American Express admires Ripple's technology

• XRP/USD recovery is capped by $0.33.
• American Express performed successful tests of Ripple's xCurrent.

Currently, XRP/USD is trading at $0.3121, off the recovery high of $0.3246. The second largest coin with a market capitalization of $12.6 is marginally higher on a day-to-day basis as the weekend recovery stalled.

Looking technically, the coin is capped by $0.33 handle, followed by $0.3330 (SMA50, 4-hour chart). If it is cleared, the upside may be extended towards $0.3544 (SMA100, 4-hour). On the downside, the local support is created by $0.3100. Once below, the recent low of $0.2897 will return into focus.

Meanwhile, American Express tested Ripple’s xCurrent solution for cross-border payments and liked the results. Speaking at the Wings of Change Europe conference in Madrid, Carlos Carriedo, general manager of corporate payments in the company, admitted that the technology could significantly speed up the international payments.

“We did a pilot. We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions. Cross-border transactions continue to be complex and slow. And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world to the other one,” he said.

American Express bets on the potential of blockchain technology and invests heavily in fintech research and development.

“Blockchain is absolutely an option we’re looking at. Just to give you a sense, we have invested in a fintech lab based on blockchain technology, just to understand how to leverage this better…" he added.

American Express and Santander became partners with Ripple in November 2017 with the aim to speed up non-card transactions between the US and UK. Currently, both companies are eager to expand their partnership.