• MoneyGram chooses Visa over RIpple for its new payment service.
  • XRP/USD returns to the previous consolidation range amid strong bearish pressure.

Ripple's XRP has been collapsing for three days in a row. The massive sell-off caused by a global correction on the cryptocurrency market wiped out all the gains of the previous week and pushed XRP/USD below $0.2700 on Sunday. At the time of writing, the coin is trying to settle above $0.2800, however, an upside bias remains weak. XRP is down 10.5% on a day-to-day basis, and 4.6% since the beginning of Monday. Ripple's current market value is registered at $12.2 billion, while an average daily trading volume amounts to nearly $4 billion in line with the figures of the previous days. 

MoneyGram chooses Visa over Ripple

Remittance services provider MoneyGram launched FastSend, a new service that will allow users to send to a mobile phone number in real-time. However, the company don't use Ripple's blockchain and cryptocurrency solutions for that purpose. Instead, FastSend utilizes Visa’s Direct Original Credit Transaction to deposit funds to users' bank accounts, Kamila Chytil, MoneyGram Chief Operating Officer explained in an interview with Cointelegraph.

This choice of the technical solution may be disappointing to XRP supporters, but, according to Chytil, the company believes in blockchain potential and utilizes Ripple's solutions at a corporate level to reduce its operational costs.

XRP/USD: Technical picture looks bearish

XRP/USD is hovering around $0.2800 with the local support created by the middle line of the daily Bollinger Band at $0.2760. If it is broken, the downside momentum will gain traction and push the price towards $0.2700 with the recent bottom at $0.2696. The next major support comes at $0.2650, which is a lower boundary of the previous consolidation channel and $0.2550 (SMA200 daily).

On the upside, a sustainable move above $0.2900 is needed to mitigate the initial bearish pressure. Once it is out of the way, a stronger psychological resistance of $0.30 will come into focus. It is reinforced by SMA200 1-hour and the upper line of 1-hour Bollinger Band.

XRP/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Lack of healthy support levels may see BTC/USD drop below $7,000

BTC/USD has dropped from $7,201.80 to $7,198.65 as the bears retained control for the second straight day. The is a lack of healthy support levels so, the price may potentially drop below the $7,000-level.

More Bitcoin News

XRP/USD breakout above $0.20 short-lived, will $0.19 support hold?

Ripple price climbed above the key $0.20 hurdle for the first time since the crash on March 12 on Tuesday. However, the surge was met by overwhelming selling activity, culminating in a slide into ...

More Ripple News

Ethereum Price Analysis: ETH/USD bulls eye $200 despite stalling under $170

Ethereum price finally embarked on the anticipated journey of breaking barriers towards the psychological $200 level. A lot of progress has been made with several hurdles now in the rearview including $140, $150 and $160.

More Ethereum News

Litecoin Price Analysis: LTC/USD bulls regain control, push price back above $45

LTC/USD bulls regained control following a bearish Tuesday. The price has so far gone up from $44.78 to $46.71. Currently, the price encountered resistance at the downward trending line. Ideally, the bulls will want ...

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP