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Ripple/XRP could be integrated into our global payments system, says Remitly CEO

Biraajmaan Tamuly

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Ripple/XRP could be integrated into our global payments system, says Remitly CEO
Source: Pixabay

The cryptocurrency ecosystem is a sphere of high volatility and experimentation, due to which the involvement of major financial institutions and cooperations do not take place as smoothly. The adoption of virtual assets has been slowly progressing and Ripple’s XRP has been arguably leading the cryptocurrency universe and making a strong case for implementation in banks and other financial sectors for cross-border transactions and settlements.

According to a recent report, Remitly, an international payments company, is interested in Ripple’s XRP and is planning to integrate the cryptocurrency’s blockchain technology into their financial transaction services.

In a recent media conference, Matthew Oppenheimer, CEO, and co-founder of Remitly, said that they are looking into the blockchain technology for improving global transactions via a peer-to-peer system, and indicated that a partnership with Ripple to enable smoother transactions could be a reality soon.

He stated:

“When I thought a lot about Bitcoin, especially as I was building the business, I was like, I always come back to the customers and say, what is the customer value. The customers could be someone like us, like Ripple could be an example, we could integrate with Ripple, that’s the one that we pay a lot of attention to, or the customer could be an end consumer.”

Remitly, which is a fairly new international transaction payments company, was founded in 2011. The organization has been transferring nearly $6 billion a year, which currently makes them the largest independent international money transmitter in the USA.



The company has raised an impressive $200 million in equity and has also been able to generate over $175 million in funds from various industrial leaders such as Stripes Group, Naspers’s PayU, the International Finance Corporation, DFJ, DN Capital, Bezos Expeditions, Founders’ Co-op, QED Investors, and Trilogy Partnership.

Oppenheimer further mentioned:

“I can see how can financial services institutions like us, integrate with blockchain technologies to drive down our costs and therefore make it less expensive for customers, or faster to your ACH point.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to push market forward

Yash Rajan

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XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to move forward
Source: Pixabay

XRP, the third largest cryptocurrency, was priced at $0.383 agfter falling 1.87% over the 24 hours, according to CoinMarketCap. XRP held a market cap of $16.121 billion and registered $1.29 billion in 24-hour trading volume for XRP.

At press time, Stellar Lumens [XLM] was priced at $0.125, after falling 1.56% over the past 24 hours. It stood ninth on the top 10 list with a market cap of $19.302 billion and $844.41 million in 24-hour trading volume.

1-Day XRP

XRP saw an uptrend from $0.331 to $0.461 and a downtrend from $0.461 to $0.388. Resistances were at $0.458 and $0.420. Support lines were located at $0.371 and $0.285.

Source: TradingView

Source: TradingView

Parabolic SAR presented a bearish trend as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] indicator was undergoing a bearish crossover.

Relative Strength Index showed a relatively overbought status for the coin.

1-Day XLM

On the one-day XLM chart, the resistance line stood at $0.143 and the support lines stood at $0.115 and $0.091. It saw an uptrend from $0.133 to $0.141. XLM also saw a downtrend from $0.142 to $0.125.

Source: TradingView

Source: TradingView

Bollinger Bands displayed an increase in volatility in the market as the bands were diverging.

Awesome Oscillator presented a bullish buying opportunity.

Chaikin Money Flow indicator was above the zero-line, indicating that money was flowing into the market.



Conclusion

XRP saw a fusion of bullish and bearish trends while XLM sides with the bulls after being stalled by bears for the past one month.





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