Leading blockchain company, Ripple has announced a partnership with the Republic of Palau to ramp up its cross-border payments and national digital currency technologies.
The latest partnership between the two will initially consider closely on bringing out new strategies for cross-border payments as well as a USD-backed digital currency for Palau.
According to the official press release, this could be the world’s first-ever implementation of a government-backed national stablecoin. For the USD-backed digital currency, the Brad Garlinghouse-led firm will offer technical, business, design, and policy assistance. On the other hand, XRP Ledger would act as an alternative to CBDCs for Palau and other countries.
Palau President Surangel Whipps Jr was quoted saying,
“As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple. The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.”
The blog post also mentioned that Palau selected Ripple because of the firm’s experience in blockchain and building global payment systems. It also chose XRP Ledger [XRPL] because of its carbon-neutral approach in addition to other benefits such as scalability, speed, and low cost.
While talking about the latest collaboration, James Wallis, VP of Central Bank Engagements at Ripple, stated,
“We are excited to be working with Palau to achieve its financial and climate-related goals. We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country.”
Not CBDC but Stablecoin
Several countries are gearing up for respective state-backed money in the financial system. As central bank digital currencies continue to gain prominence across the world, this Pacific island nation is not far behind especially with the latest move in collaboration with Ripple. But since it does not have a central bank of its own, a sovereign stablecoin makes more sense.
For the uninitiated, Palau, which is an archipelago of more than 500 islands, does not have a fiat currency of its own. Instead, its legal tender is the US Dollar similar to El Salvador. While Palau has no intention of using XRP any time soon, it is confident in XRP Ledger which would allow the island country to conduct and execute transactions in fractions of a penny within just 3-5 seconds.
XRP price on edge of cliff as Ripple faces imminent collapse
- XRP price falls below key Ichimoku levels on the weekly chart.
- Key oscillator divergence may hint at near-term support.
- The threat of a 34% drop, however, remains likely.
XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.
XRP price drops below weekly Ichimoku Cloud, threatening flash crash conditions
XRP price completed the most bearish weekly candlestick close within the Ichimoku system since the week of February 28th, 2020, last week.. The candlestick closed below its final Ichimoku support level, the Kijun-Sen ($0.957). XRP now has very little support structure remaining and will now rely on the Chikou Span as its final hope of support.
The saving grace for XRP bulls is where the Chikou Span is positioned. For an Ideal Bearish Ichimoku Breakout entry to occur, the Chikou Span must be below the bodies of the candlesticks and in open space. Open space is a condition where the Chikou Span won’t intercept the body of any candlesticks horizontally over the next five to ten periods. For the open space condition to be accurate, XRP price would need to close at or below $0.59.
Some bullish warning signals are flashing, however, and could trigger some covering by short-sellers. Currently, XRP price has bounced off the 38.2% Fibonacci retracement at $0.84 to return above the Kijun-Sen. Another factor contributing to the bounce is the Chikou Span moving above the body of the candlesticks for the first time since the August 13th weekly candlestick.
XRP/USDT Weekly Ichimoku Chart
There is an almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index. Hidden bullish divergence is when an oscillator creates lower lows while the price chart creates higher lows. Only valid if the prior trend was up – hidden bullish divergence is an early indicator that the prior uptrend will continue. Contributing further to some near-term support is the Relative Strength Index holding the oversold levels of 50 and 40 as support.
Bulls ultimately need XRP price to close at or above the $1.18 level to establish a clear and renewed bull market.
Ripple (XRP) Marketing Narratives No Drama Bells and Whistles
Ripple XRP Marketing Narratives are not Impressing Long-Term Holders in terms of profits.
Worry Wort Investors who have been holding XRP are like: It’s $0.9 from $1.96. what is the point of all the success story posts, partnerships, and projects. XRP price is not going higher. Are you using distraction tactic? Investors have been waiting for several years for the price to go up.
There is no doubt that Ripple is a great project and they are successful in what they do in terms of cross-border payments. Did they ever over promise that the price of XRP will go very high? Or, Are the community assuming that the company implied the price of XRP will sky rocket?
Ripple Technology is great. It is not a scam like many other projects out here. It is doing a lot of good in terms of real-time use.
It just looks like not all cryptocurrencies or tokens are about profit making. Some tokens are about facilitating use cases that are applicable real time. Perhaps XRP is one such token with no drama, bells and whistles.
The kind of services delivered by Ripple requires some stability with the token they use as a mode of exchange. So, investors anticipating high profits need to rethink and know that high profits mean high risk and high volatility. This might not be true about XRP in terms of the kind of services it facilitates for Ripple. May be the expectations of investors is not as realistic.
Some Interesting Stories about Ripple: Making an Impact with the Asian at Ripple Community: In an effort to help Ripple employees bring their most genuine selves to the job, Dushyant Acharya took on a global co-lead role for our Asian ERG. Know more by reading the exhaustive story.
Careers and Jobs at Ripple: This holiday weekend, while everyone else sleeps off their food coma watching the ‘big game’ why not browse open positions at Ripple? From engineering to finance to marketing, we’ve got a winning line up of roles.
Ripple’s Top Lawyer Says the SEC has declared war on Crypto: The key to developing an effective policy framework for crypto? Clear communication and collaboration between private and public actors. There is a breakdown of the protocol details published.
Citi CEO Fraser: ‘We’re Building the Infrastructure for Retail, Real-time Payments’: Real-time payments are gaining momentum and digital currency is positioned to play a significant role in its future.
Creator Fund: In collaboration with our agency partners, Mintable, MintNFT & VSA Partners, we’re helping creators and brand clients create and sell their NFTs. Explore to know more about the Ripple Creator Fund.
40 Million XRP Moved to Binance Exchange and Sold Immediately
Anonymous wallet moves a large number of coins to exchange while the cryptocurrency market recovers
While others decide to keep their coins in cold or hot wallets instead of exchanges, this XRP whale has moved a large volume of funds to a centralized exchange and, most likely, sold immediately.
According to transactional activity on the chain, an anonymous wallet ending in “kskkhi” has moved 40 million coins to a wallet owned by Binance centralized exchange.
Currently, the unknown wallet holds almost 13 million coins. The wallet received 40 million coins just a day before a large transaction from another unknown wallet that holds significantly more XRP.
The exchange between undisclosed whales is purely anonymous and has not been known to the public. The second wallet, which initially transacted 40 million coins to the wallet that sold it on Binance, is currently holding 156 million XRP coins.
The larger wallet might somehow be connected to another centralized exchange since it has been constantly receiving a large number of funds from it, including those 40 million coins.
The realization of coins on the Binance exchange could have led to the rapid retrace of XRP that has been moving with a 2.5% profit today. The current daily XRP volume on Binance is at 156 million coins. The transacted amount represents approximately 25% of the current daily trading volume on the exchange.
At press time, XRP is trading at $0.97 with 0.17% of daily growth that has peaked at 2.5%. Previously, Ripple faced a strong recovery by dropping below the $0.90 zone and then spiking back up to $0.96 in one day.