Ripple price surges as potentially groundbreaking MoneyGram deal revealed

Cryptocurrency markets are facing big losses

Blockchain firm Ripple will be partnering with USA money transfer service, MoneyGram, to test out payment flows of XRP, Ripple's native cryptocurrency, the companies announced today. Garlinghouse said: "The inefficiencies of global payments don't just affect banks, they also affect institutions like MoneyGram".

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

Meanwhile, Ripple saw the rise -then fall, then rise again-of XRP's value, the digital asset used to move money and value across the Ripple network. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour.

MoneyGram is testing a pilot program with one of the most popular cryptocurrencies.




According to the press release, XRP's transaction fees are equivalent to fractions of a penny, unlike Bitcoin's fees of around $30 per transaction. The current model for these payments requires money transfer companies to use pre-funded accounts across the globe to source liquidity.

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.

But thanks to a positive announcement from Ripple, the blockchain company behind XRP, the cryptocurrency has bounced 26% off its low to US$2.04 per coin according to Coin Market Cap.

For MoneyGram, the tie-up with Ripple may provide a way to maintain its share of the money transfer market. "We're hopeful it will increase efficiency and improve services to MoneyGram's customers", said CEO Alex Holmes in a statement. In the past 24-hours, Ripple has surged by nearly 20% and at the price time, the cryptocurrency is trading at $2.09 with over $5 billion trading volumes and over $81 billion market cap.

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