United States – Ripple’s XRP and Bitcoin are two of the most trusted cryptocurrencies in the United States. Although XRP has barely increased in the few months, this digital asset has received more hype than Bitcoin.
While Bitcoin remains a digital currency for purchasing goods and services, Ripple improves its service as currency exchange, remittance system, and payment settling. Ripple’s mission is to provide a better and more convenient system for direct transfer of assets, such as money and gold, almost real-time.
According to the recent report, Ripple whale continues to accumulate large XRP supplies while XRP is bleeding out against BTC. It is hard to imagine Bitcoin when it is currently falling, but sometimes, there’s something more behind the scenes that the company plans for a massive move and change.
At the time of writing, Ripple has spent almost three years staying behind Bitcoin. Since mid-2019, XRP has done a lower trade while grinding lower. The silent XRP accumulation of whales matches the same scenario as Bitcoin did before its most recent breakout. Tons of whale-sized BTC wallets continuously increased until the supply was not enough to go around. Now, it could be Ripple’s turn.
According to some reports, one million or more Ripple XRP wallets have increased by at least 20%, while wallets with over ten million grew by 10%. With these percentages, prices rapidly increased, and thousands of investors worldwide tried to catch the breakout. When Ripple’s XRP broke out, the moves became very substantial, and the digital asset outperformed Bitcoin.
In the past few weeks, the public saw a sharp increase in Ripple’s resistance area. XRP price surged above the $0.25 level and settled very well. Indeed, Ripple has carved out a reliable niche in hosting cross-border payment than Bitcoin.
One of the prominent companies that partnered with Ripple is American Express, which moves corporate funds between the United Kingdom and the United States through Ripple’s remittance system. Millions of people will continue to consider XRP since it erases the inconvenience of transferring money across borders.
Currently, Ripple is the most highly adopted cross-border transfer payments. It enables customers to settle, clear, and message fund transactions quickly, unlike PayPal and Swift.
Undoubtedly, Ripple has plenty of potential in expanding easier banking access through efficient cross-border transfers. Since millions of people are still relying on cash to purchase and sell goods and services, Ripple strives to give more banking access to the unbanked population. Since Ripple offers a more accessible platform, it continues to attract more investors and smart investment decisions.
United States – MoneyGram continues to become one of the most reliable US money transfer companies. Last October 30, 2020, the company announced its strategic partnership with the famous Ripple.
According to the report, Ripple will allocate $50 million to MoneyGram in exchange for equity during the two years. MoneyGram will also use Ripple’s xRapid service, a system that promotes instant and inexpensive cross-border payments across the world. MoneyGram will surely reach more customers since this platform is one of the fastest money transfers in today’s market.
Currently, MoneyGram only uses its traditional and old cross-border payment system. It holds foreign currencies in multiple bank accounts, making the money transfer more costly and restricted.
On the other hand, the xRapid service uses Ripple’s cryptocurrency called XRP. When a company initiates a payment or money transfer, the system will convert any initial currency into XRP, say dollars to XRP. Afterwards, the XRP amount will immediately convert into the destination currency, for an instant, XRP to Canadian dollars. Some institutions love this idea since they can save more money and time.
Since 2019, Ripple remains as one of the most reliable enterprise blockchain companies with payment products in commercial use. Ripple is very smart to establish a digital asset that enables users to rapidly and inexpensively source liquidity without compromising its excellent scalability, unlike other digital assets.
According to Ripple’s CTO, XRP continues to make steady progress and establishes difficult-to-match networks. The xRapid system’s design is very secure and uses an anti-robustness principle that prevents the platform from progressing with money transfers unless it is 100% safe. Ripple believes that this system offers a better solution for MoneyGram’s customers, especially those with unintentional forking and double-spending problems.
According to the most recent report, MoneyGram has received 111%growth in transactions and 114% growth in profits since October 2020. Currently, MoneyGram’s earnings stand around $8.9 million, all thanks to Ripple’s market development share. Many reports claim that Ripple paid a so-called “market development fee” to MoneyGram to incentivize the company in using Ripple’s products, especially XRP.
One MoneyGram employee confirmed that the company sells Ripple’s digital asses as fast as possible. The company aims to reduce operating costs and speed up cross-border payments.
With Ripple’s help, MoneyGram can surely process faster than other traditional systems, such as SWIFT and PayPal. Indeed, Alex Holmes, MoneyGram Chairman, and CEO guarantees that Ripple’s xRapid can dramatically streamline MoneyGram’s global liquidity management.
Japan – Since 2016, Japan’s SBI Holdings has established a close partnership with Ripple. The two companies founded a joint venture called SBI Ripple Asia. According to the latest news, Ripple will start investing in SBI’s MoneyTap. This platform uses Ripple’s latest blockchain technology that process cross-border payments cost-effectively and quickly.
According to the executives, this investment aims to drive better adaptation and development. By using MoneyTap, consumers can process and confirm money transfers almost in real-time through a QR code. Although this system has been active since 2018, it continues to attract more investors.
Through this latest Ripple investment, MoneyTap can further strengthen its partnership with Ripple and develop better and unique functions to improve the corporate payment function and small-amount collection service. Since MoneyTap aims to deliver an overseas remittance service, Ripple can help this platform make new improvements.
The MoneyTap application aims to convince people to take advantage of new technologies and use them for their businesses. By forming an ecosystem with reliable financial institutions, MoneyTap aims to deliver a customer experience that promotes peace of mind, affordable rate, and convenience. Thanks to MoneyTap’s superior architecture, many customers in Japan can enjoy a faster and cheaper money transfer experience.
Ripple’s investment in MoneyTap is great news since it sees it as an opportunity to reach more “unbanked” people who are not familiar with the convenient way of moving money in different borders. Like other blockchain networks, Ripple promotes money remittances that do not depend on one central authority to secure and manage their transaction database.
By adopting MoneyTap, more people can save on high interbank fees very usual in Japan. This application creates a more budget-friendly ecosystem that can help the public, especially those who need money during an emergency. With MoneyTap, users can secure their funds for day-to-day needs. It guarantees quick access to money within 24 hours.
This application has gained thousands of customers quickly since it features instant approval and transfer in minutes. According to some critics, MoneyTap has one of the fastest app-based approval processes in the industry. In a few taps, you can immediately transfer as low as ₹ 3,000 to your registered bank account.
Faster and trusted transfers are only the beginning of what MoneyTap can offer the market. With the latest Ripple investment, the application will surely grow and revolutionize the way transfers happen across Japan.
CALIFORNIA, United States – Ripple is starting a not-so-good year after the price of XRP is gradually getting price drops. Aside from the price drops, this company is losing one of its prominent employees after six and a half-year. On the brighter side, users can now trade XRP with the EU.
Ripple Escrow Wallet Transfers 200 Million Worth XRP
Ripple, a San Francisco-based fintech company, began the year with another doubtful digital token movement. A 200-million worth of XRP was transferred to the company from the Ripple Escrow wallet. This news is as per the “Whale Alert” account. The company was readying to dump these to the market, placing more tension on the scruffy token prices.
Weis Ratings, a research firm, previously reacted on the bizarre tokenomics to the humiliation of the supporters of XRP. As per the firm, it stated that Ripple starts the year 2020 by releasing XRP tokens as a slice of a planned incentive system. The XRP tokens are worth $192 million. Furthermore, this firm explained that Ripple is not doing the XRP price any good.
The reaction of Weis Ratings was determined to say with the majority of answers shielding the actions of the blockchain company. Numerous users pointed out that the release was another of the company’s monthly escrow discharges. Also, not all will enter the market.
Furthermore, the firm said that not all monthly escrow release gets sold. On the contrary, the monthly transactions are controlled based on a little percentage of the total exchanging volume. Moreover, the Ripple validated that they will offer nothing in the forthcoming quarters.
In August, the chief executive of Ripple, Brad Garlinghouse, stated that XRP sales were assisting in expanding the utility of the asset, not discarding on depositors.
The cryptocurrency community stays profoundly divided, though the XRP Army seems to be as enthusiastic concerning the digital asset, like customers who’d wait outside the store the whole night to be the first buyer of new releases. On the other hand, Investors are discontented with reactions.
Despite the transfer, the XRP Price is dropping again. There’s no point in denying that this cryptocurrency was one of the worst-performing high cap digital assets for the year 2019. Since last year, the price dropped 50% from the $0.375-price to the present levels at an estimate of $0.187.
The $0.187 appears to be an apt number of XRP, since it slides 3% more, dwindling back to a low, which was not noticed since September 2017.
The market capitalization declined to $8 billion, which is far from the $150 billion that is invested in the cryptocurrency throughout the bubble two years ago. The resistance of the blockchain is doubtful as to the asset performance in the last two years. The bottom line is that this company controls the token, and it’s up to this company on what they want to use it.
XRP Faces a Year of Decline with Possible Bear Pennant Failure
Ripple (XRP) is known as the third-biggest cryptocurrency. However, it’s suffering its worst year, being a non-performer out of the top 10 digital assets in the market capitalization. Aside from a final year of loss, it’s a new bear market low throughout the previous year’s price action.
The price of XRP is all set to drop from a two-week-long bear pennant. It drives the price lower, possibly to levels not witnessed in years.
According to a noticeable cryptocurrency analyst, XRP has been exchanging within a bear pennant for the recent two weeks, and it seems to have ended a 4H candle outside the lowermost support trend line. Now, it’s confirming the trend line as support flicked resistance.
The asset is probable to drop even lower to points as little as 13 cents per XRP coin if this cryptocurrency ratifies resistance at present prices.
Regardless of the bear pennant outline inclined profoundly bearish, it can break strong. Hence, XRP bulls aren’t entirely in danger until previous support is approved as resistance. During 2019, the price of XRP was pushed lower by frequent incidences of bear pennant chart forms. On the other hand, one pattern broke ascending, and it kicked off a small-live rally.
If XRP can’t retain its present levels, it’s a risk of making a more significant drop to bygone standards not exchanged since the digital asset mania became popular in late 2017. Furthermore, the cryptocurrency bubble exploded, and the assets were dipping since day one.
XRP/USD price chart on regular timeframes displays little support lingering at present levels. It includes the zone between 13 cents and 15 cents per XRP. It’s acting as the end line of resistance before bears have the opportunity of pushing this cryptocurrency by market capitalization, wherein the prices are closer to a penny.
This cryptocurrency asset might fall to two cents per XRP, wherein investors might be looking at the XRP prices of a portion of a penny.
It’s difficult to conceive an asset that traded around $4 per coin two years ago will drop to a fraction of a coin.
XRP Users Can Now Trade Against Euro via Binance
Ripple (XRP) is included in the six new fiat exchange pairs after Binance, a Malta-based exchange announced the news that users can now trade XRP with Euro (EUR). They will be able to buy different cryptocurrencies against the Eurozone money commencing on January 3. Aside from XRP, Ethereum (ETH) and Bitcoin (BTC) are among the digital assets included in the new fiat dealing pairs.
Binance endures to aggressively enlarge the list of available crypto-to-fiat exchange options, wherein before adding XRP in the list, it included Turkish Lira (TRY) as well. Moreover, it added support for the Euro after including Ukranian hryvnia (UAH) and Russian Ruble (RUB).
Ripple Loses a 6.5-Year Old High-Profile Employee
Ripple loses an employee with a six and a half-year run after the Software Engineer, Evan Schwartz, announced his resignation. In his previous tweet, Schwartz stated that his last day at the San Francisco-based blockchain juggernaut was on January 2. In his tweet, he also thanked everyone who assisted him in his ride within the company.
Schwartz also added that he’d take a step back from active enhancement on Interledger.rs, yet he’ll continue to be involved with the community.
Monica Long, the SVP of Marketing, previously opined that the IoV and the blockchain would encounter the same progress as internet businesses in the next ten years. It would also allow the value to be exchanged instantly from different places around the world.
In September 2019, Xpring, Ripple’s investment arm, bought payment startup logos to endure creating the IoV.