Ripple CTO Analyzes Barclays Bank decision to block card transactions on Binance

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Ripple's XRP Seeing Double-digit Growth as the Company Expands its Presence in Asia
Ripple's XRP Seeing Double-digit Growth as the Company Expands its Presence in Asia

Ripple’s Chief Technology Officer, David Schwartz, shared his views on the recent sage involving British banking giant Barclays Bank,.

The bank blocked card payments to Binance Exchange to “protect” its customers.

Ripple CTO: Financial Institutions Should be Prohibited from Refusing Transactions 

The brain behind the XRP ledger suggested that financial institutions should be prohibited from arbitrarily declining transactions “without appeal”.

In a previous report, Barclays Bank announced to its clients that it is “excluding Binance credit/debit” based on the recent warning from the Financial Conduct Authority that any entity of the company is not allowed to engage in regulated activities in the area Great Britain has also “blocked”

Binance, the largest cryptocurrency exchange, described the decision as “disappointing” in its latest statement.

Schwartz claimed the government made it “very difficult” to avoid financial intermediation.

Hence, he doesn’t believe Barclays is to blame:

“It is not the bank’s fault. They would prefer not to have this responsibility. It’s the government that makes them responsible that forces them to have absurd policies.”

XRP Starts Bullish Move on Tuesday

Ripple’s XRP started bullish early in trading and stayed green for the past week, gaining more than 4% over the past 7 days. At the time of writing, XRP/USD was trading around $0.67 and has continued bullish sentiment since the weekend.

On the XRP/USD 4-hour chart, most moving averages and momentum indicators are bullish. However, the MACD also showed a certain selling pressure.

The price of XRP remains below the $0.68 pivot point that needs to be broken to confirm bullish sentiment. Once that happens, watch for the $0.74 and $0.79 resistance levels before breaking the key $0.80 level.