Ripple Price Analysis: XRP/USD holds above $0.22 support amid widespread correction
|- MoneyGram sets foot in the Indian market via a partnership with EbixCash.
- Ripple’s retracement likely to find support at $0.22 but the upward movement is limited under $0.23.
Ripple is facing growing resistance and selling pressure on Thursday. The Asian session has been characterized by losses to the tune of 3.58%. XRP recently pushed to new 2020 highs at $0.2444. However, an immediate correction that seemed imminent is underway.
Ripple’s Key partner MoneyGram expands to India
The global payments provider and Ripple’s key partner, MoneyGram is bringing the Indian market under its wings. The expansion has been made possible through a partnership deal with EbixCash network. EbixCash is a fully-owned subsidiary of Ebix, Inc. The subsidiary has been given the mandate to introduce MoneyGram into the Indian market. According to MoneyGram’s Chief Revenue Officer:
India remains the world’s top recipient of remittances, and we’re excited to better serve this critical market through our partnership with EbixCash, a leading brand with an approximate 80% share of locations in the country.
Ripple technical analysis
The move by MoneyGram is likely to become positive for XRP in the near future as the use of On-Demand Liquidity increases. However, for now, XRP is trading at $0.2252 while pulling towards the short term support at $0.22.
The correction from the recent high had the immediate resistance at $0.23 tested severally before it gave in. Therefore, bullish correction is expected to meet a tougher hurdle. Gains above $0.2444 will also be an uphill task.
On the downside, support at $0.22 could hold through the European session. However, the downward slopping RSI suggests that selling activity is growing. The 50 SMA currently at $0.2150 will also offer support in addition to the 100 SMA at $0.2060.
XRP/USD 4-hour chart
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