Ripple Ledger: New Colombian Administration to Discontinue Previous XRPL Initiative

Updated:

Following a change of government in Columbia, the initiative to register land titles on the Ripple XRP Ledger (XRPL) has been delayed.

The project has been suspended as there has been a change to the South American nation’s land titles policy due to top management decisions. Commenting on the development, blockchain expert Mauricio Tovar noted that the project might as well be dead politically in the country.

The Ministry of Information Technology and Communications of Columbia’s immediate administration partnered with software development firm Peersyst Technology to record land titles on the Ripple Ledger.

Already, the first version of the country’s land registry record had been deployed on the Ripple network in late July, with spectators expecting more versions to come on board. However, this expectation has been stopped in its tracks, as the new administration seems to be of a different outlook towards such technological adoptions.

According to a report from Forbes, the interim director of Colombia National Land Agency, Juan Manuel Noruega Martínez, believed that the transition of land records to the XRP Ledger is not a pressing need for the agency, adding that “this isn’t one of the projects defined in the PETI [Strategic Plan for Information Technologies].”

Key Ripple Levels to Watch — August 31

Ripple recorded a fall to a seven-week low earlier this week as the bearish bias in the general market stays aflame. The cross-border payment company cryptocurrency is now at risk of losing the $0.3200 handle and plummeting to June lows near $0.3000.

XRPUSD – Daily Chart on Bitfinex. Source: TradingView.

XRP does not have much going for it at this time, leaving it to the whims of the broader market sentiment. Even at that, the cryptocurrency appears to be averse to any broad bullish tone and typically remains in a sideways pattern. With another US Fed rate hike just around the corner, XRP stands the chance of retesting June lows.

Meanwhile, my resistance levels are $0.3400, $0.3500, and $0.3600, and my support levels are $0.3200, $0.3000, and $0.2800.

Total Market Capitalization: $988.6 billion

Ripple Market Capitalization: $16.3 billion

Ripple Dominance: 1.65%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.