{"id":392670,"date":"2019-08-09T13:00:53","date_gmt":"2019-08-09T13:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=392670"},"modified":"2019-08-09T12:07:16","modified_gmt":"2019-08-09T12:07:16","slug":"ripple-ramps-up-investment-plans-but-xrp-continues-to-tank","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple-ramps-up-investment-plans-but-xrp-continues-to-tank\/","title":{"rendered":"Ripple Ramps Up Investment Plans But XRP Continues to Tank"},"content":{"rendered":"
San Francisco based fintech firm Ripple is reportedly working on a number of potential investments and acquisitions following its acquisition of MoneyGram. Meanwhile its native token, XRP, continues to slide in an altcoin avalanche that is starting to gather pace.<\/p>\n
According to a report by Yahoo Finance<\/a>, Ripple boss Brad Garlinghouse has said that the company is working towards multiple acquisitions. He said that the firm was confident in the wake of its $30 million investment in money transfer business MoneyGram;<\/p>\n \u201cWe\u2019re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage. Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be.\u201d<\/p><\/blockquote>\n No further details were offered by Garlinghouse who added that deals are always very hard to predict. The MoneyGram deal<\/a> was a big one for the blockchain firm as, in addition to the 10 percent stake, there is an option to invest a further $20 million at the same price over the next two years. Garlinghouse elaborated on the deal adding;<\/p>\n \u201cMoneygram is in a position where it has tremendous assets globally and the public market has not been particularly kind to Moneygram. The stock had gone way down and they had some pressure. We felt like we were in a position where we could help them, and they were in a position where they could help us.\u201d<\/p><\/blockquote>\n The money transfer firm has agreed to use Ripple\u2019s xRapid as part of the partnership. The platform uses XRP in order to help companies manage liquidity when making international payments. MoneyGram announced that it had already begun using xRapid with the USD to Mexican Peso and the USD to Philippine Peso pairs.<\/p>\n Unfortunately for XRP bag holders, none of this has had an impact on the token price which has fallen through a key psychological level today. In a market wide altcoin purge<\/a>, XRP has taken a hit of 3.5 percent on the day to current prices of $0.297 according to Tradingview<\/a>.<\/p>\nXRP Continues to Tank<\/h2>\n