Ripple price (XRP/USD) holds above $1 as Western Union tests revealed

The US financial services giant is testing transactions with Ripple’s distributed ledger technology

Ripple price (XRP/USD) holds above $1 as Western Union tests revealed

The Ripple price (XRP/USD) has so far managed to defend the $1 level, even though the cryptocurrency rally has shown signs of slowing down.

While Ripple experienced a pullback in yesterday’s trading, it finished the day at $1.03, notching up its fourth-consecutive close above the $1 mark. Ripple has seen some modest gains in today’s session, with its price currently hovering around $1.05, according to data from cryptocurrency tracker Coinmarketcap.

Yesterday, Bloomberg reported that Western Union was evaluating blockchain technology and was testing transactions with Ripple, the San Francisco-based company behind XRP. This was revealed by Western Union’s chief financial officer, Raj Agrawal, who said in an interview with Bloomberg News that the company’s efforts were in a “testing phase” and not a key part of the business.

Ripple has announced a number of partnerships with payment companies since the start of the year. Earlier this month, the startup said that Chinese payment provider LianLian had joined its enterprise blockchain network, RippleNet. In mid-January, money transfer giant MoneyGram revealed that it would pilot XRP in its payment flows. A couple of weeks later, two other payment firms, IDT Corporation and MercuryFX, followed suit by announcing similar plans.

In today’s trading, the Ripple price stood at $1.07, as of 12:17 GMT. The cryptocurrency has gained 3.9% in the past 24 hours, data from Coinmarketcap shows. Ripple currently has total market cap of $41.7 billion, which makes it the third-largest digital currency on the market.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.

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