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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Effect: MoneyGram Stock Continues to Soar, When Will XRP Price Follow?

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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It wasn’t just Facebook making one of the biggest announcements and steps towards mainstream adoption in the crypto space this week. Ripple also announced a strategic partnership with international money transmission service MoneyGram that would see the company use its XRP crypto token and could possibly drive up XRP price.

MoneyGram’s stock has surged over 168% on the news, but although XRP price experienced an initial pop as the news was released, its since depreciated a few cents. The question remains: When will XRP price follow the major MoneyGram announcement and catch up to Bitcoin and the rest of the crypto market?

MoneyGram Shares Skyrocket After Ripple Investment News

In an attempt to pre-empt the massive news of Facebook launching its own crypto with Libra, not to be outdone, Ripple revealed a $50 million investment in money transmission service provider, MoneyGram, in a move that will utilize XRP to facilitate cross-border transactions.

The news, arguably among the most significant to hit the space since its inception, is one of first examples of a crypto being widely adopted for its intended and designed use case. The significance alone sent the stock price per share of MoneyGram from roughly $1.45, to $3.90 at the most recent local high.

Related Reading | Crypto Analysts: Ripple Most Bullish USD Chart, XRP Target 2000% Gains 

The partnership sees MoneyGram using XRP – the native crypto token of the Ripple blockchain – for digital remittance. The digital remittance market is said to reach $8.59 billion in USD by 2025. MoneyGram’s largest competitor, WesternUnion, also launched a pilot where it used the beta version of Ripple’s xRapid product.

WesternUnion ended the pilot, stating that Ripple was only able to meet its current throughputs and transaction speeds, offering no major improvements over its legacy systems. While some saw this as a failure for Ripple, CEO Brad Garlinghouse saw their beta product matching a decade-strong system from the industry leader as a massive success and achievement for the crypto-focused firm.

When Will XRP Price Catch Up to Partner Stock Surge?

Clearly, Wall Street has taken notice of the news as can be reflected in the price of MoneyGram shares. But what about XRP price? When will it finally show some positive movement for investors, and reflect the impact of what is one of the biggest announcements to ever hit the crypto industry?

https://twitter.com/canteringclark/status/1140847259363545090?s=12

It may not be for a while longer, potentially two months as the above analyst points out. But when it does resolve, investors are expecting XRP price to go on a moon mission.

https://twitter.com/cryptoamd/status/1140673005456121857?s=12

In recent weeks, other analysts have called the XRP price chart the most bullish out of any major cap altcoins, like Ethereum, or even Litecoin, which is less than two months away from its halving event. Analysts also agree the bottom is in for XRP.

https://twitter.com/moonoverlord/status/1141127733122162688?s=12

While longer term targets are calling for as much as $10 by the end of the year, short term, analyst are watching to see if the EMA10 and EMA20 hold up following a bearish engulfing candle forming after the MoneyGram news.

$XRP Daily Chart.

Bearish engulfing candle today. If the 10 and 20 ema's hold it up, I would expect a hard run to test and possibly break the pennant. On the downside, watch the 50 ema and 78.6 retrace at .39. This pennant could take another month to play out.#XRP pic.twitter.com/G2iCSHPElS

— CryptoFibonacci (@CryptoFib) June 19, 2019

A bounce there would sent XRP price upward to test the top of a multi-month pennant, which could finally cause XRP to break out of its bear market downtrend. When the pennant does resolve, and XRP breaks upward, the move is expected to be fast, violent, and incredibly profitable for anyone loading their bags with XRP currently.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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