Ripple in Talks with Mexican Central Bank Over Cross-Border Payments, But XRP Price Lags

Popular XRP analyst Edo Farina tweeted that Ripple has been in discussions with the Central Bank of Mexico about using XRP as a “bridge asset solution” between the US dollar and Mexican peso.

According to Farina, Ripple presented information showing how its XRapid software and XRP cryptocurrency could facilitate faster and cheaper cross-border payments between the two countries.

“The official letter forwarded by Ripple also mentions XRapid, a software that utilizes DLT and $XRP,” said Farina on Twitter.

This potential real-world usage case for XRP could boost adoption and demand for the cryptocurrency. However, XRP’s price has stagnated in recent weeks despite altcoins like Avalanche and Solana seeing triple-digit gains.

In the last 30 days, XRP is up just 3% compared to 116% gains for AVAX, 65% for SOL, and even 22% gains for DOGE. This lack of upward price action is testing the patience of XRP investors.

Popular analyst Dark Defender tweeted that XRP finally broke out above a key resistance level on the daily time frame after multiple failed breakout attempts. With the RSI momentum indicator moving back above 50, this could indicate the start of a new uptrend.

The breakout, when combined with the strengthening RSI, signals that XRP is likely heading back towards the $0.66 level. “It would be nice to have a Christmas and New Year gift of XRP touching the $1.05 level.” explained Dark Defender.

So while Ripple continues making progress on real-world adoption, XRP holders will be hoping the technical breakout translates to the cryptocurrency playing catch-up to broader market gains.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.