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Moneygram drives Ripple XRP volume: Ripple executive claims

Moneygram drives Ripple XRP volumes believes the head of Global Institutional Markets team of Ripple Breanne M. Madigan.

Madigan is of the view that the collaboration of Ripple foundation with MoneyGram is impacting the overall trade volume of Ripple’s XRP.

She highlighted the new statistics from the CryptoCompare that represented the volume of Ripple’s XRP’s pair with Mexican peso is growing.

New (and notable) data shows that although overall XRP trading volume was down nearly 65%, XRP/MXN volumes on Bitso went up more than 25% – during the same period of time that MoneyGram payments into Mexico using XRP went live. A real use case driving real volume. pic.twitter.com/IFR84PBlwR

— Breanne M. Madigan (@BreMadigan) August 23, 2019

Reportedly, MoneyGram officially announced the launch of xRapid, the cross-border payment solution powered by Ripple’s XRP on 2nd August.

The CEO of MoneyGram Alex Holmes stated that this digital asset is capable of settling payments in few seconds. He stated during the announcement that MoneyGram was live now and on the platform of Ripple xRapid, it was transacting.

The execution of trades already began this week, and everything seems to indicate that the partnership is beneficial for all the parties involved. Currencies are being settled within seconds, and this is tremendous.

In July, the partnership between Ripple and MoneyGram was announced. About thirty million dollars’ worth of shares of MoneyGram were bought at premium of a little over four (4.10) dollars by Ripple, with the option of buying twenty million dollars’ worth of shares in next two year.

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