MoneyGram to Pilot Ripple's XRP Token for International Payments

Ripple (XRP) Price Races Past $2.2 As MoneyGram Partnership Announced

The latest rise in XRP comes after money transfer giant MoneyGram announced plans to use it for faster worldwide payments.

The two companies have come together to pilot XRP in MoneyGram's payment flows, wherein both these companies will study and understand MoneyGram's integration in Ripple ecosystem, through xRapid which is Ripple's solution created to provide on-demand liquidity to financial institutions.

In a surprise move, MoneyGram revealed that it is trialling Ripple to see whether it can be used to move funds between accounts - and locations - in a faster and cheaper way than traditional methods. The firm also boasts average transaction times for XRP of two to three seconds.

In an announcement, Ripple CEO Brad Garlinghouse said that the MoneyGram partnership is a vital one that would exhibit XRP's capacity to bring down expenses for cash transactions. The CEO of Ripple stated that the company will probably build effectiveness and enhance administrations to MoneyGram's clients.

Money transfer companies, like MoneyGram, allow people to safely and efficiently send cross-border payments to friends, families and business partners.

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The development follows last week's comment by Ripple that "3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018", which was meant to address the growing concerns over the lack of use of Ripple's native token.

Previously past year, New York-based blockchain startup R3 Holdco LLC has sued rival company Ripple Labs Inc. over a contract to purchase Ripple's digital currency XRP, according to a lawsuit filed in the Delaware Chancery Court.

If the test is successful, MoneyGram could make Ripple its go-to transfer method, moving the virtual currency one step closer towards mainstream acceptance - and making it an even greater long-term threat to pre-eminent cryptocurrency Bitcoin. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", he said. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid.

Ripple, whose price slipped by nearly 50% since the start of this week is finally back on an upward momentum as this news has given investors every reason to cheer.

XRP was seen surging on the news, and flew nearly 15 percent higher to $2.22 at 9:55 a.m. ET, according to Coinmarketcap data. Moreover, in November 2017, the blockchain payments startup teamed up with Santander and American in order to speed up cross-border payments between USA and United Kingdom.

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