- Western Union in trial on XRP transfers
- Ripple price recovers by 50% after dropping from all-time high
Ripple price is up 6.89% maintaining the uptrend for ten days in a row from a low of $0.68 traded on February 5 2018. XRP/USD is trading $1.1 on Thursday in the morning session as the Ripple network adds one more partner; the payments guru Western Union to the growing list of its partners. Ripple is recovering after losing over 70% of its value. The currency recorded an all-time high on January 4, 2018, of $3.8. Western Union has already begun testing Ripple’s XRP transfers.
Ripple has had a good start in 2018 regarding additional partnerships. The network partnered with LianLian, an Asian e-payment platform to open up its influence in the Chinese online shopping markets. Last week it also joined a Dubai based UAE Exchange and is currently working to sign up with Moneygram and other financial institutions with the aim of lowering transaction fees.
The Western Union CEO, Hikmet Ersek said while speaking with key analyst this week that the company was in trial stage for transfers powered by Ripple and XRP. The Chief Technical Officer to Western Union, Sheri Rhodes told the media:
“We continue to explore possible blockchain applications for our business, and we are piloting some settlement tests with Ripple for certain corridors. For blockchain in general, we’re looking at areas such as transaction processing and settlement, working capital optimization, regulatory technology, and digital identity.”
Ripple has developed a couple of products that aid in facilitating payments. They are xCurrent which is used for real-time messaging and real-time settlement among banks. While the other xRapid, according to the CEO Brad Garlinghouse enables;
“Real-time liquidity. The Bank of Andy can sell $1, buy XRP. That XRP can then be moved to an Argentinian digital asset exchange, you can sell the XRP and buy an Argentinian peso, and now you have good liquid funds in less than 10 seconds in another market.”
The price of XRP/USD has not fully reacted to this news. When routine transactions begin at Western Union, the price of Ripple will experience a direct impact. Ripple has been in a bullish trend in the past two weeks although the momentum is slow. The currency has recovered over 50% since last week as news of partnerships continues to get to the market.
XRP/USD daily price chart
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