XRP Price Analysis: Ripple’s Partners are Providing Solid Feedback on xRapid

  • Mercury FX and Euro Exim Bank were recently speaking highly of xRapid and its benefits.
  • XRP/USD has found firmer ground after plummetting double-digits on Sunday. Bulls must breakdown problem area, $0.3500-$0.3600. 

XRP at the time of writing is trading steady with minor gains of just over 1%, in the early part of Monday. The price on Sunday had been hit by aggressive sellers, plunging to see significant double-digit losses of around 11%. In terms of the selling, this was observed across the entire cryptocurrency market after the session initially looked promising. XRP/USD was forced to reverse the decent gains made from the start of February. It retreated down to a considerable demand area, which tracks from $0.3000-$0.2500 range.

Mercury FX on xRapid

Mercury FX, an International foreign exchange provider, has detailed its plan to open up around ten new payment corridors. These would leverage Ripple’s xRapid, with the intentions of implements the new avenues by the middle of this year. The company’s CEO Alastair Constance was speaking at Ripple Regional 2019 in London, where he provided some details:

“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it brings access to new markets that perhaps aren’t accessible now. It’s two countries today. It could be ten before the middle of the year. And what stops it from being any more than that?”

Constance further spoke specifically on the great benefits provided by Ripple’s technology. He touched on the speed and cost-effectiveness of xRapid:

“I think from a customer point of view; you almost don’t want to show them too much of the technology or explain too much of why it’s working as it is. I don’t understand how a car works, but if it parks for me, that would be even better. And I think it’s the same kind of thing. But what they are seeing is payments arriving in one-hundredth of the time, and they’re paying a lot less, if anything, for it. And I think that’s the key.

So, when you’re looking at high volume payments for companies involved in import/export or remittances or whatever the case may be, when you start to look at the economics of how they stack in favour of a Ripple payment over xRapid, perhaps over Swift, the numbers are quite eye-watering.”

Euro Exim Bank on xRapid

Euro Exim Bank’s Head of Compliance and Operations Graham Bright was recently speaking on the impact that xRapid has had on transactions. He said:

“What we are solving with Ripple and xRapid is the problem that many large companies are facing right now. Sure, they could have transferred everything on ships or by flight but conducting transactions in the native currency has always been the issue. That is where we step in.”

Bright further detailed the reasons as to why Euro Exim wanted to leverage the xRapid solution.m:

“Another important aspect in transactions is the speed of transmission and settlement. A majority of the people consider low volume and high-value transactions, but we want to look at the transactions that need high volume and low value.”

Technical Review – XRP/USD

XRP/USD daily chart.

The XRP has found firmer footing following Sunday’s bout of selling pressure; the price is trading within the psychological $0.3000 territory. To the upside, there is much supply observed from the $0.3500-$0.3600 range. The price has not traded above this since 10th January, and there have been several attempts to break back above since. Should the bulls manage to break down the first barrier, then eyes will be on a return up the $0.4000 price region, which is another big problem area for XRP/USD.

Lastly, in terms of support, the big-serving demand area remains intact from $0.3000 down to $0.2500. A failure of this holding would likely see the price plummeting down to $0.2000. The price has not traded at these depressed levels since December 2017.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.