- Ripple is already gaining traction against the traditional cross-border payments system SWIFT.
- XRP/USD is trading at $0.3662 after finding support at $0.3600.
The largest commercial bank in Thailand recently told the community on Twitter that it was sure about the integration of Ripple’s blockchain. Siam Commercial Bank (SCB) wrote that the use of XRP token will have to wait for further communication.
“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”
The bank which is also the oldest in the country had already carried out a cross-border payments trial while utilizing Ripple’s technology. The trial saw the bank complete transactions in just a minute from 2-day transaction time. If SCD continues with the integration of XRP, the support will be massive for the token as it expands the network worldwide.
Ripple is already gaining traction against the traditional cross-border payments system SWIFT. The RippleNet network has more than 200 partners with Japan’s SBI Group being one of the most significant parties.
Meanwhile, XRP is trading at $0.3662 after finding support at $0.3600. The price is trading between the support and resistance of the moving average with the 100 SMA offering support at $0.3600 and the 50 SMA limiting gains at $0.4000. It is likely that XRP will reverse the trend upwards following the correction from the levels slightly below $0.4000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
Since Donald Trump’s victory on November 5, Dogecoin has emerged as the best performing asset among the top 10 ranked cryptocurrencies. On November 12, DOGE reached a new milestone price propelled by Trump’s statement confirming Elon Musk’s involvement in the incoming administration.
Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732
Ethereum is trading near $3,220, down 2.5% on Wednesday after its supply began trending downward. The declining supply could fuel bullish pressure for the top altcoin, especially as institutional demand for ETH ETFs is also rising.
PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing
PEPE rallied over 50% on Wednesday and hit a new all-time high after crypto exchanges Robinhood and Coinbase announced they would list the meme coin on their respective trading platforms.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.