Ripple’s partner MoneyNet International has partnered with PXP Financial to facilitate payment processing solutions in the USA and the EU.
MoneyNetInt is an electronic money (e-money) institution which has an existing partnership with Ripple. This partnership essentially enables MoneyNet to leverage Ripple’s infrastructure for cross-border money transfers. As such, the instantaneous transactions on the Ripple blockchain make MoneyNetInt a convenient e-money solution.
MoneyNetInt seamlessly facilitates global currency transactions for local accounts in the US and EU. This company notably achieves this using a multi-currency e-wallet. As such, MoneyNet can allow clients to send and receive global payments and utilize payment schemes in different jurisdictions. Subsequently, the existing partnership with Ripple leverages customers to enjoy rapid, low cost payment options.
MoneyNetInt CEO Yishay Trif spoke of the partnership with Ripple as follows;
“The cooperation signed with Ripple is part of the company’s strategic move to advance into innovative areas of the payments industry and to become a groundbreaking institution in the field.”
Trif contends that RippleNet create uniform parameter for members and facilitates interfacing international financial entities. This way, MoneyNet can increase exposure to more customers without necessarily assuming more risk.
As such, the time it takes for interfacing and approval has reduced by months to a few weeks. The collaboration means that financial institutions that work with RippleNet payment platform to access MoneyNetInt capabilities.
What the Partnership with PXP Financial Will Achieve
The partnership will facilitate seamless frictionless cross-border payment processing in the US and EU. PXP Financial is a payment processor that will enable MoneyNet to offer major global credit and debit card processing.
Moreover, this partnership will open up other payment methods like vouchers, e-wallets, online and offline banking. Notably, this will come with a significant reduction in operations cost as reconciliations reduce overlap.
The head of Business development at MoneyNetInt Avi Staridubsky is excited about this partnership:
“We at MoneyNetint have always prided ourselves on being bold and offering the most innovative and effective solutions for our customers, helping to reduce costs for businesses worldwide. We’re delighted to have joined forces with the team at PXP Financial, and to be working on our joint goal of providing seamless global payment services.”
This will eventually add multi-currency options such as Israeli currency to MoneyNet. As such, this gives the platform more options to current options like the Euro. This means that RippleNet is now visible to more users.
Furthermore, MoneyNetInt can reduce FX conversion rates for customers as well as increasing settlement speed. All this allows MoneyNet to easily expand to new markets it couldn’t reach in the past. Notably, PXP Financial came about with the merger of two payment companies: PXP Solutions and Kalixa. Accordingly, the merger with decades of combined experience in payments and online and mobile solutions make the service possible.
Interestingly, the bigger picture is all this is that Ripple is becoming the crypto that causes real-life benefits for most. Even though Bitcoin is the more famous coin, Ripple can successfully make transactions across the world more efficient. This is because financial institutions can integrate Ripple payments better into their systems. Accordingly, The MoneyNet, PXP financial partnership is an example set to be replicated.
Ripple (XRP/USD) forecast and analysis on June 27, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.4726. 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 27, 2019
As part of the Ripple course forecast, a test level of 0.4640 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 0.5140. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator strip at 0.4550.
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 0.4420 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 27, 2019 implies a test level of 0.4640. Further, growth is expected to continue to the area above the level of 0.5140. The conservative area for buying Ripple is located area of 0.4550. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.4420. In this case, we should expect the continuation of the fall.
Ripple signs a deal with AML solutions provider
- Ripple announced a partnership with startup Coinfirm.
- XRP is under selling pressure amid the downside correction from the recent highs.
Ripple, the company behind the third largest digital asset with the current market capitalization of $19.7 billion, has announced a partnership with Coinfirm, Forbes reports. This startup creates technological solutions to help cryptocurrency companies ensure compliance with regulatory requirements.
When it comes to Ripple, Coinfirm will supply information related to anti-money-laundering (AML) rules. For example, it will show if the coins are connected to a hack, or if the transaction has been processed by a so-called mixer, a technology that is widely used to launder money.
Coinfirm CEO Pawel Kuskowski explained that actual identities of the parties involved in the transactions would not be revealed. This solution will make Ripplecompliant with the recent requirements of the Financial Action Task Force (FATF).
Meanwhile, XRP/USD is changing hands at $0.4560, down 2% on a day-on-day basis and mostly unchanged since the beginning of Thursday trading. The coin hit the area above $0.50 on the weekend and has been sliding down ever since. The nearest support area is located at $0.4280. This barrier is strengthened by 23.6% Fibo retracement and SMA200 (Simple Moving Average) 4-hour.
XRP/USD, 4-hour chart
Bitcoin Correcting Gains While Ripple Price (XRP) Struggles To Hold Support
- Ripple price failed to climb above the key $0.4950 resistance level and declined against the US dollar.
- The price broke the $0.4700 support and it is currently struggling to hold the $0.4500 support.
- There was a break below a major bullish trend line with support at $0.4690 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum price corrected gains, but it is holding the key $320 support very well.
Ripple price is struggling to hold a few important supports against the US Dollar, while bitcoin is correcting gains. XRP price remains at a risk of more losses below $0.4500.
Ripple Price Analysis
Recently, bitcoin price climbed sharply above $13,000 (as discussed yesterday), but ripple price struggled to gather pace against the US Dollar. The XRP/USD pair climbed above the $0.4800 level and traded close to the $0.5000 resistance. However, the $0.4950 resistance area acted as a strong hurdle for the bulls. A swing high was formed at $0.4947 and the price recently declined heavily.
There were back to back bearish candles below the $0.3800 support. Ripple price even traded below the $0.3700 support. Finally, there was a close below the $0.4650 level and the 100 hourly simple moving average. A swing low was formed near $0.4521 and the price is currently consolidating losses. An initial resistance is near the $0.4620 level. It coincides with the 23.6% Fib retracement level of the downward move from the $0.4947 high to $0.4521 low.
However, the main resistance is near the broken trend line and $0.4700. Moreover, the 100 hourly simple moving average is also positioned near the $0.4700 level. Finally, the 50% Fib retracement level of the downward move from the $0.4947 high to $0.4521 low is at $0.4735 to prevent an upward move. If there is a close above the $0.4750 level, ripple could rise towards the $0.4950 level.
Conversely, if XRP continues to struggle below $0.4700, there could be more downsides. An immediate support is at $0.4520, below which there is a risk of a downside break below the $0.4500 support.
Looking at the chart, ripple price is clearly facing a strong selling interest below $0.4700. If the price stays above $0.4700, there could be more losses. On the other hand, if bitcoin price climbs higher again, it could stop declines in ripple below the $0.4500 support.
Hourly MACD – The MACD for XRP/USD is currently placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, with a bearish angle.
Major Support Levels – $0.4520, $0.4500 and $0.4450.
Major Resistance Levels – $0.4620, $0.4700 and $0.4750.