XRP/USD spikes by 10.35% on the back of SWIFT announcing DLT integration using R3’s Corda

News of SWIFT using R3’s Corda platform has caused XRP/USD’s price to spike by 10.35% in the last 24 hours. The buyers have reversed the bearish trend that has been prevalent over the previous five days. Bulls have breached resistance at $0.328 and are looking to break past the $0.343 resistance level.

SWIFT Announces DLT integration using R3’s Corda

As reported by FXStreet, the leading banking payments network SWIFT has announced plans that will see it integrate technology developed by a blockchain software company referred to as R3. The plans were first mentioned this Wednesday during the Paris Forum. News of SWIFT using R3’s Corda platform has spiked XRP/USD’s value because R3’s Corda has the capability of using XRP to facilitate global payments. 

In December of last year, the CTO of R3, Richard Gendal Brown, had explained how XRP would work with Corda:

“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.

While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”

XRP/USD daily chart

The bulls of fought back to negate the losses XRP/USD have made over the last five days, to breach the $0.328 resistance. XRP/USD is currently trending above the 20-day simple moving average (SMA 20) curve which indicates a bullish trend. The buyers now need to break past the $0.343 resistance line.