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Ripple’s XRP price analysis: Ripple acquires $30 million stake in MoneyGram to expand its XRP Usage

FX Street
Updated:
  • Ripple’s XRP price is nursing losses in the second half of the session on Tuesday, down some 2.7%.
  • The Ripple company has acquired a stake in rival MoneyGram, a deal said to be worth $30 million.

Ripple’s XRP price is trading down some 2.7% in the second half of Tuesday, as the price retests a breached pennant pattern formation.

In terms of news flow, it was announced that Ripple will be paying $4.10 per share in a $30 million deal, for a stake in MoneyGram, reported by Fortune. The company will also have a further option of investing another $20 million in the payment processor.

Near-term support can be seen around $0.4300, which is the upper acting trend line of the noted breached pennant structure. To the upside, supply remains heavy from $0.4400 up to $0.4800, ahead of the big $0.5000.

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