Ripple Price Analysis: XRP/USD retreats from $0.2300
|- XRP/USD is moving within the long-term downside trend.
- TransferGo plans to integrated Ripple's ODL solution.
XRP/USD is changing hands at $0.2250, down from the intraday high of $0.2300. Despite the recovery, the coin is moving within the downside trend capped by SMA50 (Simple Moving Average) 4-hour currently at $0.2305. Looking technically, a sustainable move below this barrier will increase the upside pressure with the next focus on $0.2370.
On the downside, the initial support is created by the middle line of the 4-hour Bollinger Band at $0.2200. It is followed by the lower line of 4-hour Bollinger Band at $0.2110 and the recent low of $0.2014.
TransferGo adopts Ripple's ODL solution.
The money transfer company TransferGo plans to adopt the Ripple liquidity on demand (ODL) payment solution, where XRP acts as an intermediate currency.
The British company is currently using the RippleNet solution to transfer money from Europe to India. According to Daumantas Dvilinskas, co-founder and CEO of TransferGo, transferring funds takes only seven minutes.
However, he believes that in 2020, "even a few minutes will be too slow." Therefore, the company seeks to integrate ODL as an alternative to pre-financing.
Dvilinskas noted that the use of RippleNet also helped reduce the cost of integrating new banking partners of payment corridors. He claims that the solution leads to a 90% reduction in cross-border transfer fees.
XRP/USD, 4-hour chart
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