According to Ripple’s global institutional markets team’s leader, Breanne M. Madigan, the partnership between Ripple and MoneyGram considerably boosted the XRP (XRP) trading volume.
Ripple’s deal with MoneyGram boosted XRp (XRP) trading volume
Citing the statistics on CryptoCompare, Breanne Madigan stated that the XRP (XRP) pair with the Mexican Peso shows an ascending trend. “New (and notable) data shows that although overall XRP trading volume was down nearly 65%, XRP/MXN volumes on Bitso went up more than 25% – during the same period of time that MoneyGram payments into Mexico using XRP went live. A real use case driving real volume,” said Madigan.
On August 2nd, MoneyGram stated that it launched xRapid, Ripple’s XRP-based platform for almost instant cross-border payments, across all its money remittance services.
“I am so excited to announce today that MoneyGram is now live and transacting on the Ripple xRapid platform. We started executing trades earlier this week, and all signs point to this being a tremendously beneficial relationship for all parties involved. We are literally settling currencies in seconds, and to quote my friend Larry, ‘This is really cool,’” said CEO Alex Holmes.
How is the partnership between Ripple and MoneyGram helping the XRP (XRP)?
The agreement between MoneyGram and Ripple over the xRapid platform usage was revealed in July. Back then, Ripple acquired MoneyGram shares in a value of 30 million US Dollars, benefiting of a special price of only $4.10 per share.
The recent announcement coming from Ripple’s executive revealed that the partnership between the two financial companies bloomed, advantaging the XRP (XRP) trading volume. In the long term, that might reflect in an XRP (XRP) price boost.
At the moment of this writing, XRP (XRP) is the third cryptocurrency in the market, with a market cap of about $11,7 billion, and a trading volume over the last 24 hours of approximately 880 million US Dollars. Also, as we speak, XRp (XRP) trades at $0.273, increasing by 1.44% in the last day.
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