Ripple price analysis: XRP/USD down 7.8% on a daily basis; Cambridge Global Payments plans to launch xRapid in Mexico
|- XRP/USD continue the retreat from recent highs.
- Cambridge Global Payments is testing xRapid.
XRP/USD is trading at $0.4800 to press time, off the Wednesday's high registered at $0.5248. The coin has lost 6% on a daily basis and 1% since the beginning of Thursday. Ripple price is moving in sync with Bitcoin and other major cryptocurrencies, which have entered a correction phase after a strong rally in the beginning of the week. XRP's market value is registered at $18.9 with the average daily trading volume $368M.
Another news piece another Ripple's partnership quest. Cambridge Global Payments has been testing xRapid recently, and it is going to launch it first in Mexico. Other Latin America and Asia-Pacific countries will follow, according to the recently published Nilson report.
“Cambridge will test expansion of its blockchain-based processing to include the use of XRP, Ripple’s digital asset (cryptocurrency). XRP and the XRP Ledger software it works with are both part of xRapid, Ripple’s on-demand liquidity service.
Currently, a company like Cambridge needs to keep funds in bank accounts in many countries in which it does business to make a financial settlement. In any country in which Ripple can provide immediate conversion of XRP to fiat currency and submit that credit into the local automated clearing house network (ACH), Ripple clients do not need to keep their own funds in a local bank…
Ripple's technical picture
From the technical point of view, XRP/USD broke below 50-SMA (1-hour chart) and proceeded to the next important hurdle $0.4800. I it is cleared, the downside momentum will gain pace and push XRP towards $0.4761, which is 100-SMA. on the upside, the coin needs to climb above $0.4960 to proceed to critical $0.5000.
XRP/USD, 1-hour chart
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