As the Ripple price pump, steadying above $0.20, news of Visa continues to instill confidence in traders and holders.
Last week, the giant payment processor revealed plans for supporting Bitcoin, ETH, and XRP payments. Besides, they also seek to invest and secure the underlying infrastructure essential for crypto payments. This is a big step in the right direction.
Visa to support BTC, ETH, and XRP Payments
For a space struggling with government agencies and regulators and thin liquidity, an endorsement from a leader in payment is a huge boost. In their roadmap, Visa plans to critically work with legislators and regulators to shape the dialogue and understanding of cryptocurrencies.
In a scene still at its nascence, compliance with applicable rules is shaping. Visa seems to prioritize compliance as several U.S. politicians—like President Donald Trump, aren’t convinced of crypto. Instead, most are (expectedly) supportive of the USD, and desirous to see its hegemony go uninterrupted.
Towards this end, Visa will partner with regulated crypto businesses, effectively creating a bridge enabling users to pay using crypto through its FastTrack program.
This way, Visa will be at the forefront helping drive crypto adoption.
Part of the statement read:
“Through these efforts, Visa has become the preferred network for digital currency wallets, which are eager to deepen their value to users by making it quicker and easier to spend digital currency worldwide.”
MoneyGram and Visa Partnership
Preceding this exciting development was the announcement of MoneyGram partnership with Visa in September 2019.
In the deal, MoneyGram (a remittance firm of which Ripple is an investor) users will directly send money to Visa debit cards straight from the app or from the website.
Ripple price analysis
The Ripple price is firm above $0.20 after sharp gains over the weekend. Notably, the XRP price is up 9.2 percent against a feeble USD, but down against an equally strong BTC and ETH.
After weeks of consolidation, candlestick arrangements suggest strength. Specifically, not only has the 20-day moving average (MA) held, but bullish candlesticks are now banding along with the upper BB hinting of strong demand (or participation.
Buoying this wave of bulls is a sharp uptick of trading volumes. Although volumes fell on July 26, 2020, participation will likely expand in the course of the week as traders try to fine-tune entries.
Also important from a technical perspective is the sharp close above July 9, 2020 highs as the Ripple price hovers around May 2020 highs. This confirms the bullish breakout pattern of July 8-9 and set in motion a probable wave that could lift XRP prices to $0.25 on the immediate side.
Leaning on caution, a close below the 20-day moving average and July 25, 2020, gains pours cold water on bulls’ attempts.
Chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.