- Ripple plans to enter the Asian market by providing payment solutions enabled by its blockchain.
- China to be the focus of Ripple as the head of Ripple regulatory relations tells the community to expect announcements for China.
Ripple price is trading in the negative on Tuesday, March 27. The digital asset's attempts to break above $0.60 level have been thwarted by increasing selling pressure. Consequently, the cryptocurrency market is lacking fresh catalysts to revamp the prices. Ripple has been struggling to recover from the downside movement that began after rumours of Coinbase listing early this month.
Ripple network, on the other hand, is making progressive partnerships with the banking sector and the payment processing system. Recently, Santander, London-based bank announced that they are developing the first international payment processing application on Ripple. However, Ripple has not yet made an impact in Asia and especially China. On the contrary, Ripple is making plans for a grand entrance in China this year.
Sagar Sarbhai, the head of Ripple’s regulatory relations, said, “This year you will see more announcements coming in on China, in terms of educating and differentiating us from some of the other cryptocurrencies that are out there.” Other countries where Ripple plans to increase its presence are Japan, Thailand, and India.
Technical picture
Ripple price is trading below the 100 simple moving average; which has crossed below the 200 simple moving average to signal increasing seller build-up in the market. The gap between the two moving averages is widening to confirm the developing downside trend. At the same time, the MACD momentum indicator is dipping into the positive territory to indicate that a trend reversal is underway. The immediate support for Ripple price is at $0.56, and the price must maintain this level to avoid further declines. On the upside, XRP/USD will encounter stiff resistance $0.60 level in the path of recovery.
XRP/USD hourly chart
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