R3 consortium launches payment app with XRP support; the market reaction is muted

  • Payment solution Corda Settler will use XRP as a base cryptocurrency.
  • Psychological $0.33 under threat as XRP/USD trades under $0.34.


Currently, XRP/USD is trading at $0.351, down 3.4% since this time on Wednesday. The second largest coin with a market capitalization of $13.5 is dangerously close to the psychological $0.33 followed by the recent low of $0.3237. Strong bearish sentiments dominate the cryptocurrency market with the selling pressure snowballing. 

XRP/USD has lost over 12% in recent seven days and over 80% since the beginning of the year, despite a lot of fundamentally positive news related to Ripple's products development. The company signed lots of partnership deals and moved closer to bringing XRP coin to commercial operations through its xRapid solution.

Recently, Distributed ledger technology provider R3 launched Corda Settler a cryptocurrency payment application with XRP support. Corda Settler will facilitate international crypto payments in corporate distributed networks.

“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together,” Richard Gendal Brown, CTO at R3 explained.

Earlier this year R3 and Ripple settled their legal disputes that involved a contested amount of 5 billion XRP coins.

XRP/USD, the daily chart


 

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