- Ripple partnership with three crypto exchanges will help the company build a “healthy” ecosystem for digital asset exchange.
- XRP/USD has retraced above the resistance at $0.30; another break above the rising wedge pattern resistance is in the pipeline.
Ripple announced on August 16 that three cryptocurrency exchanges are taking up its cross-border payment solution. The partnership with two exchanges, Bittrex and Mexican Bitso comes after Philippine Coins.Ph announced earlier in the week that it is working on rolling out XRP payments to its growing customer base.
The exchanges will help Ripple build what it is calling a “healthy’ ecosystem for digital asset exchange. The new partnerships will integrate Ripple’s xRapid payment, which will allow them interchange between XRP and the U.S. dollar, Philippine pesos and Mexican pesos. Ripple explained the principle in the press release:
“A financial institution (FI) that has an account with Bittrex would initiate a payment in U.S. dollars via xRapid, which instantly converts into XRP on Bittrex. The payment amount in XRP is settled over the XRP Ledger, then Bitso, through its Mexican peso liquidity pool, instantly converts the XRP into fiat, which is then settled into the destination bank account.”
Xrapid is a financial solution that has been developed based on Ripple’s blockchain to facilitate real-time transfer settlements of fiat in between financial institutions.
XRP price analysis
Ripple has maintained the recovery tempo started on July 14 when it plunged to the primary support at $0.25. The price keeps bouncing back up from the bullish trendline, which currently is the strongest anchor for the digital asset as seen on the chart. The trading yesterday saw Ripple step above $0.30 briefly before correcting lower again.
The 50-day hourly moving average stopped the declines assisted by the trendline support as XRP/USD formed a low at $0.2745. The buyers, not giving up, pushed for more upside movement above $0.29 but the resistance at $0.30 limited the gains on the upside. Ripple is currently trading at $0.3028 while testing the 61.8% Fib retracement level with a high of $0.3413 and a low of $0.2448.
The crypto is also trading inside a rising wedge pattern with resistance at $0.3097. A support above $0.30 will be very essential to the buyers. A break above the resistance at $0.3097 could result in another pullback towards $0.40. On the downside, $0.29 is an immediate support while the 50% Fib level will offer a stronger support.
The technical outlook for Ripple is positive as seen on the chart. Besides, the stochastic is advancing to the 80% mark while the 50 SMA is still above the longer term 100 SMA.
XRP/USD hourly chart
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