XRP/USD: Ripple's solutions may increase the transparency within the banking system - CFPB

Ripple’s XRP hit the intraday high at $0.2080 during early Asian hours and retreated to $0.2030 by the time of writing. Despite the sell-off, the coin is still 6% from the beginning of the day and mostly unchanged on a day-to-day basis. Its current market capitalization is $8.9 billion and an average daily trading volume of $1.9 billion. The coin has been trading within a short-term bullish bias amid low volatility.

Consumer Financial Protection Bureau (CFPB) says that the solutions developed by Ripple may help to increase the transparency of the existing banking system. The agency keeps a close eye on new trends in the payment industry, including the activity of digital currencies issuers, like Ripple. 

According to the recently published report, banks and credit institutions often work with closed payment systems, which complicates the calculation of fees and other charges, including the exchange fees. Meanwhile, Ripple can increase the transparency of the payment system: 

The Bureau also believes that expanded adoption of SWIFT’s gpi product or Ripple’s suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.

The CFPB also specifically mentioned XRP as a virtual currency that can be used to effect settlement of those transfers.

XRP/USD: Technical picture

On the intraday chart, XRP/USD is supported by a strong barrier created by the upside trendline on approach to $0.2020. If it is broken, the sell-off may gain traction with the next focus on the psychological $0.2000 reinforced by 1-hour SMA50 and SMA100. On the upside, a sustainable move above $0.2050 will open up the way to the intraday high of $0.2080 and the next pivotal resistance of $0.2100.

XRP/USD 1-hour chart