Ripple keeps scoring good points both in the media and in the fan-base with XRP, a leading cryptocurrency in the fintech payments industry. Ripple and other numerous XRP lovers have maintained that XRP is truly a decentralized new generation cryptocurrency.
Notwithstanding, Ripple has always made huge efforts to prop the usage of the crypto. The most recent development involves MoneyGram, an international payments facilitator that has been in business for decades.
A Perfect Match
Just recently, MoneyGram announced that it was testing some of Ripple’s payment solutions like xCurrent and xRapid with the possibility of adopting them. Now, the company has decided to go all-in, adopting Ripple’s xRapid payment solution that uses XRP as the base currency for funds transfer. XRapid has been touted as efficient in terms of transaction costs and speed.
For one, MoneyGram was facing direct competition from Ripple, given that both companies are in the international funds’ transfer business. That’s what makes the partnership a win-win for both.
In July, Ripple acquired a $50 million stake in MoneyGram, opening the doors for it to fully introduce its new and more efficient payment solutions to the already established new partner. In effect, MoneyGram may live longer than some others that Ripple is set to drive out of business.
No Price Action Yet
Ripple’s partnership with MoneyGram was rather unexpected, resulting in a shock surge that drove MoneyGram’s shares up by almost 100%. At the moment, MoneyGram’s shares are trading at around $2.78.
However, there hasn’t been much to celebrate about on the part of XRP. The crypto is yet to expect any price action influenced by the Ripple-MoneyGram agreement. This isn’t new to XRP. A lot has happened in the recent past and XRP has stayed put. Whether or not there will be any price action in the near future is still a subject of speculation.