Ripple (XRP) Holds Strong With the US Dollar
United States – In the past months, the world has seen a sharp decline in Ripple’s $0.2400 support area. The XRP price even broke the $0.2350 rate and traded as low as $0.2310. Fortunately, Ripple recovered nicely above the $0.2350 to $0.2380 and recently started a solid wave. Although XRP’s price action has been incredibly bullish, many traders and investors still set their sights on the benchmark cryptocurrency.
According to one analytics platform, XRP’s whale count continuously climbs higher, indicating that some wealthy investors are beginning to learn about cryptocurrency. At the time of writing, Ripple’s XRP exchanges at around $0.24, which is still an excellent price.
According to some critics, this rate will continue to grow since XRP had a break above a key bearish trend line on the XRP/USD pair chart. The pair will grow higher if XRP’s price exceeds the $0.2420 resistance zone.
Amid a difficult year for the crypt industry, Ripple’s executives, including David Schwartz, have guaranteed that they are trying to lead more global banks to use Ripple (XRP) to settle cross-border transactions. Schwartz wrote that it might take more time to gain an appropriate momentum, but Ripple is striving to build more partnerships.
Although PayPal did not include XRP in its supported cryptocurrency list, it is establishing some agreement with Australia’s PayID branded payment standard.
More people in the United States are now considering Ripple since its remittance system for payment networks, and banks are more convenient and faster. All transactions settle in almost real-time, more transparent, and cheaper.
Since Ripple does not use blockchain like Bitcoin, the company utilizes a distributed consensus ledger using crypto tokens. By converting traditional currencies like USD, the exchange fee and processing time are way lower.
Many reputable banks worldwide, including the Commonwealth Bank of Australia, Santander, and Fidor Bank, utilize Ripple’s payment system. These partnerships help companies to fund business operations and incentivize customers more conveniently.
Rumours have been circulating that Ripple is building better partnerships with some central banks worldwide. Currently, Ripple has met with Brazil’s central bank representative, but the meeting remains private and closed.
Recently, Ripple has caused quite a stir after sharing a tweet from Christine Lagarde, ECB’s executive, which supports Ripple’s state-of-the-art payment system and the complete banking capital market union.
Over the years, Ripple has certainly gained plenty of momentum in the market. The company has helped millions of people in transferring funds quickly and more affordably. Currently, Ripple only runs 100 million XRP in the market while the other 900 are in escrow.