đXRP Ledger enters Japan with crucial relationship, XRP stays over $0.50
Ripple partnered with Tokyo-based Hashkey DX to offer XRP Ledger to Japan.
XRP holders absorb Ripple's Japan entry and April 29 SEC response.
On Wednesday morning, XRP hovers around $0.50. On Wednesday, Ripple (XRP) held above $0.50, a critical support level. XRP has fallen roughly 6% in 10 days. The cryptocurrency has lost all gains since February and is falling.
The SEC's answer to Ripple's move to strike expert testimony is being digested by XRP holders. Ripple announced its cooperation with Tokyo consulting firm HashKey DX to introduce XRP Ledger to Japan.
The company launched XRP Ledger-powered enterprise solutions in Japan.
With over 4,000 registered enterprises, 23 banks, and 4,300 suppliers, HashKey Group provides blockchain-powered supply chain financing.
XRP Ledger's enterprise solutions will be supplied to Japanese customers via Ripple and SBI Ripple Asia. The ledger will power blockchain solutions, and Japan's SBI Group will be the first to use supply chain financing.
XRP holders are analyzing the SEC's reaction to the cross-border payment remittance firm's lawsuit. Learn about it here.
Technical analysis: XRP breaks $0.50, falls further Ripple fell again on Wednesday, lingering around $0.50. Since March 11, when it peaked at $0.7440, the cryptocurrency has cycled downward.
At $0.50, XRP is near important support. Relative Strength Index (RSI), a momentum oscillator, is 39.40, possibly moving into the oversold zone below 30. RSI faked a break above the neutral line on April 22. The price and RSI are falling, confirming the downturn.
Red histogram bars below the neutral line indicate Moving Average Convergence Divergence (MACD) on weekly and 4-hour time periods.
A daily candlestick close over $0.50 might disprove the bearish argument, and $0.5314 is XRP's next obstacle. This matches the 50% Fibonacci retracement of the April 9 high to April 13 low of $0.4203.
