Investing.com – It’s looking pretty good for today, with an XRP price of $ 1.0908 and a gain of 1.11 percent. With a market capitalization of $ 51 billion, the cryptocurrency is defending its sixth place, which it had lost in the meantime in the past few days.
The company behind the XRP, Ripple Labs, has always succeeded in shining with strategic partnerships in the past.
Important figures from the financial industry have already joined the RippleNet ecosystem. These include Banco Santander (DE :), Bank of America (NYSE :), SBI Remit and many others.
They all have one thing in common, they rely on on-demand liquidity (ODL), in which XRP is used as a liquidity jet stream. The advantages of this innovation are obvious and so it is no wonder that another of the big players does not want to be left behind.
Is Goldman Sachs (NYSE 🙂 forging a partnership with Ripple?
In August, Ripple was able to win the Goldman Sachs Head of Global FX and Emerging Markets Franchise Management, Aditya Turakhias. He has taken over the Global Institutional Markets division as Senior Manager at Ripple.
What originally looked like a perfectly normal poach, however, appears to be just another move that may create a closer relationship between Goldman Sachs and Ripple Labs.
Goldman Sachs patented payment solution
On July 1, a patent filed by Goldman Sachs was published. In this patent, the US bank presents how blockchain technology can be used to optimize normal payment transactions.
Among other things, this also involves payment flows between customers whose accounts are managed in different currencies. In addition, the advantages of using a distributed ledger solution are discussed.
What Goldman Sachs describes is very reminiscent of the RippleNet ODL. No secret is made of this, because one even refers directly to Ripple several times.
Goldman Sachs writes:
“Intraday liquidity needs are reduced when transactions occur in near real time before new transactions are initiated. In conventional banking systems, this is difficult, if not impossible, to accomplish as payments have to go through multiple private accounting systems, causing delays.
In contrast, with Ripple transactions are usually processed within a few seconds. “
The term ripple appears repeatedly in the 22-page document. Proof of the direction in which Goldman Sachs intends to develop its payment transactions.
Ultimately, the exciting question arises – is it really pure coincidence that a former manager changes directly to Ripple Labs to take over the management of the Global Institutional Markets division?
Ripple XRP technical analysis
On the daily chart, the ripple has fluctuated for days in the area of the 38.2 percent retracement of the rally from $ 0.5177 to $ 1.4151 from $ 1.0722.
Should it come to a lasting break, a test of the flash crash low of 0.9631 dollars must be expected. This support is reinforced by the 50 percent retracement of $ 0.9664.
On the other hand, if the XRP breaks out above the 23.6 percent retracement of 1.2033, then the recovery can extend towards the recent high of 1.4151.
From Marco Oehrl