- Ripple recently expanded to Switzerland and Brazil to push the adoption of RippleNet and XRP.
- XRP is deprived of support areas with the only significant support holding ground at $0.3987.
Ripple, the blockchain company that has proclaimed itself a global competitor with SWIFT continues to make expansion moves. Following the institutional customer oriented office in Switzerland, Ripple recently announced the opening of an office in Brazil. Moreover, Ripple’s CEO Brad Garlinghouse said the company had already signed more than 12 banks and payments providers under RippleNet.
Meanwhile, Ripple’s XRP is trading at $0.3974 after being purged from the levels slightly above $0.4000. XRP/USD bulls have been finding this level very elusive in the past seven days. Growth above this level has been thwarted by selling pressure and XRP forced to step back into its comfort zone below $0.4000 while embracing key support at $0.3700.
The confluence detector tool shows that Ripple bulls will have to put in extra effort for any significant correction upwards. Besides, an initial resistance is seen at $0.4028. Various technical indicators converge here rendering this region a seller congestion zone. Some of the indicators include the Fibonacci 38.2% 1-D, SMA 200 1-h, and SMA 200 4-h. The journey above $0.4000 will not be an easy one as $0.4069 is another key hurdle highlighted by a confluence made by the Fibo 23.6% 1-week, 50 SMA 4-h, SMA 10 1-D, BB 1-h upper and the 38.2% Fibo 1-min. However, once these hurdles are cleared, the path towards $0.47 (former resistance) is much clearer.
On the downside, XRP is deprived of support areas with the only significant support holding ground at $0.3987 where SMA 5 1-D, SMA 10 15-min, SMA 50 15-min, BB 15-min Middle, BB 4-h Middle, and previous high 15-min converge to form a confluence. Other smaller support levels lie at $0.3822, $0.3615 and $0.3491.
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