- Cuallix has recently praised the financial solution provided by Ripple.
- The market is now trading in a newly established trading range between $ 0.3185 and $ 0.3449.
- Support in progress: $ 0.32, $ 0.3185, $ 0.3028, $ 0.29, $ 0.2858.
- Forward Resistance: $ 0.3449, $ 0.3635, $ 0.3943, $ 0.40, $ 0.4178, $ 0.4280, $ 0.4542, $ 0.4617.
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Cuallix, a financial institution with over 25 years in Mexico, the United States and Hong Kong, has collaborated with Ripple provide cross-border payments from the start of 2018. The company was one of the first three to use xRapid and XRP in cross-border payment trials.
XRapid it is a liquidity solution for banks that use XRP as a bridge currency. Help financial institutions eliminate delays and reduce costs in global payments.
Cuallix CFO, Nicolas Palacios, recently spoke at the Swell Conference in San Francisco, where he said that the use of Ripple technologies allowed them to transfer funds in a faster, more efficient and transparent way that could be transferred to their final customer. He also said he believed he was the only company in Mexico to use the product so far.
According to Palacios, Mexico has a great need for good financial products and that Ripple solutions are the "right way" to do so.
Mexico is one of the top 5 remittance destinations in the world, along with India, China, the Philippines and Pakistan. The Ripple solution allows Mexicans to receive money instantly without having to pay the huge fees associated with remittances.
Cuallix had previously stated that after executing the numbers, they found that the xRapid solution is up to 1,000% more efficient than traditional methods. Cuallix also focuses on the provision of credit processing and payment services to individuals and companies and were the winners of the Blockchain Innovators Award in 2018.
We continue to look at the price action for XRP / USD in the short term and proceed to highlight any potential support and resistance areas in the future.
XRP price analysis
XRP is currently trading hands at a price around $ 0.3293 at the time of writing, after losing a small 0.63% in the last 24 hours of trading. The cryptocurrency saw a further fall in prices of 11% over the last 7 trading days, bringing the total price drop to 30 days at 1.2%.
XRP has now reconquered position number 2 as it currently holds a market capitalization value of $ 13.41 billion. The 65-month project has now seen a 28% price drop over the last 90 trading days. The market now trades at a value of 91% lower than the all-time high price.
Analyzing the price action for XRP / USD from the 4-hour perspective above, we can see that from ours last analysis of Ripple, price action fell further below the previous trading interval.
The XRP / USD fell below short-term support .5 Fibonacci retracement level (drawn in green) at a price of $ 0.3635 and continued to decline until further support was reached at short term .786 Fibonacci retracement level (drawn in green) priced at $ 0.3185.
After reaching this support area, the market tried to rebound, but met short-term resistance .618 Fibonacci retracement level (drawn in green) for $ 0.3449. The XRP / USD failed to penetrate above this resistance and has now established a trading interval between $ 0.3449 and $ 0.3185 during the past trading week.
Since the market has established a new lower trading interval, the trading condition is still considered neutral.
If the price action breaks below the trading range, we can consider the market trend as bearish. For XRP / USD to be considered bullish in the short term, we should see price action return above the trading range.
Where is the XRP support under the market?
If sellers begin to push the price trend downwards, we can expect the underlying immediate support to be localized in the short term .786 Fibonacci Retracement level (drawn in green) priced at $ 0.3185, the lower limit of # 39; trading interval.
If bears can cause XRP / USD below the bargaining range, further support can be expected at the short-term level .886 Fibonacci Retracement level (drawn in green) for $ 0 , 3028.
If sales pressure continues to cause a decline in XRP / USD below $ 0.30, we can expect further downside support to the previous long-term downside 1.414 Fibonacci Extension level (drawn in pink) ) at the price of $ 0.2858.
Where will the market resistance to the opposite side meet?
Alternatively, if buyers start pushing prices up higher, we can expect immediate upward resistance to be at the upper limit of the short-term trading horizon .618 Level Fibonacci retracement (drawn in green) for $ 0.3449.
If the bulls can continue to rise and push the market above the currently established trading range, a further resistance above can be localized in the short term .5 Reduction of FIbonacci (drawn in green) for $ 0, 3635. If XRP / USD continues above this resistance level, the market will have entered the previous trading interval described in ours previous article.
You will expect a further higher resistance to the downward Fibonacci retraction levels (382 and .5) (drawn in red), with a price of $ 0.3943 and $ 0.4280 respectively.
If the bullish pressure continues to push the prices even higher, more resistance above is found at the short-term 1.618 Fibonacci extension (drawn in purple) at the price of $ 0.4542. This is closely followed by the Fibonacci .618 retrace level (drawn in red) for $ 0.4617.
After assure more than 200 customers worldwide, Ripple has continued to increase the number of partnerships that use its financial solutions. As more and more partners begin to talk about the benefits of the platform, like Cuallix, the rate of adoption of the financial solution should continue to increase.