Tanya Abrosimova
Independent Analyst
- 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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.