The Ripple price action is the first topic we will discuss in today's cryptocurrency news, mostly because the coin managed to fall to the $0.2220 support area after which it surged and corrected its losses. At press time, XRP is trading near the $0.2320 level and will soon attempt a new breakout above $0.2400. Yesterday was a bad day for the markets. We saw a strong decline in the Ripple price action, going below $0.2350 and its 100 hourly simple moving average. XRP formed a low at $0.2229 and it is currently correcting higher above the $0.2300 and $0.2350 resistance levels. It also climbed above the 23.6% Fib retracement level of the downward move from the $0.2860 high to the $0.2229 swing low. The current price action is still a bit in the red, but Ripple's token seems to be facing a couple of key hurdles near the $0.2450 and $0.2500 levels. The XRP news today show that there is a major bearish trend line forming with resistance near $0.2430 on the hourly chart of the XRP/USD pair. Above this trend line, the main resistance is near the $0.2500 area and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the high at $0.2860 to the $0.2229 swing low is near the $0.2540 level, acting as a significant resistance. Therefore, a clear break above the trend line and a follow up move above the $0.2500 resistance is must if the altcoin is about to start a strong rally. The Ripple price action must settle above the $0.2500 area and as analysts say, doing this will allow the price to rise steadily towards $0.2850 and $0.3000 in the coming days. If the XRP cryptocurrency fails to climb above these levels, there are chances of revisiting the $0.2200 region again. Still, the outlook is optimistic by many now and an initial support is near the $0.2350 level. The next key supports on the downside are visible in the $0.2250 and $0.2220 levels. And the technical indicators are as following:

• Hourly MACD – The MACD for XRP/USD is very slow when moving into the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level, with a positive sentiment now.
• Major Support Levels – $0.2350, $0.2250 and $0.2220.
• Major Resistance Levels – $0.2450, $0.2500 and $0.2540.

All in all, the Ripple price action must re-ignite in order to submit new gains and reclaim its February's positive momentum.

The Ripple XRP price is in the latest cryptocurrencies news again because of its massive upward potential. The price is down close to 6% and it broke the $0.2350 support area against the US dollar. It all started recently, where the news showed a strong decline in the Ripple XRP price from well above the $0.2650 level. This is how it broke many supports near $0.2500 and $0.2450 levels to enter a short term downtrend. Moreover, we could notice a break below the $0.2350 support level and the price settled well below the 100 hourly simple moving average. The decline was such that the price traded below the $0.2280 levels. Finally, the Ripple XRP price is now in a weak position but traders think that it is good, considering the fact that it found support near the $0.2240 level and is currently consolidating its losses. A weekly low is formed near $0.2232 and the price is testing the 23.6% Fib retracement level of the recent slide which took it from a $0.2452 high to a $0.2232 low. More importantly, we can notice a contracting triangle forming with resistance near the $0.2300 levels on the hourly chart of the XRP/USD pair. Therefore, a clear break above the triangle resistance could open the doors for a decent recovery in Ripple towards the $0.2400 and $0.2450 levels. If Ripple fails to correct above $0.2300 and $0.2365, it could continue to move down. The first key support on the downside is near the $0.2240 levels. The price could move lower towards $0.2200 and any further losses may bring it to the $0.2050 level in the near term. The technical indicators for Ripple in today's latest altcoin news are as following:

• Hourly MACD – The MACD for XRP/USD is right now showing a lot of bearish signs.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level at this moment, forming a bearish angle.
• Major Support Levels – $0.2240, $0.2200 and $0.2050.
• Major Resistance Levels – $0.2300, $0.2365 and $0.2450.

All in all, the Ripple XRP price is stabilizing and now has losses of only 1.19% on the day. The price of $0.2382 is in a good position for consolidating these losses and moving on in the near future. The market cap of XRP is still well above Bitcoin Cash (BCH) which is on the 4th position - it is almost doubled.

The latest Ripple news show that MoneyGram and Ripple are now extending their partnership, adding $11.3 million more as part of their deal. So far, the money transmission network MoneyGram gained over $11 million from the blockchain based payments firm Ripple Labs. A new press release by MoneyGram shows that the company said that it received funds from Ripple which were divided over two quarters. In the fourth quarter, $8.9 million and $2.4 million in the third, totalling $11.3 million. The revenue for Q4 was reported to be $323.7 million.

"MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities."

Nothing in the SEC filings state what Ripple's investment will be used for. Still, MoneyGram's agreement with Ripple has previously allowed it to use XRP and its blockchain product named ODL (On-Demand Liquidity) to facilitate cross-border payments.

"[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows."

MoneyGram and Ripple already were in a financial tie. The two firms announced their partnership back in January 2018 when MoneyGram decided to integrate XRP into its payment system. In June 2019, we saw that the two firms entered into a partnership to collaborate on cross-border payments and foreign exchange settlements with digital assets. The blockchain news then showed that Ripple followed through with a $50 million investment, completed in November. Despite the close working relationship, not all money transfer methods are being handled by Ripple. Reports recently showed that MoneyGram unveiled FastSend, a service which allows for real-time money sending based on Visa. While Ripple is doing good by expanding its partnerships and actively improving its blockchain, the token is falling down just like many other altcoins. Right now, the Ripple news and XRP updates show that the coin is in a 8.33% decline, going to new levels at $0.2438 in the wake of a major selloff which occurred on the markets overnight. The total cryptocurrency market today is at $261 billion.  

The XRP traders turn bullish as the XRP price keeps hovering below $0.30 while the overall market sentiment regarding the coin is also bullish as we are reading in the price news today. The crypto traders are waiting for various movements in the price in the short term but all seem to bet on the XRP surge and some analysts even predict the $0.46 level to be the support level for the coin. The Dutch analyst Micahel van de Poppe explained that the XRP traders turn bullish stated that the situation will be okay for this cryptocurrency. The expert pointed out to a Support Resistance flip on the charts saying that XRP still has to hold above the $0.25 in order to keep rising to $0.46 which could be possible to reach a new high of $0.60. The Twitter user @mrlevelup shared another bullish view in the price news on XRP on his Twitter page which shows many similarities between the charts from 2017 and a chart from 2020 where we can see that the market is now at a similar point as it was back then when XRP surged. The twitter user expects XRP to soar and to provide details in a video that he posted in the twitter comment threat. The financial analytical agency Weiss Ratings back a few days ago, published a post criticizing the head of the blockchain giant ripple after the CEO of Ripple Brad Garlinghouse got trashed for saying the cryptocurrency will not be able to function without banks and that getting bankers on board is extremely important for the future of the cryptocurrency. Weiss Ratings supported the opinion in the crypto space that Ripple will unlikely replace banks:

 “#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”

Brad Garlinghouse was in an interview when he commented that there are too many crypto assets out there. There are about 3,000 different digital assets that are trading on a daily basis.