- Ripple’s collaboration with MoneyGram was announced in July.
- The volume of XRP’s pair with the Mexican peso is on the rise.
The head of Ripple’s global institutional markets team reported that the XRP’s overall trading volume has gone up after their alliance with payments giant MoneyGram. Breanne M. Madigan points out new numbers from CryptoCompare which show the volume of XRP’s pair with the Mexican peso is on the rise.
“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.”
MoneyGram CEO Alex Holmes, during a call with investors, highlighted Ripple’s ability to settle payments briskly.
“I am so excited to announce today that MoneyGram is now live and transacting on the Ripple xRapid platform. We started executing trades earlier this week and all signs point to this being a tremendously beneficial relationship for all parties involved. We are literally settling currencies in seconds, and to quote my friend Larry, ‘This is really cool.”
Ripple’s collaboration with MoneyGram was announced in July. Ripple bought $30 million of MoneyGram shares at a premium of $4.10 per share, with the option to purchase another $20 million worth of shares over the next two years.
To know more about XRP/USD’s price action, check out this article.