Two months ago, Ripple, the US-based payment company that oversees the distribution of the digital token, XRP, announced its so-called strategic partnership with payments giant MoneyGram. The deal that is said to last for 2 years is expected to expand the reach of XRP.
The crypto ecosystem has not actually seen major impact on the digital currency since the deal was sealed. However, the head of Ripple’s global institutional markets has recently highlighted the unnoticed benefits which the partnership has brought on the Ripple’s digital token, XRP.
Official Launch of MoneyGram on Ripple’s xRapid
On the 2nd August, 2019, MoneyGram notified its investors about the launch of cross border payment solution powered by Ripple’s XRP. Alex Holmes, the company’s CEO got the information across to the payment giant’s ecosystem.
He said “I am so excited to announce today that MoneyGram is now live and transacting on the Ripple xRapid platform. We started executing trades earlier this week and all signs point to this being a tremendously beneficial relationship for all parties involved…”
The CEO also acknowledged the use cases of XRP in terms of transaction speed and reliability. He said “We are literally settling currencies in seconds, and to quote my friend Larry, ‘This is really cool.”
Ripple’s Executive Highlights How XRP Benefited From MoneyGram Partnership
According to the report of Breanne M. Madigan, the head of Ripple’s global institutional markets team, the company’s partnership with the payment giant, MoneyGram, is beginning to pay off on XRP in terms of overall trading volume.
In one of Madigan’s recent tweets, she captioned a chart from CryptoCompare that shows that the volume of XRP’s pair with the Mexican peso indicates a notable increase.
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.”
Ripple and Other Cryptocurrencies in the Market
The prices of XRP and other digital currencies are still going back and forth. The cryptocurrency market has been recording price losses as much as price gains, which makes the market seems stagnant and inconsistent.
At the time of filing this report, XRP is trading at $0.270155, with 1.26% 24H price deficit. However, none out of the top 10 coins has recorded significant price upsurge over the last 24 hours.