Ripple is now part of the Open Payment Coalition, an alliance that forms the PayID. It is a partnership of goodwill that brings together over 40 companies. A move that may impact the Ripple price, the announcement is a key part of an infrastructure that will shape remittance in the coming years.
Ripple Joins PayID
PayID pools together several benefits offered by partner companies consisting of exchanges.
Although Ripple seeks to change the way global payment is done with a clear objective of slashing time and costs, it can’t achieve this goal on its own.
Together with over 40 global companies and nonprofits, Ripple joins the Open Payments Coalition to help drive innovation forward and simplify global payments for all. Discover the coalition’s #PayID, an exciting step for global interoperability. https://t.co/LU0WcxDftV
— Ripple (@Ripple) June 18, 2020
In total, over 100 million customers–once PayID rolls out, will benefit from fast transaction times. Specifically, the solution rids the need for bank account numbers or complex SWIFT codes.
Instead, an email address or a phone number linked to a user bank account will do the job of verification and executing fund transfer.
PayID is already in use in Australia, enabling its citizens to send out funds at any time of the day. Interestingly, the solution incorporates digital assets. This interoperability with fiat gives it another edge over legacy solutions.
Ripple’s regulatory proposal to the SEBI
Meanwhile, there were unfounded rumors that despite the Supreme Court ruling in early March, the Reserve Bank of India (RBI) was on a brink of banning cryptocurrency trading.
Ripple has now stepped in by suggesting a regulatory framework to boost blockchain adoption. The policy paper empowers the country’s Securities Exchange Board of India (SEBI) to license blockchain and crypto businesses.
Responsible use of blockchain and its application can tremendously boost India’s economy said Navin Gupta, a Ripple executive.
Ripple price analysis
At the time of going to press, the Ripple price was largely unchanged. Trading at $0.187, XRP is down by roughly two percent in the last trading week.
In the daily chart, price action points at bears. The failure of prices to recover and reverse sharp losses of June 11, 2020, could spur another wave of dumps, heaping more pressure on Ripple price. Immediate support is on May 10, 2020 lows of around $0.171.
Since XRP is below the three-month support trend line (now resistance), below June 11, 2020, and still held within May 10, 2020 trade range, XRP may likely crater to $0.170. This is advised from an effort-versus-result point of view.
This forecast will be null if Ripple price expands above June 11, 2020 highs, and the middle BB (the 20-day moving average) at the back of high trading volumes. In that case, the Ripple price may rally to $0.215 or the current June 2020 high.
Any break below $0.17 and there will be few zones of support preventing XRP from sinking to March 2020 lows of $0.110.
Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.