Ripple (XRP) is seeing a 3% bounce today on not much news. XRP has seen some strong momentum in September, but it was always linked to quality catalysts coming off the newswire. But, today’s small bounce is not exactly what we would call “healthy” yet because the losses were just so startling. The beginning of XRP/USD pullback action has brought the previous intraday low in sight, with 0.402-fiat providing an intermediary support to hold the near-term uptrend.
The range we are eyeing today has 0.444-fiat acting as interim resistance and 0.402 as interim support. The pullback from resistance has already allowed us to speculate a short towards 0.402-fiat.
Looking across social media, there is no real buzz for XRP for a change. One interesting tidbit of information comes in the form of how purchasing XRP with fiat currency has changed a bit. The BitBay platform is no longer offering its XRP/PLN trading, which is a small setback. It is rather unlikely this will have a big impact, but it is still a development worth paying attention to.
Find out when XRP reaches critical levels. Sign up for push notifications to hear about every new article on economicgazette.com.
Here is a little bit of a recap of what has transpired for XRP recently:
The xRapid launch has three current customers and more on the docket to sign up. The latter is a cross-border payment app and replaced the outdated SWIFT solution. Most analysts believe this platform will take off more quickly in Europe as borders and banking between different countries is far more common. This is really Ripple’s ultimate goal and has even stolen employees from key companies to expedite the downfall of SWIFT.
“Xrapid eliminates the need for a pre-funded nostro account when executing a cross-border payment. It sources liquidity from XRP on exchanges around the world. As a result, cross-border transactions occur in minutes and at a lower cost compared to traditional methods, which take days and incur high foreign exchange fees.”
In addition, billion dollar Banco Santander is one of Ripple’s most important customers for their OnePay FX application. Santander Head of Innovation Ed Metzger said the bank’s vision in the integration of Ripple is to utilize xCurrent, Ripple’s enterprise blockchain, to improve the lives of its customers.