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“Just look at Moneygram, XRP is Useful.” Says Ripple CEO

Jamie West by Jamie West
November 5, 2019
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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.”

“Just look at Moneygram XRP is Useful.” Says Ripple CEO 1 | XRP & Ripple News

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.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: MoneyGram companyprice chart updatesripple and Moneygram partnershipripple companyXRP value
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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