- The initiative enables pharmacies to purchase products and transfer funds immediately and cost-effectively, without depending on conventional banks or credit card systems.
- This also allows access to independent pharmacies through blockchain-based transactions.
- We refer to this as a significant payment solution based on XRP.
- The company currently assists 6,500 independent pharmacies along with 200 manufacturers.
To add some context, WellGistics Health previously submitted an SEC S-1 form, indicating its plan to adopt XRP as a reserve asset for the Ministry of Finance. They also aim to utilize XRP ledgers (XRPL) to create payment solutions that ensure safety, affordability, and real-time transactions among companies, pharmacy customers, manufacturers, and vendor partners.
The announcement by WellGistics Health underscored the actual applications of XRP and XRPL, which could be quite significant for the future outlook of XRP’s price.
Institutions incorporating XRP into their balance sheets are garnering the attention of investors, which could be influenced by contracts aimed at resolving the Ripple case. Just last week, Bill Morgan noted the increase in institutional interest:
“We’ve identified four companies just a week after the SEC filing, adding to several others that have been disclosed in recent months, all of which hold XRP.”
These companies include Quantum Biopharma Ltd., Worksport Ltd., Hyperscale Data Inc., and Flora Growth Corp.
XRP price outlook: Banking licenses, Treasury reserve assets, and focus on Spot ETFs
XRP experienced a slight decline of 0.07% on Friday, August 15th, closing at $3.0809, following a 5.78% drop from the previous session. The overall market dipped by 0.96%, reaching approximately $3.91 trillion.
In recent times, the outlook for XRP’s price has been influenced by several key factors, including:
- News related to XRP-Spot ETFs.
- Adoption of XRP as a reserve asset by the Ministry of Finance.
- Ripple’s efforts toward acquiring U.S. banking licenses.
- Updates related to Swift.
- Legislative progress.
A break above the $3.2 resistance level could allow bulls to aim for the high of 3.3826 reached on August 8th. If the price sustains above $3.3826, it might lead to a new peak of $3.6606, which was recorded on July 18th (Binance Exchange).
On the flip side, if the price drops below $3, the 50-day Exponential Moving Average (EMA) might come into play. Should this level be breached, we could see a rise toward the low of $2.7254 recorded on August 3rd.
