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
Author
Tanya Abrosimova
Independent Analyst
