Ripple And Visa: Any Feud?
There has been a lot going on in the cryptocurrency industry lately. One of the most interesting cases is Ripple and its ties (or lack of them) with Visa.
We finish this week with another fascinating analysis of a cryptocurrency. Last time, we looked on Litecoin. Today, we want to check out Ripple (XRP).
Visa on the market
Visa has announced the commercial launch of “Visa B2B Connect” – the platform based on blockchain technology. According to Visa, the solution will be used by leading partners who will gain access to conduct and manage cross-border transactions, increasing the security and transparency of transfers. The platform will undoubtedly encourage many financial institutions that currently benefit from similar solutions at Ripple.
If Visa follows the example of Ripple, we can witness the next turning point in the blockchain market. The inauguration of such a large enterprise in the cryptocurrency market would trigger a strong response. Recently, Visa has announced the partnership with Facebook, which is working on its digital token, Libra Coin. The company has also informed about the acquisition of one of the Ripple’s partners, Earthport, with which Ripple has been cooperating since 2014.
The market still values XRP
All of that may have a significant impact on the market value of XRP. In the face of competition from Visa, we can expect the activation of the supply side. However, when we take a look at the current XRP market and the shaped uptrend, it seems that the market demand for such products is extensive and not yet satisfied.
There was a strong increase of XRPUSD on May 14, which set the new maxima in 2019 at 0.47800. They have not been broken until now, although they have significantly improved sentiments among the investors. The exchange rate moved back to the support area of 0.36400 and determined the upward trendline, which is now maintaining successive levels of support. The value of XRPUSD is characterized by the variability of the last month at 0.11400, which is 25% of its value. Currently, the rate is at levels that have so far determined the volatility of fluctuations in the shaped uptrend. There is a possibility of sliding to about 0.4150, and even further to the trendline at 0.39300. What speaks in favor of the bulls is the current struggle in the vicinity of 0.43260 and the fact that the uptrend has been maintained for a long time. Now, we can expect the test of strength between demand and supply. If the bulls are still in the dominant attack, the increases of this year’s resistance are almost certain.
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