Due to a lawsuit from the Securities and Exchange Commissions (SEC), the relationship between Ripple and MoneyGram crashed due to the long-term XRP fate.
In a recent decision, the global money transfer service revealed that they did not plan any agenda or benefit from Ripple market development payments for the first quarter of 2021.
For now, MoneyGram has over $ 12 million in net worth from Ripple for the same period last year.
MoneyGram further explained, "Due to the uncertainty of the trial results between Ripple and the SEC, we have restricted trading on the Ripple platform."
Ripple and MoneyGram have been in business for the past three years, where MoneyGram integrates XRP into its payment system. The following year, Ripple and MoneyGram established partner relationships for cross-border payments and foreign exchange settlement with digital assets.
In November 2019, Ripple invested $ 50 million in the exchange. As of December last year, Ripple had sold about $ 15 million worth of MoneyGram shares.
However, since the SEC filed a lawsuit against Ripple and its two CEOs, Brad Garlinghouse and Christian Larsen, MoneyGram has decided to step down. MoneyGram also denies the use of On-Demand Liquidity Ripple and RippleNet services to transfer consumer funds.
MoneyGram is not the first platform to turn away from Ripple. There are already many platforms that list XRP. At the same time, despite the SEC's suit causing the altcoin price to depreciate, the currency has been showing positive movements in two months.
At the time of writing, XRP is trading at $ 0.52, down 12% in 24 hours.
