- Ripple’s partner Intermex decided against the solutions offered by the startup.
- XRP/USD gains ground amid general bullish trend on the market.
Ripple’s partner Intermex won’t use XRP in Mexica
Intermex is a global provider of remittance services to Latin America and the Caribbean corridor. In February the companies entered the partnership deal to ensure swift and cost-effective cross-border money transfers between the U.S. and Mexico with Ripple’s On-Demand Liquidity (ODL) through RippleNet. As XRP was supposed to become an intermediate currency, the news caused massive XRP growth. However, Intermex recently announced that it would not use the technology for Mexican remittances. Speaking during the teleconference, Intermex CFO Tony Lauro explained, Ripple was not suitable for its major markets:
“Ripple will not be an answer for places like Mexico. We’re very proud about the relationships we have there . . . we have very tight relationships that strategically setting plans and objectives with those players. And so, you won’t really see us leveraging Ripple in our core markets. I think it will bring us more growth in newer markets in places where we’re exploring going into ancillary products.”
While the news is certainly negative for XRP. the coin has gained ground in the recent 24 hours amid improved sentiments on the cryptocurrency markets. At the time of writing, XRP/USD is changing hands at $0.1587, with nearly 8% of gains since the beginning of Tuesday. The coin recovered Monday’s losses as the upside momentum is gaining traction.
XRP/USD: Technical picture
On the intraday charts, XRP/USD is capped by the upper line of 4-hour Bollinger Band currently at $0.1626. A sustainable move above this handle will attract new buyers and allow for a move towards the next psychological resistance created by $0.1700 and reinforced by SMA100 4-hour at $0.1710. This development will take XRP outside the recent consolidation channel and open up the way to the major target of $0.2000.
On the downside, the initial support is created by $0.1500 with several important technical indicators, including SMA50 4-hour, clustered around this level. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the intraday low of $0.1449. This barrier has been tested three times recently. Once it is broken, $0.1400 (March 18 low) and $0.1283 (March 16 low), will come into focus.
XRP/USD 4-hour chart
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