To celebrate the start of another great new year Ripple announced that it had partnered with more than 200 financial institutions and banks which will eventually use Ripple’s services.
In the same announcement Ripple also announced that five [JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank] of these 200 partners had agreed to leverage the digital asset, XRP to source liquidity and facilitate real-time cross-border payments.
SendFriend, one among those announced five partners’ CEO David Lighton has confirmed that their xRapid services will go live in Q1 2019 at a Barclays’ Accelerator event. The tweet stated:
“We leveraged the blockchain to create an instant digital money transfer service, a full 65% cheaper than the industry’s average. SendFriend is the US’ first fully compliant international consumer payment solution built on the blockchain and we are going live in Q1.”
Furthermore, SendFriend tweeted:
“The existing correspondent banking system is slow, inefficient and costly. We are excited to partner with @Ripple to solve these problems—to offer our customers a cheaper and faster way to send money to the Philippines.”
The CEO also mentioned that Ripple had contributed $1 million to SendFriend to support marketing expenses which might have come from RippleNet’s accelerator program which usually supports early adopters of its technologies.
Garlinghouse stated that he expects “a dozen of ” banks that will go live and use xRapid in 2019.
“Nice find bro this for sure will make @WesternUnion @MoneyGram think twice. looks like you have new companies nipping at your ankles watch you don’t become a blockbuster to a Netflix .
Adopt now I would hmmmmm
“Wonder if @Ripple gave them $1Mil or $1mil worth of xrp. Could explain why Ripple holding 60% of Xrp, maybe they giving to all their partners. We need more clarity #Xrp”
Leonidas replied to Naked Trader:
“Ripple is an investor in Sendfriend through Xpring”
xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts
XRP, the cryptocurrency closely related with the company Ripple, has been at the center of speculation and arguments, with respect to xRapid and XRP’s price.
There have been a lot of accounts on Twitter promoting the fact that the price of XRP will rise and shoot to the moon, after banks and financial institutions start using xRapid for cross-border payments.
The most famous theory put out by people was the price of XRP hitting $589 by the end of 2018, which didn’t happen.
However, a recent conversation started by prominent XRP enthusiasts, has suggested that xRapid would not massively affect the price of XRP.
Nayer Malik [@sinjunsmyth], a Twitter user, stated,
“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself?”
In response, Galgitron [@galgitron], a prominent XRP enthusiast and a contributor to the XRP community, added that he had “been saying that all along.” In one of his blogs Galgitron stated,
“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics..”
C3|Nik [@C3_Nik] acknowledged the above and replied,
“It was seen like blasphemy to say that xRapid would not move prices that much by itself (e.g. “not the flip-the-switch kind of event”). It is interesting that the people who spread that narrative and misled others still have so many followers. Selling dreams.”
A Twitter user, @Crypt_Megalodon, voiced his opinion, which was different from the others. He tweeted,
“Well when you consider the US money supply being 15 trillion alone, the XRP cap doesn’t worry me. If/when XRP becomes the standard world wide, inflation will be rapid with mass adoption. I agree, with years, but, the value can be prodigious! The cryptoloution has already started.”
Considering the price of XRP at press time was only $0.31, and that there were more than a couple of Ripple customers that had already started using xRapid for cross-border transactions, the increase in the price of XRP due to xRapid seemed highly unlikely.
XRP/USD Price Analysis: Coin stagnates even after massive adoption news
The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon.
The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair.
The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260.
The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish.
The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands.
The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027.
The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing.
The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market.
The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal.
The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well.
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