Ripple Market Update: Ripple's partner extends presence in Latin America

XRP/USD is changing hands at $0.2738. The third-largest digital asset has been locked in a range with bearish bias after a failed attempt to recover above $0.2800 during early Asian hours. The coin dropped below this barrier on August 25 amid major sell-off on the cryptocurrency market.

Ripple expands its presence in Latin America

Ripple's partner ACI Worldwide will offer Latin Americans new payment options, including via credit cards, installments, in partnership with Brazil-based EBANX, the major local provider of the electronic payments software. According to the announcement published by Business Wire, the companies want to expand the payment options available to local residents and facilitate purchasing goods online offered by international companies.

Commenting the news, Henrik Nilsmo, a chief commercial officer of EBANX, said:

Our goal is to enable global businesses to thrive in Latin America and partnering with ACI brings us closer to accomplishing that. As more Latin American consumers gain access to the internet, and as the COVID-19 pandemic continues, the region is seeing a sharp rise in digitization and online shopping, making it a key market for many global eCommerce businesses. However, navigating the complexities that come with offering local payment methods is challenging for these businesses and simplifying the process for them is our central focus. ACI’s global footprint and its support for more than 200 payment endpoints make it the right partner for us.

XRP/USD: The technical picture

The partnership news did little to the short-term price movements, which is no wonder. While the ACI Worldwide's growing presence in the Latin American region may cement the use of Ripple's payment technologies, it does not imply the wider use of its XRP token.

From the technical point of view, the coin needs to regain ground above $0.2800 to improve the short-term technical picture. The longer-term resistance is created by a psychological $0.3000.  a sustainable move above this area is needed for the upside to gain traction. On the downside, the price is currently supported by $0.2700 reinforced by the lower line of the daily. Bollinger Band. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the daily SMA50 at $0.2550.

XRP/USD daily chart