- XRP is locked in a tight range after Wednesday’s strong moves.
- Ripple-Forte partnership is a potential catalyst.
XRP/USD consolidates with downside bias after a steady growth on Wednesday. At the time of writing, the coin is changing hands at $0.3140, gaining over 1% in recent 24 hours. It is worth noting that XRP went as high as $0.3267 during European hours yesterday; however, stops and speculative positioning pushed it back below $0.3200.
What’s going on
The announcement that a blockchain-based platform technology provider Forte partnered with Ripple to create a $100 million fund to support game developers might have served as an initial catalyst for the upside move on Wednesday. However, the momentum failed to gain traction.
XRP’s technical picture
The first line of support is created around $0.3130 handle with SMA50 and SMA100 (1-hour) clustered there. Once it is cleared, $0.3100 will come into focus. A sustainable move lower will take us to this week’s low at $0.3075.
On the upside, watch out for $0.3190 (Asian high) as it blocks the way to a more critical $0.3200. The ultimate short-term target lies with Wednesday’s high at $0.3267, followed by psychological $0.33.
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%
Ripple enhances remittance footprint in the Philippines with Azimo partnership
Ripple’s cross-border solution has been quite the rage among banking institutions around the world. Its new partnership with Europe-based digital money transfer service, Azimo, has also confirmed the use of Ripple’s on-demand liquidity [ODL] platform. In an announcement, the San Francisco-based Ripple said,
“The company has launched with Ripple’s On-Demand Liquidity (ODL) service as part of its remittance capabilities into The Philippines, with plans to expand use of ODL across more corridors this year.”
Even though the announcement of the partnership came out today, Azimo has already done a test drive to identify ODL’s potential. In an interview, its CEO Richard Ambrose had called the service a fast and efficient bridge between the remittance market, claiming that it saved the company about 30% to 50% in processing remittances between the Philippines, UK, and Europe.
Richard Ambrose added,
“We’ve been interested for a long time in the potential of digital assets like XRP to make cross-border payments better for customers. Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits.”
The report put forward the question of whether Ripple is paying its partners to use its services. While Ambrose had said that Azimo “will be paid by Ripple,” the money is to offset the technology investments it must make for its infrastructure. The CEO also claimed that Ripple is often misunderstood, adding,
“Ripple is like those blind men describing an elephant, who all describe it differently depending on where they stand,” he said. “For some, it’s a speculative cryptocurrency, for some it’s an enterprise blockchain, and others it’s a financial messaging solution.”
Ripple’s XRP Token Gets Listed On Two New Crypto Exchanges
XRP has been making some progress in boosting the amount of exchange that lists the Ripples-owned coin. Quite recently, the currency has started to be listed on two sizable exchanges: VALR and Luno. Both these exchanges are based on emerging markets, albeit on other sides of the world. With the latest addition of Ripple’s native token, things are looking suitable for the company.
Spreading To New Nations
VALR is an exchange based in South Africa. It allows its traders to buy and sell one of the largest selections of cryptocurrency pairs within the country, using the country’s local fiat, the South African Rand, or ZAR. VALR stands as one of the heavyweights within the country’s crypto ecosystem. The exchange is even capable of offering maker rewards to traders that boost the liquidity of the exchange, with referral bonuses included as well. For custody services, the exchange has engaged in a partnership with Bittrex, ensuring the safety of their crypto.
Luno stands as an exchange of a far grander scale, at least in terms of reach. The exchange, based in Singapore, serves a range of 40 countries. The exchange itself has offices within Malaysia, London, Nigeria, South Africa, the UK, as well as Indonesia.
A Possible Boost In Prices
Luno boasts with the self-proclaimed title of being the “most international” exchange out there. The exchange offers a wide range of trading pairs and cryptocurrencies and allows traders to withdraw local currency directly into their respective bank accounts in a large number of countries.
Due to this new incorporation in both these exchanges, the prices for XRP may witness a nice increase with a broader range of traders going into the hype of a shiny “new” crypto on their exchange. Considering the fact that it’s being listed on a variety of emerging economies, it could benefit from investors having more faith in Ripple than it does in their local fiat currencies.
Looming Bull Rushes
The trading of XRP has yet to start on either of these exchanges, however. VALR will make the trading of XRP live on the 10th of March, 2020. However, Luno has yet to announce when it will make it live, though states that the announcement will come soon.
It seems that Ripple is making a push for crypto incorporation. With the looming halving of BTC in the horizon, it’s entirely possible that Ripple will enjoy a boost on the wave of positive sentiment it will bring.