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XRP Up by 8% After Ripple Announces Plans of Expanding into Iceland

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While Bitcoin and Ether prices struggle to climb up, XRP price has risen by nearly 8% in just a couple of hours after announcing its plans of expanding into Iceland. 

Source: Coinstats

XRP Expanding Operations in Europe

Ripple, in a recent development, has acquired Algrim, a 6-person engineering company that has developed an international crypto-trading platform. While the sale price continues to be in wraps, Ripple will use the deal to establish prominence in Northern Europe.

 Further, Ripple will be taking over Algrim’s HQ near Reykjavik. The new acquisition will be provide a halfway point between its US and London bases and secure access to Iceland’s small but tech-savvy talent pool. The initiative is reported to begin with Algrim’s 6 employees.

Source- Twitter

The previous week, Ripple added UAE banking giant, the National Bank of Fujairah to RippleNet. Entrepreneur Middle East confirmed the report after posting on Twitter that the popular Golf commercial bank had been added to RippleNet’s long list of banking partners

Source- Twitter

Also, a few months ago, Ripple joined hands with U.S.-based major money transfer company MoneyGram. 

Weekly Price Trend Analysis 

If XRP manages to bounce off the support it is likely that it will break $0.26 resistance and display an upward price movement.

Source- Trading View

It is also possible that XRP can slip to $0.13. The long term prospects are bullish whereas short term prospects are bearish. If the price slips below $0.21, it will create buying pressure and drive the prices up. 

Technical Indicators 

Source- Trading View

Relative Strength Index (14) – 46.28948

Stochastic %K (14, 3, 3) 23.95638

Commodity Channel Index (20- 36.22396

Momentum (10) −0.03953

MACD Level (12, 26) −0.00682

Considering the yearly scenario, XRP is down 29% this year. The prices started falling since its high of $0.41 in December 2018. While the prices displayed moderate ups and downs, they didn’t climb up until May 2019. XRP reached its yearly peak of $0.47 on the 23rd of June, followed by a gradual decline and a small peak on the 18th of September. 

The post XRP Up by 8% After Ripple Announces Plans of Expanding into Iceland appeared first on Coingape.