It’s normal to expect price bumps after Blockchain networks adopt new initiatives or enter into beneficial partnerships. Despite this assumption, it isn’t always the case. Occasionally, the anticipated result isn’t what comes to pass. One example is Ripple’s partnership with payment carrier service MoneyGram. Many had expected the move to boost the price of XRP by a huge margin. What has been the result?
Rumor of Ripple’s partnership with MoneyGram had plagued the Internet for nearly two weeks. Until Ripple went on to confirm that there will be an accord between the two institutions on June 17.
XRP (XRP) Price Today – XRP / USD
MoneyGram’s Stocks Increased in Value While XRP’s Price Has Stalled in its Position
This resulted in massive FOMO in the digital asset community which caused the price of MoneyGram’s stocks to increase in value. However, this wasn’t the case Ripple’s native token XRP. The price of XRP did not see any substantial rise. It has since been held up at a level for very long now.
Ripple’s CEO, Brad Garlinghouse, spoke about many things including the network’s partnership with MoneyGram as well as its effect on Ripple’s business. He also talked about Facebook’s Libra coin. He spoke about whether Libra should be regarded as a real threat to XRP or the cryptocurrency space.
According to Garlinghouse, there was plenty of hype about the Blockchain which the Ripple executive believes prevented XRP price from rising. Considering the vast number of cryptocurrencies out there without a real use-case, his statement may be true. He also remarked that it was “difficult” for people to tell the difference between real projects from “noise makers.” This was the primary reason why the price of XRP has been stable since the eve of the announcement and after that.
It’s Difficult to Split What’s Real Fake in the Crypto Space
Garlinghouse places great credit to the deal with MoneyGram. According to him, the MoneyGram deal is a very big move for Ripple. He added that the deal may even be a bigger offering for the entire crypto market. But this hasn’t reflected on XRP price.
Off course, MoneyGram is among the top payment processors currently operating in the world. Their recent partnership with Ripple only signifies that both firms are taking a major step forward. It is a move in the right direction towards more adoption for Blockchain technology and crypto. MoneyGram is a big entity that has decided to embrace emerging technology. Hence, the move could pave the way for more institutions to follow in the future.
Investors and Institutions Using the Blockchain as Catnip for Marketing
According to Garlinghouse, most of the institutions and investors have been using the Blockchain as a “catnip” for marketing. However, he also added that Ripple the company, was trying to change this move by using its technology in tandem with cryptos to make sure tedious and cross-border, time-consuming payments happen almost instantaneously and efficiently.
Speaking about how is getting closer to becoming a reality, the Ripple Chief said that Facebook’s recent announcement about its GlobalCoin was probably one of the best things that could happen to Ripple. He ended by saying that he would send “champagne” to David Marcus. Marcus is the leading developer on Facebook’s Libra project.