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Key Takeaway
- Ripple delivered over $ 9 million to MoneyGram in the third quarter of 2020 alone.
- Although the payment is said to serve as compensation to provide liquidity to the on-demand liquidity network (ODL), XRP did not benefit from the partnership.
- However, several technical indices suggest that the cross-border remittance token is on its way to greener pastures
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The partnership between Ripple and MoneyGram continues to raise eyebrows as the cryptocurrency company pumps millions of dollars into the remittance company. Although there appears to be only one beneficiary of the collaboration, XRP shows signs that it is heading for greener pastures.
Ripple delivers millions of cash to MoneyGram
Ripple continues to do everything in its power to maintain its partnership with MoneyGram.
The San Francisco-based company delivered over $ 9 million to the remittance giant in the third quarter of 2020 alone. The payment is said to serve as compensation to provide liquidity to the on-demand liquidity network (ODL).
Brad Garlinghouse, CEO of Ripple, reaffirmed that “market development fees” are a way to “incentivize” companies to use Ripple’s products and congratulate MoneyGram on its success in the last quarter.
“Congratulations on a very successful quarter! Proud to be a partner in MGI’s digital growth transformation. There is no question about network growth and consumer benefits,” said Garlinghouse.
While things appear to be improving for MoneyGram, Ripple’s XRP faces an uphill battle after dropping more than 30% in the past three months.
However, several technical indices suggest that the best cryptocurrency is on its way to greener pastures.
Altcoin ready to rebound
The TD Sequential Indicator presented a buy signal on the XRP daily chart. The bullish pattern developed as a red nine candle, predicting that a spike in demand for this altcoin could see it rise for one to four daily candlesticks.
But if the demand is strong enough, this cryptocurrency could even start a new countdown to the top.
Depending on the number of buy orders starting to pile up around the current support level, the XRP price could have the strength to cut the overall resistance.
Turning the 50-day moving average into support could see prices rise towards the 100-day moving average or the next major area of interest, around $ 0.3.
However, the price of XRP must continue to stay above the 200-day moving average for the bullish outlook to be validated. Not doing so would be catastrophic for the altcoin and could trigger panic selling among investors.
Under such circumstances, the odds will dramatically increase for a downside to $ 0.21.
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