- XRP/USD recovered from Sunday’s low.
- WTO report warns that Ripple’s technology has a truly transformative potential.
XRP/USD is changing hands at $0.4857, off the Asian high reached at $0.4932. The third largest coin by market value has gained 1% day-on-day basis, recovering from Sunday’s low reached at $0.4669. XRP’s market capitalization has settled at $19.3B, while an average daily trading volume is registered at $537B.
What’s going on
The latest report published by the World Trade Organization (WTO) warns that Ripple’s technology has a potential to disrupt the global financial system and transform global commerce. The authors of the report aempathize that Ripple can disrupt the existing banking model and change the way financial institutions send and receive money across borders.
“Ripple has ambitions to circumvent the correspondent banking model through its distributed ledger platform. It gives banks the ability to convert funds directly into different currencies in a matter of seconds and at little to no cost, without relying on correspondent banks.”
Meanwhile, WTO admits that Ripple’s system is still on a test mode, as only few transactions have been made to date despite numerous partnership deals concluded by the company.
XRP/USD, the technical picture
Looking technically, XRP/USD is capped by SMA50 (1-hour) at $0.4860. Once it is cleared the upside may be extended towards psychological $0.50 and $0.5070 created by SMA100 (1-hour chart). On the downside, the first support is produced by $0.4709 (broken downside trendline from September 30 high at $0.6227), which is closely followed by $0.4700. Once below, the sell-off may continue towards $0.4669 (Sunday’s low).
XRP/USD, 1-hour chart
-636745741751432695.png)
Share
