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  • Mercury believes that virtual currencies are conduits that will replace fiat in future.
  • “Come the end of the pilot there is no reason we shouldn’t be making payments of a million dollars or more,” Mercury FX.
  • XRP/USD is currently support by the both the trendline and the 50-day moving average on the hourly a chart.

Mercury FX has announced that it intends to begin payments testing with Ripple in both Mexico and China. The firm was founded in 2007 to simplify currency services for both individuals and corporations. It strives to offer services that are fast secure and at minimal cost. Mercury is aware that trading banking systems are not only expensive and difficult, but also slow when dealing with currency receipts and payments while the cost is always channeled to consumers and businesses,

The team at Mercury believes that in the near future blockchain platforms will replace SWIFT and all the other clunky payments systems currently in the financial markets. It says in the announcement that virtual currencies will become a conduit that replaces fiat. Testing payments with Ripple in the two countries will help create new markets in addition to connecting individuals to existing global financial markets. The announcement adds:

“As with all things, we will start with modest sums and add 0s as we progress. Come the end of the pilot there is no reason we shouldn’t be making payments of a million dollars or more.”

Ripple price analysis

Ripple remained stable above $0.28 after the pullback from $0.25. The buyers continued to push the price higher and a step over $0.30 took place during the afternoon (GMT) session on Wednesday 15. The momentum lost traction and lower reactions followed below the 61.8% Fib retracement level with the last high leg of $0.3047 and a lower leg of $0.2448. XRP/USD has traded lows of $0.277onThursday.

The crypto is currently support by the both the trendline and the 50-day moving average on the hourly a chart. It is also battling with the resistance at the above mentioned 61.8% broken support. Further up, the 100-day hourly moving average will limit the gains at $0.2856, while the supply zone at $0.290 is the key resistance. The upper supply zone at $0.3022 is the ultimate intraday resistance.

XRP/USD hourly chart