In the last 24 hours the price of Ripple (XRP) has increased by more than 10 percent and has recovered above the level of USD 2 after falling below 1.7 per dollar during the big correction that occurred January 11.
Analysts explain the recent increase in the value of XRP new strategic partnership between Ripple Labs and MoneyGram, one of the largest companies in the field of remittances. Its maximum value (2.25 USD) the price of Ripple reached in the first hours after news.
MoneyGram is one of the key companies in the field of international money transfers and managing large-scale network that consists of approximately 350 000 agents, regularly processing payments of tens of millions of users.
MoneyGram plans to launch a test project for using Ripple blockchain for processing international payments. Alex Holmes, chief Executive officer of MoneyGram, explained that the company will begin planning to use the xRapid solution designed specifically for financial institutions.
Despite the fact that the project is named pilot and the final decision about using XRP in the company will take after, the announcement of the new partnership led to an increase in the cost Ripple.
See also Forecast the price of Ripple to 2018 (updated version)
After the correction of January 11, Ripple’s market capitalization remained below the 67 billion dollars. The Ripple partnership with MoneyGram has added a staggering $ 13 billion to market valuation of Ripple, RIpple which allowed to restore their previous levels.
In late December, Ripple showed rapid value growth, ahead of the Ethereum network by market capitalization largely due to the high demand from South Korean traders.
In South Korea, the price of XRP is still overpriced at nearly $ 3, while the average global price, according to coinmarketcap, at the level of 2 USD.