UnionBank of Philippines has announced its plans to launch cryptocurrency automated teller machines [ATM] wherein users can trade the digital assets for Philippine Pesos. To execute the launch, the bank will partner with xRapid powered e-wallet and financial services firm, Coins.ph.
Justo A. Ortiz, Chairmen of UnionBank, about the deployment of digital currency ATMs, stated:
“We’re going to put up a Bitcoin ATM in our Ayala Ave. ARK [branch]. The machine is here already,”
Coins.ph has made use of cross-border payment solutions such as cost and time efficiency, scalability, and transparency rendered by xRapid’s platform. Apart from XRP, the other major digital assets supported by the it are Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH] so far. This Southeast Asian tech firm is a leading name in the cryptocurrency trading space of the country.
With a customer base of around 5 million, Coin.ph has strived for mass adoption of its app to make banking services accessible even for the natives in remote places leveraging Ripple-xRapid’s blockchain tech at its core.
Ron Hose, CEO and founder of Coins.ph while elaborating about the tie-up with Ripple earlier in August last year, stated:
“We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers.”
This development unfolded days after the cryptocurrency regulatory framework was issued in the country through Cagayan Economic Authority Zone. The rules named – Digital Asset Token Offering (DATO) were created with the fundamental aim to bolster innovation in the crypto space and catapult mainstream adoption of the digital asset, all while safeguarding the interest of investors.
In a country where more than 70 percent of the adults don’t hold any bank accounts, striding into the world of crypto by integrating the traditional banking establishment and digital assets, is indeed a big step.
XRP and Stellar Lumens [XLM] Price Analysis: Tokens fall prey to bear’s fury as market falls
Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.
XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.
Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.
Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.
EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.
The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.
Ripple Price Prediction: XRP/USD hampered by immediate resistance stacks
- XRP/USD plummeted from $0.321 to $0.301 this Wednesday.
- The price may potentially tumble down further to $0.291.
XRP/USD crashed down from $0.321 to $0.301 this Wednesday, as the entire crypto market took a massive hit. The daily confluence detector shows us that the price may go down further till $0.291 before it meets any significant support.
XRP/USD Daily Confluence Detector
The confluence detector shows us resistance levels from $0.302 – $0.303, $0.3095, and $0.3125. From $0.302 – $0.303, the confluences detected are 15-min previous high and monthly 38.2% Fibonacci retracement level. At $0.3095 we have the daily pivot point support 3. Finally, at $0.3125 we have the monthly 61.8% Fibonacci retracement level.
On the downside, the support levels are at $0.2960-$0.2970, $0.292, and $0.29-$0.291. From $0.29-$0.291, we see a confluence of the monthly pivot point support 1. At $0.292 we have the weekly 161.8% Fibonacci retracement level. Finally, from $0.2960-$0.2970, we have the monthly 23.6% Fibonacci retracement level and weekly pivot point support 2.
XRP Price Prediction Today: Daily (XRP) Value Forecast – April 24
- The price has fallen and it is approaching the $0.31 price level.
- The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.
*Action Required* Enter Your Email for Trending Crypto News & Coin Market Insights
Resistance Levels: $ 0.61, $0.63, $ 0.65
Support Levels: $0.31, $0.29, $0.27
Yesterday, April 23, the XRP price was in a bullish trend. The bulls broke through the 12-day EMA and the 26-day EMA to reach the bullish trend zone. However, the bulls were resisted at the $0.33 price level and the price made a downward correction. The price has fallen and it is approaching the $0.31 price level.
A trend line is drawn to determine the duration of the bearish trend. A bearish trend is ongoing if the trend line is unbroken. However, if a bullish candlestick breaks the trend line and another candlestick closes on the opposite of it; the bearish trend is said to be terminated. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The XRP price is below the EMAs which indicate that price is in the bearish trend zone.
XRP/USD Short-term Trend: Bearish
On the 1-hour chart, the XRP price is in a bearish trend. Yesterday, the bulls reached the $0.33 resistance level but were resisted. Each time the bearish candlestick tests the trend line, the crypto’s price falls to the lower lows. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The MACD line and the signal line are below the zero line which indicates a sell signal.