Despite Uncertainty in the US, Ripple Finds Traction in the East
While the SEC vs. Ripple case continues to unravel, the distributed ledger startup makes significant strides to expand its business throughout Southeast Asia, helping XRP regain bullish momentum.
Ripple Grows Across Eastern Markets
Garlinghouse maintains that 95% of XRP trading is happening outside the U.S., and demand for the firm’s cross-border payment solutions is booming in Eastern markets.
Indeed, the distributed ledger startup recently committed to acquire a 40% stake in Asian remittance payments firm Tranglo. The deal will help expand Ripple’s On-Demand Liquidity (ODL) throughout the Southeast Asian region to meet the market’s demands.
Tranglo has processed over 20 million transactions totaling $4 billion in value to date, which would be critical for Ripple to introduce new ODL corridors.
“This partnership will see both companies combine their in-depth local expertise to address the challenges associated with cross-border payments,” said Ripple.
While Tranglo might help Ripple strengthen its presence in the Asia Pacific, XRP could soon benefit from it.
Preparing to Resume Uptrend
The seventh-largest cryptocurrency by market capitalization appears to be forming the right shoulder of an inverse head-and-shoulders pattern on its 4-hour chart.
A further increase in demand that sends XRP above the pattern’s neckline at $0.65 could lead to a 72.50% upswing towards $1.13.
Traders must wait for a 4-hour candlestick close above the overhead resistance for the inverse head-and-shoulders pattern to be confirmed. Failing to do so could lead to a downswing to the $0.39 support level.
If XRP breaks below this critical price hurdle, it will invalidate the bullish outlook and drop towards the next crucial interest area at $0.20.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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Author: Ali Martinez