By
Godfrey Benjamin
April 24th, 2024
Bank of America admits that Ripple offers a truly innovative solution. But there is still a question whether it will impact the XRP price positively.
In an ongoing report, Bank of America (BoA) said that Ripple’s cross-border presentation was innovative and praised it. As a fan of XRP, known under the online nickname BankXRP, pointed out on Twitter, BoA commended Ripple on the deposits of transitional payments.
Bank of America : Ripple cross‐border solution Ripple’s distributed ledger solution remedies legacy correspondent banking infrastructure challenges and provides bi‐directional messaging to enhance payment tracking, data transmission, and enables enhanced certainty in settlement. pic.twitter.com/ScMSzfOU9c
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) December 8, 2019
The Bank of America has announced the merits of this provision, including ease of deposits and a simplified model for correspondent relationships.
According to the bank, Ripple’s worldwide deposit provision works well as an answer to the cross-border treasury system. The bank similarly announced four possible advantages of the cross-border payment solution provided by Ripple.
These include the integrity, the rearranged financial system for correspondence, a possible reduction in the size of investigations and reforms, and a possible way to ensure liquidity in the United States.
The Ripple distributed ledger provision tends to the issues related to the out of date correspondence banking foundation and gives bi-directional information to improve deposits following, information transfer, and trust in the settlement.
Ripple technology’s development has consistently included selling DLT and XRP solutions to international organizations such as deposit systems and banks.
XRP/USD Continues to Pullback for Five Consecutive Days
Supply Levels: $0.2203 $0.2112, $0.2025
Demand Levels: $0.2501, $0.2340, $0.2280
XRP is off for five consecutive days. At the time of writing, XRP/USD was trading at $0.2205, about 2% since the beginning of the day and 3% over the past seven days.
Technically, XRP is vulnerable to more losses, as long as it remains below the $0.2200 level. If the bulls can push the price above this barrier, the technical picture will improve in the short term with the next focus at $0.2280 level. There are currently several important levels grouped above and below the price.
XRP/USD price is in a trend near support, which posted technical resistance at $0.2203 level. After failing to rise above $0.2280 level in previous sessions, Ripple once again faced sellers today at the same price level and failed to rise above $0.2201 level.
The outlook remains bearish, indicating an intact downtrend in the short, medium and long term.