- MoneyGram sells off all XRP received due to Regulatory issues
- Why go for Ripple?
- MoneyGram, not an XRP holder – Alex Holmes
- XRP’s price needs to trend carefully after new 2-Year low
In a recently concluded interview held by CNN international with MoneyGram CEO Alex Holmes, Holmes explained why Ripple’s native token is what is best for his company. Holmes chipped in that he nor did his company own any XRP.
Why Go for Ripple Instead of Its Competition?
Ripple is quite swift and affordable in processing transactions across the universe with its On-Demand Liquidity (ODL) solution. Sometime in June 2019, Ripple invested about $50 million in MoneyGram in an attempt to aid the adoption of its native token XRP. The partnership was concluded in late November.
MoneyGram has several liquidities and working capital stationed globally and with Ripple’s ODL, it can transform this capability and transfer money with data. Holmes stated: “It’s incredibly complicated to move money across the border.” He further states that Ripple’s capability to transfer money with data is “magical” since it permits swift transferring funds without any “trapped liquidity.”
According to Holmes, “They also have the vision that encapsulates what we are trying to do as well. […] I think and Ripple and its crypto XRP are innovative in that sense.” Ripple allows MoneyGram to reduce costs for its customers and grow profitability for the company’s shareholders.
When the CEO was asked if he holds any XRP, he replied that he does not own any XRP likewise his company. Holmes stated that MoneyGram sells its tokens immediately it receives them. “Any XRP that we receive we tend to sell about as real-time as possible.”
Ripple Price Analysis – XRP price needs to trend carefully after new 2-Year low
The Trading price for Ripple’s native token XRP has been awful this year, and some analysts, including Jacob Canfield, predicts the more bearish trend for the token. Ripple price is currently trading below significant multi-month support against the U.S dollar. XRP bulls need to cautious since there are high odds of more declines below $0.1800.
XR price analysis – the past few weeks saw ETH, BTC and XRP declined steadily against the U.S dollar. XRP price settled below the major $0.2200 swivel level and the 100 simple moving average (4-hours). This has opened the doors for more losses below $0.2100. In the end, the price broke the key support level close to the $0.2000 level and vital multi-month support close to $0.1980.
The price has so far declined massively and plunged below the $0.1770 and the price is presently correcting higher. A new 2-year low was established close to $0.1770 and the price is presently correcting higher. An early resistance for Ripple’s XRP is close to the $0.1880 level.
XRP (XRP) Price Today – XRP / USD
Also, the 23.6% Fib retracement level of the recent plunge from the $0.2195 high to $0.1770 low is close to the $0.1870 level. If there is a positive correction above $0.1880, the price might recover towards the $0.1980 resistance area. While breakdown support close to $0.1980 and $0.2000 is likely to serve as major hurdles.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.