The coming altcoin news show that Ripple finally decided to improve the ecosystem and create use cases around XRP. The announcement shows that Ripple invests $500 million in XRP and commits to a lot of developments scheduled for the upcoming months.
The latest news feature Ethan Beard who is an executive at Xpring – the initiative created to improve the XRP ecosystem and create use cases around it. As Beard stated, Xpring will invest in various open source protocols, as well as developer projects and large scale partnerships related to XRP, all in order to “create more real use cases for XRP.”
Over the past couple of months, analysts featured on many best cryptocurrency news sites said that a breakthrough is needed for XRP. Now that Ripple invests $500 million in the XRP ecosystem, it seems like the company is listening to these demands.
Despite the positive developments and deals which were introduced to the Asian crypto market, the price of XRP which is the native cryptocurrency asset on Ripple’s blockchain has been quite stagnant compared to other crypto assets such as Bitcoin (BTC).
The CEO of Ripple, Brad Garlinghouse, still hasn’t commented on the news that Ripple invests in Xpring. However, he spoke to publications at Fortune’s Brainstorm Finance conference in New York, where he said that the launch of Libra catalyzed contract activity for Ripple, creating a record week in regards to contract signings.
At the time, Garlinghouse said:
“This is going to be a record week for Ripple. It has absolutely catalyzed contract activity. This has been a call to action. I will send a case of champagne to David Marcus, the guy who runs Libra.”
The latest cryptocurrency news show that Ripple invests in its ecosystem. The announcement of Xpring to invest $500 million in XRP based projects comes after Garlinghouse’s statement (on June 20).
“Xpring has quickly grown and to date we have committed $500M in support of over 20 companies, ranging from independent developer projects to larger scale partnerships. Our efforts have expanded to focus has been on two areas: build the best crypto infrastructure through contributions to open source crypto protocols such as the XRP Ledger and Interledger projects; and help innovative blockchain projects grow through partnership and investment,” Beard and the Xpring team said.
Ripple Price Action Is Positive After Yesterday’s Correction
- 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.
Ripple XRP Price Is Primed To Rise Despite Selloff Today
- 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.
MoneyGram And Ripple Extend Their Partnership With $11.3 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.
XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis
“#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.
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