Ripple & MoneyGram: is the partnership bullish for XRP?

18 Jun, 2019
by David Robb
Analysis
Ripple & MoneyGram: is the partnership bullish for XRP?

One of the big stories of the past 24 hours is Ripple's announcement of a partnership with MoneyGram. However, as with anything Ripple-related, the community is split on how important this will be.

The rumor of Ripple partnering with international payments giant MoneyGram was first circulated back at the start of June. There did appear to be a slight increase in the XRP price in response, but perhaps not significant enough for there to be a definite correlation. 

With the partnership now officially confirmed, XRP is up again for the 24h period, but only by 4 percent or so. This is generally in line with the rest of the crypto market, which has risen along with BTC's breaking through new resistances above $9k. In general, XRP has underperformed as an asset in 2019, although some traders see bright things in its future.

XRPUSD chart by TradingView

Dedicated Ripple enthusiasts, often referred to on crypto Twitter as the 'XRP army', have responded well to the news. However, sceptics are questioning why the price hasn't spiked more. Some believe that the deal with MoneyGram just isn't anything worth getting excited about, while others are pointing to the 'buy the rumor, sell the news' theory. They claim that those in charge of the Ripple foundation are dumping their supply of XRP, which is an accusation that has been levelled at Garlinghouse and co. several times in the past.

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