Investing.com – In 2019, Ripple had already entered into a partnership with payment service provider MoneyGram, in which it took a $30 million stake in the company.
Since then, MoneyGram had been using Ripple’s cross-border payment solutions, which also used On-Demand Liquidity (ODL) technology. In March 2021, MoneyGram however decided to end this partnership in order not to be in the crosshairs of the American supervisory authorities. Evidence of the negative impact of the SEC legal proceedings against Ripple. The securities watchdog accuses the company of selling securities not registered with XRP.
It now seems that MoneyGram wants to use the Brazilian network ODL for its commercial activities, without entering into a direct partnership with Ripple. A press release from the company says it will collaborate with Brazilian fintech company Frente Corretora in the future. Along with Travelex bank, Frente Corretora has long been a Ripple customer.
MoneyGram CEO Alex Holmes said:
“This is a huge growth opportunity for MoneyGram to gain market share in a country that is one of the most populous in the world.”
Ripple Technical Price Markers
Ripple is losing at one at $0.3436, the weekly loss amounts to -0.07%.
The cryptocurrency is still heading towards the cycle low of $0.3203, while the 23.6% Fibo retracement of $0.3649 is resistance.
Only if this threshold is breached on the daily close can we expect a rally towards the 38.2% Fibo retracement at $0.3926. The resistance found here is reinforced by the 55-day MA of $0.3977 and the psychological level of $0.4000.
By Marco Oehrl