Ripple has launched digital asset services in Brazil and plans to apply for a Virtual Asset Service Provider license with the country’s central bank, yet XRP (CRYPTO: XRP) fell 1% on Tuesday.
The Brazil Expansion
Ripple is rolling out an integrated platform for banks and fintechs that combines cross-border payments, crypto custody, brokerage, and treasury tools, Coindesk reported.
The company said it will apply for a VASP license with the Central Bank of Brazil under the country’s new crypto framework.
“Latin America has always been a priority market for Ripple—not just because of the scale of the opportunity, but because Brazil has built one of the most advanced and forward-thinking financial ecosystems in the world,” Monica Long, president at Ripple, said.
Several Brazilian firms already use Ripple’s payments network and crypto services.
Banco Genial handles same-day U.S. dollar transfers, while Braza Bank uses the system for foreign exchange flows and issued a real-backed stablecoin on the XRP Ledger.
Fintech Nomad uses the network to shift funds between Brazil and the U.S., settling in stablecoins.
The Acquisition Spree Context
The Brazil push comes as Ripple has been quickly expanding through acquisitions, including the $1.25 billion purchase of prime brokerage Hidden Road and buying corporate treasury business GTreasury for $1 billion.
The firm also issues a $1.5 billion U.S. dollar stablecoin RLUSD via its custody arm.
Ripple has processed over 100 billion in transactions across its payments ecosystem. Recently, Ripple started a share buyback program that valued the firm at $50 billion.
XRP Tests Critical $1.59 Resistance
XRP is giving back gains after tagging a session high of $1.6072.
Price hit Supertrend resistance at $1.5890 and sharply rejected, signaling strong selling pressure at that level.
The descending trendline connecting lower highs from the $3.84 August peak remains intact and unbroken.
Every rally attempt in October, January, and February has been rejected beneath it. Until XRP breaks and closes above this trendline with conviction, the macro structure remains firmly bearish.
Additionally, all four EMAs are aligned bearishly above price. The 20 EMA at $1.4245 is the only one near current levels, while $1.5085, $1.7025, and $1.9567 form a layered ceiling.
The Make-Or-Break Level
A daily close above $1.589 would be the first structural shift bulls have seen in a long time.
The spike low near $1.2 in February was the most oversold XRP has been in this entire cycle.
Price has since bounced and is building a base in the $1.42-$1.6 range with higher lows quietly forming.
Image: Shutterstock
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