By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
The attempts of the XRP to perform a bounce after stressful trading days keep failing. On Friday, March 20th, it is generally trading at 0.1636 USD.
On D1, the quotations may perform a pullback after a swift declining impulse. The quotations broke through the last meaningful low of 0.1741 USD but did not reach the psychologically important level of 0.1000 USD. In the current picture, the main resistance level is at 0.2525 USD, lying on the long-term resistance line. The MACD has formed a Black Cross which indicates the potential development of the downtrend.
On H4, there is correctional growth beginning; the quotations are reaching 23.6% Fibo. The Black Cross and convergence on the Stochastic showed earlier that the declining impulse was coming to an end and a pullback would begin soon, and the market performed the scenario. The aims of the pullback are going to be the levels of 38.2% (0.2045 USD) и 50.0% (0.2317 USD). The support is at the local low of 0.1165 USD.
A technological startup DeeMoney enhanced its integration with the Ripple network, thus strengthening the company’s positions on the Asian market.
DeeMoney is the first non-bank institution in Thailand to join RippleNet. Currently, the system can process incoming blockchain-based transactions to the Near East, Gulf States, and Southern Korea, as well as Israel and Singapore. To extend the geography of work and optimize the support of outgoing transactions, DeeMoney needs Ripple technology.
The potential of development for Ripple here is impressive. The aggregate volume of money transactions in Thailand in 2020 will amount to 1 billion USD against 850 million USD in 2019. Millions of Thai citizens send money to their motherland, and the rivalry over clients makes banks and non-bank institutions search for or create new, cheaper channels for international transactions.
Unlike official institutions, non-bank organizations like DeeMoney faced stricter requirements. DeeMoney has all the necessary licenses, being among the first institutions in the country to have received them.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.