Ripple (XRP) moves to $0.34, inspired by xRapid success and IMF comments

XRP/USD recovers from recent lows to trade at $0.34.
The IMF says Ripple’s technology can help African countries.

Tanya Abrosimova Independent Analyst

Ripple’s XRP is hovering around $0.3400 handle amid strong bullish momentum. The third largest digital asset is one of the best-performing coins with over 3% of ay-on-day gains, prompted by a steady flow of positive fundamental news. XRP/USD managed to break free from the recent tight range; however, the further recovery might be limited by $0.3450 strengthened by 38.2% Fibo retracement for the upside move from March, 26 low at $0.2869.

What’s going on?

The news of xRapid successeful global expansion gave XRP a boost. The blockchain startup is working on new partnerships, which will be announced soon. Moreover, their cross-border remittance system has been receiving positive feedback from customers in Mexico and the Philippines.

In a separate development, the International Monetary Fund experts believe that the DLT technologies, like those developed by Ripple, may help to solve the issues with money transfers in African countries.

“International payments using cryptocurrencies can be securely received in minutes and can be rapidly settled in the domestic currency. DLT systems such as Ripple can be used to efficiently process foreign payments and can be supported by international banks and payment companies,” - they said in he latest report devoted to Fintech in Sub-Saharan African countries.

XRP/USD, 1D chart

Author

Tanya Abrosimova

Independent Analyst

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