Recently, leading financial service provider, Visa announced that it has successfully acquired one of Ripple’s partners, Earthport. Earthport is also a payment network that services clients in over 87 countries and is listed as a United Kingdom company. Before Visa was able to acquire Earthport, it was stuck in a bidding war with its rival Mastercard for a long time. After a while, mastercard withdrew its bid and decided to go for Transfast instead. Visa paid $255 million for the acquisition. This is up to four times the pre-bid amount. Bill Sheley, head of global push payments, said;
“Currently, Visa enables payments to be sent to or from Visa cards. The acquisition will make it possible for Visa clients to enable individuals, businesses and governments to utilize Visa to send and/or receive money through bank accounts around the world. Visa is modernizing the way we move money by making it quicker, safer and easier to pay and be paid than ever before,”
“The acquisition of Earthport unleashes the power of Visa by taking us ‘beyond the card,’ empowering us to enable our clients to make payments through bank accounts around the world.” Visa said.
As we established in our previous Ripple news and XRP news, the FinTech company has gotten the attention of many traditional financial institutions as it continues its quest to dominate the current financial system. While Ripple’s goal is going to reinvent the remittance sector for the better, there are many companies that would do everything within their power to make sure this doesn’t happen. Leading companies like Swift, Visa, and MasterCard have dominated the financial world for years and they are not ready to let go of their power just yet. Ripple, however, is determined to achieve its goal.
Apparently, Ripple isn’t the only company that is trying to provide people with an alternative to Swift as this is exactly what Visa intends to do with this new acquisition. Right now, more than $80 trillion is sent through bank accounts globally and Swift dominates this market. Visa, on the other hand, allows its clients to send money from one visa card to another but not directly to bank accounts. By acquiring Earthport, visa would be able to allow its clients send money directly from one bank account to another.
After Visa won the bidding war against Mastercard, the competition Watchdogs in the United Kingdom, Competition and Market Authority (CMA), said that it was going to launch an investigation into the acquisition to determine if there was any funny business involved. This morning, the CMA announced that there was nothing wrong with the merger and it doesn’t need an investigation.
Ripple XRP Price Prediction – Ripple XRP Price Analysis
XRP (XRP) Price Today – XRP / USD
Yesterday, there was a downside extension in ripple price below the $0.3000 support against the US Dollar. The XRP/USD pair even broke the $0.2950 support level and traded as low as $0.2912. There was a close below the $0.2950 level and the 100 hourly simple moving average. However, the price found support near $0.2910 and $0.2920. Besides, the recent rise in bitcoin price helped altcoins in staging a decent comeback.
According to the latest XRP price analysis on newsbtc; XRP price recovered above the $0.2950 resistance and the 23.6% Fib retracement level of the last slide from the $0.3064 high to $0.2912 low. It even climbed above the $0.2980 level and the 100 hourly SMA. At the moment, yesterday’s highlighted bearish trend line is about to give way with resistance near $0.2988 on the hourly chart of the XRP/USD pair.
On the other hand, if there is no upside break above $0.3000, the price might drop back towards $0.2950. If the bulls fail to defend the $0.2950 support, there could be a sharp drop back towards the $0.2910 level. Any further losses could accelerate declines below the $0.2900 support level.
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