The central theses
- Ripple’s operations do not appear to be affected by the SEC’s fees.
- The company recently signed a contract to launch new on-demand liquidity corridors (ODL) in the Asia-Pacific region.
- Upward pressure has increased behind XRP, which could cause it to break above the $ 1.00 mark.
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As the SEC vs. Ripple case continues to resolve, the dispersed ledger startup is taking significant steps to grow its business across Southeast Asia and help XRP regain positive momentum.
The ripple grows across the eastern markets
Ripple seems untouched by the impact of the US Securities and Exchange Commission legal action.
Although some cryptocurrency exchanges have opted for it expose XRP trading activity, Ripple CEO Brad Garlinghouse approved that the move did not affect the token’s liquidity or the company’s business.
Garlinghouse claims that 95% of XRP trading takes place outside of the US and there is demand for the company’s cross-border payment solutions is booming in eastern markets.
In fact, the distributed ledger recently launched be committed Acquire 40% of the shares in the Asian remittance company Tranglo. The deal will help expand Ripple’s on-demand liquidity (ODL) across the Southeast Asian region to meet market demands.
Tranglo has processed over 20 million transactions to date with a total value of $ 4 billion, which would be vital for Ripple to introduce new ODL corridors.
“Through this partnership, both companies will combine their in-depth local knowledge to address the challenges associated with cross-border payments,” said Ripple.
While Tranglo could help Ripple strengthen its presence in the Asia-Pacific region, XRP could soon benefit from it.
Preparing for the continuation of the uptrend
The seventh largest cryptocurrency by market cap appears to be forming the right shoulder of an inverted head-and-shoulders pattern on its 4-hour chart.
Another spike in demand, with XRP above the cutout of the pattern at $ 0.65, could result in a 72.50% rally towards $ 1.13.
Traders must wait for a 4 hour candlestick to close over the overhead resistor for the inverted head and shoulders pattern to be confirmed. Otherwise, there could be a downturn to the USD 0.39 support level.
If XRP breaks below this critical price hurdle, it will invalidate the bullish outlook and fall towards the next key interest rate area at $ 0.20.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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