Western Union began testing the technology Ripple

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Western Union began testing the technology Ripple

According to the CEO of Western Union, Hikmet Ersek, Ripple is the latest technology the financial institution is considering for adding to its "portfolio" of digital solutions offered to customers.

XRP is up 10% in the past 24 hours but has yet to take off on the news and is now trading around the $1.15 mark.

Ripple maintains the blockchain for the XRP cryptocurrency, which made headlines at the start of 2018 when prices skyrocketed to nearly $US3 per token - before an equally sharp decline.

Both the Ripple (XRP) services are promising to change the financial institutions' transactions systems. One Ripple coin can now be purchased for approximately $1.11 or 0.00011566 BTC on major exchanges including BCEX, Koinex, Bithumb and CoinEgg.

A number of banking majors have joined the Ripple network to enable instant, seamless and real-time payments.

Earlier it was reported that the British unit of Santander Bank will launch payment app based on the technology of Ripple. This is the one that Western Union is now testing.

As of now, nearly 100 financial institutions have been using Ripple blockchain software to keep track of transfers.

"We are looking especially in the processing settlement and working capital optimization, also in the regulation part, on the compliance part on the blockchain capabilities". It has gained over 50% on the week however and continues to look bullish as news of this huge potential partnership filters across the planet.

Last week, it signed a deal with foreign exchange giant UAE Exchange to help facilitate cross-border transactions, although the deal is with the Ripple company itself and the UAE Exchange won't use XRP tokens.

Accordingly, XRP will soon trade at around $3, again.

After more than a month of speculation, the money transfer company said it's evaluating blockchain technology and is testing transactions with Ripple, the San Francisco-based startup behind the cryptocurrency of the same name. This could mean the Ripple (XRP) will go to the moon.

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