Ripple expands its presence in Brazil; XRP/USD recovers above SMA100
- The company behind the third-largest cryptocurrency is ready to enter new partnership deals.
- XRP/USD has entered a recovery mode and settled above SMA100 4-hour.
Ripple is expanding its presence in Brazil with new major partnerships to be announced soon. Notably, the company launched its operations in the country just several months ago; now it is ready to boost them with mew significant partnerships with digital banks. According to the recent report, Ripple intends to start using XRP for remittance payments.
Luiz Antonio Sacco, the company’s managing director in Brazil, noted the huge potential of the Brazilian market in the next few years:
“With successive advances in Brazilian banking regulation to facilitate financial transactions, including international, opportunities here will grow greatly in the coming years.”
Earlier this year, Ripple launched operations in Brazil with the aim to expand not only in Brazil but in the South American region as a whole.
XRP/USD: technical picture
XRP/USD has settled above SMA100 (Simple Moving Average) 4-hour currently at $0.1960; however, the further recovery is limited by the upper line of 4-hour Bollinger Band at $0.1990 followed by psychological $0.20. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2100 (SMA200) and $0.2150 - this area served as a support for the coin in the middle of December.
On the downside, the local support is created by SMA50 4-hour at $0.1920 and psychological $0.1900. If the price moves below this area, the sell-off may be extended towards the next barrier at $0.1800 and December 18 low of $0.1752.
XRP/USD 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
