Market review, 19 August 2019

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2019-08-19 15:02:00

Spanish banking giant Santander is preparing to launch a new remittance service in Latin America, using Ripple’s xCurrent solution

The bank is building a “payment corridor” to enable its Latin American customers to send money to the U.S. instantly and for free via the bank’s One Pay FX app, which uses xCurrent solution.

The One Pay FX app enables money transfers only between the U.K. and Spain. Santander will launch the new corridor country-by-country in Latin America but is not clear when and which country would begin first. Let us note that currently, Santander serves Brazil, Uruguay, Chile, and Mexico.

Last week, there were reports that Santander has blocked users' payments to crypto exchange Coinbase. But the bank clarified that it did not block the platform and that some exchange payments are subject to checks.

Let us recall that in February, Santander and IBM signed a five-year agreement on the use of the IBM blockchain platform. Thanks to this, Santander plans to significantly reduce the cost of information technology.

Technical analysis of Bitcoin (BTC):

Over the past weekend, Bitcoin fell to the support level of $9,700. After this downward movement, bitcoin rose in price and reached the resistance level of $10,720. Now, the price of bitcoin is $10,600. We expect the continuation of growth. The nearest resistance levels are $10,700, $10,950. The nearest support levels are $10,380, $10,000.

Technical analysis of Ethereum (ETH):

Over the past weekend, ethereum fell to the support level of $177. Then the price reached the resistance level of $201. Now, the price of ethereum is $198. According to the technical analysis, ethereum will continue its growth. The nearest resistance levels are $201, $206, $214. The nearest support levels are $192, $189.

Technical analysis of Ripple (XRP):

Over the past weekend, ripple rose to the resistance level of $0.29. Now, its price is $0.2810, which is inside the borders of the “tapering triangle” trading pattern. We expect the upward movement. The nearest resistance levels are $0.29, $0.3040. The nearest support levels are $0.2770, $0.2670.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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