Another Major Company Signs with Ripple: Price Surges
Ripple(XRP) just keeps making headlines on it's roller coaster of a week as it has experienced sharp rises , steep plunges , recovery and then starting all over again. Today's news that is cheering up XRP HODLers is that they have signed up with another major financial institution, MoneyGram. The price of the coin jumped 15% on the news, bringing the price back from its previous drop back up to a peak of $2.22 before settling back to around $2.05.
International Money Transfers
MoneyGram is an established player in the money transfer business and allows people to send money instantly to thousands locations all over the world. This new partnership with Ripple indicates confidence in the system which touts lightning fast transactions and lower fees. MoneyGram, an American company based in Dallas, Texas, will use the XRP cryptocurrency to speed up and reduce the cost of transferring money through Ripple's payment network xRapid.
Strenthening Partnerships
This is great news for Ripple and for holderes of XRP becuase Ripple is already backed by a number of big international banks and financial institutions. Th move continues to solidify the legitimacy and demand for ripples technology. Ripple made news late last year In November when the firm teamed up with American Express and Santander on a blockchain pilot to speed up cross-border payments between the U.K. and the U.S. There are even unverified rumors going around that they may be partnering up with Western Union, the number one payment transfer service.
A Controversial Coin
There is a lot of controversy surrounding Ripple in the crypto community because it is seen by most as "the Bakers coin" that undermines the purpose of decentralized digital currency. However, that hasn't stopped millions of dollars from flowing into the coins from investors looking to cash in on those powerful banking relationships. Ripple currently has a market cap of over $80 Billion, recently overtaking Ethereum, as the #2 Cryptocurrency on the market, before sliding back to #3.
"The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram," Ripple CEO Brad Garlinghouse said in a statement Thursday.
Are you stacking XRP or did you jump ship when it started falling? Let me know in the comments what you think
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I think ripple has a bright future!