Ripple may have encounter the end of a price correction. MoneyGramm Inc, the money transfer company based in the United States, announced that it is working with Ripple (XRP) testing its cryptocurrency and its network to move funds. After the announcement, MoneyGram’s share jumped 10 percent reaching $13.39 after 9:30 am, New York time.
Ripple Keeps Expanding
Even when the whole cryptocurrency market suffered from a correction, Ripple is the only Top 10 cryptocurrency increasing its price more than 3 percent in the last 24 hours, at press time. MoneyGram and Ripple said in a statement in Thursday, that with blockchain technology and Ripple, funds could be transferred faster than with the old method.
Alex Holmes, Chief Executive Officer of MoneyGram said:
“Ripple is at the forefront of Blockchain technology. We are hopefully it will increase efficiency and improve services to MoneyGram’s customers.”
What the announcement leaves clear is that MoneyGram will not necessary use Ripple. Besides that, the companies are also evaluating whether MoneyGram will become one of the Ripple’s payment partners.
Ripple allows individuals and businesses to transfer money in just a matter of seconds from one part of the world to the other. Bitcoin has become famous because of this technology, but other cryptocurrencies and companies (like Ripple) focus their strategies towards banks and financial enterprises. In addition to it, Ripple offers faster transactions than Bitcoin and lower fees.
During the last weeks, Ripple has experienced an important price increase. At the beginning of December, it was traded around $0.25 dollars, some days ago, it reached an all time high when it crossed $3.8 dollars.
Many were speculating that Ripple could soon create a partnership with Western Union. This situation generated buying pressure in Ripple and the currency reached the price that we mentioned before. Ripple has worked before with Western Union and it would not be strange that they will keep doing it in the near future.
Furthermore, the official Ripple account wrote in Twitter:
“3 of the top 5 global money transfer companies plan to use XRP in payments flows in 2018. Even more in the pipeline.” Is MoneyGram included here?