- Thai bank incorporates Ripple’s XRP for cross border payment
- Ripple Price Analysis – XRP encounter price hurdles
Siam Commercial bank (SCB), Thailand’s oldest bank recently announced its partnership with Ripple to develop a mobile application run by blockchain to provide swift, affordable cross-border transactions. The app named SCB Easy was demoed in December during Ripple’s Swell event. according to the report, the demo illustrated its capability to swiftly carry-out cross-border payments.
Commenting on the project, the senior vice president of SCB, Arthit Sriumporn stated:
“It is so difficult to send and receive money today. People must physically go to a bank branch, fill out long and complicated forms and wait for payments to be received—with no transparency. With our service, their loved ones from abroad can transfer payment and receive money immediately.”
Sriumporrn then demonstrated how the app works, sending payment to a recipient’s bank account within 40 seconds. To ease the transaction process, SCB is working with Ripple to provide cross-border EMVCo QR payments. QR payments are quite popular in Asia, using this ability will allow SCB to provide customers micro-payment services in addition to remittances. SCB is planning to extend its services to Cambodia, Laos, Myanmar, and Vietnam, jointly known as the CLMV countries.
Ripple Price Analysis – XRP encounter price hurdles
After showing a substantial surge, Ripple’s XRP has failed to exceed the $0.2250 resistance level against the U.S dollars. There was a severe bearish momentum in the price of XRP and the price declined below the $0.2150 support. Also, there was a break below the $0.2100 support and the 100 hourly simple moving average. The bulls have failed to protect the $0.2080 support and the price traded as low as $0.2031.
Looking at ripple, it is currently correcting higher after trading as low as $0.2031. It recovered above the 23.6% Fib retracement level of the recent decline from the $0.2170 high to $0.2031 low. However, the previous support near $0.2080 is now acting as a hurdle. More importantly, there is a major bearish trend line forming with resistance near $0.2105 on the hourly chart of the XRP/USD pair.
The 50% Fib retracement level of the recent decline from the $0.2170 high to $0.2031 low is also close to the $0.2100 level to avert an upside break. Thus, XRP needs to rise above $0.2080, $0.2100 and $0.2120 to begin afresh increase.
XRP (XRP) Price Today – XRP / USD
The MACD for XRP/USD is about to gradually moving to the bullish zone, while the RSI for XRP/USD is now well below the 50 levels. The Major Support Levels are $0.2050, $0.2000 and $0.1980, while the Major Resistance Levels are $0.2080, $0.2100 and $0.2120.