© Reuters.
Investing.com – The XRP ledger, developed on the basis of the Ripple blockchain, provides the necessary technical conditions so that it is now possible to transfer bitcoins through it.
Crypto platform SpendTheBits has offered Canadian merchants the ability to make payments in BTC via XRPL in the future. Transactions will thus be more efficient from all points of view, since they can be carried out more quickly and at a lower cost. Thus, Ripple technology seems to become another alternative for Bitcoin transactions, next to the Lightning Network.
Lawyer and observer of the SEC lawsuit against Ripple, John Deaton, said the Lightning Network is no longer the only or best option for BTC transactions.
SpendTheBits is no stranger to the XRP community, having won the Ripple CBDC interoperability hackathon last year. The technological approach is still limited to Canada, but the suitcases are already ready to conquer El Salvador. Developers should find an attentive ear with President Nayib Bukele, because in his country, the has been legal tender since September 2021.
Ripple Technical Price Marks
Ripple is currently up 2.26% with a price of $0.4173, while the weekly gain stands at 6.72%.
The cryptocurrency appears to be establishing a new range above $0.40, as there has been no close below this level since January 20. The 23.6 percent fibo retracement offers immediate support at $0.4045. If this were to break on the daily close, a drop below the psychological mark would favor a slide towards the 38.2 percent Fibo retracement.
Otherwise, we can expect an upside move towards the $0.4320 high to be possible. Above this, the room for an extension of gains towards the 123.6% Fibo expansion of $0.4595 would increase.
By Marco Oehrl