Ripple Holds $0.3500 Support as the Payments Company Expands to Canada
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This time around, Ripple is in the news for announcing plans to expand its operations to Canada. According to an official statement released last Wednesday, the company noted that it had launched its first office in the North American nation, adding that it plans to establish a presence as a Toronto-based engineering hub.
Ripple further noted that it would hire “50 engineers in Toronto with the goal to expand to hundreds of blockchain software engineers including applied machine learning scientists, data scientists, and product managers.”
The Canada office news caused a stir in the Ripple community and pushed XRP slightly higher last week, as it confirmed the company’s determination to expand its presence globally. Many crypto enthusiasts reacted positively to the news, as it comes at a time when some crypto companies laid off staff over overhead costs.
Commenting on the development, Ripple CEO Brad Garlinghouse noted:
“Crypto and blockchain present an incredible opportunity for engineers to tackle difficult problems, with the potential for these solutions to impact the movement of value around the world.”
Key Ripple Levels to Watch — June 27
Ripple maintained a downward momentum over the weekend but retained its spot above the $0.3500 support, indicating a decent bullish presence at that level. At the American session open today, XRP fell to the $0.3500 base, where it currently sits, amid a bearish open on Wall Street. Regardless, the price remained firmly atop this level thanks to solid support from the 100 EMA.
That said, the payment cryptocurrency currently trades within a bullish flag, suggesting a mild bullish breakout pattern in the coming days towards $0.4000. This bullish turnaround bias is supported by the 4-hour stochastic indicator, which shows that trading momentum has hit oversold regions, and a reversal is imminent.
Meanwhile, my resistance levels are $0.3800, $0.4000, and $0.4400, and my support levels are $0.3500, $0.3000, and $0.2500.
Total Market Capitalization: $933.8 billion
Ripple Market Capitalization: $17 billion
Ripple Dominance: 1.82%
Market Rank: #7
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