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The reason why XRP’s price did not see massive bump even after the MoneyGram partnership with Ripple




The Real reason why XRP's price did not see massive bump even after the MoneyGram partnership with Ripple
Source: Unsplash

The partnership between Ripple and Moneygram was plaguing the Internet for almost two weeks when Ripple finally confirmed it on June 17. This led to massive FOMO in the community causing the price of MoneyGram stocks to soar. However, the price of XRP didn’t see any substantial rise; and the price of XRP has been stuck at a level for a very long time.

Brad Garlinghouse, the CEO of Ripple, spoke about a lot of things including the above-mentioned partnership and its effect on their business and also Facebook’s Libra and if it was a real threat to the company or the cryptocurrency, XRP.

Garlinghouse said that there was “a lot of hype in the blockchain” which prevented the price of XRP from rising. Considering the plethora of cryptocurrencies out there with no real use-case, the statement is true. He also added that it was “hard” for people to differentiate “real” projects from “noise”, which was the main reason for the price of XRP to be stable during and after the announcement.

The Ripple executive further added that:

“… it’s hard for the industry to separate what is real. The MoneyGram deal was a very big deal for ripple I think it was even a bigger deal for the crypto markets overall.”

MoneyGram is one among the top payment processors in the world and their partnership with Ripple signifies a major step in the right direction; the direction towards the adoption of blockchain and cryptocurrencies. With MoneyGram being a big entity embracing the emerging technology, it could pave a way for future companies to follow.

Most of the investors and institutions were using blockchain as a “catnip” for marketing and investors, said Garlinghouse. However, he added that Ripple was trying to change that by using this technology in tandem with cryptocurrencies to make sure that tedious and time-consuming cross-border payments occur almost instantaneously and with efficiency.

Illustrating how this was inching closer to reality, Garlinghouse said that Facebook’s announcement was probably the best thing that could happen to Ripple and that he was going to send a “case of champagne” to David Marcus, who is leading Facebook’s Libra project.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.