- Ripple announced a partnership with startup Coinfirm.
- XRP is under selling pressure amid the downside correction from the recent highs.
Ripple, the company behind the third largest digital asset with the current market capitalization of $19.7 billion, has announced a partnership with Coinfirm, Forbes reports. This startup creates technological solutions to help cryptocurrency companies ensure compliance with regulatory requirements.
When it comes to Ripple, Coinfirm will supply information related to anti-money-laundering (AML) rules. For example, it will show if the coins are connected to a hack, or if the transaction has been processed by a so-called mixer, a technology that is widely used to launder money.
Coinfirm CEO Pawel Kuskowski explained that actual identities of the parties involved in the transactions would not be revealed. This solution will make Ripple compliant with the recent requirements of the Financial Action Task Force (FATF).
Meanwhile, XRP/USD is changing hands at $0.4560, down 2% on a day-on-day basis and mostly unchanged since the beginning of Thursday trading. The coin hit the area above $0.50 on the weekend and has been sliding down ever since. The nearest support area is located at $0.4280. This barrier is strengthened by 23.6% Fibo retracement and SMA200 (Simple Moving Average) 4-hour.
XRP/USD, 4-hour chart
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