RIPPLE’s price has bounced back after a disappointing week, surging more than 18 percent from Monday’s low of $1.16, according to CoinMarketCap.
The digital currency, known as XRP, is currently trading a staggering $8billion (£5.7billion) more than its lowest point yesterday.
Ripple’s market capitalisation now sits at north of $53billion (£38billion), though this is still far below its January 4 high of $148.8billion (£105.7billion).
Rivals bitcoin and Ethereum also shot up this afternoon, as the top-100 cryptos all experienced a welcome period of growth.
But Ripple has suffered a rocky start to 2018. After peaking at $3.84 earlier this month, it plummeted to well below $1 last week.
Meanwhile, Colin Plume, president of Noble Alternative Investments, said Ripple will continue to swing up and down until its recent high-profile partnerships come into effect.
Ripple price chart: XRP has undergone a price surge this afternoon
“Ripple will continue to be a volatile coin until the effects of the MoneyGram partnership are established” – Colin Plume, president of Noble Alternative Investments
The money transfer giant is keen to test Ripple’s speedy service for sending cash across borders.
A typical transaction on the XRP network takes between two to three seconds. A similar transaction could take a traditional bank days to complete.
After the deal was made public MoneyGram said in a statement: “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.
The MoneyGram deal is the latest in a growing line of major partnerships Ripple has brokered with established financial institutions.
The cryptocurrency, which already has deals with American Express and Santander, hopes that adding more well-known names to its list of clients will help cement it as the most secure alternative coin.
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