Ripple price analysis: XRP/USD sits under $0.40; ignores Ripple expansion news


  • Ripple opens office in Brazil to support regional expansion.
  • XRP/USD is rangebound under the critical barrier.

Ripple company will have a new office in Brazil to become closer to its regional partners and support its expansion in the region, according to Cointelegraph Brazil.

The  San Francisco-based fintech startup has been creating an ecosystem where of banks, payment providers and corporates can make instant and cost-effective cross-border payments on the blockchain. 

Such local companies as BeeTech Global, Santander Brasil and Banco Rendimento have already joined the network and deployed Ripple's flagship solution RippleNet that connects over 200 banks and payment providers.

Ripple currently has offices in San Francisco, New York, London, Mumbai, Sao Paulo, Singapore and Sydney.

XRP’s technical picture

XRP/USD hit $0.4046 high on Monday among the global recovery on the cryptocurrency market. However, the gains proved to be unsustainable as the coin dropped below $0.40 handle to trade at $0.3945 at the time of writing. XRP has gained over 2.5% in recent 24 hours and lost 1.7% since the beginning of Tuesday trading.

On the intraday charts, the recovery is capped by the psychological $0.4000, strengthened by 38.2% Fibo retracement for the upside move from April 25 low. Once it is cleared, the recovery will gain traction with the next focus on $0.41 with SMA50 (Simple Moving Average) 4-hour located on approach. This barrier is followed by $0.4185 (SMA100 4-hour), and $0.4270 (23.6% Fibo retracement).

On the downside, the coin is supported by 61.8% Fibo retracement at $0.3778. A sustainable move below this handle will open up the way towards the next bearish aim of $0.3700 (Sunday’s low).

XRP/USD, 4-hour chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC bulls may hit a brick wall on approach to $9,800

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. 

More Bitcoin News

Ripple Price Weekly Forecast: XRP/USD road to $0.35 mapped

As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.

More Ripple News

Cardano launched hardfork OBFT; ADA/USD extends the recovery

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.

More Cardano News

BCH/USD sprints to $380 amid development tax disagreements

Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP