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Is Ripple investment in Money Gram pushing Bitcoin to $10000

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The year 2019 has proved different as various tokens’ price rose significantly. Ripple’s (XRP) price rose by twenty-five percent (25%) while Bitcoin’s price rose an incredible one hundred-fifty percent (150%) as it nears the ten thousand dollars ($10,000) mark.

The years 2018 was an unpleasant year for the crypto market as every token saw bears in its second half and the market was reduced significantly. It also reduced investors’ interest in it, and many investors took their funds from it.

As the crypto market bounces back from the 2018 crash, collaborations between various companies providing financial services for blockchain technology are sure to increase. One such collaboration is going on between XRP and MoneyGram.

XRP recently bought ten percent (10%) of MoneyGram’s shares. Its announcement made the XRP gain five percent at its token price (5%). Through the collaboration, MoneyGram hopes to utilize Ripple’s lightning fast network to support its cash transfers while making them more efficient and secure.

MoneyGram claims that this way, they will be to do business around the clock in the US transferring funds in dollars to various national currencies across different places. How the collaboration unfolds remains to be seen.

However, this collaboration is bound to increase further institutional investment in cryptocurrencies. Overall Institutional investors far outnumber the number of retail investors and contribute a huge ratio in the overall adoption of blockchain technology.

Another important factor that will affect the industry soon is the entry of Silicon Valley Companies in the Blockchain sector. Including Facebook, which initiated a website for its crypto project Libra on June 18, 2019.

It is, however, would not be fair if we believe in the “conspiracy” theory that the Bitcoin price is in any way directly related to Ripple partnerships.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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