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XRP Drops Bigtime at $0.2766 – Ripple and Flare Become Partners

Jamie West by Jamie West
August 13, 2020
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SAN FRANCISCO, California – Ripple’s XRP faces a drop by over 10%, and it’s the most significant drop in the daily percentage since it began increasing on March 12. Now, the XRP price is at 0.2766, according to Coinmarketcap. Regardless of the most significant drop, Ripple teams up with Flare Network to introduce new digital assets for XRP users.

Ripple’s XRP, the third most valuable digital asset, traded at $0.2766. The XRP price exchanged at a lower price, which is lower by 10%, and it’s the most significant drop in a one-day percentage since the beginning of its rally on March 12, 2020. This report came from Coinmarketcap.

The sudden drop drove the market capitalization of XRP lower. It’s lesser than $12.55 billion, or roughly 3.62% of the market capitalization of the entire digital asset. This cryptocurrency exchanged from $0.2766, going to $0.28316 in the past 24 hours.

The exchanging volume for XRP was $2.961 billion, and it’s part of the record that this digital asset exchanged in a range of $0.2708 up to $0.3106 in the previous seven days.

The fast-moving digital asset brawled to retain its place over the $0.285-price level, yet it does display that the buyers established resistance around the XRP’s price level.

Ripple appears to be ready for a bearish run, especially after the previous drop. On the other hand, purchasers will have to hit a price that’s over $0.285 if this level wants to increase.

Ripple produced XRP, a leading digital asset payment, intending to provide a less expensive, quicker, and more ascendable substitute to both other existing fiat payment infrastructure, such as SWIFT, or other digital assets. Unlike Bitcoin, Ripple didn’t mean to be a meek settlement scheme. It eared attention of significant international banks, like Barclays and Standard Chartered.

Despite the drop, Ripple established a partnership with Flare Networks to share new digital assets to XRP users.

Flare is a blockchain company that gets support from payment startups, such as Ripple.

Hugo Philion, the CEO of Flare networks, states that XRP users aside from Ripple can utilize their assets, and it’s to claim 1:1 Spark altcoin-value. The digital currency functions with Flare scheme, and it has a design that will let XRP users utilize smart contracts.

The Flare Network is a new platform. It’s for “Turing Complete Smart Contract”, as per Philion. Also, it’s combining the EVM or Ethereum Virtual Machine. Spark, the native altcoin, is XRP’s utility fork. Moreover, Flare utilizes the XRP encryption system, and it can ease the utilization of Flare and XRPL for XRP holders.

As per Philion, Spark helps as the surety for FXRP altcoins’ issuance. It’s the energy that controls Flare’s smart contracts. The Flare Networks CEP states how the blockchain comes with a layer two result. It lets the trustless usage, creation FXRP, and issuance.

The CEO states that XRP users will benefit from the system of FXRP most. As per him, it will create 100 billion Spark altcoins to copy the current number of Ripple’s XRP.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: billioncrypto assetcryptocurrencydigital assetdigital walletdropexchangemarket capitalizationnetworkpartnerspartnershippayment schemerallytechnologytradingXRP
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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