XRP is trading at $ 0.19 at press time. Despite modest recovery efforts, so far XRP has not regained its highest level until 2020. Poor price performance has been unable to meet the increasing demand for money transfers on corridors around the world. One of the newest and most important corridors is Australia's RippleNet.
The money transfer market in Australia has been active for several decades. Notably, cash outflows were worth US $ 7.2 billion, accounting for 0.5% of the country's GDP in 2018. Australia is the net sender of remittances to countries like China, India, Vietnam, and the United Kingdom. United Kingdom and Philippines.
A well-known Airwallex member of RippleNet is also a fintech unicorn in Australia, recently secured $ 160 million in funding. This event occurred in the context of RippleNet's expansion of global expansion plans and attacks.
Just a few days ago, San Francisco-based blockchain company Ripple announced a partnership with Malaysia's MoneyMatch, which provides cross-border money transfer services to more than 120 countries through RippleNet. Thailand's oldest financial institution Siam Commercial Bank has formed a partnership with Azimo to provide international money transfer services using RippleNet.
Back in the Australian ecosystem, cryptocurrencies are generally not in common use, but customers are increasingly favoring RippleNet's ODL for transferring money across borders. And although FlashFX Acting Director Nicolas Steiger commented that Australian banks' chances of accepting ODL were slim due to lack of demand and / or lack of regulatory clarity, the figures continued to be positive, show increased interest.
This is evidenced by the Liquidity Index for the BTC market through Liquidity Bot Index's XRP / AUD chart that recorded an all-time high of 14.38 million on April 15.
- Liquidity Index Bot (@LiquidityB) April 17, 2020
“Liquidity index for BTC market via the chart XRP / AUD (tendency 28 day)
Daily schedule: 92%
Until today: 14,383,134
ATH: 14,343,683 ”
XRP liquidity in Australia's Bitcoin market was very noticeable during the first week of January 2020, along with achieving the first milestone on February 9, reaching 5 million. Despite the significant reduction, the figures still maintained the uptrend.
The strong rise in liquidity is attributed to the market's recovery after Bitcoin's price rise. Following the price movement during the COVID-19 crisis, several other Ripple indices have also increased over the past few days, such as the oldest ODL XRP / MXN peaking at 33.53 million liquidity on April 13. .
After plummeting from $ 0.2 to $ 0.13 on March 12, XRP took over a month to recover.
The 'transparent-fx' trader from TradingView expects XRP to trade in a range between $ 0.18 to $ 0.21 for a while. In the video XRP / USD Recently, he reviewed 2 scenarios for Ripple Coin.
The first is a rally and assumes that price can successfully break out of the $ 0.2 resistance. Trader stated that XRP could then head towards $ 0.23, fall towards the area of $ 0.21 and spike higher to the next $ 0.26 area.
Talking about the possibility of XRP's breakdown, the 'transparent-fx' trader claimed that XRP could also break the support area and drop to $ 0.16 to $ 0.17. The subsequent up move will result in a reversal to $ 0.13.
Trader recommends waiting for clearer setup.
Trader CryptHawk sees $ 0.234 as a turning point. After breaking this level, XRP has a chance to go further.
- CryptHawk / Trading Plex (@TheCryptHawk) April 18, 2020
“XRP - Currently 45MM long at 0.1895! Pump to 0.2140 - 0.2255! 0.234 is turning point price increases but I don't even think it's happening right now! ”
You can see the price of XRP here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to AZCoin News
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