As a cryptocurrency company, Ripple Labs continues to work on expanding its xRapid remittance product and RippleNet solutions to financial institutions and payment providers around the world. Recently, the blockchain solutions provider and cryptocurrency company commissioned a branch in Zurich Switzerland that will focus on the growing portfolio of institutional clients in the country. Zurich is one of the biggest cities in the world and home to the largest and most significant banks.
According to Ripple’s XRP Research Center, the purpose of the Zurich office is to scale up XRP digital assets sales to institutional and corporate buyers. The branch has been given the mandate to establish other branches and subsidiaries in the country and the region. The Zurich bank was founded on 29th May and specialized in the sector of Service for banks and credit institutions.
Following the news of the opening of the Zurich office, Ripple Twitter followers flood their excitement on approval to the social media platform congratulating Ripple for such a groundbreaking move.
Also, a Philippine-based blockchain startup, SendFriend, which signed a partnership agreement with Ripple earlier this year recently confirmed its readiness to start xRapid powered payments later this year. The move is scheduled to have a positive impact on both companies.
Ripple continues to stay true to its cause making constant advancement in the cross-border money transfer industry by introducing new solutions that are aimed at easing financial transactions globally. However, Ripple’s XRP digital asset has been showing slow signs of growth since the beginning of the year and continues with the trend despite the predictions.
Ripple XRP Price Analysis
In the last 30-days, Ripple has come full circle with its cryptocurrency, XRP, recording both positive and negative price fluctuations.
Early June, XRP started the month exchanging at about 0.42 USD to close the month exchanging at the same level of XRP to USD as recorded on 30th June. On 4th June, Ripple’s XRP was trading at 0.45 USD, a figure that has since depreciated by 6 percent to land at the current price value.
The XRP prices fell at 0.38 USD soon after the June 4th price mark but started to appreciate later on to cross the 0.45 USD mark to make way for its subsequent price upsurge of about 0.5 USD to record its 90-day high value.
Following Bitcoin’s most recent rally that saw the number one cryptocurrency surpassing the 11,000 USD mark, again, Ripple prices seem to refuse to get out of the bearish zone against the US Dollar.
The past 72-hours has witnessed XRP/USD pair extending losses below the 0.29 USD and 0.286 levels. The recent fluctuations saw the pair record new monthly lows of about 0.3810 USD before the price started a fresh recovery. The XRP/USD pair broke the 0.39 USD and 0.392 USD resistance levels.
Monday’s XRP price movements were bullish enough to save and push the prices above the 0.41 USD level from its opening value of 0.396 USD. However, since the upsurge, XRP prices have since dropped significantly with XRP prices hitting the ground at 0.38 USD breaking its primary support level of about 0.39. Later on, XRP prices corrected upwards to close the day at 0.4068 USD.
The successful close above the 0.405 USD resistance level might be good news for the cryptocurrency as it might push it further higher. Going by observation, immediate resistance could be approaching at the 0.4085 USD or 0.41 USD level.
Ripple’s XRP has a lot of potentials despite the cryptocurrency not showing much price movement since the beginning of 2019 from its value of 0.35 USD to its present value of 0.397935 USD. Ripple’s coin might rise above the 0.9 USD level before the end of the year going by the recent pace XRP has been gaining.
Two years down the line, many crypto analysts predict XRP may have a valuation above the 50 USD value. Yes, that’s quite an ambitious prediction, but given the strides Ripple has been making lately to support its coin growth, that’s more than a possibility. Let’s see, only the time will tell though.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.