Ripple [XRP] Price Analysis: Bullish XRP above 17 cents
For blockchain projects to thrive, they must partner and attract users. In many ways, partnerships with established traditional companies can drive this, but in the long run, however, project independence, given blockchain ideals, changes the rules of the game.
Ripple has been successful in that sector.
More than 300 banks went online at the end of 2019 and used RippleNet the network for efficiency, security, and end-to-end encryption provided by xCurrent, a solution that is part of the RippleNet suite.
Association of commercial banks Azimo and Siam
There have been developments and new partners in the last quarter and one of them was the announcement that Azimo will connect with one of the oldest banks in Thailand, Siam Commercial.
The objective is to eliminate friction, significantly reduce the cost of remittances and, in general, improve efficiency among users in Europe and those in the Southeast Asian country.
With the integration of RippleNet, funds in pounds sterling and euros can be sent almost instantly between the two zones, a benefit for the diaspora that for years had to deal with the high cost of sending funds.
Michael Kent, co-founder and CEO of Azimo, while commenting, said:
“Thailand recently launched its instant payment network, and this partnership with the country's largest bank allows us to get the time to settle payments of around 24 hours to an average of 22 seconds. (It is) faster to send money to Thailand than to someone in Europe. "
XRP had the worst performance in the first quarter of 2020
Still, regardless of the number of partnerships and Ripple refraining from selling XRP programmatically to finance XRP development and use cases, the coin performed worst in the first quarter of 2020, according to Messari.
XRP / USD price analysis
He xrp price it has range limits and is capped below 20 cents. Week to date, it is up three percent and is encouragingly trending within the April 6 high.
Although prices vary within the March 12 candle, the development and rejection of lower prices during the week is an indication of support.
In particular, XRP is trending above the 20-day moving average and the April 12 bar was bullish, printing a three bar bullish reversal pattern in line with April 6 gains.
From previous XRP / USD price analyzes, aggressive traders can buy the falls with targets in the 20-22 cent zone, which marks March 12.
On the other hand, losses below 17 cents and specifically 16 cents or lows on March 30 invalidate this bullish projection.
Disclaimer: This is not investment advice. The opinions expressed here are those of the author.
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