In recent times, Ripple’s partnership with MoneyGram was one of the most anticipated collaborations in the crypto industry. When Ripple announced the strategic partnership between itself and MoneyGram, the shares of the famous remittance company doubled. Ripple planned to invest a whopping $50 million in MoneyGram but made an initial payment of $30m was made. It was used to buy shares in the company.
XRP (XRP) Price Today – XRP / USD
XRP/MXN volume rose by 25% thanks to MoneyGram collaboration
MoneyGram is one of the oldest money transfer companies in the globe. Its strategic partnership with Ripple, remittance network, has been successful so far. After the partnership was announced, the XRP/MXN pair volume saw a 25% rise.
Ripple’s Global Institutional Market’s head, Breanne M. Madigan commented on the report. She said:
“New (and notable) data shows that although overall XRP trading volume was down nearly 65%, XRP/MXN volumes on Bitso went up more than 25% – during the same period of time that MoneyGram payments into Mexico using XRP went live. A real use case driving real volume.”
The trading volume of the token pair fell by 65% but later saw a 25% rise after the partnership was sealed. Ripple’s xRapid technology is still new on the scene but it has achieved widespread acceptance among top financial institutions. However, it isn’t quite clear how this acceptance from financial bodies impact the XRP market. So far, there is no data to support the claim. Now, Ripple has provided some insight into the impact of the collaboration with MoneyGram.
How is XRP faring in the bearish market?
XRP is still the third-largest cryptocurrency by market cap. At press time, XRP to USD is trading at $0.275664 with a market cap of $11,823,439,713. The coin’s price has increased by 1.73% in the last hour. The XRP to USD token has failed to make a recovery to the $0.30 after a recent dump. Proponents of the token hope that these partnerships will impact XRP price positively. Sadly, there hasn’t been much to show to for it.
Ripple has also added a new partner to its family. Xendpay, a London based remittance firm became the latest company to partner with Ripple. this collaboration would allow both companies to branch out into more Asian countries such as Bangladesh, Philippines, Vietnam, Thailand, and Malaysia. Previously, Ripple added Santander to its family to serve the South American community better.
RippleNet has currently surpassed 200 clients all over the world for 2019 alone. This places the company at an average of 2 to 3 financial institutions to Ripple each week.