Ripple Labs has sold a huge chunk of its 2019 investment in MoneyGram. According to a recent update filing with the SEC [Securities and Exchange Commission] on Friday night, from Nov. 27 through 4th Dec., Ripple Labs managed to sell 2,264,113 shares of MoneyGram [MGI]. The tech firm netted a sum of $15,303,792.60 USD from the sales.
MoneyGram’s stock value has soared in recent months, from $2.94 on 1st Oct. to $8.53 USD on 23rd Nov. In no small part as of news of Ripple’s sell-off, MGI has slipped backtrack to $6.54 USD, at the reporting time.
Despite a flurry of announcements of expanding integration between the remittances firm and Ripple [XRP] throughout 2019, the link between the 2 firms appeared to have settled earlier this year. However, a Ripple spokesperson added:
“Ripple is a proud partner in MoneyGram’s digital growth transformation. This is often purely a judicious financial decision to understand some gains on Ripple’s MGI investment and is in no way a mirrored image of the present state of our partnership.”
Ripple primarily announced a major investment into MoneyGram earlier in June, which led to the latter using the former’s xRapid technology to fasten up payments. XRapid uses XRP to facilitate liquidity.
Ripple, which still owns 48 Bln XRP, has spent the last several years laying down its collaboration to the token, via recent price surges might be changing that.
![U.S Department of Justice Reveals A Fraud Case Against 'Eastern Metal Securities’ [EMS].](https://cdn.shortpixel.ai/client/q_glossy,ret_img,w_120/https://etherdesk.com/wp-content/uploads/2019/06/imageedit_193_5494980853-120x86.jpg)
