A massive drop in the price of Ripple can be noticed according to the latest altcoin news and analysis after the value of the asset dropped by 12 percent from its weekly high.
The XRP/USD exchange rate declined to an intraday low at 0.3003 today after just forming a new weekly high yesterday at 0.3429 due to the major banking giant Swift and its announcement for its partnership with R3 Corda.
Traders saw the event as a sign of the next bull movement because the price surged quick but later halted its upside movement on the formation towards $0.342. A correction followed during Thursday and the XRP/USD pair was standing at 0.3043 this morning at 9:00 UTC which is a 1.30 percent increase from its intraday low. During the day, the pair has dropped by more than 3 percent over the past 24-hours.
The reverse movement in the value of XRP shows that the traders didn’t really intend on holding the token. After the Paris Fintech Forum, Ripple CEO Brad Garlinghouse announced that they have no problem with partnering with Swift because it is a banking network that connects more than 11,000 financial institutions and this is when the price of ripple jumped up by 9 percent.
The XRP market saw three selling sessions yesterday (December 31) on an hourly basis. The XRP/USD pair had managed to drop to 0.3103 since the traders extended their short positions and brought a slight upside correction, but it soon switched down after testing the 0.3206 positions.
The support area for the XRP/USD pair could fall towards 0.2898 and 0.2853.
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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