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Banco Santander remains bullish on the capabilities of Ripple

Manu Naik

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Source: Pixabay

Ripple seems to be growing significantly following its several partnerships with payment technologies. One of Ripple’s largest client is Spain-based bank, Banco Santander. Ana Botín, Executive Chairman of Banco Santander, spoke at the ‘The Economic Club of New York,’ about the bank’s partnership with the firm and how the bank remains bullish on the capabilities of Ripple.  100,000 transactions had been carried out with One Pay FX, its first blockchain-based money transfer service which was released back in April 2018, Botín revealed.

Additionally, she addressed the requirement for distributed ledger technology [DLT] and further went on to say,

“I think DLT is a distributed letter technologies are gonna be one of the pieces that it’s going to allow for much more efficient faster you know the consumer wants everything 24/7 365 and that’s what we’re gonna be doing with this infrastructure”

Previously, Santander had recorded a triple in the transaction volume between January and June 2019. Botín also spoke about her stance on the partnership with Ripple and said,

“I think we [Ripple and Banco Santander] are global leaders and, I would say top three or five in terms of blockchain based technologies. We have a great partnership with Ripple, so we think we can lead in terms of automation. Because don’t forget this is about automation, blockchain is just one piece of automation to make, in this case, payments more effective more transparent faster and cheaper for the consumer.”

Earlier in June, the Financial Stability Board released a report, which highlighted the importance of decentralized financial technologies. As per the report, an increased decentralized financial system would in fact “benefit financial stability.” Addressing the same, Botín said,

“..just go and read the Financial Stability Board report on this and they recommend in a world of DLP and distributed technologies you need activity-based supervision because this is super important so it took us much longer but what we eventually did is we found a great company like Ripple, we invested in it and together we launched One Pay FX.”

 

Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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Altcoins

Litecoin’s ailing price prepares for breach of descending channel

Namrata Shukla

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Source: Pixabay

Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.

Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.

Short-term

Source: LTC/USD on TradingView

Source: LTC/USD on TradingView

The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.

The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.

Source: LTC/USD on TradingView

Source: LTC/USD on TradingView

The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.

Conclusion

Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.