Ripple has just inked a partnership with Moneygram in its quest to expand its market reach. The company has invested around $50 million in Moneygram. In so doing, Ripple means to shore up the adoption of XRP and take the crypto mainstream, especially considering that Moneygram serves a large user base that would benefit from Ripple’s fast and cost-effective funds transfer solutions.
Immediately after the news broke, Moneygram experienced a cool 176% surge in value, but not so much for Ripple’s XRP.
The lack of a credible positive effect on XRP after the news broke has many XRP fans unimpressed. While Moneygram saw a 176% surge, XRP saw just 8% to trade at $0.46 up from $0.425. However, the increase was eroded within 24 hours, with the crypto eventually posting a 2.46% loss.
The apparent stagnancy of the crypto’s price has left many of its fans wondering when it’s really going to spike and if Ripple could be behind the price suppression.
According to a tweet by one fan going by the twitter handle, Credible Crypto, there’s really no cause for alarm at this point as there are indications that XRP is going through a consolidation period before finally breaking out on a bull run.
It’s Nothing New For Ripple
This is not the first time Ripple has inked major deals yet with not much impact on XRP’s price. Over the past year, the company has launched a number of advanced payment solutions like xCurrent and xRapid, and also wooed numerous financial institutions, including major banks and central banks, into its RippleNet. All that hasn’t had much impact on XRP.
Another XRP fan sent out a tweet with the opinion that Ripple may be trying to manage the XRP market value, keeping it down until they’re ready to let it go wild. However, that claim is yet to be proven.