- Ripple (XRP) prices back to green, stable above 34 cents
- MoneyMatch, a Ripple partner, based in Malaysia now has a remittance license
Malaysia’s MoneyMatch is about to graduate from the country’s regulator sandbox and now have a digital remittance license. As a Ripple partner, this is bullish. Building and partnership will eventually form the base and jolting Ripple (XRP) from current stagnation to above 40 cents.
Ripple Price Analysis
Ripple Inc has acres of space to cover before it effectively competes with SWIFT. And that is not to say Ripple Inc proposals in xCurrent or xRapid is inferior in any way. SWIFT has the organizational assets–being a 43-year-old messaging network, and despite the slow evolution, more than 11,000 banks use their system.
As we know and as history shows, it will take much convincing before banks settle on a new solution. It doesn’t matter what they front—speed, security or cost-saving. That’s their nature. Luckily though, there are steps. A Fintech company in Malaysia and one of Ripple Inc many partners, MoneyMatch, now has a digital remittance license from Bank Negara Malaysia (BNM) allowing them to cater for the needs of both individuals and businesses.
According to Reuters, the FinTech is also the first to receive approval from BNM’s Financial Technology Enabler Group (FTEG) and is a participant of Bank Negara’s Regulatory Sandbox. MoneyMatch will likely graduate from the safety net offered by Malaysia’s sandbox later this year. Here’s what Raja Adam Malik, the firm’s CFO had to say:
“The forward thinking and bold banks will evolve with the market as it changes and, in some situations, work very closely in partnership with fintech startups, often even forgoing potential revenue in certain business lines by partnering with fintech startups and going for the bigger picture and longer-term user engagement for their respective organizations.”
Price wise and Ripple (XRP) is steady and back to green after adding 1.2 percent in the last day. Since XRP is trading within a bullish breakout pattern against the USD and trending above 34 cents, risk-off, aggressive type of traders can load up on every pull-back with first targets at 40 cents as emphasized in our last trade plans.
Despite our outlook, we must also note that Ripple (XRP) has low volatility somehow diverging from fundamentals. For this precise reason, we recommend patience for conservative traders even if prices are stable above 34 cents with Apr 2-5 bars clearing above minor liquidation marks.
It is after bulls clear 40 cents with high volumes that risk-averse traders can load up and aim at Sep 2018 highs at 80 cents.
Participation, like in other assets, is low and by yesterday’s close, volumes stood at 12 million against 79 million of Apr 2. Regardless, we are optimistic expecting Ripple (XRP) to find support at 34 cents before expanding above 40 cents at the back of high transactional volumes exceeding 79 million.
Chart courtesy of Trading View