Ripple unveiled the total volume using the remittance scheme of XRP to show how much it transferred since it began as crypto in October 2018.
Brad Garlinghouse, the CEO of Ripple, stated that the cross-border settlement scheme of this company is crypto-based. In his tweets, it uses XRP to transfer money across the globe. The total amount of transfer is $2 billion by volume.
The CEO of Ripple noted that the entire volume of the company’s platform increased by 11 times, and the range is from July 2091 to July 2020. The partner of Ripple, MoneyGram, stayed as the top-user of the transferring network. Plus, it also utilizes the platform to process around 10% of its transactions. These are in the United States or the US to Mexico.
Garlinghouse states that Ripple will endure its tactic to increase the adoption of the company as its future usage for XRP.
Ripple is the third-biggest digital asset, which is by market capitalization.
As per the CEO, the company is utilizing XRP to explain a $10-trillion worth of problem, and cross-border settlements are functioning. Some of the customers with On-Demand Liquidity or ODL includes goLance, FlashFX, MoneyGram, Viamericas, and Azimo.
Ripple responds on digital asset trades to receive fiat currencies from funding institutions, and transfer the equivalent worth in XRP to a consistent business in another country. From there, the digital asset becomes a fiat exchange.
The company has over half of the entire XRP-supply. In the recent report, which is the status of its properties, Ripple stated that it traded $32.55 million in XRP. It’s by quarter-two of the year, with the effort to increase the transfer liquidity of this cryptocurrency.
Also, as per a report, Ripple purchased XRP via XRP II on the secondary crypto market.
The price of XRP experienced a mixed price action in the previous weeks. This digital asset is unable to share some immense increases after a few weeks. However, the impetus delayed after it confronted a strong rejection at a price of #0.33.
This digital asset drifted lower, and it tapped lows for $0.27 before it found support. It’s now exchanging is beginning to display some indicators of life while its purchasers try to push it further the resistance level of $0.30.
The price level had several rejections, yet it’s commanding that bulls overcome it in the close-term if they desire to spark more.
Experts note that the previous drop of this cryptocurrency led it to try a significant support level, having the climb of today as a leap at this price level. The bullish indicator indicates an upward movement, and it’s looming for XRP.
Analysts expect the upside of XRP after a trader stated that he searches for a move upwards, which is up to the 3.3k sats area. It’s after this digital asset back-tested its significant support, which is 2.4k sats.
Mexico – Ripple and Santander team up to launch a blockchain-powered payment application that will hit Mexico this 2020. The app called One Pay FX started in 2018. Now, it has six more countries, including Spain, Portugal, Chile, Brazil, the United Kingdom, and Poland.
One Pay FX targets to provide clients with improved certainty and transparency, as well as the customer experience at a sub-optimal state.
Ripple is on the search for an engineering manager who can help in establishing On-Demand Liquidity, as well as controlling the performance of XRP.
The XRP price failed to reach the resistance zone of $0.192 in the previous two days. Now, the price is at $0.176.
The couple shared on a Reddit account how the Ledger Chrome Extension led them to scam, wherein they lost more than 14,000 XRP. However, some community members from Reddit are doubtful on the post of the said victims.
Ripple and Santander Introduce Blockchain-based Payment Provider
Santander is the 16th biggest bank worldwide, wherein it has assets worth $1.74 trillion that’s under the management. This bank is preparing to introduce a payment application or app called one Pay FX, which is Ripple-powered. Moreover, it’s targeting the market in Mexico this 2020.
In the year 2018, the blockchain-based worldwide payment provider went live. It added six countries, which include Portugal, Brazil, Chile, Poland, Spain, and the United States or the US.
As per a case from the US SEC (Securities and Exchange Commission), the multi-corridor worldwide blockchain app of Santander targets to provide clients with further certainty and clearness. It also aims to enhance the present sub-ideal customer experience, as well as the client tackiness via the best international payment scheme.
Typical borderless payments can reach five days before the process. One Pay FX states that the users can anticipate the fees to contact them on the same day of the transfer while profiting from viable rates.
One Pay FX also offers a unified virtual experience with numerous specifics regarding every transaction. It includes exchange rates, bank charges, estimated delivery time, as well as a notice on the fund received.
One Pay FX utilizes the messaging payment scheme of Ripple to transfer money on different currencies. It’s in contrast to the native token of Ripple, which is XRP. This tech product is a rival to Swift, a worldwide funding network. Moreover, it supports banks in settling real-time fiat-to-fiat exchanges, which is by utilizing the messaging system to clear up and confirm details of transactions.
Ripple Mocks Next-Gen Exchange Platform Related to XRP’s ODL
Ripple’s new employment opening reveals the desires of the company to establish an exchange platform. The project connects to the On-Demand Liquidity or ODL, a cross-border remittance solution that XRP supports.
Ripple intends to employ an engineering manager, who will assist in building ODL. These engineers will leverage the low transaction charge, scalability, and speed of the third-biggest cryptocurrency by market capitalization.
The job listing by Ripple teases the exchanging scheme of the succeeding generation, combined with ODL.
As per the management, they’re searching for an engineer manager who can lead and mould the ODL customer experience’s team. This manager will also integrate the team in the next-generation exchange project, as well as be a part of the impending trajectory of RippleNet and On-Demand Liquidity.
The hired manager will stay at the San Francisco head office of Ripple, and he or she will devote about 50% of the time in coding and revising the code, design, and architecture.
The performance of the exchange project with ODL is still unclear. The Chief Technology Officer of Ripple named David Schwartz previously unveiled that it’ working on an aspect, which might allow users to introduce asset-supported altcoins on the XRP Ledger.
Last year, in September, Ripple developed the Logos Network. The company anticipates the decentralized remittance startup to support Ripple in establishing distributed funding schemes on the XRP Ledger.
Schwartz stated that the team from Logos would lead a continuing enterprise as part of Xpring. It will discover a Decentralized Financial or DeFi scheme, which will influence XRP in the core. Also, the team is exploring to control cryptocurrency to convert finance and payments as part of their other ideas. Moreover, the Logos team will convey more horsepower to what the team from Xpring can provide.
Ripple introduced ODL back in the year 2018, wherein it’s to provide funding institutions and banks with a controlling-compliant method to transfer money globally with the help of XRP.
ODL depends on cryptocurrency exchanges to take cash and move the equal value in XRP on borders. It can convert crypto to fiat currency. Moreover, MoneyGram, the partner of Ripple, is the most significant ODL user. It moved 10% of the everyday-volume between Mexico and the US via the technology.
XRP Price at $0.176 Faces Hefty Resistance at $0.192
The XRP price action took a different path from Ethereum and Bitcoin, wherein this digital asset is the sole one to have reports about gaining in the previous 24 hours.
In the past two days, the price of XRP followed in crossing the previous rising triangle. It can’t rise over the resistance level of $0.192 because of the bearish Fib retracement level of .618/ Moreover, the XRP price presently sits at $0.176.
The initial resistance level of Ripple’s XRP is at $0.182, wherein pushing over it, the resistance is at $0.192, $0.22, and $0.29. The Relative Strength Index or RSI was able to reach over 50. On the other hand, it fell back to the mid-level after the rise. The fall indicates that the vendors regained control. Hence, it might put Ripple under the line.
The XRP price jumped back from the lows of 2020, thanks to the market crash. It recovered 13% throughout the previous three days to hit the SAT of 2800. Moreover, the XRP price withdrew, which went down to the SAT level of 2710.
The primary resistance level of XRP is at the SAT of 2760 before it established the SAT of 2800. Hence, the resistance zones are 2850 and 2900 SAT.
The RSI breaks over the 50-level, which indicates that purchasers are recovering control in the market impetus. If it stays in play over the 50-level, the price of XRP might rise to an SAT level of 2850.
Couple Loses More Than 14,000 XRP due to Ledger Chrome Extension
One United Kingdom or UK citizen named Lean Nekera posted on Reddit on March 28 about how she and her spouse lost an estimate of 14,800 XRP or $2,500 from utilizing a Ledger extension, which was on the Google Chrome browser. Some members of the community observed a mistake from the two, which lead to rage responses, having more than 60 comments.
As per Nekera, she moved the XRP funds to the Chrome browser extension from the offline Ledger wallet. Some experts labelled the transfer as a scam. Extension blips that re-appear on the Chrome appl store reported more cases of scams since the year 2018, while the app is not working.
Despite the report about Nekera’s scam incident, it raised doubt on members of the Reddit community. The account listed significant transactions in the previous days, aside from the 14 million XRP coins in her wallet.
Nekera reported the incident to authorities such as FBI, the local fraud department in the UK, and Ripple. As per the reports from XRP Forensics, the account scammed depositors in the previous month, which is worth 1.4 million XRP.
Mexico – Despite being partners with Ripple, Intermex declares non-utilization of Ripple’s technology in their Mexico-market. XRP price drops yet there are no signs for bulls to give up, even if it pauses behind Bitcoin as it begins to regain. However, this cryptocurrency is drawing near to a three-year low at $0.15.
Intermex to not Utilize Ripple for Remittances in Mexico
Intermex, the settlement provider, unveiled that it will not utilize the technology of Ripple’s XRP in big markets, which includes Mexico. Robert Lisv, the Chief Executive of Intermex, elaborated that spectators will not witness them leveraging the cryptocurrency in their central market. As per the company, it will provide them with more development in firsthand markets where they’re discovering subsidiary products.
On February 5, Ripple declared Intermex as partners during the press release, highlighting that the agreement might allow quicker cross-border settlement between Mexico and the United States or the US. Regardless of the claims of Ripple, the CEO of Intermex proclaimed that Ripple is not apt for places such as Mexico. The CEO also shared that they’re proud of the connection that they and Ripple have. Moreover, it previously required to prolong its occurrence in Africa, recommending that it’s probably the market, where the settlements company will hire technologies of Ripple.
Intermex is not the sole partner of Ripple to unveil features of its partnership, which XRP holders received.
MoneyGram traded $11.3 million XRP throughout 2019, which increases the month trade pressure by $1 million on the markets of XRP.
In January 2018, Ripple declared its deal with MoneyGram. The partnership is to upsurge remittance speeds and boost liquidity on the settlement platform. The remittance company started utilizing the technology of Ripple in August 2019.
As per the filing with the Securities and Exchange Commission (SEC) of the US, Ripple compensates MoneyGram in XRP for enhancing and providing liquidity to global exchange markets. The On-Demand Liquidity or ODL enables it, and it’s giving a dependable level of international exchange trading movement.
MoneyGram projected that 10% of the volume of the Mexican peso is the accomplishment of utilizing the ODL scheme of Ripple.
Ripple Plunges Over 5% – Holds Key Support at $0.1450
Ripple is over 5% down, wherein it broke the support region at $0.1550 over the US dollar. Though, the price of XRP is still exchanging over the support levels of $0.1450 and $0.1420.
Ripple didn’t succeed to endure over the resistance level $0.1620 after retesting the support zone at $0.1450. The price of XRP had some attempts to exceed the barrier of $0.1620, which failed.
There’s a new drop under the support level of $0.1550. The XRP price ruined the support level of $0.1500. Also, it developed well under the 100 hourly simple moving average.
A low is close to the price of $0.1446. It appears that the cost of Ripple is over the support level of $0.1450. It’s presently exchanging over the previous decline’s 23.6% Fib retracement level, from $0.1623 high to the low price of $0.1446.
The primary resistance is close to the level of $0.1535. There’s also a significant bearish line moulding with the strength that’s close to $0.1540 on XRP/USD’s hourly chart. The line is near to the Fib retracement level of 50%, which is from the previous drop. The decline was from the high price of $0.1623 to $0.1446 low.
The following resistance level is close to the level of $0.1580 over the line, with the 100 hourly simple moving average. The primary obstacle is close to the price of $0.1620, wherein the amount is probable to upsurge progressively to the level of $0.1750.
On the other hand, the primary support is close to the level of $0.1450 for Ripple, wherein it might test the support zone of $0.1420.
If the bears succeed to lead the XRP price under the support levels of $0.1450 and $0.1420, it might trigger a rise in selling. The succeeding support is close to the $0.1350 level.
XRP Might Pause Behind Bitcoin Once Regaining Begins
XRP tried to regain over $0.1700 and reached $0.1756 on March 20. However, the retrieval attested to be brief as the price recoiled on the weekend under the amount of $0.1500. XRP/USD is steady over $0.1500, while the token increased more than 2% since the start, and it’s almost 5% lower daily.
Ripple earns the third slot in the international cryptocurrency ranking. It has a present market value worth $6.69. The worth of XRP is close to $2 billion in the previous 24 hours, which harmonized with the last figures.
XRP was stable in Bitcoin pair, regardless of the 30%-drop over the US dollar. On the other hand, some digital asset experts think that the condition is likely to alter. The XRP/BTC is shifting hands, which is presently at 0.000026. The bearish trend might begin increasing if the $2,500 XRP-support provides, which is as per the famous digital asset trader, Livercoin.
Experts are anticipating another 30%-decrease on the support price of $2,500 is holding bullish, yet bulls will toss in the towel.
Other traders, who state that XRP might withdraw to 1,400 satoshis, echoed the view. It will continue with the sell-off to $600 XRP. The anticipated drop of XRP over Bitcoin will suggest that the token will pause behind the valuable digital asset once the regaining happens.
Ripple’s XRP Price is Close to 3-Year Slumps at $0.15
The XRP price is close to a three-year low, wherein the price is at $0.15. This cryptocurrency dropped to $0.114 in the previous week, which didn’t happen since May 2017. The deficit of the digital asset over the US dollar and Bitcoin emanates as the desire for high-risk properties is progressively on the drop.
XRP resisted keeping a bullish impetus since 2017, regardless of high-profile agreements with significant funding institutions such as MoneyGram and SBI Holdings.
XRP never came near to retesting the resistance level of $1, after surpassing it in April 2018. It listed succeeding five successive lower lows, which is at a more significant time frame in the last three years.
XRP declined $1, $0.77, $0.5, and $0.35 correspondingly in April and September 2018, June 2019, and February 2020. It leads to a prolonged bear market.
XRP should have outdone significant digital assets this year, succeeding a drop in the crypto sales by Ripple. The XRP sales decreased to organizations and the distribution to exchanges. The decline in the sales of XRP eased trading pressure on the digital asset trading market, wherein it should be an aspect for recovery. Despite the lower sales of XRP, this digital asset had a difficulty to come out of resistance levels in the last months.
XRP sees a bullish regaining to past highs in the mid-term. It might require to witness an upsurge to break out of the $0.35, $0.5, $0.77, and $1-resistance levels.
Western Union is another company now seriously committed to giving Ripple a try. Given that it is presently one of the world’s largest payment service providers, this is an achievement for Ripple. Remarkably, Western Union’s tests are not even yielding positive results of the cryptocurrency’s value for the company’s transactions. Despite this achievement, Ripple is not stopping with developing more remittance solutions. Not even if it already reached record-level liquidity.
Western Union Willing to Keep Testing Ripple
For several months now, Western Union reportedly has been testing it, but still find it unsatisfactory. And yet, Western Union is not shunning the possibility of it one day being a crucial part of its operations just again.
In a recent interview, CEO Hikmet Ersek claimed that the company already has its own money transfer system. At present, this transfer system enables the company to make transfers that are as five times cheaper compared to XRP.
Western Union also claimed that it already did so many tests with Ripple and will continue to do more. The CEO said that even though they learned so much from the tests about Ripple, their referral system is just so much more cost-effective. They found that utilizing cryptocurrencies or stable coins will lead them to incur more costs than using their own system.
Regardless of this present conclusion, however, Western Union has a high level of commitment to testing Ripple’s software solutions and understanding them completely. It is also open to studying the software solutions of other companies.
For the time being, Western Union will still be using their resources more. The company already set up its innovation laboratory to determine how valuable and functional blockchain technology really is for the company.
Whatever the verdict of Western Union is going to be about Ripple in the future, it cannot be denied that Ripple is already establishing a name outside the XRP community.
Just recently, Ripple and XRP were already cited as playing a great role in payments and remittances. This not only means Ripple is becoming more popular. It just shows that the authorities are already becoming more willing to acquire more knowledge of the crypto market and even discuss this.
Ripple Condensed Xpring
Catching the attention of the government is not Ripple’s only focus, though. It recently condensed its quite broad Xpring developer platform into just one site for better integration of payments.
With this new platform, both crypto and non-crypto developers can integrate their payments into all sorts of mobile applications.
This is a positive development considering the fact that the new platform was already announced way back in October.
The company needs two months at least to develop the features they intended. According to the Senior Vice President of Xpring, these features will give users an account associated with the platform.
Beard added that the central hub would be a place for developers where they can manage everything they need to integrate payments into the apps they are working on successfully.
Xpring added the platform’s Software Development Kit could reduce 100 lines of code down to just 21 lines.
The platform is Xprng’s new vertical investment. The company has already been Ripple’s investment arm for over a year.
However, through the platform, it anticipates to build a network of companies using XRP and showcase the many use-cases in relation to cryptocurrency.
Xpring intends for the initiative to act as a method to invest in and grow a developer base with regard to XRP.
Through the wallet, which is accessible now on XRP Testnet, developers can form and manage their account credentials, check their balances, conduct cryptocurrency transactions, such as sending and receiving, as well as keeping track of their transaction records.
Future Developments to Watch Out for
Beard said Xpring does not intend to stop here.
Developers can undoubtedly anticipate new Xpring platform functions that Ripple will launch through the wallet soon.
New developments can ease many of the difficulties experienced in the past when carrying out transactions involving cryptocurrency.
According to Beard, it was really challenging in the past. People needed to piece together and use many tools. This is why many people choose instead to keep most of their cryptocurrency inside hosted wallets on exchanges. This was the less complicated option.
Presently, however, the Spring SDK can already support dependable transaction submission on XRP devnet as well as testnet. This will enable developers to submit efficiently and check the veracity of transactions on XRP ledger.
XRP ledger validators concurred to provide access to the XRP ledger stable version 1.4.0.
This provides support to accounts that could be deleted and give users the ability to recover as high as 15 XRP of their minimum account balance.
In the past, users should maintain a balance of 20 XRP on their ledger. In addition, they did not have the ability to move or use these.
Before these developments can eventually take form in the future, members of the XRP community have to remain optimistic, given the achievements of this cryptocurrency at present.
Presently, XRP Has Record-High Liquidity
A record-high volume on the Bitso cryptocurrency exchange has been achieved, which the Liquidity Index Bot was able to track. The volume of XRP against the Mexican peso was able to reach an unprecedented 9,095,160 on 13th of December.
This is quite fast, considering the fact that Ripple’s cooperation with the Mexican exchange was only announced back in mid-October. It certainly helped Mexico, which is one of the world’s poorest economies.
Many had to go overseas to work, so sending remittances is a common activity fueling many householder’s survival. However, sending and receiving remittances can be costly and even slow.
With Ripple’s investment in Bitso and offering the payment solution On-Demand Liquidity, sending and receiving remittances at a faster rate and lower prices are now possible for the Mexicans.