Cryptocurrency Ripple (XRP/USD) is trading at 0.4313. Quotes of the cryptocurrency are traded below the moving average with a period of 55, indicating a bearish trend for Ripple. At the moment, the quotes of the cryptocurrency are moving near the lower border of the bands of the Bollinger Bands indicator. A test of the level of 0.4420 is expected, from which one should expect an attempt to continue falling and further development of a downward trend with a target near the level of 0.3960.
Ripple (XRP/USD) forecast and analysis on August 6, 2018
The conservative sales area for Ripple is near the upper boundary of the Bollinger Bands indicator strip at 0.4450. Canceling the continuation of the fall of the pair XRP/USD will be a breakdown of the upper border of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotes above the area of 0.4650, which indicates a change in the trend in favor of the bullish for Ripple. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.
Ripple Partners with Major European Money Transfer Service, Proving XRP’s Potential
Ripple makes good on its promise to increase the adoption of XRP in banking by partnering with Azimo .
San Francisco-based blockchain monolith Ripple has joined forces with London-based remittance service Azimo.
As part of their partnership, Azimo will open an On-Demand Liquidity (ODL) corridor to the Philipines with XRP being used as a bridge currency.
Put your money where your mouth is
Brad Garlinghouse, the CEO of Ripple, often mentions that only those digital assets that real use cases will survive during his interview. His main talking point is that XRP strives to solve a real-life problem.
The recent tie-up with Azimo proves that XRP is more than a speculative asset that made Ripple Labs founders rich. Richard Ambrose, the CEO of Azimo, has revealed that the ODL solution has already helped them to cut down the cost of money transfers from between Europe and the Philipines by almost 50 percent.
“Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits.”
Ripple will pay Azimo to use its product in order to cover infrastructure expenses. As reported by U.Today, MoneyGram was also paid $8.9 mln in Q4 to use Ripple’s ODL.
A slew of new partnerships
Earlier today, Ripple also made an announcement about striking deals with three remittance startups in South Korea to improve the local cross-border payments industry. However, they will not utilize ODL.
Meanwhile, Azimo joins the growing list of RippleNet members (such as FlashFX, goLance, and MoneyGram) that already rely on the XRP-based payment solution for making transfers
Ripple’s Executive Asheesh Birla Hits Back At $11M Moneygram Payment Allegations With A Fierce Reply
- Coindesk published news related to MoneyGram and ripple stating that it got 11 million in US Dollars as payment.
- The news was not taken lightly by MoneyGram and Asheesh Birla SVP of Product and Corp Dev. at Ripple and Board Observer at MoneyGram.
- Coindesk misinterpreted the situation stating that Ripple and MGI are strategic partners.
Coindesk: Fake news?
On February 25, 2020, Coindesk published news related to MoneyGram and Ripple stating that it got 11 million in US Dollars as a payment to use it’s Cross-border payment tech.
The news claimed that MoneyGram “An American money transfer company based in the United States itself” has received over $11 million from Ripple in the period of 6 months as regulatory filings with the Securities and Exchange Commission (SEC).
The news goes like that the funds are broken up between two quarters, In the third quarter $2.4 million and an additional $8.9 million in the fourth quarter which sums up to more than $11 million.
In quarter 4 MoneyGram said the sum as Financial benefit or Incentive and was not included in its revenue which reported as $323.7 million which was accounted as contra expenses in their Operating expenses following the recommendation by Securities and Exchange Commission.
Coindesk affirmed that the new filings do not state what Ripple $11million is paying for but Money gram’s third-quarter filing, however, said its agreement with ripple allows money gram to utilize Ripple’s ODL blockchain product that was known as XRapid and now XRP to facilitate settlements happen on cross borders.
The sum received from the ripple is compensation for developing and bringing liquidity to foreign exchange markets that are facilitated by Ripple’s Blockchain.
Asheesh Birla hits hard
However, the news was not taken lightly by MoneyGram and Asheesh Birla SVP of Product and Corp Dev. at Ripple and Board Observer at MoneyGram finally broke out on twitter
the tweet was about how Coindesk misinterpreted the situation stating that Ripple and MGI are strategic partners as Ripple owns a 10% stake in MoneyGram they are building new infrastructure together and development costs money.
He justified the $11 million dollars as a development fund by giving facts like Visa and Paypal have employed incentive programs to boost network adoption from the first day. He even stated that Visa had allocated a casual $4.1 billion on incentives alone in 2019.
In the last tweet, he completed his third part of the tweet saying that MGI is actively working on expanding to new corridors and even working to integrate Ripple Network for Account-to-Account transfers In 2020.
He also clarified that the ODI reduces their capital cost because of the production efficiencies and that doesn’t mean they are receiving any fees from Ripple.
XRP Price Analysis: XRP/USD bears have now broken $0.2500 as big pressure comes into play
- XRP price is trading in negative territory, with losses of some 5.70% on Wednesday.
- XRP/USD is heading for a third consecutive session in the red.
- A breakdown of $0.2500 has left the door wide open for greater downside.
XRP/USD daily chart
Daily support areas are eyed at; $0.2200, $0.2000 and then $0.1800.
XRP/USD 60-minute chart
Price action is has broken out of a bearish pennant structure, leaving the door open to greater downside pressure.
Spot rate: 0.2382
Relative change: -5.70%