As usual, Bitcoin (BTC) has been hogging the limelight lately in the crypto world. But let’s not forget about some of the other cryptocurrencies – including Ripple’s XRP currency, tradable on Bybit. Let’s take a look at the latest XRP news.
Ripple Labs finalizes investment in Moneygram
Moneygram announced on November 25th that XRP’s parent company Ripple Labs had completed its $50 million equity investment into the major global money transfer provider, after the final $20 million investment was made. According to the press release, the investment will help to fund Moneygram’s increasing use of Ripple’s On-Demand Liquidity Service, which sees XRP being used to make instant payments worldwide at an ultra-low cost. Moneygram are reportedly using the service to transfer money in Mexico (around 10% of the trading volume of the Mexican currency Peso), the Philippines, Europe and Australia.
Ripple Labs CEO talks up the potential of On-Demand Liquidity
Ripple Labs CEO Brad Garlinghouse talked of the potential of the On-Demand Liquidity Service in a recent interview, saying it is the company’s ambition to replace the current “four or five decades old” infrastructure for global remittances with the product. Garlinghouse said that there is around $10 billion dollars held by banks worldwide as ‘oil’ in cross-border payments, but over time he hopes that the product can remove around one-fifth of this. On the potential of the product, Garlingshouse said:
“There’s $10 trillion pre-funded in accounts around the world, which is effectively the oil that is facilitating the engine that is correspondent banking. The oil has to be there or correspondent banking won’t work. Now, if we can reduce the amount of oil, that improves the efficiency of the global economy. So we feel like, bit by bit, we’re going to be able to take that $10 trillion down to $9 trillion, to $8 trillion. This is a journey that will take many years. But we’re incredibly enthused by the progress we’ve made in a relatively short amount of time.”
The product works by pairing exchanges and banks together, so fiat-to-fiat transactions can be completed in a matter of minutes, instead of the traditional time period, which can be up to five days. More than two dozen companies have signed up to use the product, with the latest being Transfer Go, who have announced they will leverage XRP for money transfers in Southeast Asia.
XRP price analysis
In line with the bearish sentiment of recent weeks in crypto, the price of XRP has followed suit, although it broke the resistance level of $22.55 (shown in red on chart) on November 27th, with the next resistance level said by analysts to be $23.55.
However, despite the recent price slump, positivity over its ever-increasing use is gathering momentum, with stories such as the Moneygram partnership and the news of the currency’s daily transaction volume on November 23rd setting a new daily transaction record, surpassing 4 million, becoming more frequent. This figure significantly dwarfs all other cryptocurrencies for daily use, including Bitcoin.
Some in the Twittersphere are saying that this positivity and increasing adoption is sooner or later going to translate towards an upsurge in its price.
Of course it remains to be seen what will happen to the price of XRP, but be sure to keep reading the Bybit blog, where we’ll keep giving you all the latest updates in XRP, the other cryptocurrencies tradable on Bybit – BTC, ETH, and EOS, and general news in the crypto world.