XRP Sets its Eyes on $0.50 as Ripple and Moneygram End Partnership 16

XRP Sets its Eyes on $0.50 as Ripple and Moneygram End Partnership

In brief:

  • Ripple has confirmed the end of its partnership with MoneyGram
  • MoneyGram had stepped back from their agreement after the SEC lawsuit against Ripple
  • XRP’s price is unmoved by the official announcement and is trading at $0.48
  • The return of bullishness in the crypto markets due to the $1.9T stimulus bill could send XRP above $0.50

Ripple has officially announced the end of its partnership with MoneyGram. However and according to the announcement by Ripple, both companies are willing to work together in the future as explained below.

We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL).

We are both committed to revisiting our relationship in the future. We still believe in the promise of digital assets and blockchain technology to change the status quo in global payments for the benefit of billions of consumers around the world.

XRP Sets its Eyes on $0.50

News of MoneyGram stepping back from the Ripple partnership was made public in mid-February. Therefore, XRP investors were already aware of the likelihood of both companies officially parting ways, hence the lack of panic selling of the remittance coin.

A quick glance at the XRP charts reveals that the remittance coin is holding strong above the $0.47 support zone at its current price of $0.482. Furthermore, the $0.50 resistance area is the next logical path for XRP amidst a bullish crypto market brought about by the US Senate approving a $1.9 Trillion stimulus bill.

Once signed by President Biden, the stimulus bill will guarantee $1,400 checks to eligible US residents. As was the case with the first stimulus bill in April of 2020, retail and institutional investors have connected the dots and realized the $1.9 Trillion will be printed by the Fed. As a result, retail and institutional investors will use digital assets such as Bitcoin and other prominent altcoins, to hedge against inflation.