- Ripple’s managing director for South Asia, Middle East and North Africa (MENA) affirmed the company’s expansion plans for the region.
- XRP price outlook remains bearish as the altcoin drops below the 50-day Exponential Moving Average (EMA) at $0.3440.
- Large wallet investors moved 385 million XRP tokens over the past 24 hours, implying that the altcoin could witness mass sell-off soon.
Ripple, the cross-border payment settlement firm is focused on expansion to South Asia and Middle East and North Africa (MENA). XRP price outlook is bearish as the altcoin nosedived below its Exponential Moving Average.
Ripple is set to drive adoption in South Asia and MENA, expanding XRP utility
Ripple, the global remittance firm, is focused on its expansion to South Asia and MENA, according to Navin Gupta, Ripple’s Managing Director for the region. As Ripple partners expand to this region, it is set to increase XRP utility and adoption in South Asia, Middle East and North Africa.
Gupta shed light on Pyypl, a Ripple partner that started implementing on-demand liquidity in the MENA region. Major banks like Saudi British Bank and Qatar National Bank are the partners in the region. All of these businesses are using Ripple's crypto technologies to facilitate cross-border transactions, driving XRP adoption higher.
XRP whales move 385 million tokens within a 24-hour period
Large wallet investors on the XRP network increased their activity. Based on data from WhaleAlert, crypto whales moved 385 million tokens, approximately worth $131 million in multiple transactions in the past 24-hour period.
The single largest XRP transaction recorded was worth $95.4 million. A surge in whale activity has been associated with profit-taking by large wallet investors.
XRP price is at risk of decline to the $0.3286 level.
XRP/USDT price chart
As seen in the chart above, XRP price is edging closer to the lower trendline of the descending channel. The hanging man, a bearish reversal candlestick pattern that occurs after a price advance is composed of price bars moving higher overall.
The asset is ready for a bearish trend reversal. The Relative Strength Index (RSI), a momentum indicator reads 41.67 and XRP is close to being oversold. A climb above resistance at $0.3490 could invalidate the bearish thesis for the altcoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto fraud soars as high-risk addresses on Ethereum, TRON networks receive $278 billion
The cryptocurrency industry is growing across multiple facets, including tokenized real-world assets, futures and spot ETFs, stablecoins, Artificial Intelligence (AI), and its convergence with blockchain technology, as well as the dynamic decentralized finance (DeFi) sector.
Bitcoin eyes $100,000 amid Arizona Reserve plans, corporate demand, ETF inflows
Bitcoin price is stabilizing around $95,000 at the time of writing on Tuesday, and a breakout suggests a rally toward $100,000. The institutional and corporate demand supports a bullish thesis, as US spot ETFs recorded an inflow of $591.29 million on Monday, continuing the trend since April 17.
Meme coins to watch as Bitcoin price steadies
Bitcoin price hovers around $95,000, supported by continued spot BTC ETFs’ inflows. Trump Official is a key meme coin to watch ahead of a stakeholder dinner to be attended by President Donald Trump. Dogwifhat price is up 47% in April and looks set to post its first positive monthly returns this year.
Cardano Lace Wallet integrates Bitcoin, boosting cross-chain capabilities
Cardano co-founder Charles Hoskinson announced Monday that Bitcoin is integrated into the Lace Wallet, expanding Cardano’s ecosystem and cross-chain capabilities. This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.