After giving a tough competition to other cryptos, XRP would be tapping into another firm that would make use of technologies requiring the use of crypto. Ripple struck a deal with money transfer giant, MoneyGram and according to the deal, the settlement company would buy $30 million worth of shares at a price of $4.10 apiece, a price higher than MoneyGram’s market value.
MoneyGram would be making use of Ripple’s xRapid thus, also making use of XRP. However, the price of XRP has been in a reasonable range and has not fluctuated much due to any recent partnership. Twitter user @KingRum4 asked the Chief Technology Officer [CTO] of ripple, David Schwartz:
“@JoelKatz when Moneygram goes live, will value of token goes up because of the usage ? Because we are witnessing that xrapid is live but still value of token is same, would you please explain little bit?”
Even though Schwartz denied knowing the impact of this on the price or in fact how the price of the digital asset fluctuates, he added:
“My guess is that price is mostly based on assessment of long term utility and the market doesn’t think these kinds of things affect that very much.”
This deal between the two giants could lead a way for XRP adoption, but Ripple’s hands-on approach towards such opportunities already has seen XRP making its way in the mainstream financial institutions. Ripple’s previous partnership with Euro Exim Bank resulted in the use of its technologies, xRapid and xCurrent. The Head of Compliance and Operations of Euro Exim Bank, Graham Bright also hinted that the two companies are looking into services that do not necessarily involve the use of XRP, Ripple’s native token.
XRP, at press time, was valued at $0.4385 with a market cap of $18.641. The 24-hour trading volume of the coin was reported to be $1.479 billion as it spiked by 1.27% over the past day. In the past seven days, XRP spiked by 9.91% and continued to grow by a minimal 0.47% within an hour.
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