Ripple recently invested $30 Million in MoneyGram and laid out plans to invest another $20 Million in the next two years. Ripple is now MoneyGram’s partner for outward remittance and Ripple is expanding its global partnerships. SBI Ripple Asia which is a subsidiary of SBI Holdings is going to launch a store settlement service with the affiliation of the SBI Holdings and Ripple’s consumer-focused payment app called MoneyTap. It will help in implementing xCurrent, Ripple’s blockchain solution for enabling the near-instant bank to bank domestic remittance services. Because of these upgrades, there is optimism revolving around XRP’s price in the days to come. However, the selling pressure on Ripple is getting higher.
Ripple has been consistently unlocking $1 Billion every month with the company continually adding new clients including some marquee names in the banking world like American Express, Standard Chartered, Axis Bank, Santander and MUFG which helps in tackling the problem of liquidity issues. The current market capitalization is $13,439,271,272 and the circulating supply is 43,024,433,511 XRP.
Over the last 24 hours, XRP has dropped by 7%, but despite this, Ripple has been showing good progress since the MoneyGram strategic partnership was announced. This alliance is a win-win situation, where even XRP usage is bound to rise exponentially. The cost is much lower compared to other cryptocurrencies and the uniqueness of XRP is that the coins were released all at once, which means all the XRPs are in circulation. In other words, no mining is required.
Looking at the daily chart, the prediction for XRP remains relevant as the rate might drop to $0.25. XRP is the biggest loser out of the top three coins, having lost more than 7% in one day.
According to the chart, XRP may move towards the next support level at $0.27. If the trade volume doesn’t go up, the drop in price may continue until it hits $0.25. Yesterday, there was a massive rally in Ripple price above the $0.3 resistance against the USD. The XRP/USD pair even broke the $0.312 resistance and posted a new monthly high. There was a sharp decline below the $0.315 support level to start the current correction.
There is a break below the last major rally from the $0.3272 level. Additionally, XRP is likely to find a decent buyer interest if it reaches close to the $0.28 support area. On the upside, there is an immediate resistance near the $0.3 level. There is also a connecting bearish trend formation in the weekly chart. If there is an upside break above the $0.3 resistance, the price could resume its uptrend. The next key resistances are near the $0.32 and $0.325 levels. We are waiting to see how the price trend changes to predict the next support and resistance level.
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