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- XRP jumped higher following US-based blockchain firm Ripple’s latest decision on the crypto lines
- Ripple announced the termination of its association with the American money transfer company MoneyGram for the current period
- The blockchain firm did not elaborate or address the potential reasons behind this decision
XRP represents a token utilized for signifying the transfer of worth across the Ripple Network. It is totally different from bitcoin. Here, fresh coins are established as rewards for users providing computing power to handle the blockchain network.
MoneyGram is an American money transfer firm based in the United States. It is a leading entity in cross-boundary P2P payments. Its consumer-centric capacity facilitates family and friends with rapid and affordable transfers in money in over 200 countries and territories.
XRP witnesses a noteworthy jump
XRP jumped higher following US-based blockchain firm Ripple’s latest decision on the crypto lines. The latter announced the termination of its association with the American money transfer company MoneyGram for the current period.
Until today, XRP, positioned 7th according to the charts of market capitalization, trades at a value of $0.483 and is surging by around 4% in a day and 8% in seven days.
The blockchain firm did not elaborate or address this decision’s potential reasons. Without acknowledging its investment worth in MoneyGram, the former stated that both the companies, Ripple and MoneyGram, arrived at the respective decision together to terminate their current partnership agreement. However, according to the announcement, both the firms are committing to revise and reanalyze their collaboration shortly.
MoneyGram’s decision to dissolve market development fees
In February, MoneyGram asserted that its support for Ripple still stands valid, despite a declaration that it will dissolve the receipt of market development charges.
Brad Garlinghouse, CEO of Ripple, addressed the issue with some details. He explained that though the absence of a crypto regulatory framework is needlessly disrupting the space for US businesses & individual traders, nothing can deny or discredit what Ripple and MoneyGram managed to accomplish together. Thousands of dollars were sent and resolved across the borders through the medium of ODL [On Demand Liquidity] with the access of XRP.
Ripple started paying MoneyGram the charges as an essential part of the agreement to access the under-fire XRP token of Ripple in international settlement proposals.
As per the reports, MoneyGram is dealing with a class-action legal action that claims that the firm made incorrect and/or misleading statements about its collaboration with Ripple and the legal position of the XRP token.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
