Ripple’s XRP flirts with $0.3 while Ripple eyes China $67 billion remittance market

Ripple’s XRP is seen trading at $0.3 on the first day of the week. The stability comes after a weekend of up and down movements. From the lows recorded on Friday last week at $0.2979, XRP embarked on a recovery that stepped above $0.31 to form a high at $0.3148 on Sunday. However, a correction to the south occurred where XRP slipped below $0.2980.

In other news, Ripple is currently looking forward to launching a new office in Shanghai China. This comes after Ripple decided to look into the huge Asian market. The new office, to be headed by a country manager will assist Ripple in increasing its presence in the new market. China boasts being the second in terms of remittances in the excess of $67 billion annually.

Meanwhile, XRP/USD has bounced back up and is sitting above $0.30, besides a bullish momentum is forming. According to the technical indicators applied to the chart, XRP is likely to continue with the upwards movement and even break above the 23.6% Fib retracement level with the last swing high of $0.3148 and a low of $0.2980 close to $0.3020. The Relative Strength Index (RSI) is in an upward direction while the stochastic has retreated from the oversold region. The path of least resistance is to the upside in the near-term.

XRP/USD 15’ chart