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Ripple News

XRP In-Store Payments Becoming A Reality Via SBI Banking Giant

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XRP in-store payments will be available soon since the Japanese banking giant SBI claims to be working on it. In today’s altcoin news, we take a closer look at the developments.

The Japanese SBI bank will be integrating XRP with the Ripple-based remittance app named MoneyTap. This app will use simple QR codes in order to provide people an instant, seamless way to pay for products and services with their XRP coins. The SBI says they will test out the app at a Tokyo-based restaurant before launching the service officially for retail customers by the end of 2019.

The app is licensed fully by the Japanese regulators and is currently using the Ripple-based cross border payment solution xCurrent in order to power up the instant remittances between about 13 banks in the region. SBI is also working to roll out MoneyTap to a banking consortium that is led by the SBI Ripple Asia where 61 banks are participating, covering more than 80 percent of all banking assets in the country.

SBI holdings are one of the largest banks that get heavily involved in cryptocurrency. The company created the first bank-owned crypto exchange named VCTRADE and it recently announced that it will work hard to bring institutional investors to the platform, offering ethereum, bitcoin, and XRP. The bank noted:

“SBIVC currently offers services only for retail customers. After AML/CFT and custody solutions that we are planning to implement are finalized, we would like to move forward and start providing services to institutional investors.’’

SBI is also a strong supporter and partner to Ripple so the XRP in-store payments come naturally for the company. They invested in the San Francisco startup back in 2016 and the CEO of the bank Yoshitaka Kitao was recently appointed to Ripple’s board of directors. According to co-founder Chris Larsen, Kitao will play a very important role in helping the startup expand around Asia. As it was reported in the best cryptocurrency news sites, Larsen was quoted saying:

“From conventional financial markets to digital asset markets, his deep understanding of the financial services industry will offer valuable business and financial expertise to help Ripple continue to scale. Approximately half of our customers are located in Asia-Pac today, and we’re rapidly expanding our global footprint across the region. Mr. Kitao comes at a perfect time for Ripple as we look to deepen our customer base in Asia and beyond.’’

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Ripple News

XRP And Ripple Officially Mentioned In US Bill Proposal

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XRP and Ripple were mentioned in the newly proposed bill on remittance insurance references as the latest developments in payment channels. The growth of cross-border remittances has alerted the US Government to the new opportunities for tracking and securing funds as we are reading further in the Ripple news.Ripple’s XRP was mentioned in the context of cross-border payment systems in the new proposed bill text. The pending action is a document on remittance transfers under the Electronic Fund Transfer Act (Regulation E), which will be discussed until January of 2021. This mentioning of Ripple’s digital asset was at once recognized as potentially positive for XRP on social media.The document suggests to secure funds that are sent through the growing selection of payments channels, and it covers the activity if fintech institutions and payment processors. The technical opportunities of new types of networks are giving the opportunity for a more in-depth and precise approach to insure against losses. The payment network of Ripple was mentioned as one of the vectors of growth in the remittance sector.
“The continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a proprietary virtual currency, XRP, which can be used to effect settlement of those transfers.”
Ripple has mentioned also in the context that he is a system which can exactly predict the funds to be received:
  “The Bureau also believes that expanded adoption of SWIFT’s gpi product or Ripple’s suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they send the transfer.”
The document doesn’t mention some of the other payment platforms or blockchains concretely and XRP and Ripple have been singled out as a cryptocurrency that is related to a one of a kind remittance system. However, the proposed bill on protecting remittances doesn’t include insurance of transfers on other blockchain networks, it does only for fiat settlements. The XRP cryptocurrency is one of the speculative bets in the crypto sphere. XRP stagnated to a lower range of $0.21, which much of the community sees as an entry point of speculative characteristics to bet on future growth.
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Ripple News

Ripple Broke The $0.2200 Support Area Against USD

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The XRP price is declining as we speak and Ripple broke the $0.2200 support area against USD recently. As it stands, the price is likely to face a lot of hurdles near this point in the near term.Everything started a few days ago, when XRP initiated a bearish trend line with resistance near $0.2200 on the hourly chart of the XRP/USD pair according to Kraken. From today's Ripple XRP news, we can see that the bears are in control now and seem to be eyeing a test of the $0.2120 support.After struggling to stay above the $0.2240 support, Ripple broke its support area and traded below $0.2200 to move into a downtrend. Besides, we could see a close below this area and the 100 hourly simple moving average. This is how the altcoin came down to $0.2180 and formed a weekly low near the $0.2166 level.At press time, XRP is currently correcting higher. As Ripple broke the $0.2200 support area, now the cryptocurrency is at $0.2199 and moving slower to the bottom. An upside break above $0.2200 and $0.2205 won't be easy in the near term and if XRP surpasses the $0.2200 resistance, it could recover to $0.2240. However, for that to happen we must see a lot of bullish momentum and something that would change the trend so that the price goes to the $0.2320 resistance.On the other hand, the price might start a fresh decline from the $0.2200 resistance. If the bears gain momentum, we could see XRP dropping towards $0.2120 or even at $0.2100. When looking at the chart, the Ripple price is back in a bearish zone below the $0.2240 and $0.2200 levels. Thus, the recent breakdown is likely to lead the price towards $0.2100.
  • Hourly MACD – The MACD for XRP/USD is now moving in the bearish zone.
  • Hourly RSI (Relative Strength Index) – Ever since Ripple broke a new support zone, the RSI for XRP/USD has been correcting higher towards the 40 level.
  • Major Support Levels – $0.2160, $0.2150 and $0.2120.
  • Major Resistance Levels – $0.2200, $0.2240 and $0.2260.
Ripple broke the $0.2200 area and is still declining. The cryptocurrency still ranks third on the total market cap list before Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC) and EOS (EOS). The altcoin news today show that the only gainers in the top 20 are Tezos (XTZ) with a 1.65% increase and Cosmos (ATOM) which is the biggest earner with new 4% on the day.
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Ripple News

Ripple Trades Below $0.2260 Showing Strong Bearish Signs

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Ripple trades below $0.2260 and shows strong bearish signs. The price is currently declining from the key resistance level at $0.2320 against the US dollar so we are reading more about the price analysis in the Ripple news below.The major bullish trend line yesterday was beached with support close to the $0.2280 on the hourly chats of the XRP/USD pair. Ripple traders under a minor bearish pressure and the price is still at risk of dropping towards the $0.2140 support area in the near term. In the past few days, there was a slight increase in the price above the $.2200 resistance against the US dollar, and the price traded above the $0.2250 and $2280 resistance levels. Further, there was also a break above the $0.2300 resistance and the 100 hourly simple moving average but the price struggled to gain strength above the key $0.2320 resistance area.A new high was formed near the $0.2324 before the price started a fresh decrease below the $0.2300 but there was another break below the 23.6 percent Fib Retracement level from the upward movement of the $0.2098 low to $0.2324 high. More importantly, yesterday’s major bullish trend line was surpassed with support forming at $0.2280 on the hourly chart of the XRP/USD pair. The pair settled below the $0.2260 and the 100 hourly simple moving average.Ripple trades below $0.2240 and is closing in on the 50% Fib retracement level from the previous upward move of $0.2098 to the $0.2324 high. It seems like the $0.2210 and $0.2200 levels are the perfect support for the currency. If the price doesn’t manage to stay above the $0.2200 support, it will continue to move down towards the $0.2140 level. The next support is near the 61.8 percent fib retracement level of the upward move from the previous $0.2093 to the $0.2324 high.On the upside, the support was close to the $0.2240 which could act as a resistance. The first key resistance will be the $0.2260 so the price has to move above the $0.2240 and the $0.2260 to revisit the key $0.2320 resistance area in the near term. The price shows a few bearish signs as well as similar to Ethereum and Bitcoin. This means that if ETH drops below $144 and bitcoin breaks above $7,260, there are a few chances of a drop in Ripple’s XRP towards $0.2100.
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Ripple News

Heavy Downside Pressure For Ripple’s XRP Price

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Heavy downside pressure is forming for Ripple’s XRP with a bearish short-term and medium-term trading outlook. The four-hour time frame shows there is a bullish inverted head and shoulders that has been invalidated as we are reading more in the latest ripple news.The daily time frame shows a bearish breakout forming from the triangle pattern. Ripple remains under heavy downside pressure and still hasn’t established a technical price floor. The XRP/USD pair has lost more than 30 percent since the start of November and is now trading around five percent below the opening price of the month. The technical analysis shows that the pair is creating a bearish triangle breakout on the daily time frame which moves the cryptocurrency within the touching distance of the $0.20 level.The four-hour time frame shows that the bullish inverted head and shoulders pattern was invalidated a few days ago which is bearish development for the pair over the short-term. The price is also making lower lows which once again hint that the XRP/USD pair has yet to find a strong price bottom. The $0.1900 level is now offering the strongest form of long-term support under the psychological $0.2000 level.The bulls have to rally the price of XRP towards the $0.25 level just to encourage purchasing and then stabilize the XRP/USD pair above the $0.285 level which is the most important technical area. By looking at the potential pattern formation, if the buyers are able to rally the price after one lower push, the large inverted head and shoulders pattern could also form on the daily and four-hour time frames. The Relative Strenght index for the daily time frame shows that Ripple is quite oversold while the MACD indicator shows pockets of bullish MACD divergence.According to the latest sentiment data, the short-term sentiment towards ripple is neutral at 52 percent while the overall long-term sentiment for the cryptocurrency is quite bearish at a 24 percent range. The four-hour time frame shows that the key technical resistance is now located at $0.235 and $0.25 levels so the technical resistance over the medium-term is now located at $0.285 and $0.31 levels. The four-hour time frame shows that the XRP/USD pair has a strong medium-term technical support around the $0.21 level.The critical long-term technical support for XRP is located at the $0.19 level. Ripple has yet to establish a strong price floor placing the emphasis on more XRP/USD weakness towards $0.19.
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