Home > News > XRP pulls back from two-week highs in Tuesday trading

XRP pulls back from two-week highs in Tuesday trading

Benson Toti

The third-largest digital on the market, XRP, has hit a two-week high after surging more than 6% in late Monday trading.

Having traded around the $0.43 mark for the better part of yesterday’s session, XRP saw a big price jump in late trading, rising to as high as $0.459. This was immediately followed by a sizable correction, which saw the digital coin closing at $0.448. Still, this close was significantly higher than XRP’s opening level of $0.427.

XRP has declined further today, with its price tumbling to as low as $0.433 during the morning portion of the session. While the coin seemingly stabilised in more recent trading, it continues to be in the negative territory. At the time of writing, the XRP price was hovering around the $0.435 mark, according to data from digital currency tracker Coinmarketcap.

MoneyGram deal

XRP’s Monday price surge came after news that major money transfer company MoneyGram signed a strategic partnership with Ripple, the San Francisco-based start-up that developed the crypto token and its underlying technology. Under the terms of the agreement, MoneyGram will be able to use Ripple’s cross-border payment solution xRapid, which utilises XRP. Meanwhile, Ripple has made a $30 million investment in the money transfer company, with the option of investing up to $20 million more in the future.

“I’m extremely excited about Ripple’s investment in MoneyGram and the related strategic partnership,” Alex Holmes, chairman and chief executive officer of MoneyGram, said in a statement published yesterday. “Through our partnership with Ripple, we will also have the opportunity to further enhance our operations and streamline our global liquidity management. Since our initial partnership announced in January 2018, we have gotten to know Ripple and are looking forward to further leveraging the strengths of both of our businesses.”

Ripple’s chief executive Brad Garlinghouse described the partnership as “a huge milestone in helping to transform cross-border payments”.

In today’s trading, the Ripple price stood at $0.435, as of 16:23 BST. The digital currency has gained just over 1% in the past 24 hours. The coin’s total market cap currently stands at $18.5 billion.

Featured image: Prov910 /Shutterstock.com

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