Ripple’s XRP was one of the biggest winners in the cryptocurrency market early Thursday. The market was bullish after the company announced the use of its on-demand liquidity service RippleNet (ODL) to improve cross-border transfers between Japan and the Philippines. At the time of writing, XRP/USD is trading at around $0.71 which is up more than 11% in the last 24 hours.
Ripple’s ODL Technology to Expand Cross-border Payments
Although the US Securities and Exchange Commission is pending a lawsuit to determine whether XRP is a security, Ripple is significantly expanding its commercial interests to include Asia. The latest development in collaboration with SBI Remit Co., Ltd and the mobile payment service Coins.ph will enable faster, cheaper transfers using Ripple’s blockchain technology valued at around $2 billion per year.
Earlier this year, Ripple also partnered with the Novatti Group to improve wire transfers between Australia and the Philippines. Additionally, Ripple’s plan to acquire a 40% stake in Tranglo, Asia’s leading cross-border payments company, confirms the company’s strategy to expand into the Asia-Pacific region and use its ODL technology to expand cross-border payments.
On the legal front, investors are eagerly awaiting developments following the dismissal of former SEC executive William Hinman earlier this week. However, since the testimony is more of an affidavit than a public hearing, it is unlikely to be published in full in the short term.
Although Hinman’s testimony is still not available, investors are still hoping this case will benefit Ripple, especially after two members of the U.S. Securities and Exchange Commission recently commented on the uncertain definition of digital assets. After SEC’s Hester Peirce and Elad Roisman admitted in a separate Coinschedule case that the regulatory status of digital assets was unclear, company executives Brad Garlinghouse and Chris Larsen moved to dismiss the lawsuit against them.
Important Levels to Focus on
On the 4-hour chart of XRP/USD, the moving average and leading technical indicators MACD and Momentum are all showing a strong bullish bias, so the uptrend could continue in the short term. The price was well above the $0.58 pivot point and also broke both of the resistance levels of $0.64 and then broke the $0.68 again.
XRP/USD CHART. Source: TradingView
With buyers pushing Ripple’s XRP back above the key $0.70 level, watch out for the next resistance they might encounter at $0.79. Breaking this level can bring XRP back above $0.80.