Crypto Industry News:
Blockchain payment technology company Ripple will partner with Colombia's central bank, Banco de la Republica. Its purpose is to explore the potential uses of the technology in Colombia, representing a significant advancement in Blockchain adoption in South America.
This cooperation will also include the Ministry of Information and Communications, where it is planned to test possible ways to expand the national high-value payment system using Ripple's Central Bank Digital Currency platform.
The collaboration was not a spur of the moment decision. According to Joe Vollono, director of CBDC business development at Ripple, talks with the Colombian central bank have been going on for over a year. To accelerate this project, a pilot phase will be implemented with the help of Peersyst Technology, a Spanish blockchain company.
As announced, while the potential for increased speed is a promising aspect of this exploration, the ultimate goal of these efforts is cost reduction. Ripple indicated that this project will continue until the end of 2023. Importantly, the company has ensured that the tests will be conducted in a controlled environment, ensuring that no resources are compromised.
Ripple has experience working with monetary authorities around the world, including regions such as Hong Kong, Montenegro, Bhutan and Palau. Moreover, this venture represents an important step in the adoption of blockchain technology in South America, positioning Colombia at the forefront of this innovation. Meanwhile, it's worth noting that the news comes while Ripple is still in a legal dispute with the SEC.
Technical Market Outlook:
The BTC/USD pair has bounced from the swing low made at the level of $24,833 and is testing the technical resistance level at $25,442. In a case of a breakout higher, the next target for bulls is seen at the level of $26,390. The 100 MA located at $26,212 should be tested as well. The momentum is still negative, but is hovering around the level of fifty, so a breakout above this level is needed to confirm the trend reversal, at least in a short-term. Otherwise, the outlook remains bearish with a possible new lows on the way.
Weekly Pivot Points:
WR3 - $26,597
WR2 - $26,192
WR1 - $25,993
Weekly Pivot - $25,787
WS1 - $25,588
WS2 - $25,383
WS3 - $24,978
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
