Ripple's XRP has rallied 20% off its intraday lows following an unconfirmed report Western Union is going to use its technology.
Ripple's official Twitter account said earlier Friday the company has already signed three of the five largest money transfer firms.
Western Union shares are up 5% on the news.
The price of Ripple’s XRP token fell more than 25% after Coinbase dispelled rumors that it would soon offer trading in the digital currency.
While XRP climbed to as much as $3.84 yesterday, the cryptocurrency dropped to as little as $2.83 today, CoinMarketCap data reveals.
Ripple's XRP cryptocurrency is surging off previous intraday low prices, down just 4% Friday afternoon, following an unconfirmed report that said Western Union planned to use its blockchain technology for money transfers.
Ripplenews.tech, which has since gone offline, first reported the news just before 3 p.m. ET. Shortly after, the price of XRP surged 20% off its intraday lows. Western Union's stock gained 5% on the news.
A spokesperson for Ripple declined to comment, saying the company "can't comment on rumor or speculation." Western Union did not immediately respond to a request for comment, but acknowledged Business Insider's inquiry.
The digital currency took this sharp dive after Coinbase announced yesterday that it did not have plans to offer trading of additional cryptocurrencies on its exchanges. The announcement said:
“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”