings blockchain technology to the forefront of the financial industry.
The $0.30 handle will be an extremely vital support level for the bulls to defend. If price action does break beneath this support, we can expect more damage incoming within the XRP/USD market.
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