“Just look at Moneygram, XRP is Useful.” Says Ripple CEO
As of today, Ripple is considered as the third-largest cryptocurrency in the market capitalization. XRP fans are all over the social media platforms, and the community is getting bigger.
Bitcoin maximalists, however, firmly believe that the cryptocurrency has few real-world use cases, and it doesn’t make sense that the market capitalization of an altcoin is now over $10 billion.
Ripple does not remain silent. The CEO of this California-based company, responsible for the maintenance of the XRP ledger and holds a huge number of tokens told the netizens to see the “proof in the pudding.”
Is XRP valuable?
The chief executive of Ripple Labs, Brad Garlinghouse, stated that the skeptics would convince those who are doubting the benefits of XRP.
To emphasize his point, he referred to MoneyGram. It is the biggest money remittance service provider in the world. The company is “experiencing real-time [transaction] settlement (around 60 seconds) in U.S. dollars to Mexican pesos.” The transactions are done using the Ripple XRP blockchain technology. Because Moneygram is utilizing XRP in making cross-border payments, and it is processed in just 60 seconds, they no longer have to worry about the exchange rates.
This system can be operated with the partnership of two firms.
Ripple and MoneyGram
In the early months, Ripple was able to invest $30 million for a 10% stake. This gives Moneygram the right to appeal for another $20 million from Ripple Labs anytime they want for the next 2 years.
This collaboration of Ripple and Moneygram was allocated to utilize the xRapid. It is the Ripple’s liquidity solution that works in using XRP directly as a “real-time bridge between the sending and receiving currencies.”
The chief executive of Moneygram, Alex Holmes, stated that this partnership would give way for the Moneygram to “instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”
It is noticeable that the share price of MoneyGram has increased by 350 percent after Ripple invested in the firm.
XRP Price Action Status
While there has been an improvement to the value of XRP, lately, it’s not performing well. The recent update shows that it has hammered against Bitcoin, falling in the latest run-up last weekend.
However, the cryptocurrency is strengthening after the fall.
An analyst by “RektProof” stated that the XRP/BTC pair started flashing some bullish signs that can be seen in the recent trading sessions. The cryptocurrency is now tapping and bouncing off a regular demand level, the price is still holding the 50-day moving average and its low-time frame price action hinted that the pair is grinding back inside the range.
Aside from Moneygram, Garlinghouse also stated that the XRP could be useful in any international payments. It works by reducing the price risks for both the bank and payment provider. According to the Ripple CEO, the XRP is ten times less volatile than its fiat currencies, making it more appealing to use.