MoneyGram stated that it is the first money transfer company to utilize blockchain capabilities at scale through its strategic partnership with Ripple.
Additionally, the company continued its positive announcements — stating that these results reflect the ongoing transformation of the business, as it focuses on achieving cross-border digital growth, implementing customer experience improvements, and upgrading innovation through the existing partnership with Ripple.
Cryptocurrency trader @CryptoWelson stated that the XRP price action looks very bullish and we might soon see a breakout. The long-term technical outlook for XRP indeed looks bullish — since it has reached a significant support area and is gradually moving upward.
According to @CryptoWelson, the increase aided by a fear of missing out (FOMO) will be unprecedented.
Let’s take a closer look at the XRP price movement and determine how bullish it really is and what will occur in the future.
In the short-term, the XRP price has reached a resistance area found at $0.30. Once there, it has made a triple top, which is considered a bearish pattern.
Additionally, it seems to have broken down from an ascending support line and moved upward to validate it. This is a common movement after breakdowns, and often indicates that there is more downside in store.
XRP’s Long-Term Outlook
The long-term outlook for the XRP price, however, seems quite bullish.
The XRP price has reached the major support area at $0.24, where the December 2017 rally began. This has been combined with bullish divergence in the MACD, which has made a bullish cross. While this divergence is not present in the RSI, the long-term movement seems bullish, aided by the creation of another bullish pattern.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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