- News from Japan pushed XRP price higher, but the recovery has yet to gain traction.
- XRP/USD is moving towards $0.90, off the intraday low at $0.8736.
Ripple has made another achievement within its effort to marry blockchain technology and traditional financial system. In Japan 61 banks are working on MoneyTap mobile app that will allow users instantly transfer funds to other Japanese bank accounts by way of Ripple blockchain. The Beta testing is scheduled to start within the next months, while three financial institutions are going to roll it out later this year.
The app will use open API connections to transfer money between bank accounts and make “faster, safer and more efficient” payments around the clock. Currently, the cash transfers are processed only on weekdays until 3 p.m. local time.
Ripple price technical picture
XRP/USD has managed to recover from the intraday low, but the price is still below the short-term pivotal level $0.90. Once it is broken, the upside may extend towards $0.94 (100-SMA on hourly chart) and $0.97 (Tuesday’s high).
On the downside, the local support is produced by daily $0.8736; it is followed by $0.8550.
XRP/USD, the hourly chart