As Chepicap previously reported, one of the 'hot crypto' stories of the past 24 hours was Ripple's announcement of a partnership with MoneyGram, and although Moneygram saw a huge price jump on the news, XRP, one day later, has not much to show for price-wise.
With the partnership now officially confirmed, XRP was up again for the 24h period, but only by 8% or so, while its partner Moneygram, one of the world’s largest money transfer companies, surged with a 176% gain on its shares following the news.
Despite Moneygram seeing a massive spike in price, the news didn't do much for Ripple's XRP.
On the contrary, from $0.425 yesterday, XRP jumped to about the $0.46 price level, seeing a rise of about 8%, only to be trading at $0.430 again just one day later, showing a 24 hours loss of 2.46%.
Pretty much annihilating the 8% gain on the day. Ouch!
full retrace on $XRP after yesterday's @MoneyGram announcement. Sad
The lack of an XRP pump has puzzled many of the XRP investors, however, one crypto trader and investor, going by the Twitter handle, Credible Crypto, said that this doesn’t mean XRP is bearish.
In his tweet he explains that XRP has been expecting further consolidation, and as his chart shows us, more investors pain can be expected before the third most popular cryptocurrency shows any bullish upticks.
So far so good. Lots were expecting a massive pump here on the moneygram news and seem to think the fact we didn't get it is bearish. Rather, we have been expecting further consolidation for some time now. Trade the charts, not the news. $XRP
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However, many in the crypto community are not as positive about XRP's stagnant behavior, and have one question mainly: Why doesn't XRP pump?
$XRP show me on this chart where the "big news" hit - pic.twitter.com/walZCRzv4j
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Right this second, Moneygram is trading at $3.94 per share in after hours trading. That's about $140mm increase in market cap. Ownership is only partial, so that should help keep the conflict very manageable.
what about Xrp price.... what happened there. Stock Market doesnt normally move like that. Crypto does... :P
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Moneygram price is pumped up ~125%. XRP price is dumping at the same time. Why? Where is the logic? What i'm missing out?#XRP #XRPcommunity #xrparmy
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That s cool, how do you explain xrp does nothing, do you manipulate the price, the community has big suspicion at the moment
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Source Article :- https://www.chepicap.com/en/news/10597/moneygram-surges-176-on-ripple-partnership-xrp-0-community-not-happy.html
