The pair of Ripple and USD currently holds above the support of $0.22. This has been witnessed in the midst of a widespread correction.
Ripple Moving Steadfast
At the moment, Ripple is facing great growing resistance. The selling pressure has also grown up as of Thursday, 16th 2020. The crypto’s Asian session has been characterized by certain losses. They add up to 3.58%. Just some few days ago, the crypto coin pushed to new highs at the price of $0.2444.
Despite that, an immediate correction that appeared imminent came forth. The retracement of this crypto coin is likely to find support at the price of $0.22. However, the upward surge is still limited under the price range of $0.23.
MoneyGram, Ripple’s Major Partner Expands To India
MoneyGram is one of the international payment providers. It is also the key partner in this global crypto company. The global payments provider has announced to set foot in the Indian market. Through another partnership, MoneyGram is set to bring India under its wings.
The expansion has been possible through a great partnership deal with another network known as EbixCash. This is an entirely owned subsidiary of Ebix Inc. The subsidiary has been offered a certain mandate in its operations. It is charged with the responsibility of introducing MoneyGram into the entire Indian market. The news has been confirmed by the Chief Revenue Officer of MoneyGram.
Word From MoneyGram
For a long time, India has been one of the leading recipients of remittances. MoneyGram, through the Chief Revenue Officer, acknowledges this fact. This is why the company is happy to serve this critical market through the new partnership with EbixCash. EbixCash is one of the leading brands with an estimate of 80% share locations in India.
Looking At XRP’s Technical Analysis
The new move by MoneyGram is likely to benefit Ripple. It will be positive for the coin in the near future. This is has a result of the growth of the On-Demand Liquidity. As at the moment, XRP is now trading at $0.2252.
At the same time, the coin is also pulling in the direction of short term support at $0.22. There has been a correction from the recent high. The immediate resistance at the price of $0.23 tested several times before it finally gave in. hence, a bullish correction is expected to meet a tougher hurdle. It is also clear that the gains above $0.2444 could also be an uphill task.
More Support On The Downside
There is still more support on the downside. Support at $0.22 could hold via the European session. The downward sloping RSI, however, suggests that the selling activity is growing.