Over 5 million users of Coins.ph to pay bills using XRP in the Philippines: Ripple price still trimming gains

  • Coins.ph services include mobile top-ups, money transfer services, online shopping, peer-to-peer digital wallet transfers and various bill payments.
  • The support at $0.330 is at risk of being broken, but the previous support at $0.320 is expected to hold ground.

Philippines-based Coins.ph has announced that it is adding XRP as a form of payment to its fast-growing platform. The financial services platform is reported to have over 5 million active users. The platform was founded in 2014 by a couple of entrepreneurs from Silicon Valley, Ron Hose and Runar Petursson. Some of the services offered on Coins.ph include mobile top-ups, money transfer services, online shopping, peer-to-peer digital wallet transfers and various bill payments.

Coins.ph is making it easier for people in the Philippines to access financial services at an affordable cost. Its services have been connected to banks, payment outlets, pawnshops and even door-to-door deliveries. There are over 300 million people in the Philippines who are unbanked and Coins.ph is providing an infrastructure that connects them to the same services banking institutions offer.

XRP is currently available to selected people, besides the company has stopped accepting participants for the trials. It is still not known when XRP support will be allowed for all the customers.

“We’re still gathering data and deciding on our level of support for XRP”, Coins.ph head of cryptocurrencies, Colin Goltra said in an interview with various media outlets.

Ripple price analysis

Ripple is still walloping in selling pressure, although there was a brief bullish trend on Thursday that saw XRP/USD trading at $0.35. Failure to sustain the trend above $0.350 culminated in a trend reversal. However, a support was established at $0.340 where another bounce to the upside attacked $0.350 again.

The trading on Friday has been highly bearish as Ripple embarked on an exercise of trimming gains that had been accrued yesterday. XRP/USD descended to test the support at $0.330. Although the crypto is currently changing hands at $0.336, the trend is still bearish and lower corrections are apparent in the short-term.

The support at $0.330 is still at risk of being broken, but it is vital the buyers put their best forward to prevent a slide below this level. The previous support at $0.320 will hold ground, but a breakdown towards $0.30 is possible. On the flipside, the upper supply zones at $0.3360 and 0.3396 will limit intraday gains in the remaining sessions of the day.

XRP/USD 15-minutes chart

 

 

 

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