Ripple market overview: XRP/USD dancing the 38.2% Fib amid news of xRapid expansion
|- The short-term outlook for XRP has a bearish bias.
- In a technical perspective, Ripple’s path of least hurdles is downwards sideways.
- Ripple sees huge potential in xRapid; eyes global expansion.
XRP/USD is seen trading at $0.3226 on Wednesday after trending lower 1.08%. After achieving an intraday high at $0.3279, an ongoing correction to the south is aiming for the short-term support at $0.3200.
The short-term outlook for XRP has a bearish bias. Similarly, the short-term 50 simple moving average (SMA) 4-hour divergence below the 100 SMA explains the building bearish momentum. On the upside, XRP/USD gains have been capped at $0.3300. The 50 SMA will hinder growth slightly above the initial resistance while the 100 SMA will limit movement at $0.3400.
In a technical perspective, Ripple’s path of least hurdles is downwards sideways. The RSI, for example, is pointing south after failing to make headway past 50.00. On the contrary, the moving average convergence divergence (MACD) is trending upwards at -0.002233 to show that the bulls still have some strength to defend the 38.2% Fib level support and stop declines that could retest $0.3200 support.
In other Ripple related news, the blockchain startup is planning to expand its presence across the world. This is according to the company’s SVP of product Asheesh Birla who says that XRP-powered x-Rapid cross-border remittance system has been receiving positive responses from both Mexico and the Philippines.
“On-demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has been overwhelming. But we are working on the next set of destinations, which we will be announcing in hopefully short order here.
I know our product teams, and marketing and engineering teams are working hard to light up those next set of destinations so that we can provide our customers with increased choice in terms of global expansion.”
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