Ripple has been in the forefront working to bring cryptocurrency to the mainstream, pushing for institutional adoption not just for its native token XRP but for all digital assets. But now the Fintech crypto and blockchain adoption crusader may encounter a formidable force of Visa and Western Union partnership.
On Monday the 10th of June, the New York Stock Exchange, announced an agreement by two giants in the payment processing industry, Visa and Western Union. This agreement indicates collaboration between the two.
It states that Western Union will implement Visa’s real-time 1 push payment platform, known as Visa-direct. This integration will bring speed and accuracy to cross border payment processing.
Visa is interested in enhancing international payment processing. Activating Visa Direct one will enable Western Union to offer customers a faster remittance service onto cards. Customers will be able to receive and send money in a seamless and transparent manner, on the new platform.
According to the global head of push payments at Visa, Bill Sheley, the two financial technology companies are coming together to implement growth in the cross-border payment processing, to both businesses and consumers. The estimated reach is more than 200 countries and 130 currencies.
He further stated that this collaboration of the leading payment processing industry leaders will create exceptional value and better experience to receivers and senders across the globe.
Speaking on the aim of this collaboration, Jean Claude Farah, the executive vice president at Western Union, stated that it will combine the best of the two companies, leveraging on their large retail network to provide a world-class payments platform. It will enable the customers to transact on a fast and user-friendly platform that will allow them to transfer funds into millions of account across the globe.
Ripple has been able to strike SWIFT’s performance in cross-border payment processing but this partnership may be a tough nut to crack. The collaboration aim is set on the same objective Ripple is trying to achieve, which is making cross-border payment processing a better experience.
The two giants already have a large network, but Ripple’s hope will only lie on the blockchain technology and its ability to process transactions faster, at a cheaper rate. This collaboration is really threatening for Ripple.
Ripple And XRP (XRP) Can Benefit World’s Central Banks, And That’s The Final Goal
As we already know, the conventional banking system is experiencing lots of flaws that affect the customers, from slow transactions to high fees. Luckily, Ripple and its XRP (XRP) cryptocurrency can benefit the world’s central banks to perform faster and satisfy their clients’ needs in a more proper way than what’s happening at the moment.
And, as it seems from her latest statements, the IMF leader, Christine Lagarde, agrees with that. Even more, at the beginning of the year, Ripple announced that it teamed up with over 200 financial institutions, mostly global banks.
And, as for the banks’ part, they find themselves in an exceptionally troublesome situation, mostly related to the traditional methods they use for transacting and operating. And there’s where Ripple and its XRP (XRP) cryptocurrency come to the rescue as they offer a modern, faster, and cheaper way for the world’s financial institutions to conduct their operations.
World’s central banks can benefit from Ripple and XRP (XRP)
The most significant competitor for Ripple is SWIFT, that is the conventional method for banks to conduct transactions. The downside of SWIFT is its slow processing and, thus, the latency on which financial institutions carry on the transactions.
“I think in the banking system at large in many, many countries; the difference will not be between those who are disrupted and those who survive. The difference will be between those who are cannibalized because they are not seeing it coming, and they are not embracing it and those who self-induce that cannibalization. […] So that is where I see changes happening now. If you think of Circle, and Ripple and all those – that is where they are active and helpful,” stated Christine Lagarde, the IMF director, this year, suggesting world’s central banks to adopt Circle or Ripple and its XRP (XRP)-based operations.
In short, Ripple and XRP (XRP) have the sustain of Christine Lagarde, the IMF leader, so, most likely, we’ll soon witness a change in the banking system. And when thinking that Ripple- and XRP (XRP)-based methods are all about instantaneous cross-border transactions, we believe that soon everything would change, triggering the rise of Ripple and XRP.
Ripple (XRP/USD) forecast and analysis on June 26, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.4667. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Ripple (XRP/USD) forecast and analysis on June 26, 2019
As part of the Ripple course forecast, a test level of 0.4580 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.5090. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator strip at 0.4460.
Cancellation of the option to continue the growth of the Ripple rate will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotes pair below 0.4350 area. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) forecast and analysis on June 26, 2019 implies a test level of 0.4580. Further, growth is expected to continue to the area above the level of 0.5090. The conservative area for buying Ripple is located area of 0.4460. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.4350. In this case, we should expect the continuation of the fall.
Ripple (XRP) Price Analysis: Brief Consolidation as Bitcoin Surges
Ripple price is currently trading in a range below the key $0.4940 resistance. Bitcoin rallied above $12,500, increasing chances of an upside break in XRP above the $0.4800 resistance.
- There were mostly range moves in ripple price above the $0.4600 support area.
- XRP broke a key bearish trend line at $0.4685 on the 30-minute chart.
- There are many hurdles for the bulls on the upside near the $0.4850 and $0.4940 levels.
Ripple Price Analysis (XRP to USD)
In the past few hours, bitcoin price extended gains above the $12,000 and $12,500 levels, but ripple failed to gain momentum. XRP price is currently trading nicely above the $0.4600 support area, but there are many hurdles on the upside.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair settled above the $0.4600 level after testing it on many occasions. Finally, it climbed higher above the $0.4650 resistance and the 25 simple moving average (30-minute chart).
Moreover, there was a break above the 76.4% Fib retracement level of the downward move from the $0.4778 high to $0.4526 low. Moreover, the price broke a key bearish trend line at $0.4685 on the same chart.
It is now trading above the $0.4720 level and it recently teste the $0.4775 swing high. At the outset, the price seems to be trading in a broad range below the $0.4850 and $0.4940 resistance levels.
An immediate resistance is near $0.4840 and the 1.236 Fib extension level of the downward move from the $0.4778 high to $0.4526 low. If there is an upside break above the $0.4850 and $0.4940 resistance levels, the price could accelerate higher.
The next important resistance is near the $0.5000 and $0.5020 levels, above which the price could test the $0.5100 swing high.
Overall, ripple price seems to be struggling to gain momentum above the $0.4800 and $0.4850 levels. On the other hand, bitcoin and Ethereum are staging for more gains above the $12,500 and $340.00 levels in the near term, which could also boost the market sentiment for XRP.