- The Federal Reserve has now planned to adopt the ISO 20022 format for payments.
- This model is identical to the payment format used by Ripple Labs.
- The Fed banks will integrate the ISO 20022 format with the Fedwire Funds Service or the FFS.
In an intriguing announcement on Monday, the United States Federal Reserve confirmed the adoption of the ISO 2002 payment format. It was also cleared that also the Federal banks will implement this format for all the Fedwire Fund Services or FFS transactions.
The interesting fact to notice here was that Ripple already follows this payment format, i.e., the ISO 2002 format. This proves that Ripple had implemented this new tech quite early.
What is the ISO 20022 format used by Ripple?
The ISO 20022 format will be integrated into the payment system of all the Federal banks. It was created by the ISO Technical Committee TC68 Financial Services, wherein a new form of messaging was introduced. In an effort to make real-time payments more efficient and easier, this payment format can be easily used for cross-border payments as well.
This format also protects the banks and the users from money laundering activities by strengthening their security in the payment system. Normally, this format is integrated into a payment system through three stages but the Federal Boards asked the banks to implement this format in one day.
FFS and Ripple will now operate under the same format
The Fedwire Fund Services will now be operating under the same format as Ripple. This makes an interesting scenario for the two payment giants. The FFS is responsible for settling real-time payments that the institutions or individuals make. Hence, the FFS allows these groups to make faster and quicker payments.
A year ago, on 1st October, Ripple Labs announced the integration of the new payment format and that now, it was ready for the year 2030 as well. This bold remark was made by Asheesh Birla, who is the Senior VP of Product at Ripple Labs.
Ripple may stay sideways: Elliott Wave analysis
Ripple, XRPUSD is still good, but now that it didn’t manage to break above channel resistance line and that some ALTcoins are already at the resistance, then we have to be aware of more complex correction in wave B/2, until we see broken 1.18 bullish confirmation level. Maybe we will see more sideways price action or maybe even a retest of 1.00 – 0.85 support zone.
Ripple 1h Elliott Wave analysis
Ripple is nicely recovering in the 4-hour chart as expected and looks like it’s trying to break above channel resistance line that can push the price at least up to 1.25 – 1.40 area for wave (C) or maybe even up to 1.5 – 1.7 area for wave (3). Keep in mind that price may also stay sideways., so invalidation level remains at 0.85.
Ripple 4h Elliott Wave analysis
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Ripple Forecast and XRP/USD Analysis October 22, 2021
XRP/USD are trading at 1.1195 and continue to move within the correction and bearish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $52,000,913,021. Moving averages indicate a short-term bullish trend for Ripple. Prices are again pushing the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the 1.1305 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.8655.
Ripple Forecast and XRP/USD Analysis October 22, 2021
In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong growth and closing of quotations above the level of 1.2805. This will indicate a breakdown of the resistance area and a continued rise in XRP/USD to the area above the level of 1.5005. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing prices below 0.9705.
Ripple Forecast and XRP/USD Analysis October 22, 2021 implies an attempt to test the resistance level near the 1.1305 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.8655. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 1.2805 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.5005.
Ripple CEO Claims Ether Surpassed XRP Because of SEC
Ether took XRP’s second spot because of the SEC, says Ripple CEO Brad Garlinghouse
During his appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse opined that the regulatory clarity that Ether, the second-biggest crypto, has received from the U.S. Securities and Exchange Commission allowed it to surpass XRP:
Within the last few years, XRP was the second most valuable digital asset. As it became given that the SEC had given a hall pass to ETH, ETH has obviously kind of exploded…That clarity has helped.
Garlinghouse adds that market forces are supposed to determine winners and losers instead of regulators.
In December 2017, XRP became the second-largest crypto but it has since slipped to seventh place.
Ether is now firmly in second place, with its market cap recently surpassing that of banking giant JPMorgan.
Garlinghouse slammed Gary Gensler for refusing to answer whether the rival cryptocurrency is a security, adding that the existing securities laws are outdated:
If laws are so clear, then let’s just say the answer to these questions.
He also praised “Twitter sleuths” who are busy dissecting the SEC’s case against Ripple.
The Ripple boss has reiterated his oft-repeated claim about the lack of clarity in the U.S. He also said that the company had signed zero new customers in the States due to regulatory headwinds, but this didn’t stop the company from expanding worldwide:
We are growing a lot more outside the United States.
China’s hostile stance toward crypto also doesn’t make a lot of sense in the long run, according to Garlinghouse.