TRENDING:
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

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

  • MoneyGram announced a stellar growth of digital payments in 2019.
  • XRP/USD retreated from 1-hour SMA100 at $0.2040.
Ripple Market Update: Ripple's partner enjoys stellar growth while XRP/USD locked in a range
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

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

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Top 3 Price Prediction: BTC consolidates gains, ETH defends support, XRP nears breakout trigger

Top 3 Price Prediction: BTC consolidates gains, ETH defends support, XRP nears breakout trigger

Bitcoin, Ethereum and Ripple begin the week on a constructive note as the top three cryptocurrencies attempt to extend rebounds after recovering nearly 4%, 2% and 2.6%, respectively. BTC steadies around $65,600, ETH continues to hold firmly above the key $1,700 support, while XRP nears the upper boundary of the falling channel pattern.

Ethereum Price Forecast: ETH struggles below $1,700 amid subdued on-chain users and capital outflows

Ethereum Price Forecast: ETH struggles below $1,700 amid subdued on-chain users and capital outflows

Ethereum rises, albeit gradually, toward $1,700. The smart contract token reflects a marginal increase in buyers seeking to re-engage at lower price levels, following the massive drawdown from mid-May, which was largely driven by geopolitical tensions in the Middle East and macroeconomic uncertainty.

XRP clings to support as derivatives interest cools

XRP clings to support as derivatives interest cools

Ripple hangs on to $1.14 support, extending its rebound from its early-week support at $1.10 and June’s low of $1.05. Maintaining this short-term support level is vital for the remittance token to preserve its bullish momentum, with a decisive breakout above $1.20 likely to signal further upside potential.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels. Bitcoin hovers around $63,500 amid a capped upside. Ethereum eyes a breakout past $1,700, while XRP hovers above $1.40.
Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.