The agenda of Ripple to partner with money transfer service provider, MoneyGram crystallized in June.
The cryptocurrency exchange was motivated to collaborate with the financial services firm because it desired new regions worldwide to adopt its virtual currency, the XRP.
The recently inked cooperation involves the possibility of MoneyGram utilizing Ripple’s cryptocurrency in its cross-border funds transfer services.
With this promising target, Ripple invested $50 million to MoneyGram. The latter acceded to the goals of the virtual currency exchange.
MoneyGram acknowledged the XRP as a digital asset due to the potential it holds as a form of remittance medium.
Brad Garlinghouse, the chief executive officer of Ripple, welcomed the tie-up that his company sealed with the money transfer firm.
He remarked that the partnership would have a massive impact on the market, and it would be much bigger than that of the expected Libra project of Facebook.
With this positive development for Ripple, cryptocurrency analyst, Tenitoshi, observed and confirmed that the association is excellently making headway.
The Japanese cryptocurrency analyst also mentioned that the markets found it challenging to recover from the downswing they struggled with throughout 2018.
This trend put the XRP Liquidity Index in an unfavorable position for the Mexican region. Tenitoshi explained that this situation could happen if a market is very volatile, or there is no liquidity.
However, he cited that those absolute values can be considered as near-zero values, and are, hence, negligible.
The digital currency analyst remarked that market volume could not be negative in principle, though the calculation of the index can yield negative values unpleasantly.
But lately, Mexican cryptocurrency exchange, Bitso, manifested positive action for Ripple, with the XRP-to-Mexican Peso volume surging rapidly.
This expansion for Ripple indicates that its decision to partner with MoneyGram is already bearing fruits.
As for the most recent performance of the XRP in the past three weeks, the cryptocurrency has been impressive.
The downtrend from the highs north of $0.50 reached in June seems to have discovered a bottom in the neighborhood of $0.22.
The recovery that took place retained gains within an upward-moving channel. Ripple is presently trading at $0.2976 while combating the strong resistance at $0.30.
The narrowing gap between the 50-day moving average (MA) and the 200-day MA indicates that the bulls will carry on in gaining traction versus the bears.