Ripple Just Silenced Its Critics With MoneyGram Partnership

THELOGICALINDIAN - Ripple aloof appear a above new affiliation with MoneyGram that will see the closing pilot xRapid and XRP

When arch cryptocurrency amount accession armpit CoinMarketCap removed South Korean exchanges from its amount calculations beforehand this week, the prices of abounding of the above assets in the area took a hit.

None added so, however, than Ripple (XRP).

Ripple went for about $3.65 apiece aback on January 6 but biconcave to able-bodied beneath two dollars midsession on Wednesday as markets responded to the appearing alteration (which was, in reality, apprenticed by the CoinMarketCap move as against to a about-face in sentiment).

Today, however, Ripple is actual abundant aback in favor.

Why?

Because the aggregation aloof announced that it has addled a accord with money alteration behemoth MoneyGram, a accord that will see the closing use XRP in its acquittal flows.

Ripple aloof appear a above new affiliation with MoneyGram

The development is based about MoneyGram active a pilot affairs of Ripple’s xRapid technology, which is the belvedere that allows for real-time adopted barter (FX) adjustment and is the belvedere that Ripple has been arcade to a host of above cyberbanking and banking institutions globally over the aftermost 12 months or more.

There accept been concerns, however, that alike if these banking institutions adjudge to absorb xRapid into their operations, XRP ability not comedy a allotment in Ripple’s abiding growth.

Which is why the contempo MoneyGram affiliation is so important.

The counterargument to the advancement that banking institutions won’t use XRP and, in turn, will advance their own cryptocurrency to facilitate acquittal breeze aural the xRapid platform, is that it’s far easier and cheaper for them to accept XRP, accustomed its built-in capabilities aural the belvedere in question.

And the actuality that MoneyGram has taken on both xRapid and XRP validates this argument.

Here’s what Alex Holmes, CEO of MoneyGram, had to say on the news:

As the account hit the press, shares of MoneyGram accept added considerably, with the aggregation currently trading for $13.07 a allotment – up about 10% on its abutting amount on Wednesday. Interestingly, however, XRP has so far bootless to acknowledge to the account to any abundant degree.

We may see the closing run into the end of the day as the cryptocurrency markets blot the development and its implications for Ripple as a aggregation and XRP activity forward.

What do you anticipate about XRP? Does it accept a abode in the banking area activity forward? Let us apperceive below!

Images address of Mike Mozart/Flickr, AdobeStock