XRP/USD market overview: Ripple opens up new offices in Zurich as price goes back above $0.41
|- The office has been launched to attract institutional investors into the ecosystem.
- The price is now back above the 20-day simple moving average (SMA 20) curve.
Ripple recently announced that they had launched a new office in Zurich, Switzerland, for the sole purpose of selling XRP tokens to institutional investors. Zurich has been specifically chosen because it has several high-quality banks. As of right now, the top priority for crypto projects is to get institutional investors to invest in the crypto space.
Regarding this, XRP Research Center tweeted:
“June 4, 2019
*.@Ripple Switzerland LLC obtains Commercial Registry*
• Social purpose:
“sale of digital assets #XRP to institutional buyers”
• Incorporation date:29/05/19
• Headquarters: Zürich
• Sector: Services for banks and credit institutions”
The Swiss commercial registry has approved for Ripple to open office to sell XRP to institutional investors and establish branches in Switzerland.
XRP/USD daily chart
- The latest session was extremely bullish as it took the price up from $0.40 to $0.418.
- XRP/USD has found support on the upward trending line.
- The price is currently sandwiched between the $0.42 resistance line and $0.399 support line.
- The 20-day simple moving average (SMA 20) is now trending below the market, which is a bullish sign.
- The market is also trending above the SMA 50 and SMA 200 curves.
- The narrowing of the 20-day Bollinger band shows decreasing market volatility.
- The moving average convergence/divergence (MACD) indicator shows that the signal line has stopped diverging away from the MACD line showing decreasing bearish momentum.
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