A few days ago Ripple went into a partnership deal with one of the leading money transfer company and one of its biggest competitors, MoneyGram. The deal would see Ripple invest $50 million in MoneyGram and see its XRP adoption expand. MoneyGram has a global user base and its adoption of Ripple’s fast and affordable money transfer solutions would be a major boost for both companies. Ripple’s XRP would be widely adopted by millions of users from every corner of the globe and MoneyGlobe could now offer a more modernized remittance solution.
The result of the deal was expected to be a surge in value for MoneyGram and XRP. However, this was not the case, in full. Immediately after the announcement, there was a direct response from the two. XRP soared by around 10%, moving from around $0.42 to a little under $0.467. This was miniature especially compared to MoneyGram’s earning which were of more than 170%. The deal had clearly had a bigger impact on MoneyGram than XRP. Additionally, on top of making a moderate move following the news, XRP has recently retraced and wiped out the gains.
At the time of press, XRP is trading for a little over $0.42, around the same position it was before the deal. So, why has the news impacted MoneyGram more than XRP? One Twitter user believes XRP prices are being manipulated, noting:
“Full on manipulation to keep the price low until they are ready.”
Despite the acquisition, which notably, the user is not the first person to bring up, the user did not explain what “they” were getting ready for. One user, replying to the Tweet, joked that “they” would be ready to dump.
Same Deal, Same Outcome
This is not the first time that Ripple has partnered with a financial institution seeing its financial products be used to make financial transactions seamless and cheap. In the past, these partnerships have seen immediate responses but have easily died down. XRP enthusiasts would appear not to be impressed by recent partnerships from Ripple. The fact that just days after the partnership XRP has already slipped into the red zone is a clear indication that XRP bulls are lacking in momentum or there is indeed some manipulation.