XRP/USD resumes declines despite overarching correction; American Express could adopt XRP for its cross-border payment

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  • “American Express distinctly understands the issues that SMEs face with traditional banking, from cross-border payments to access to credit,’ writes Ripple
  • The upside breakout position still stands at $0.68, which will open the way for XRP/USD to attack the key resistance at $0.70.

Ripple price is still extending declines as the week’s trading comes to a halt on Friday. XRP/USD traded marginally above $0.68 on Thursday before correcting lower dropping below the bullish trendline. The price is currently dancing with the 23.6% Fib retracement level with last highs of $0.69 and a low of $0.54.

In one of the latest communication from Ripple, the company has discussed some of the challenges that small and medium enterprises (SMEs) deal with when sending small cross-border payment. American Express concentrates on offering cross-border payments mainly for large institutions but the small businesses also require faster but cheaper payment solutions. Ripple’s discussion states that:

“American Express distinctly understands the issues that SMEs face with traditional banking, from cross-border payments to access to credit. The company’s “Open Forum” is a highly regarded and popular platform for resources and support to help small-to-medium businesses grow.”

American Express is already utilizing Ripple’s xCurrent payment solution but they intend to increase the application of Ripple-based solutions to reduces the instances of fraud. The post continues:

“With Ripple-powered blockchain helping facilitate transactions behind the scenes, American Express customers in the U.S. are already seeing quicker payments. Ripple and American Express have also aligned from a fraud perspective — risk, user experience, and customer service. This has allowed for a “holistic experience” that’s ultimately benefited the customer.”

In the meantime, the buyers are being overwhelmed by the rising selling pressure. However, the gap between the moving averages is reducing which could signal for an entry position for the bulls. The upside breakout position still stands at $0.68, which will open the way for XRP/USD to attack the key resistance at $0.70 while eyeing $0.8 in the long-term. On the flipside, the 38.2% Fib retracement level will stop declines at $0.64 but a stronger support lies at $0.60.

XRP/USD 1-hour chart

 

 

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