After dropping to below $0.37 earlier this week, XRP has been steadily climbing back towards the significant $0.40 level that has proven to present strong resistance the past few weeks. The weekend has brought good fortune for the coin, with several injections of fresh volume helping it make significant gains.
Ripple Speaks to the Basel Committee at FinSAC
Representatives from Ripple have been attending several conferences throughout Europe lately, including the International Conference on Fintech in the Austrian capital of Vienna. The conference was organized by the World Bank and hosted at the city’s Financial Sector Advisory Center (FinSAC).
Aimed at bringing together big names in the fintech and financial industries, the conference saw discussions and speeches from bankers, regulators, and entrepreneurs regarding the fintech world – including developments in the distributed ledger technology (DLT) industry.
Ripple’s head of regulatory relations in Europe, Dan Morgan, attended the conference and discussed requirements needed to drive adoption of cryptocurrency with the Basel Committee. The group has previously noted risks presented by cryptocurrencies in the banking industry due to fraud, scams and high volatility. At the conference, it reiterated its stance regarding the need to monitor the financial industries exposure to cryptocurrencies and the prudential treatment of such.
In a Twitter post regarding the conference, Morgan noted the importance of such a review and how it was “encouraging to hear”.
XRP added to Kava Labs ‘Switch’ Cards
Cryptocurrency firm Kava Labs has announced it will be including XRP as one of the initial three cryptocurrencies added to its new ‘Switch’ non-custodial trading platform and virtual card service.
Built upon the Interledger Protocol, Switch utilizes micropayments over various third-party payment corridors in order to complete cryptocurrency transactions without the need for taking custody of the funds. This gives users all the benefits of a decentralized exchange (DEX) without the problems usually associated with such platforms.
Bitcoin (BTC) and Ethereum (ETH) have also been added to the service but unlike XRP, they both require a third-party service like Lightning Network to complete payments. Since micropayments on the XRP blockchain can already be completed instantly and with almost zero fees there is no need for a 3rd-party provider.
Other than the 10-day simple moving average (SMA10), all moving averages currently put XRP in a strong buying position. Its relative strength index (RSI) is neutral at 56.415 but the MACD suggests a potential downturn incoming.
Recent price movements put XRP in a good position to retest $0.40, possibly in the next 24 hours, following some strong gains today. After hitting a low of $0.374 earlier the coin has climbed to current highs of £0.385. However, after three previous rejections at the level, it will need some serious buying volume to push it through this time around.