Ripple (XRP) price is trading comfortably above the $0.50 mark as bulls look to consolidate before pushing towards the next resistance line at $0.65.
Fundamental analysis: Ripple buys a 40% stake in an Asian cross-border payments provider Tranglo
Ripple has bought a large stake in Tranglo, a cross-border payments provider in a bid to satisfy the increasing user demand.
The San Francisco-based company said it has purchased a 40% stake in Tranglo to grow its RippleNet On-Demand Liquidity service, according to its statement. Tranglo is a cross-border payment solution that helps companies and individuals make international money transfers.
Ripple said that the payments landscape in Southeast Asia appears to be “highly fragmented,” as each country has its own payments infrastructure. The region needs a standard integration for regional cross-border payments, Ripple said in the statement.
The company said its stake purchase in Tranglo is a part of its plan to improve the payments ecosystem in Southeast Asia, which is also the fastest-growing region when it comes to RippleNet adoption.
“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region,” said RippleNet General Manager Asheesh Birla.
“By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim … to provide accessible and equitable financial services to the masses,” said Tranglo’s chief executive Jacky Lee.
Ripple recently hired a new managing director of Southeast Asia, a former Goldman Sachs executive Brooks Entwistle, who was brought in to help scale Ripple’s operations in this region.
Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account
Technical analysis: Unable to build up on the breakout
Ripple (XRP) price is trading nearly unchanged this week after the buyers managed to push the price action higher in the past two weeks. This push higher facilitated a break of the descending trend line.
Ripple (XRP) daily chart (TradingView)
However, traders buying Ripple haven’t been able to capitalize on this breakout as the uptrend stopped at $0.60, which will continue to act as the intraday resistance. Looking higher, the next target is $0.65. On the downside, the supporting trend line comes just below the $0.50 handle.
Ripple purchased a 40% stake in an Asian leading cross-border payments provider Tranglo to meet increasing customer demand in Southeast Asia. In the meantime, the XRP price is ranging above $0.50 as bulls continue with their efforts to break the $0.60 resistance handle.