Despite the recent partnership with MoneyGram, XRP has had meager gains. However, it has rewarded its holders with 5% surge from its recorded lows of $0.376. This rapid bullish movement was seen earlier today after a viral post on the American Express website that mentioned global payments.
The post titled, “Cross-border Payments to Become Faster, More Transparent, and Easier to Manage,” leaves many speculating an imminent partnership between Ripple and American Express.
If institutions choose, they can also use Ripple’s XRP cryptocurrency in payment flows to improve liquidity in cross-border payments. Six major payment providers are already piloting this approach.13In Ripple’s vision, XRP could radically simplify currency exchange for both businesses and individuals, making currency “move as freely as email and convert into local currency just as emails convert into words on a page.”
This price surge occurred when all other cryptos were trading flat and coincidentally after the weblog on the American Express website surfaced. It is however not clear whether the price surge was boosted by this post, but the timing is immensely convenient. Traders should be advised that the AMEX blog post is not an official announcement from American Express and may be outdated as pointed out by one Twitter user.
XRP Price Rallies Despite The Market-wide Increased Selling Pressure
At press time, XRP is trading at $0.40 which is a 4.98% gain over the last 24 hours. It is important to note that this recent surge occurred independently of any market forces. It is probable that the post on AMEX weblog boosted this rally, but it’s still unclear whether there are any underlying technical factors that might have caused the uptick.
AMEX Blog Post Not Indicative of A Ripple Endorsement
Albeit American Express is a notable member of RippleNet which aims at making business-to-business global payments a smooth sailing, the post on AMEX website is in no way an official announcement by American Express regarding the bank backing ripple products or forging a partnership with Ripple. Also, as above-mentioned, the post is outdated, dating to September 2018, according to Leonidas Hadjiloizou.
It is not clear whether this uptrend was stirred by the AMEX blog post but XRP proponents are hoping that it maintains this momentum to hit new highs despite the recent corrections witnessed in the aggregated crypto market.