World’s Second-Largest Money Transfer Service, MoneyGram, to Adopt Ripple’s XRP Token

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MoneyGram, the world’s second-largest money transfer service, has announced that it will adopt Ripple’s XRP token in an open-ended pilot program designed to increase the efficiency of international payments.

The Dallas-based firm, second in size only to Western Union, announced on Thursday that it will pilot the use of XRP in its internal payment flows.

The partnership will see MoneyGram adopt xRapid, Ripple’s on-demand liquidity product, which uses XRP to settle cross-border payments in real time at a much lower cost than using legacy payment systems.

“The payments problem doesn’t just affect banks, it also affects companies like MoneyGram, which help people get money to the ones they care about,” said Brad Garlinghouse, CEO of Ripple. “By using a digital asset like XRP that settles in three seconds or less, our clients can move money as quickly as information.”

“Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid,” said Alex Holmes, chief executive officer of MoneyGram, in a press release. “We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers.”

Although a number of banks and financial institutions — including household names like American Express — have conducted blockchain trials using RippleNet, the company’s enterprise blockchain, they have shied away from integrating XRP.

Consequently, many critics had stated that the ripple price’s recent rally — which saw the value of XRP soar nearly 30,000 percent in 2017 — was unwarranted relative to actual XRP adoption.

Though perhaps not complete vindication of XRP, MoneyGram’s announcement should make at least a minor dent in that narrative, a dent that could deepen if Ripple’s recent claim that at least three major money transfer firms will adopt XRP in 2018 is borne out.

“And to be clear,” Garlinghouse added today in a tweet, the “MoneyGram announcement is one step in a marathon ahead to truly make XRP the global liquidity solution for payment providers and banks.”

Though Ripple has not confirmed it publicly, this announcement could be the first fruit from the $300 million RippleNet Accelerator Program, which the company launched last quarter to spur XRP adoption among financial institutions. Through the program, institutions can receive rebates and incentives to integrate XRP into their payment systems, making pilot program’s such as MoneyGram’s much more attractive.

The ripple price traded up on the news, briefly rising as high as $2.25 before pulling back to a present level of $2.08

Featured Image from Flickr/Mike Mozart

All Time High for Ethereum and Ripple as they Battle for #2 in Cryptocurrency Market Cap

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The Ethereum (ETH) and Ripple (XRP) prices have each raced to an all time high as the two cryptocurrency heavyweights vie for the silver podium in the cryptocurrency market cap rankings.

Ethereum and Ripple Vie for Second Place in the Market Cap Rankings

Long thought to be the cryptocurrency with the best chance to supplant bitcoin as the cryptoasset king, Ethereum boasted the second largest market cap for the vast majority of 2017 (Ripple briefly achieved that mark in May, while bitcoin cash held it for a fleeting moment in November).

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Legend: Ethereum (Purple), Ripple (Blue), Bitcoin Cash (Green) | Source: CoinMarketCap

However, in December the Ripple price entered a meteoric ascent that only seemed to intensify as time passed, and on Dec. 29 Ripple unseated Ethereum as the second most valuable cryptocurrency.

Ethereum reclaimed that position for a brief period on Jan. 2, but Ripple quickly resumed its rally and moved back into second before the end of the day.

Ethereum, Ripple Prices Race to All-Time Highs as Competition Intensifies

At this point, the competition really began to heat up as both cryptocurrencies set multiple all-time highs during mid-week trading.

On Thursday, the Ripple price reached as high as $3.53 on Bittrex, raising its circulating market cap to $148.9 billion and making Ripple co-founder Chris Larsen the eighth-richest person in the world — at least on paper.

ripple price
Source: TradingView

Ripple’s dramatic rally accompanied several partnership announcements involving banks and credit card issuers in South Korea and Japan.

Nevertheless, these blockchain trials do not involve the XRP currency itself, making the pace of the rally somewhat inexplicable, although its continuation is likely the product of the mainstream coverage it has received in the financial press — particularly at a time when the bitcoin price has been more or less stagnant

The Ethereum price, meanwhile, touched the historic $1,000 checkpoint on Coinbase, briefly lifting its market cap to a new all-time high of $101.1 billion, making it just the third cryptocurrency to achieve a $100 billion market cap.

ethereum price
Source: TradingView

Ethereum’s move is likely tied to the recent announcement that Casper, a consensus algorithm that will enable the network to transition to proof-of-stake (PoS), had entered alpha testing.

By the time of writing, both Ripple and Ethereum had ebbed significantly from their high-water marks, reducing their market caps to $124.3 billion and $99.4 billion, respectively, according to the BlockExplorer Market Cap Index.

The jostle for cryptocurrency’s silver podium, however, remains as heated as ever.

Featured Image from Pexels

This article was written with contributions from Isaac Rockett.