Investing.com – has been involved in cross-border payments for years and the fintech firm has also been a leader in the central bank digital currencies (CBDC) sector. As a result, the software developed for payment transactions complies with the new ISO 20022 standard.
The ISO 20022 standard stipulates that financial institutions can exchange electronic messages with each other in order to enable financial transactions. Ripple already meets the requirements of the standard and may play a role in the CBDC space in the future. The integration of digital currencies into the existing SWIFT system, however, is transforming the industry.
Within the EU, all central banks will again adapt their systems to the ISO 20022 standard this year and will then be able to communicate with the Ripple payment system.
Ripple has thus laid the foundation for wider acceptance in the future. The two largest cryptocurrencies in the world and will however have to make significant technical adaptations to comply with the ISO 20022 standard.
Ripple Technical Price Marks
Ripple is currently down at . at $0.3454 -2.10 percent, while the weekly loss stands at -26.08 percent.
The recovery from the low of $0.3203 was met with resistance at the 38.2 percent Fibo retracement of $0.3926. The ensuing downward move also breached the support at the 23.6 percent Fibo retracement of $0.3649.
This level now constitutes an immediate resistance that must be broken durably to test the 38.2% Fibo retracement, the psychological threshold of $0.4000 and the November 10 high at $0.4025.
As long as trading is below the 23.6 percent fibo retracement, the November 9 low remains in sight and if that is broken, expect a test of the psychological mark of $0.30.
By Marco Oehrl