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Exclusive: Singapore to develop Ripple (XRP)-powered invoice trading platform

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According to a recent report by Global Market Insights, the blockchain market in the Asian Pacific region has seen significant progressed, thanks to the upsurge in the number of investments in blockchain-based firms. The report also made revelations that the market is expected to hit over 16 billion US dollars in the next few years, likely by 2025.

Back in 2016, the number of investments that were made in blockchain-based startups (including Ripple as it got in the game in 2013) was approximately over 130 deals. At the time, those deals brought over 545 million US dollars to the market, laying a good foundation for the market to grow by over 50 percent the following year, which saw the market gaining over 1 billion US dollars from such deals.

The increase in funds is a sign of the acceptance and continuous development of new technologies, that strive to retain and grow the number of investors in the blockchain. As a result of this, blockchain technology continues to witness a significant increase in adoption, even from traditional industries. Take the fruity relationships of Ripple (XRP) with giant financial institutions such as Banco Santander, for example.

One of the products that are keen not to be left behind in the front of innovation is the Digital Ledger Technology, which has been experiencing large growths in adoption levels. This does include not only large firms but also some of the upcoming SMEs in the world of business. Some of the giant companies that are embracing digital ledger technology into their operations include IBM, Amazon, Abra, Microsoft, Earthport, Blockstream, Asta Salotions, Bacoor, Coinbase, Blockstream, Bloq, Digital Asset Holding, BTL Group, Chain, SAP, BitSE, R3, and Ripple among many other companies.

Invoice Financing

Invoice financing is a well-known business function in both small and medium companies that are in burning need of cash. For those who might not be aware, invoice financing is the process that involves businesses trading off their invoices to third-party financers in exchange for instant funds. These invoices are traded off to financers at discounted figures which allows them to later cash with the debtors to get the full amount. It has been a different idea from Ripple blockchain as of now, but a good one, we must agree.

For example, a person who is running their business is supposed to be paid 15,000 US dollars from its debtors, but the date of payment is about a month away, but the person urgently needs cash to purchase a new machine. The person can sell off the 15,000 US dollars’ worth of invoices to a financer to get an instant 10,000 US dollars in cash. The financer can later claim the entire sum of 15,000 US dollars from the debtor creating a win-win situation for both parties. Invoice financing is big in the European Union and the US but is steadily growing in the Asian Pacific region.

Singapore Authorities Considering Ripple Blockchain-based Invoice Trading Platform

Singapore authorities Ripple blockchain based platform

Singapore authorities in discussions to develop a Ripple-based invoice trading platform for tracking invoices | Image/Snapshot source: GlobalTradeReview

Throughout the world, blockchain technology is making data management more efficient while ensuring security and interoperability is core in their operations. Governments of countries such as Singapore are making headways in adopting this new technology by making numerous policy changes and initiatives to gain a better understanding of blockchain technology and to benefit from it maximally.

In Singapore, DBS Bank, Infocomm Development Authority of Singapore (IDA), and Standard Chartered Bank developed a proof of concept for their blockchain-based invoice trading platform. The platform uses distributed ledger technology of Ripple (XRP) to support the project for tracking invoices, reducing invoice duplication risks, backing loans to suppliers while maintaining the confidentiality of their customers.

Subsequently, the authority intends to develop a platform that will allow banks and financial institutions to convert invoices into virtual assets on a distributed ledger (of course on Ripple blockchain). Considering that participants are allocated a cryptographic identity, privacy is maintained, while the information concerning the status of the invoices seeking funds is accessible to all concerned users.

The Ripple-based project by Singapore authorities, which is yet to be given a name is predicted to be an open ecosystem that is going to allow neutral third parties to participate and verify the legitimacy of a trade document being financed.

Source:: globalcoinreport

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Ripple (XRP) add 21.7 Percent, Resistance at 40-43 cents Zone

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  • Ripple (XRP) ranging but the uptrend is firm
  • XRP classification will either trigger a rally or a large-scale dump

Like most liquid assets, Ripple (XRP) is consolidating, trading inside May 14th and 15th high low in a bullish breakout pattern. All the same, bulls are in pole position. As fundamentals and candlestick arrangement diverge, it is only a matter of time before prices breach 50 cents as buyers aim at 60 cents.

Ripple Price Analysis

Fundamentals

At 39 cents, Ripple (XRP) market dominance is 6.75 percent, trailing Bitcoin and Ethereum with a market cap of $16,661 million at the time of press. Ripple (XRP) bulls have ground to cove. However, it all depends on how XRP, a medium of exchange facilitator, is viewed by regulators and most importantly, the success of xRapid.

If anything, it may take years or even decades before RippleNet clip a majority of market share from SWIFT. All the same, regulators may thaw thanks to Coinbase pro decision to open up XRP trading to New York state residents. The state is stringent.

Because of compliance demanding NY DFS, the move somehow confirm Ripple (XRP) is indeed a utility with no central point of control. All the same that will take much convincing from critics who insist that XRP is centralized security and a Ripple Inc Airdrop.

Candlestick Arrangement

Ripple XRP

At spot rates, Ripple (XRP) is up 21.7 percent from last week’s close. However, prices are stable in the previous 24 hours. Despite low volatility, the path of least resistance is up, and aggressive traders have a chance to ramp up on dips with first targets in line with our last XRP/USD trade plan.

From candlestick arrangement, there is an opportunity to add to longs after the correction of May 15th to 16th over-extension. However, the best approach for conservative traders is to trade the confirmation of May 14th upswing.

It will print out after prices rally, closing above May 16th highs ideally at the back of high transaction volumes. After that, our ideal target will be 60 cents. Conversely, any drop below 34 cents invalidates our trade plan as XRP bears will fall back to the 4 cents range of the last five months.

Technical Indicators

To reiterate our previous positions, any close above 40 cents and May 16th ought to be at the back of high transaction volume exceeding 187 million recorded on May 14th.

-News Source

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Ripple struggles to hold above $0.4, waits for the next catalyst

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  • The correction from 2019 highs finds support near $0.35.
  • Ripple remains directionless in the near-term.

Following last week’s impressive rally that lifted Ripple to its highest level of 2019 near $0.47, the XRP/USD pair staged a 3-day-long correction and slumped to $0.36 area before going into a consolidation stage this week. After closing the previous day modestly lower, the pair’s trading range narrowed on Tuesday as it failed to preserve its momentum above the $0.40 handle. As of writing, the pair was virtually unchanged on a daily basis at $0.3990.

Investors seem to be staying on the sidelines while trying to figure out whether the latest upsurge witnessed in major cryptocurrencies is a sign pointing at the beginning of a protracted uptrend.

Meanwhile, Ripple’s total market capitalization, which rose to $20 billion last week, remains steady near $16 billion according to the latest available data on coinmarketcap.com, confirming the subdued market action.

The 38.2% Fibonacci retracement of the uptrend that kicked off on May 10 and came to an end 6 days later forms a critical resistance at $0.4. Above that level, $0.4350 (Fibonacci 23.6%) and $0.4785 (daily high/2019 high) are located as the next hurdles. On the other hand, $0.3650 (Fibonacci 61.8%/May 17, May 18 low) could be seen as the first support ahead of $0.3390 (50-DMA).

-News Source

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Banks Reportedly Love Ripple’s XRP And The Demand Could Trigger Prices Of $0.80

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Ripple and XRP are in the spotlight again. XRP-related price predictions have been intensifying these days, and XRP is expected to hit $1.

We recently reported, that according to Investinblockchain, there’s a possibility of XRP hitting $1 before the year 2020 starts.

They write that for XRP to surge like that and hit the $1 target, “the cryptocurrency will need to increase by a whopping 134% from today’s price. The last time Ripple was at $1.00 was during February 2018, over 15 months ago.”

The online publication continues and presents charts and highlights some areas of resistance that are on the way up to $1.

Now, during an interview with Recode Decode podcast, Brad Garlinghouse has addressed once more the will of the company to work with regulators and not against them.

Speaking of regulation, it has been reported that there’s another argument claiming that XRP is not a security.

The Japanese investor in crypto Seth Lim aka XRP Whale also brought arguments to support his claim.

Ripple’s solutions have reportedly been designed in such a way to meet the demands of banks and financial institutions, notes NewsBTC.

This is a goal that Garlinghouse has been working hard to achieve.

There are definitely some regulatory challenges to be overcome, and most of them are revolving around the subject we mentioned above – whether XRP is a security or not.

As you already know, the XRP army of fans says that the digital asset is a utility token and not a security.

Banks reportedly love what Ripple is doing

In an interview with Recode Decode podcast with Kara Swisher, Brad Garlinghouse expressed his deep desire of working with regulators and banks.

“I don’t think banks […] governments will go away. Banks are applying an essential regulatory framework that I actually think is important for society. I believe that banks will continue to serve that role; they’re good at it […] I think this is a new set of technologies that they can benefit from to grow their business,” he said.

He continued, and stated that “99% of banks love what we’re doing because we’re democratizing something that’s controlled by a small number of banks, their competitors.”

XRP’s price is expected to mirror the coin and the company’s achievements and NewsBTC says that XRP could be on its way to $0.80.

-News Source

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