Rajarshi Mitra
Independent Analyst
- Gralinghouse feels that the merging of money transfer services and crypto will have a larger impact than Libra.
- XRP/USD is currently trading for $0.2966 and has charted the death cross pattern.
According to the statement made by Brad Garlinhhouse, the CEO of Ripple, in addition to the firm being in a strong position, it is also looking at multiple deals with high profile companies. Ripple's $30 million investment in money transfer business MoneyGram gave birth to a lot of speculation about what comes next.
Garlinghouse told Yahoo Finance UK that Ripple's momentum will keep moving. He said, "We're in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage." Additionally, he stated that discussions regarding "multiple" acquisitions and investments are taking place. No further details were disclosed.
He added," Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be." When asked about the areas these investments would focus on, he stated, "Deals are always very, very hard to predict."
Predictably, Ripple has some major deals in the pipeline. Earlier, it was mentioned as a settlement layer in Bank of America's latest patent. Moreover, the potential of MoneyGram investment is noteworthy in itself. Garlinghouse revealed that MoneyGram will start off by testing xRapid with the US dollar to Mexican pesos. He said, "It'll start to ramp in Q4 but really we'll start to see more consequential volumes in Q1." He believes that the merger of money transfer services and crypto will have a more prominent impact than Facebook's Libra:
"If I were betting now, a year from now the Moneygram deal will have a more consequential impact on the crypto markets than the Libra white paper [Facebook's cryptocurrency project]."
XRP/USD daily chart
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This Tuesday, the price of XRP/USD has gone down from $0.300 to $0.297. The price has gone down further to $0.2966 in the early hours of Wednesday. The price is trending below the 20-day simple moving average (SMA 20), SMA 50 and SMA 200 curves. The SMA 200 has crossed over the SMA 50, charting the death cross. The 20-day Bollinger jaw is widening, indicating increasing market volatility.
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