Cryptocurrency XRP (XRP/USD) takes the third place by market capitalization, which is 12.8 billion dollars and trading at $0,2975. Unfortunately, in recent digital asset is reduced and is testing local minimums, like most altcoins.
However, the Ripple began working with MoneyGram and already has invested $ 30 million in the second-largest company, which deals with money transfers. Ripple plans to invest another 20 million dollars over two years. Such cooperation could support XRP, and quotes can start from the next support level, says Dmitry Gurkovsky, senior analyst at RoboForex.
In turn, MoneyGram August 3rd started to use the product xRapid from Ripple, who received the necessary liquidity. The use of the product is the main condition of the transaction in the amount of $ 30 million. xRapid uses the token XRP to provide instant calculations of funds.
According to Ripple CEO Brad Garlinghouse, the company paid a high enough price for this deal, but in the long term, such cooperation may be much more important for the crypto community than the project Libra from Facebook. Quotations of the shares of MoneyGram (NASDAQ: MGI) fell in the moment of 80% from April to June 2019 to $1,39. After the start of cooperation with the XRP value of the shares went up and reached $3,88 per share.
In any case, the partnership with MoneyGram is one of the quality variants of usage of a digital asset that can have a positive impact on the value of XRP. Moreover, the Ripple continues to sign contracts with various financial institutions.
If we analyze the overall situation for XRP on the daily chart, we can see that the quotes are still within the ascending triangle and testing the support line. As a long-term trend remains to the downside, further development will be in the nature of reduction, but only after overcoming support and consolidate the market below it. The purpose of the downward momentum is at the level of $0,16. Confirming factor in favor of decline acts downward dynamics of the MACD indicator. But if the bulls perk and decide to buy cryptocurrency, it may be followed by a rebound to the resistance level of $0,4348.
On 4-hour chart XRP/USD market has built a channel down the short scale inside the medium. This pattern involves the following breakdown of a minimum of $0,2894 and reduced to $0,27. But has not yet formed the black cross on the Stochastic indicator, we should not exclude the breakthrough of local resistance and rise to the level of $0,322.
Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex and ihodl are not responsible for the results that can occur when using trade recommendations submitted reviews.
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