Ripple Made MoneyGram Rich, But What About XRP Holders?
Even though XRP has yet to experience the benefits of Ripple's relationship with MoneyGram, the token looks poised for a bullish impulse.
Key Takeaways
- Ripple handed over $9 million to MoneyGram throughout Q3 2020 alone.
- Although the payment is said to serve as compensation for providing liquidity to the On-Demand Liquidity (ODL) network, XRP has not benefitted from the partnership.
- Still, several technical indexes suggest that the cross-border remittances token is on its way to greener pastures
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The partnership between Ripple and MoneyGram continues to raise eyebrows as the crypto firm pumps millions of dollars into the remittances company. While there only seems to be one beneficiary in the collaboration, XRP shows signs that it’s headed for greener pastures.
Ripple Hands Millions in Cash to MoneyGram
Ripple continues to do everything in its power to keep its partnership with MoneyGram.
The San Francisco-based firm handed more than $9 million to the remittances giant throughout Q3 2020 alone. The payment is said to serve as compensation for providing liquidity to the On-Demand Liquidity (ODL) network.
Brad Garlinghouse, CEO at Ripple, reiterated that the “market development fees” are a method of “incentivizing” companies to use Ripple’s products and congratulated MoneyGram for its success over the past quarter.
“Congrats on a very strong quarter! Proud to be a partner in MGI’s digital growth transformation. There’s no doubting the network’s growth and benefits for consumers,” said Garlinghouse.
While things appear to be looking up for MoneyGram, Ripple’s XRP faces an uphill battle after falling more than 30% over the past three months.
Still, several technical indexes suggest that the top cryptocurrency is on its way to greener pastures.
Altcoin Ready to Rebound
The TD sequential indicator presented a buy signal on XRP’s daily chart. The bullish formation developed as a red-nine candlestick, forecasting that a spike in demand for this altcoin may see it surge for one-to-four daily candlesticks.
But if demand is strong enough, this cryptocurrency might even start a new upward countdown.
Depending on the number of buy orders that begin to pile up around the current support level, XRP price may have the strength to slice through the overhead resistance.
Turning the 50-day moving average into support could see prices rise towards the 100-day moving average or the next important area of interest, around $0.3.
Nonetheless, XRP’s price must continue to hold above the 200-day moving average for the bullish outlook to be validated. Failing to do so would be catastrophic for the altcoin might ignite panic selling among investors.
Under such circumstances, the odds will drastically increase for a downswing to $0.21.
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