11.11.202109:55 Forex Analysis & Reviews: Ripple decided to do something else

The Fintech startup Ripple has announced that it is launching a new product that will allow financial services companies to offer their customers the opportunity to buy and sell cryptocurrencies, while the cryptocurrency market has collapsed from its highs.

Judging by the fact that nothing has been heard from Ripple lately, investors were delighted with this news. This did not lead to a serious change in the exchange rate, but the demand for this asset has clearly increased. The San Francisco-based company said that a feature called the Liquidity Hub will provide corporate customers with access to digital assets from various sources. Customers will have the opportunity to purchase the most common cryptocurrency assets such as Bitcoin, Ethereum, Litecoin, etc. The company also hopes to offer access to a more extensive list of assets, including NFT, in the future. As stated in Ripple, this feature is currently at the stage of preliminary testing and its launch is scheduled for 2022.

RippleNet

Asheesh Birla, RippleNet's general manager, believes that the company's new tool can be considered as an "aggregator for various liquidity platforms and individual assets." As an example, he cited Google flights for airlines. According to Birla, the product has been developed for almost two years, and currently, his first client to use this service is Coinme, an ATM operator working with cryptocurrencies based in the United States.

Founded in 2012, Ripple is closely linked to the XRP cryptocurrency. The company sells its technology to financial companies as a kind of "bridge" to accelerate international payments. However, whether someone actually uses such services is still not clear. But according to CoinMarketCap, this does not prevent XRP from being the seventh-largest digital currency in the world.

Of the key services, Ripple offers its platform called RippleNet, a financial transaction exchange service that is used by banks and other financial institutions to send money across borders. Ripple advertises its offer as a competitor to SWIFT, a global network of interbank payments.

However, the fate of Ripple hangs in the balance, as the company has been in the proceedings initiated by the U.S. Securities and Exchange Commission for a long period of time. The regulatory body claims that its executives Brad Garlinghouse and Chris Larsen raised more than $1.3 billion through the placement of unregistered securities. Ripple is fighting the lawsuit, arguing that XRP should not be treated as a security.

XRP's technical picture:

At the moment, the trading instrument is within its large maximum of about $1.35, the breakthrough of which will provoke a number of purchases with the aim of reaching $1.48 and $1.60. The $1.78 level will act as a larger resistance. If the pressure on the trading instrument returns, and the bulls fail to break above $1.35, then apparently the $1.21 level will play the role of support. Its breakthrough will dump XRP already in the $1.10 area, which will create certain problems for traders counting on a more active growth of the trading instrument.

As for Bitcoin's technical picture:

Traders hurried to take profits after updating the next historical high in the area of $68,000, which led to a decline in the trading instrument to the support area of $66,450. A breakthrough of this level will quickly push the world's first cryptocurrency in the area of $62,400 and open the way to $58,160. But if the bulls keep under control the level of $66,450, it will be possible to observe the update of the highs in the area of $ 68,500 and $ 69,000 in the near future.