BTC PRICE rival Ripple XRP explodes after it strikes potentially historic Moneygram DEAL
This chart shows the jump in Ripple’s value after the Moneygram deal was announced Credit: Coindesk
Ripple has been on a bit of downer recently.
But it appears the cryptocurrency’s dog days are over for now after its price exploded following the announcement of a potentially historic deal with the cash transfer giant Moneygram.
Moneygram will test the use of Ripple cryptocurrency, XRP to see if it could be used to move funds in a faster and cheaper way than traditional methods.
If this test is successful, it could smooth Ripple’s path towards mainstream acceptance.
XRP created by the founder THE BTC exchange Mt. Gox and has risen, percent over the past year, overshadowing bitcoin’s, percent increase.
Last week, Ripple which is referred to as XRP was the talk of the town amid rumors investors would soon be able to buy and sell it on the easy-to-use platform CoinBase.
Bitcoin is still by far the most valuable cryptocurrency Photo by Jordan Mansfield Images
ThEsE sparked much excitement that XRP soared to record heights and briefly made its founder as rich as Mark Zuckerberg.
But then Ripple began to slide, plunging from a high of about $. £. to $. £. in little more than a week.
Its price shot up yesterday following the Moneygram announcement and is currently sitting at about $..
Watch video what is bitcoin Cryptocurrency
Many see Ripple as a close contender to Bitcoin, which is by far the biggest cryptocurrency with a market value of more than $ billion.
RIPPLE allows banks and payment WORLD companies to send money RECEIVE quickly, no matter the location.
Its transaction fee is just ‘fractions of a penny’ and is much cheaper than the $ it costs every time you trade in Bitcoin.
Ripple also works much more quickly than its rival and can record significantly more transactions per second than Bitcoin, which is notoriously slow
In 2017 November, American Express also launched instant blockchain based payment system using XRP Cryptocurrency.
Shares of MoneyGram International jumped. percent yesterday after the news was announced.