Major financial services provider Visa has reportedly launched a new network which aims to eliminate correspondent banks in cross-border payments. Dubbed “Visa B2B Connect,” the system contains elements of distributed ledger technology – namely, elements of Hyperledger Fabric.
Visa Aiming to Eliminate Middlemen
Visa is one of the largest financial services providers in the world with hundreds of thousands of people using its cards daily for a broad range of different activities. Now, the company has reportedly launched a new network called “Visa B2B Connect” which targets its corporate clients and aims to eliminate the correspondent banks when doing cross-border payments.
According to Reuters, the network aims to simplify international payments by allowing businesses to transact directly with each other without having to use the correspondent banking network. Supposedly, this can result in quicker transactions and decrease the complexity of these transfers.
More interestingly, however, Visa has taken an approach which highlights the benefits of distributed ledger technology. In fact, the company has opted to use aspects of Hyperledger Fabric – an open source distributed ledger which was developed by the Linux Foundation in an attempt to push blockchain adoption further. It was built in partnership with marquee companies, including FIS, IBM, and Bottomline, among many others.
Trouble For Ripple? Or Not So Much?
Visa’s foray into cross-border payments has always been somewhat intimidating for Ripple, as the latter places a huge emphasis on this particular capability of its cryptocurrency.
Back in late 2018, Ripple launched its xRapid technology, which aims to provide for significant reductions in both time and cost for sending international payments.
However, a company as established as Visa is likely to have higher chances of deploying its network and getting new partners on board.
At the same time, though, Ripple is also a part of the Hyperledger consortium and provides Interledger Protocol (ILP) in Java for enterprise usage.
It’s also worth noting that back in 2018, Visa bought the British payments firm Earthport for around $250 million. Earthport is a partner of Ripple. Their collaboration aims to integrate Ripple’s protocol into the existing payment network of Earthport in order to improve international transactions.
At the time of this writing, there is no available information on Visa’s intentions and how close the connection with Hyperledger is. However, the move definitely highlights the benefits that distributed ledger technology can introduce. Moreover, it shows that even traditional payment companies are beginning to recognize it.
Ripple & MoneyGram: is the partnership bullish for XRP?
One of the big stories of the past 24 hours is Ripple’s announcement of a partnership with MoneyGram. However, as with anything Ripple-related, the community is split on how important this will be.
The rumor of Ripple partnering with international payments giant MoneyGram was first circulated back at the start of June. There did appear to be a slight increase in the XRP price in response, but perhaps not significant enough for there to be a definite correlation.
With the partnership now officially confirmed, XRP is up again for the 24h period, but only by 4 percent or so. This is generally in line with the rest of the crypto market, which has risen along with BTC’s breaking through new resistances above $9k. In general, XRP has underperformed as an asset in 2019, although some traders see bright things in its future.
Ripple (XRP/USD) forecast and analysis on June 18, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.4286. 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 upper border of the Bollinger Bands indicator.
Ripple (XRP/USD) forecast and analysis on June 18, 2019
As part of the Ripple course forecast, a test level of 0.4180 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 0.4560. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator strip at 0.3860.
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 the area of 0.3820. 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 18, 2019 implies a test level of 0.4180. Further, growth is expected to continue to the area above the level of 0.4560. The conservative area for buying Ripple is located area of 0.3860. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.3820. In this case, we should expect the continuation of the fall.
Ripple (XRP) Price Starts Fresh Rally: Bulls Aiming for $0.47 and $0.48
Ripple price started a fresh rally above the $0.4360 and $0.4460 resistance levels. XRP is forming a bullish pattern and it could continue to rise above $0.4500 and $0.4600.
- The price rallied sharply and traded to a new multi-day high above the $0.4620 level.
- XRP is trading inside a breakout pattern with resistance at $0.4510 on the 30-minute chart.
- Ripple price could climb higher sharply once it clears the $0.4510 and $0.4560 resistances.
Ripple Price Analysis (XRP to USD)
Recently, bitcoin price surged to a new 2019 high above the $9,300 level, lifting the market sentiment for Ethereum and ripple. XRP/USD broke a few important resistances near $0.4360 and $0.4420 to start a strong upward move.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair settled above the $0.4460 pivot level and the 25 simple moving average (30-minute chart). The bulls gained strength and were successful in pushing the price above the $0.4560 and $0.4600 levels.
A new weekly high was formed at $0.4641 and the price recently corrected lower. It broke the $0.4560 support plus the 23.6% Fib retracement level of the upward move from the $0.4260 low to $0.4641 high.
However, the decline was protected by the previous swing high at $0.4440. Moreover, the price remained well bid near $0.4460 and the 25 simple moving average (30-minute chart).
The 50% Fib retracement level of the upward move from the $0.4260 low to $0.4641 high also played its role very well. At the moment, XRP price is trading inside a breakout pattern with resistance at $0.4510 on the same chart.
If there is an upside break above the $0.4510 and $0.4550 levels, the price is likely to start another increase towards the $0.4600 level. The next key resistances are $0.4640 and $0.4650, above which the next stops for the bulls could be $0.4700 and $0.4720.
On the downside, an immediate support is near the $0.4440 level. If ripple price fails to stay above $0.4440, it could correct lower towards the main support at $0.4340 and a connecting bullish trend line on the same chart.