Ripple XRP price has stayed well under a dollar for quite some time now but that may change as Ripple’s managing director, Danny Aranda, hinted about a potential partnership between Ripple and Western Union. Ripple already works with a competitor of Western Union, Money Gram, so it would be interesting to see how this partnership will pan out.
Just for the context, Western Union is a US-based financial services company that enables people all over the globe to send and receive money through convenient means. According to the company’s website, Western Union is active in 200 countries.
While Ripple coin price saw the high of $2.60 in first half of January, it has since come down to trade between $.70 and $1. Current price of Ripple may suggest dwindling confidence in the currency as many traders during first quarter of 2018 sold off their stake in the currency to invest in more promising cryptocurrencies. That being said, cryptocurrency space remains as volatile as ever and XRP value has more than enough time on its hands to recuperate.
And what better way to take the Ripple price chart to highs once again than announcing potential future partnership with one of the financial industry giants. Danny Aranda, while giving an interview to Express.co.uk, said,
“So think of Western Union as a service provider, as someone who provides solutions and consumes and being one of their vendors, one of their infrastructure providers one of their rails that they might put money through Ripple. We do actually work closely with one of Western Union’s competitors, main competitor MoneyGram who are the number two money transfer company in the US, and helping them improve…moving money from the US to Mexico which is one of the main corridors.”
It should be noted that Ripple is already in partnership with more than 100 financial institutions including Saudi Central Bank and Bank of England. Ripple’s token XRP to USD value is worth around $60 billion which can be used to facilitate financial transactions on banks’ networks.
At Ripple’s current price trend, not many traders would want to invest with the exception of those who are in it for the long-term and believe the altcoin will deliver. As the Ripple price chart suggests XRP price has been unable to fully recover from the dip it took after January 8, this news may prove to be a new lifeline that currency needs.