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Ripple's Executive Showcases the Real Impact of MoneyGram Partnership

  • Alex Dovbnya
    📰 News

    xRapid, which has been struggling with adoption since its launch in September 2018, can finally boast a major use case

Ripple's Executive Showcases the Real Impact of MoneyGram Partnership
Cover image via 123rf.com
Contents

Breanne M. Madigan, who is responsible for leading the Global Institutional Markets team at Ripple, took to Twitter to show that the company’s xRapid product has a real use case.

According to Madigan’s data, XRP saw an exploding volume on the Mexican exchange Bitso, which was linked to the recent partnership with money transfer giant MoneyGram.

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Coming to the rescue

The Mexican peso (MXN) has been tanking for several years due to economic uncertainty in the country. Hence, cryptocurrencies are also becoming a source of hedging against the volatile fiat currency.

However, for a lot of Mexicans who do not have access to financial services, cryptocurrencies are turning into an integral part of everyday life, not just an investment vehicle.

XRP/MXN volumes rose more than 25 percent after MoneyGram started using xRapid in Mexico (despite the overall drop in XRP volumes). Hence, it shows that xRapid, which facilitates a frictionless exchange of fiat assets with the help of XRP, is finally gaining traction with real-world adoption.

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MoneyGram and xRapid      

As reported by U.Today, MoneyGram confirmed that it went live with xRapid in its Q2 report, which one of the first use cases.

That came after Ripple made a major power move by acquiring a $30 mln stake in the old school money transfer company, which saw its shares going through the roof as a result of the partnership.

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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 Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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