Ripple courts Asia: $0.4 out of the picture
- “We see the biggest appetite in Asian markets, in terms of demand, so remittance demand…” Dan Morgan.
- Ripple is sitting comfortably above $0.375; there are plenty of hurdles to the upside.
An executive of Ripple recently said that Asia is ready for them as a company and its solutions. Dan Morgan said that the region has the “biggest appetite” especially when it comes to the demand for XRP.
Ripple has performed relatively well this year except for the drop that happened last month. Most of the developments the company has achieved have been connected to the financial and banking sector around the world. Dan Morgan, Ripple’s Head of Regulatory Relations for Europe was very bullish on Asia and its eagerness to embrace Ripple during the CryptoCompare & MJAC London Blockchain Summit. He stated that:
“It’s very early days, but we see the biggest appetite in Asian markets, in terms of demand, so remittance demand, whether it is corridors that are under-served because correspondence banking is too costly… So, we feel that there is demand. Liquidity, in terms of digital assets, most liquidity we have… is in Asian markets by some distance.”
He, however, went ahead to clarify that the region needs to have properly laid out the regulations for digital assets because they have an impact on the market, the projects and the blockchain technology:
“Again, we see a number of pockets around Asia where they are further ahead that we are here… Thailand, I talked about. Obviously, Japan is another place…So, you are absolutely right, it is Asia. I wouldn’t want to pin down exact markets… In Thailand, for instance, with that regulation, I think Siam Commercial Bank… is really active now in terms of settlements, digital assets activity.”
Ripple price picture
Ripple price is currently making headway above $0.36 after finding support at $0.35. However, the 50 SMA is below the 100 SMA to show that the sellers are still present in the market. Besides, both the moving averages will limit movement at $0.366 and $0.3696 respectively. If the buyers can pull the price above $0.375, XRP/USD will be primed for movement past $0.38, although $0.4 is out of reach, at least for now.
XRP/USD 15-minutes
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
