Following my prediction yesterday that we would see an increase by Friday there has been the news announced today that Money Gram will be Piloting XRP through a new Ripple service called xRapid.
This is the ideal partnership for Ripple as sceptics have been saying that although there platform will be used widely, the XRP currency is not needed. This deal will use the XRP currency with Ripple CEO Brad Garlinghouse stating that this will demonstrate XRP’s ability to lower costs for money transfers between friend and families. He also mentions that currency shops will no longer need to hold local currency in far flung locations.
XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour.
This is also the ideal move for MoneyGram since recently both MoneyGram and Western Union have been losing market share to low cost internet based rivals like TransferWise. This change means they can no compete on cost.
I’m saying buy expect the price to rise significantly over the next few weeks!