Ripple’s XRP token has a posted a 6 percent profit to establish a fresh weekly high towards $0.534. The bullish behavior also got the coin close to replacing Etherum as the second-largest cryptocurrency by market cap.
The XPR/USD value appreciated from 0.506-fiat to 0.535-fiat on Monday. The price action underwent a weak downside correction later. It found support at 0.516-fiat and is since hinting a further upside bias. The pair is now trading at 0.532-fiat, looking to reclaim the weekly high, followed by a breakout towards 0.556-fiat, the November 6 high. The level also poses as a potential upside target for the intraday long position albeit the long-term bearish bias.
To the downside, a push below 0.516-fiat could enable the market to locate the next likely support at 0.506-fiat. The level also marks a downside target for day traders, looking to enter short positions towards the levels and generate maximum intraday profits.
Ripple-based Interbanking Corridor
Japan’s MUFG Bank on November 9 announced the signing of a Memorandum of Understanding (MoU) with Banco Bradesco S.A., a Brazil-based banking service. The MoU discussed a partnership between the two organization to create a cross-border payment corridor that would be powered by the Ripple technology.
However, the press release about the MUFG-Bradesco partnership never elaborated which of the Ripple solution they would utilize. The San Francisco company currently offers xCurrent and xRapid solutions in its line of products. Many a time, the adoption of the xCurrent solution has been wrongly attributed to the rise in XRP value. Though, the product does not make it mandatory for participants to purchase XRP to complete a cross-border transaction. The xRapid solution, on the other hand, exclusively uses XRP tokens.
The XRP price action remained relatively calmer on the day of the announcement. Around that time, the US Dollar was posting fresher highs, as discussed in this analysis, weakening all the quoted assets, including Bitcoin and Ripple. The XRP upsides developed only after the comments of Ripple’s CEO Brad Garlinghouse about the coin’s long-term bullish sentiments surfaced.
Ripple Better than Bitcoin and SWIFT
Amidst the rumors that Ripple was looking to partner with SWIFT, Garlinghouse cleared that the interbank messaging network was, in fact, a rival. He went on by saying that Ripple would likely replace SWIFT as the world’s leading interbank financial network.
“The technologies that banks use today that Swift developed decades ago hasn’t evolved or kept up with the market,” he said. “Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”
The CEO also projected XRP as a better currency than Bitcoin. He said that their money is 1,000 times cheaper and faster than the world’s leading crypto-asset. The comments came after the rumors about White House looking to pit XRP against Bitcoin surfaced last month.