Investing.com – has now firmly established itself in the world of crypto businesses. Developments for cross-border payments are finding favor with a growing number of payment service providers.
Ripple does not only want to focus on individuals and companies, but has also discovered central bank financial transactions for years as a possible field of action.
This is why solutions based on the XRP ledger have been developed, which central banks can use to establish their own digital currency (CBDC). The first pilot projects are already underway, such as with the central bank of Bhutan and the Republic of Palau.
In order to progress more quickly in this sector, a hackathon was organized three months ago. The 483 developers who participated had only one mission: to develop applications to establish a link between the CBDC and cryptocurrencies. The finalists for this competition are to be announced today.
It is particularly interesting to note that Ripple’s CBDC advisor, Anthony Welfare, announced that there will be some positive news related to the use of CBDC in the coming weeks.
Ripple seems to have taken a good step ahead of its competitors in this area and it is possible that the XRP ledger will become the standard for all central banks in the future. Indeed, as the World Bank explained, a CBDC only makes sense if there is interoperability with other CBDCs. Only in this way can central bank digital currencies fully play their role, because it is ultimately about sending financial flows in seconds to any place in the world.
Ripple Technical Price Marks
The hit its daily low yesterday at the 78.6% Fibo retracement of $0.3135. A rally then ensued, which eventually led to the daily closing price above the 61.8% Fibo retracement of $0.3339.
As long as trading takes place above this level, we can expect an extension of the upside move towards the 50 percent Fibo retracement of $0.3482.
On the other hand, if the daily closing price breaks below the support of the 61.8% Fibo retracement, expect a retest of the 78.6% Fibo retracement. Below this threshold, the door would open for further losses towards the psychological level of $0.30 and the cycle low of $0.2875.
By Marco Oehrl