Ripple welcomes another member to its network, but who cares? XRP/USD locked in a range
|- XRP/USD slips under $0.4800, but the downside momentum fails to materialize so far.
- Moneynetint starts using Ripple's xCurrent for processing transactions.
XRP/USD is changing hands at $0.4780, mostly unchanged both since the beginning of Thursday and on a day-to-day basis. The third largest coin with a market value of $18.7B and an average daily trading volume of $422M moves in sync with other major digital coins, amid uneventful trading session.
What's going on
Another big player in the financial industry joined Ripple network Recently, a UK-based Moneynetint completed the integration phase with Ripple's xCurrent and began to receive payment instructions and process payments from other network partners.
Moneynetint is an emoney institution founded in 2005 that provides money transfer service for Forex Traders and Brokers around the globe.
Commenting the announcement, Yishay Trif, CEO of Moneynetint, said:
“The cooperation signed with Ripple is part of the company’s strategic move to advance into innovative areas of the payments industry and to become a groundbreaking institution in the field. The fact that RippleNet serves as a platform that sets uniform parameters for all its members facilitates the process of interfacing between international financial entities.”
XRP's technical picture
Ripple's cryptocurrency is sidelined in a narrow range close to $0.4800 handle. The initial support lies with SMA50, 1-hour chart, at $0.4737. Once it is cleared, the sell-off may be extended towards $0.4420 (SMA200, 1-hour) and to psychological $0.4300.
On the upside, the price needs to climb above $0.4800 as soon as possible to get a chance for an extended recovery with the first aim at $0.4900 and last week's high at $0.5000.
XRP/USD, 1-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.