Ripple defies gravity amid Intermex partnership news; $0.3000 is a possibility now
- RippleNet announced a partnership deal with the biggest remitter service providers in Mexico.
- XRP/USD broke above the critical resistance area with the next bullish aim seen at $0.3000.
Ripple's XRP has been growing for the fifth day in succession. Now the third largest digital asset with the current market value of $12 billion, XRP has gained over 11% in recent 24 hours and tested area baove $0.2800 for the first time since October 11, 2019. The cryptocurrency was boosted by a steady flow of positive fundamental news, including the introduction of quanto swaps on BitMEX and new partnership deals between Ripple and global banks.
Intermex collaborates with Ripple
International Money Express, or Intermex, a global money transfer company focused primarily on the Latin American and Caribbean countries, has partnered with RippleNet to leverage the innovative technology for faster and transparent cross-border payments between the United States and Mexico.
Announcing the partnership, Ripple wrote on Twitter:
In an important step in changing the status quo of today's slow and expensive cross-border #payments, we are thrilled to share a new partnership with @IntermexWire.
According to the official press-release, Intermex is one of the largest U.S. to Mexico remitter service providers that processes over 30 million transactions between the countries annually. Ripple's technology will allow the company to reduce costs and improve customer experience. The remittance flows in Mexico reached $36 billion in 2019 with the US being the most popular source of inbound flow to this region.
XRP/USD: technical picture
From the long-term perspective, XRP/USD broke above the key technical resistance of $0.2600 create by the upper line of the upside channel from December 18 low and SMA200 daily. This development created a strong bullish impulse and pushed the price towards the highest level since October 2019. The coin touched the area above $0.2800, but failed to hold the ground; however, the overall sentiments remain bullish, while an upward-looking RSI on a daily chart implies that the bulls are not exhausted yet. Once $0.2800 is out of the way, the upside is likely to gain traction with the next focus on SMA50 weekly at $0.2975, closely followed by psychological $0.3000.
On the downside, the initial support is located on approach to $0.2700. A sustainable move below this area will bring $0.2600 back into focus. This support is followed by $0.2500 and Tuesday's low of $0.2475. If it is cleared, the sell-off may continue towards $0.2330 (SMA100 daily).
XRP/USD daily chart
Author
Tanya Abrosimova
Independent Analyst
