Bangkok, Thailand – The XRP/USD pair dropped to $0.1985, from the price level of $0.2022. It decreased under the $0.2020-level along the process. Moreover, the Elliott Oscillator experienced 25 consecutive green sessions, ranging from -0.087 to 0.027.
The XRP price struggles to win its momentum over the resistance level of $0.2000 over the USD. It might have a significant drop if it stops at the support level of $0.1900.
Azimo partners with Siam Commercial Bank from Thailand to introduce another payment corridor between Europe and Thailand.
Azimo will utilize RippleNet’s system, a payment network by Ripple, in making the payment corridor possible.
The On-Demand Liquidity ODL of three countries is doing well after the Coronavirus pandemic peaked in the previous month. XRP/PHP, XRP/AUD, and XRP/MXN hit all-time high prices.
XRP/USD Receives Support While Bears Take Charge
The XRP/USD bears stayed in control while the XRP price drops to $0.1983 from $0.1985. The XRP price consolidates in a triangle pattern, wherein it received a 50 simple moving average or SMA-support. The price increased over the Bollinger of 20-day, yet it faced resistance at a downward line. The bulls should lead the price to $0.2010 to converse the negative impetus and stop beyond the triangle pattern. Moreover, the Elliott Oscillator had 25 green sessions, leading -0.087 to 0.027.
The XRP price lands at $0.1982, with a daily open price of $0.1985. The SMA 20 is $0.1755, the SMA 50 is $0.1984, the SMA 100 is $0.2218, and the SMA 200 is $0.2355.
The past daily high level was $0.2024 while the daily low was $0.194. As for the weekly high level, it sat at $0.1871, and the low level was at $0.162. Furthermore, the recent monthly high was $0.2468, while the past monthly low-level is $0.1129.
The Fibonacci level by 38.2% is $0.1972, while the level by 61.8% is $0.1992.
XRP Signals Bearish Collapse at $0.1980-Resistance Level
Ripple started exchanging in a constricting range after establishing a position close to the level of $0.2050. The XRP price traded under some significant support levels that are close to $0.2000 for a brief-term bearish area.
There was a transparent halt under the price level of $0.1980 in the previous session, with a significant 100 hourly SMA. The bears cleared a vital diminishing triangle. Hence, it has a support level that’s close to $0.1980, which was from XRP/USD’s hourly chart.
The XRP/USD pair increased under the price level of $0.1950. The price exchanged at a low level, which was at $0.1921. Ripple is presently altering losses, wherein it’s trading over the price level of $0.1940.
The XRP price tested the Fib retracement level of 23.6%, basing it from the last drop. The price range was from $0.2008 high to a low price of $0.1921. On the brighter side, there’s a significant resistance establishing close to the price level of $0.1965, with a 100 hourly SMA.
The Fib retracement level of 50% was from the high price of $0.2008 to $0.1921 low. It’s close as well to the price level of $0.1965 to work as significant resistance. The XRP should stay over the $0.1980 to go back to a favourable level, with the SMA of 100-hourly.
The primary block is close to the price levels of $0.200 and $0.2025, wherein the bulls are probable to target a more significant rising action in the next sessions.
The downside is the first support level, which is close to the price of $0.1920. The XRP price might go down under $0.1920 if it doesn’t succeed in regaining over the resistance levels of $0.1965 and $0.1980.
The primary support level is close to $0.1900, wherein the bears might take charge. The succeeding halt might be the levels of $0.1840 and $01800.
Azimo Utilizes RippleNet for Europe and Thailand-Payment Corridors
Ripple is expanding in Thailand after what Azimo plans to do. Azimo will let prompt cross-border settlements between Thailand and Europe, wherein it teams up with Siam Commercial Bank.
Siam Commercial Bank is one of the prominent banks in Thailand.
The new corridor initiated by Azimo will utilize RippleNet, which is Ripple’s international payment system.
As per the press release, Thailand is in the list of the top payment destinations in the world. As per the World Bank, this country obtains 6.7 billion dollars yearly from global markets. It’s a significant global remittances hub, yet it’s also pricey for cross-border settlements. Moreover, Ripple rates this country as one of the most overpriced countries when it comes to receiving and sending money.
As per Ripple, the pricey charge and sluggish payment experience these days provide remitters with some options. One, to give a chance for international funding establishments, which is to build various value proposals. Second, to provide enhanced customer service involvement.
Azimo can transfer euro or pound transactions to Thai baht in a minute or less with the help of RippleNet and Siam Commercial Bank. The process recently took at least a business day or more as per Michael Kent, the CEO and co-founder of Azimo.
As per Kent, more countries are choosing instant settlement. Thailand previously unveiled its network, which is a deal with the biggest bank. It will allow users to settle payments within 22 seconds, from the 24-hour turn-around time before. Furthermore, it’s quicker to transfer money to this country.
The news came after the previous declaration about how Azimo introduced the On-Demand Liquidity or ODL solution of RippleNet to the Philippines. Moreover, Siam Commercial Bank previously declared that it’s developing a Ripple-based application or app. This app will remove the necessity to exchange currency to Thai Baht. Moreover, the Commercial Banking’s Senior Vice President said that with RippleNet, the bank’s requests to prolong the experience to small ventures, enterprise clients, and other markers.
The current corridors are facing new listing days while Ripple was able to introduce another settlement corridor. These corridors to Mexico, Australia, and the Philippines hit an all-time high or ATH price in the past days. On April 8, it reached 25.6 million XRP. The information is as per the Liquidity Index Bot.
The settlement corridor directing to the Philippines witnessed an ATH of 10.8 million XRP. The Australian dollar corridor hit an ATH of 10.8 million as well, along with the past listing on April 5 that’s 9 million XRP.
XRP Liquidity Index Boosts as Coronavirus Contagion Continues
The XRP Liquidity Index surged to a new high record, and the XRP/MXN, XRP/PHP, and XRP/AUD are the biggest gainers. Ripple’s On-Demand Liquidity or ODL adoption gradually copes up with the pace as the volumes increased in the previous months.
The XRP/MXN Liquidity Index hit an ATH or all-time high worth 26.7 million XRP, wherein the increase was 170%. Bitso, a platform by MoneyGram and Ripple, launched the ODL to the Mexican market.
As per reports, the three liquidity indexes began listing favourable numbers of surges when the Coronavirus pandemic had its peak in March. Since billions of people are at home because of the lockdown, the demand for cross-border payments increased.
Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.
