Ripple Market Update: Ripple's partner enjoys stellar growth while XRP/USD locked in a range

Ripple's XRP is the fourth largest digital asset with the current market value of $8.9 billion and an average daily trading volume of $1 billion. The coin has been range-bound recently amid low trading activity on the market. At the time of writing, XRP/USD is trading at $0.2025, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday.

The shares of Ripple's partner skyrockets

MoneyGram shares jumped by 16% in a matter of hours following the news that the company doubled the number of digital transactions in 2019. According to the official press-release, the MoneyGram is focused on becoming a leader in digitalizing money transfers. 

Commenting on the news, Alex Holmes, the CEO of MoneyGram, said: 

Our digital business growth in May is particularly notable as we not only increased our active digital customer base, but also continued to see these new digital customers return and transact more frequently due to our seamless customer experience and global platform.

Notably, the cryptocurrency startup Ripple invested $50 million in MoneyGram in 2019. However, earlier this year the company sold all XRP worth approximately $11.3 million, received from Ripple.

XRP/USD: Technical picture

On the intraday charts, XRP/USD recovery is limited by 1-hour SMA100 at $0.2026. The price attempted to clear this level several times on Wednesday, to no avail.  A sustainable move above this area is needed for the upside to gain traction with the next focus at $0.2040 reinforced by 1-hour SMA200 and the upper boundary of the recent consolidation channel.

On the downside, the initial support is created by the lower line of the 1-hour Bollinger Band at $0.2010. This barrier is closely followed by the psychological $0.2000. If it is broken, the sell-off may gain traction with the next focus on $0.1980 (June 7 low).

XRP/USD 1-hour chart