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DBS Acknowledges Ripple as the Cheapest Network for Cross-Nation Payments

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DBS, the leading bank’s stand for Ripple as the cheapest and fasted transnational payment system was tweeted by community @BankXRP.

South-East Asia’s leading bank, DBS, referred to Ripple network as the cheapest way to send money across borders. One of the biggest Ripple communities on Twitter, @BankXRP, tweeted about the DBS acknowledgment on 21st Aug on its official handle.

 Treasury Prism is the online treasury and cash management simulation platform of DBS. The official website of Treasury prism mentions Ripple as the cheapest route for cross-border payments. As per its Treasury Concepts, Ripple also stands as the cheaper option out of SWIFT and ACH. 

In the same document, DBS mentions Ripple as the right disruption for the fintech to aid low-cost cross-border payments. Currently, Swift registers 6% error rates in transnational transfers. 

The fintech is looking forward to a faster and cheaper mechanism and Ripple seems to fit in perfectly. Ripple is evidently taking over the legacy systems in place. In another recent development, Ripple has partnered with MoneyGram. According to the community Tweet,

Ripple’s Senior Vice president of Business and Corporate development has joined MoneyGram’s board of directors. Kahina Van Dyke, Ripple’s SVP will be acting as an observer in MoneyGram. The news has come out post the Ripple MoneyGram partnership.

MoneyGram recently introduced xRapid technology in its international payment processing system.

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Ripple Price (XRP) Facing Uphill Task, Can Bulls Make It?

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  • Ripple price is still struggling to surpass the main $0.2650 resistance area against the US dollar.
  • The price is showing a few positive signs, but it must break the $0.2650 resistance level.
  • There is a major breakout pattern forming with support near $0.2585 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could either rally above $0.2650 or it might resume its decline below the $0.2580 level.

Ripple price is trading well below the $0.2650 resistance against the US Dollar, and ranging vs bitcoin. XRP price could soon make the next move either above $0.2650 or towards $0.2500.

Ripple Price Analysis

In the past 2-3 weeks, XRP price made many attempts to surpass the $0.2650 resistance area against the US Dollar. However, the bulls failed to gain momentum above $0.2640 and $0.2650. On the other hand, Ethereum was able to break the $185 resistance area to start an upward move. Therefore, ripple bulls need to gain pace above $0.2650 to start a solid upward move in the coming days.

The last swing low was formed near $0.2566 and the recent high was near $0.2628. At the moment, the price is correcting lower below $0.2610 and trading well above the 100 hourly simple moving average. An immediate support is near the $0.2600 level. It coincides with the 50% Fib retracement level of the recent wave from the $0.2566 low to $0.2628 high.

The main support on the downside is near the $0.2590 level and the 100 hourly simple moving average. Additionally, the 61.8% Fib retracement level of the recent wave from the $0.2566 low to $0.2628 high is near $0.2590. More importantly, there is a major breakout pattern forming with support near $0.2585 on the hourly chart of the XRP/USD pair.

Therefore, ripple price seems to be preparing for the next major break either above $0.2650 or towards $0.2500. This time, the chances of an upside break above $0.2650 are high. If the bulls gain control above $0.2650, the price could climb higher significantly towards $0.2850 or even $0.3000 in the near term. Conversely, if it fails again near $0.2650, there could be a fresh decline towards the $0.2500 support.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is confined in a broad range below the $0.2650 resistance. There could be more ranging moves, but sooner or later, the price is likely to break the $0.2650 resistance area.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 50 level.

Major Support Levels – $0.2600, $0.2580 and $0.2550.

Major Resistance Levels – $0.2640, $0.2650 and $0.2720.

Source: newsbtc

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Ripple bulls woke up and pushed XRP/USD towards $0.27 in a matter of minutes

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  • XRP/USD gains over 2% of its value in a matter of minutes.
  • The further upside is limited at this stage.

Ripple’s XRP has jumped from $0.2600 to $0.2680 in a matter of minutes. By the time of writing, XRP/USD has retreated to $0.2670, though the upside momentum remains strong. The third largest digital asset has gained over 2% since the beginning of the day and 1.4% on a day-on-day basis.

The fundamental triggers of the move remain unknown so far.

Technical picture

Looking technically, the price has returned to the area below the upper line of four-hour Bollinger Band currently at $0.2676. Considering that the Relative Strength Index (RSI) is reversing to the downside on the intraday timeframes, XRP/USD is vulnerable to the technical correction after a strong movement. The first area of support is located on the approach to $0.2660 ( the upper line of one-hour Bollinger Band). Once below, the sell-off may be extended towards $0.2610-$0.2600 area strengthened by SMA200 (Simple Moving Average) four-hour.

On the upside, a new attempt at $0.2680 looks unlikely thus far; however, if it is cleared, the upside trend wil gain traction with the next focus on $0.2775 (SMA50 daily).

XRP/USD, one-hour chart

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Ripple technical analysis: XRP/USD keeps crawling along horizontally

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  • XRP/USD went down from $0.262 to $0.261 so far this Tuesday.
  • The SMA 20 curve acts as immediate market support.

XRP/USD daily chart

fxsoriginal

XRP/USD daily price keeps trending along horizontally. The price has gone down so far from $0.262 to $0.261 this Tuesday. The 200-day simple moving average (SMA 200) and SMA 50 curves are trending above the XRP/USD price. The SMA 20 curve acts as immediate market support. 

XRP/USD 4-hour chart

fxsoriginal

The 4-hour XRP/USD is consolidating within a triangle formation. The price broke above the red Ichimoku cloud. The SMA 200 acts as market resistance while trending above the SMA 50 and SMA 20 curves. The Elliott oscillator shows 11 straight bearish sessions.

XRP/USD hourly chart

fxsoriginal

The hourly XRP/USD chart is trending in a downward channel formation. The narrowing of the 20-day Bollinger jaw shows decreasing market volatility. The latest price session has dropped below the SMA 50 curve, while it above the SMA 200 and SMA 20 curves. The relative strength index (RSI) indicator is trending around 50.

Key Levels

XRP/USD

OVERVIEW
Today last price0.2607
Today Daily Change-0.0010
Today Daily Change %-0.38
Today daily open0.2617
TRENDS
Daily SMA200.2583
Daily SMA500.2783
Daily SMA1000.3298
Daily SMA2000.3362
LEVELS
Previous Daily High0.2637
Previous Daily Low0.2569
Previous Weekly High0.2665
Previous Weekly Low0.2511
Previous Monthly High0.3308
Previous Monthly Low0.2392
Daily Fibonacci 38.2%0.2611
Daily Fibonacci 61.8%0.2595
Daily Pivot Point S10.2578
Daily Pivot Point S20.254
Daily Pivot Point S30.251
Daily Pivot Point R10.2646
Daily Pivot Point R20.2676
Daily Pivot Point R30.2715

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