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Ripple Makes Additional Investment in MoneyGram to Propel XRP Adoption

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  • Alex Dovbnya
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    MoneyGram to start using Ripple's using On-Demand Liquidity (ODL) solution in Europe, Australia, and other major markets

Ripple Makes Additional Investment in MoneyGram to Propel XRP Adoption
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Blockchain company Ripple has put an additional $20 mln into money transfer veteran MoneyGram in order to complete its investment commitment, its press release states. Ripple now owns a 15 percent stake in MoneyGram (including non-voting warrants).     

"Our partnership with Ripple is transformative for both the traditional money transfer and digital asset industry - for the first time ever, we're settling currencies in seconds. This initial success encourages us to expedite expanding our use of On-Demand Liquidity," said Alex Holmes, MoneyGram Chairman and CEO.

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A win-win partnership

Ripple and MoneyGram started their collaboration dates back to 2018 when the latter signed on to run a pilot program to test digital token XRP to reduce the costs of its money transfers. Back in June, the cryptocurrency monolith agreed to buy $30 mln worth of MoneyGram shares as part of the two-year partnership that would require the old-school money transfer firm to use XRP for cross-border payments. Ripple could purchase $20 mln more at the price of a minimum of $4.10 per share.  

Back then, Garlinghouse touted the deal as "a major milestone" for the entire cryptocurrency industry. It could help Ripple prove the benefits of the blockchain technology while allowing MoneyGram to breathe new life into the fading company that struggles to remain profitable

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New markets for XRP

The partnership has turned out to be a success. Ripple's On-Demand Liquidity (ODL) solution is now responsible for processing 10 percent of all MXN-USD transactions conducted by MoneyGram. As reported by U.Today, XRP's liquidity index recently surpassed the 6 mln mark on Bitso, the number one Mexican exchange. With the freshly injected investment, MoneyGram will continue its expansion into other markets such as Europe and Australia.     

"Last month, we announced that MoneyGram began using On-Demand Liquidity for payments to the Philippines, and we're excited to support MoneyGram's further expansion into Europe and Australia. Digital assets and blockchain technology have the potential to make a tremendous impact on cross-border payments - MoneyGram and Ripple is an example of that," said Brad Garlinghouse, Ripple's CEO.

This is expected to further boost the adoption of XRP. On Nov. 23, XRP set a new daily transaction volume high, greatly surpassing other top coins.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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