- Ripple prices under pressure at 34 cents
- Instimatch Global partner with R3 Corda Settler
- Transaction volumes high but could dip in coming days
There is consolidation happening in the remittance space, and it is good news that Instimatch Global is partnering with R3 Corda Settler. Yoshitaka’s SBI Holdings is behind Ripple Inc and R3 and therefore, successful use will see XRP demand increase as prices finally break above 40 cents.
Ripple Price Analysis
Instimatch Global, a firm that says “enables a diverse community of institutional borrowers and lenders to make valuable financial trading connections, securely and intelligently harnessing trades and data to put liquidity to work” has unveiled a new dApp that integrates R3 Corda Settler that uses XRP.
In a statement, the company says they are replacing their “centralized database version which has seen a volume of over 1 Billion USD.” Already, the digital network has on-boarded 50 banks, and with the new dApp, participants would easily and securely have an intuitive interface to participate in inter-bank trading.
There is movement around Corda Settler and not it was only weeks ago when Yoshitaka Kitao, the head of the Japanese banking consortium said XRP and Corda Settler have a “high affinity.”
“You can use R3’s ‘Corda’ for international remittance, but Corda Settler and XRP use this because they have high affinity. That’s why the SWIFT partnership with R3 (Corda) is good news that brings bright materials to the market… What I emphasize is to combine R3 and Ripple to make XRP thoroughly practical useable.”
SBI Holdings and Kitao are supporters of Ripple and XRP. The bank, speculators say, may be behind the move to partner SWIFT—the dominant player in the global payment scene, with Ripple Inc, the company behind solutions as xRapid and xCurrent.
Meanwhile, XRP bears are back, and at spot rates, the third most valuable coin is down 3.3 percent at the time of writing.
With the slide, a double bar bear reversal pattern is likely to print at our buy trigger level meaning that none of our trading conditions are live. Because of this slide, our previous XRP/USD trade plan is valid, and as long as prices are trending above 30 cents, buyers are in charge.
30 cents as we have mentioned is a strong but minor support line that marks the lows of Dec 2018. It is also the base of the triple bottoms of Dec 2018 through to Feb 2019. If by any chance sellers drive prices below 30 cents then we might see liquidation towards 25 cents or Sep 2018 lows.
As long as price action is between the high volume bars of Feb 18 and 19—the inverted bar, then buyers are in charge. After encouraging upswings of this week, it is likely that prices will dip. Accompanying this shrink will be low volumes well below the 52 million averages of Feb 18-19.