- Ripple’s managing director for South Asia, Middle East and North Africa (MENA) affirmed the company’s expansion plans for the region.
- XRP price outlook remains bearish as the altcoin drops below the 50-day Exponential Moving Average (EMA) at $0.3440.
- Large wallet investors moved 385 million XRP tokens over the past 24 hours, implying that the altcoin could witness mass sell-off soon.
Ripple, the cross-border payment settlement firm is focused on expansion to South Asia and Middle East and North Africa (MENA). XRP price outlook is bearish as the altcoin nosedived below its Exponential Moving Average.
Ripple is set to drive adoption in South Asia and MENA, expanding XRP utility
Ripple, the global remittance firm, is focused on its expansion to South Asia and MENA, according to Navin Gupta, Ripple’s Managing Director for the region. As Ripple partners expand to this region, it is set to increase XRP utility and adoption in South Asia, Middle East and North Africa.
Gupta shed light on Pyypl, a Ripple partner that started implementing on-demand liquidity in the MENA region. Major banks like Saudi British Bank and Qatar National Bank are the partners in the region. All of these businesses are using Ripple's crypto technologies to facilitate cross-border transactions, driving XRP adoption higher.
XRP whales move 385 million tokens within a 24-hour period
Large wallet investors on the XRP network increased their activity. Based on data from WhaleAlert, crypto whales moved 385 million tokens, approximately worth $131 million in multiple transactions in the past 24-hour period.
The single largest XRP transaction recorded was worth $95.4 million. A surge in whale activity has been associated with profit-taking by large wallet investors.
XRP price is at risk of decline to the $0.3286 level.
XRP/USDT price chart
As seen in the chart above, XRP price is edging closer to the lower trendline of the descending channel. The hanging man, a bearish reversal candlestick pattern that occurs after a price advance is composed of price bars moving higher overall.
The asset is ready for a bearish trend reversal. The Relative Strength Index (RSI), a momentum indicator reads 41.67 and XRP is close to being oversold. A climb above resistance at $0.3490 could invalidate the bearish thesis for the altcoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.