Ripple and BIS Collaborate to Investigate CBDC Technologies

Key Insights:

• Ripple partners with BIS to explore central bank digital currencies.
• XRP’s price finds a confluence of selling pressure, support at $0.42; resistance at $0.61.
• Bitcoin’s price encounters sellers at 50 SMA, support at $25,000; resistance at $28,000.
• Ethereum’s price finds bears at 50 SMA, support at $1,475; resistance at $1,757.

Bitcoin, Ethereum and XRP Forecast Video for 24.08.23 by Tim Smith

Ripple, the digital payments company behind XRP (XRP), recently unveiled a collaboration with the Bank for International Settlements (BIS) to explore technologies surrounding central bank digital currencies (CBDCs). The BIS functions as a global financial institution supporting central banks and facilitating their collaboration. Launched in 2019, the BIS Innovation Hub aims to establish innovative solutions for the worldwide financial system.

Ripple and the BIS Innovation Hub will join forces on a project to actively assess the interoperability of diverse CBDCs utilizing Ripple’s technology. Importantly, the collaboration will utilize the decentralized XRP Ledger, a blockchain platform accommodating various currencies and assets, in conjunction with Interledger, a protocol facilitating payments across assorted ledgers and networks.

Moreover, the partnership anticipates offering insights into the integration of CBDCs within the current payment infrastructure and their capacity to elevate cross-border transactions. Additionally, the project will investigate the possible advantages and obstacles tied to leveraging CBDCs for bolstering financial inclusion, stability, and operational efficiency.

Collaborating Towards Adoption

The collaboration stands as the most recent of Ripple’s efforts to stimulate the adoption of XRP and its associated technology. Ripple, amid its ongoing lawsuit, has been actively engaged with diverse central banks, regulatory entities, and financial institutions internationally to advance the development and implementation of CBDCs and digital payment solutions.

Moreover, Integrating (CBDCs) into the global financial system helps to normalize the broader adoption of digital currencies. Importantly, this may lead to more transactions in leading cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). Below, we take a look at important trading levels on all three of these market leaders.

Technical Analysis:  XRP, Bitcoin and Ethereum

XRP

After trading sideways, the XRP price now finds a confluence of resistance at the $0.55 level. Importantly, this includes selling pressure from a falling wedge trendline, a horizontal trendline and the 50-period SMA. However, a rally above this area could see bulls make a run toward the next higher level of resistance around $0.61. Alternatively, a decisive rejection at this level could see bears claw the price down to major support at $0.42.

Bitcoin

Despite threatening a move to longer-term support, Bitcoin’s price has staged a minor recovery. Although, eyes are now on the 50 SMA where traders have been quick to book some profits. A close above this indicator could accelerate further buying interest up to the $28,000 level. However, this area on the chart encounters overhead resistance from a key horizontal trendline. Alternatively, a failure to gain momentum at this area could see prices revisit crucial support at around $25,000.

Ethereum

Like Bitcoin, Ethereum’s price is finding resistance at the 50 SMA. Moreover, the modest recovery over the past day has occurred on thin trading volumes, suggesting little enthusiasm behind the move. Still, a break back above the 50 SMA could see bulls make an attempt at an old support level that has now flipped into resistance around $1.757. Conversely, further selling could see bears target key support at $1,475.