Moneygram soars after announcing Ripple partnership

Ripple price spikes after announcement of Money Gram partnership

Following the announcement of this news, Ripple has once again begun to grow it's price.

The company today said it has signed a deal with MoneyGram International Inc.to try out XRP as a way to facilitate international transfers. Dragging it down were concerns that it was overbought and criticism of Ripple's centralized business model, which stands in stark contrast to the decentralization that is key to bitcoin, Ethereum and many other digital currencies.

The mercurial rise of XRP over the past month was a sight to behold, hitting the $1 (USD) mark near the end of December before crashing through both $2 and $3 dollars within a week - only to pull back to Earth over the last few days.

Ripple is focused on fixing the inefficiencies and problems that exist in cross-border payments, regardless of whether those payments originate with a bank, corporate or another financial institution. Under the Basel III regime, these reserves count against banks as balance-sheet assets, forcing them to hold even more cash to cover their supposed liabilities.

The goal of the pilot is to "move money as quickly as information", Brad Garlinghouse, CEO of Ripple, said in a statement. That makes the process for payments costly and slow.

MoneyGram, a major player in the $600-billion-a-year remittance market, is similarly afflicted. Fees would be lower and the payment flows more transparent.

We're excited to announce our new partnership with @Ripple!

"Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid", said Alex Holmes, chief executive officer of MoneyGram, in a press release.

Pleasingly for XRP holders, this news managed to offset the major declines being faced by other cryptocurrencies due to reports that South Korea is preparing a bill to ban cryptocurrency trading.

Ripple has been the subject of much discussion since early December when XRP began to soar exponentially to momentarily become the cryptocurrency with world's second largest market cap at more than $120bn but had since fallen by more than half.

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