Earlier today at the Paris Fintech Forum, Swift CEO, Gottfried Leibbrandt announced integration with R3. He said,
“we are announcing later today a Proof-of-Concept with R3 blockchain on trade, where you can initiate a payment on the trading platform, and then it goes into GPI. So we’re exploring interconnectivity with a lot of things.”
Swift is an 11,000-member global payments network that has established a global empire for cross-border payments. XPR gained 11.15% with a flash price rise from 0.288 to 0.319. RippleLabs and R3 have for long coveted a partnership or rather take-over of payment channel from Swift using the DLT platform.
The integration is nevertheless excellent news for XRP HODLers. Brad Garlinghouse, the chief executive of Ripple, a fierce competitor to R3 was also attending the conference who noted that
“I hear people talk about volatility and I feel like they’re propagating this misinformation,” he said. “Mathematically, there’s less volatility risk in an XRP transaction than there is in a fiat transaction.”
Price Analysis of the Sudden Rise
The charts reveal that there was a ‘fundamental’ push in the price. The gap along with Volume rise signifies sudden market action because of positive news. However, a look at the RSI index – 75 in the same graph, the charts suggest oversold conditions. The 1-D chart indicates that if the price breaks the $0.34 resistance, then an upside towards $0.40 is on the cards.
Volume Rise Momentary Or Trend Reversal next?
The massive global XRP community HODLing their XRP’s are long awaiting an XRP bull run to $5. The partnership currently involves only a small group of Swift partners in the Swift GPI upgrade team. Swift with a small test group, Swift GPI, has rolled out new series of protocols since the last year to compete with the growing DLT platforms and specially Ripple and R3.
R3 with its DLT platform, Corda; will provide service to the member banks and institutions of the Swift GPI team in a series of tests for integration and full-scale adoption. The number of banks in the Swift GPI program is only 165 when compared to the 11000 total membership.
Ripple’s XPR is confirmed to be used as the primary settler of transactions on Corda; however, the amount of XRP or the associated volume is clear as of yet. The test network would be used to create comprehensive results after real-world application. The surge in volume earlier during the day, hence, might be attributed to weak or over-hyped fundamentals.