Ripple (XRP) altcoin, the world’s third-largest cryptocurrency has increased by 31 percent against the US dollar in a period of 48 hours. According to the coming altcoin news, the XRP to dollar exchange rate reached an intraday high of $0.405.
The XRP/USD exchange rate on Tuesday increased up to 25.05 percent when the market opened on the Luxembourg-based Bitstamp exchange. The pair dropped up to 5.05 percent during the European session in order to neutralize its overbought levels and found a support level at $0.384.
The sentiment came across the rest of the crypto index when almost all of the top cryptocurrencies reached surplus intraday gains. Bitcoin (BTC) extended its rally action and managed to establish a new 2019 peak towards $8,836. Ethereum on the other hand along with Bitcoin Cash and EOS also recorded double-digit gains over the 24 hours timeframe.
The crypto breakout action enhanced with a rise in trading volume which also confirmed the strong bullish sentiment on the market. Exchanges that support XRP-enabled pairs noted a $3.69 billion worth of buying and selling activity. In the same time, as reported in the best cryptocurrency news sites, the manipulated volume statistics shows that there is about $127 million value of trades over the past 24 hours.
The Ripple (XRP) altcoin was hinting its plan to extend its upside momentum and consolidated sideways while trading at $0.385. The gains of the altcoin are contributed to the confluence of positive fundaments in both outside and inside of the crypto market. The rise of trade tensions between China and the US seem to be influencing the sentiment as it appeared across the rest of the market.
The XRP asset found additional support from the Boerse Stuttgart. The second largest stock exchange launched two-exchange traded notes for Litecoin and XRP. Also, Boston-based asset management company Fidelity Investments announced the offering of XRP trading services to its institutional clients.
The buying sentiments improved for Ripple (XRP) at least in the past few days. They also served as major factors to drive the upside movement further which made it attractive for investors to build their positions. The Relative Strenght Index for Ripple (XRP) was above 70 which shows there is some overbought sentiment. This does not impact the bullish bias in the near-term which hints a downside correction.
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.
How DigixDAO Works: Guide To Its Tokenized Gold System
Basic Attention Token’s Brave Browser Adds One-Click Wayback Machine
US Actor Steven Seagal Pays $350k For Illegal ICO Cryptocurrency Promotion
Zcash Improvement Proposal 1014 Is Live With Updated Mining Rewards
Binance Joins Shyft Blockchain Network For FATF Compliance
Tim Draper Left Stocks For Bitcoin 6 Months Ago
Binance UK News Show Buying BTC Is Now Easier Than Before
Retail Crypto Sentiment Flips Bearish For 1st Time In 2020
Monero VS Bitcoin: Is The Privacy Feature Enough?
MoneyGram And Ripple Extend Their Partnership With $11.3 Million
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum Classic News4 days ago
Antminer E3 Stops ETC Mining While ETH Has 1 Month Left
- IOTA News7 days ago
How Will IOTA Transform IoT Design In The Future: Analysis
- Bitcoin Cash News6 days ago
Bitcoin Cash Is Facing ‘Slow Death’ After Its $30M Hack: Analyst
- Dash News5 days ago
Dash Partners With Simplex, Offering A Fiat On-Ramp To Its Users
- Binance News6 days ago
Malta’s Financial Watchdog Says Binance Is Not Licensed
- Altcoin News6 days ago
Crypto Education: Which Are The Leading Universities In 2020?
- Bitcoin News5 days ago
BTC Price Bull Run May Last 1,000 Days, 2020 Is Best Average Year
- Dash News6 days ago
Dash Price News Today: Stable At $105 With Bullish Opportunity