Ripple Price Analysis: XRP/USD slumps over 2%, eyeing $0.20 support

Ripple price is the worst-hit with the widespread price retreat during the Asian hours Monday. The stability witnessed across the weekend session appears to have been ousted. Meanwhile, XRP is trading 2.34% after adjusting lower from $0.2194 (opening value). The buyers attempted to push the price higher, however, $0.2207 (intraday high) marked the end of the upward momentum. At the time of writing, XRP/USD is dancing at $0.2141 after a minor advancement from the intraday low at $0.2089.

MoneyGram reports “quiet quarter” for Ripple partnership

It is not news that MoneyGram, one of the leading cross-border payments service providers partnered with Ripple, a blockchain solution provider. In a recent earnings call for Q1 2020, MoneyGram’s CEO, Alexander Holmes told investors that it was a “quite quarter” while referring to the strategic partnership with Ripple. Holmes stated:

I would say it was a little bit of a relatively quiet quarter, in the sense of really pushing anything particularly new into the market or expanding the service.

We did a lot of that in the back half of last year, and really got going on a number of new corridors for that service.

Holmes expressed excitement for the partnership although he pointed out that Ripple had a lot to do in terms of how to package the product and “how they want to take that to various markets.” He believes that the product will evolve with time and the results of which “will vary by quarter and by month.”

Ripple price technical picture

At the time of writing, Ripple is trading between two key Fibonacci levels. The 38.2% Fibo taken between the last swing high of $0.3468 to a swing low of $0.11, is providing support at $0.20 while the 50% Fibo is limiting the upward price action closer to the 200-day SMA.

Ripple is gradually falling in the hands of the bears as observed from the retreating RSI. It is essential that the short term support at $0.21 continues to hold. This will allow the bulls to focus on breaking the resistance at $0.22.

On the brighter side, the MACD is still in the positive region and features a bullish divergence. In other words, the bulls still have the potential to recover renew the uptrend to last week’s highs.

XRP/USD daily chart