Will xRapid Adoption Help XRP Get A Favorable SEC Ruling
The adoption of xRapid by companies like Viamericas seems to be favoring XRP at the end of SEC.
Just as promise, Ripple (XRP) at the SWELL 2018 event, which featured magnificent tech giants from the across the world, unveiled the launch of its most promising tool xRapid for commercial use, and immediately, three top companies which includes Cuallix, Mercury FX and Catalyst Corporate Federal Credit Union adopted it for use.
Added to that, Ripple later announced that Viamericas has joined the league of the companies which will be using xRapid to slash their liquidity costs in sending real-time payments.
“Global payment providers, such as Viamericas, Cuallix, IDT, MercuryFX and others are using xRapid to significantly lower their liquidity costs and send real-time payments, an industry first,” Ripple stated.
Why Viamericas Adoption of xRapid Is Crucial for XRP
It was recently uncovered on twitter that XRP’s SEC ruling may get a boost in favor.
There is an interesting fact about Viamericas using #xRapid. The CEO of the company Paul S. Dwyer, Jr, is also the MSBA Chairman. The MSBA is an industry led organization that interacts with Federal and State regulators.#Ripple #XRP #XRPcommunity $XRPhttps://t.co/ZpZ3gBNDfy
— Jerome Steele (@SiriusB12) October 17, 2018
While Paul S. Dwyer, the Chairman of Viamericas, is also the head of service at of the US Money Service Business Association (MSBA), which has huge working relationship with US regulatory bodies like the US Security and Exchange Commission (SEC), Ripple’s XRP has been tipped of better treatment from the regulators end.
This would likely be a major boost for XRP as MSBA mission statement states that its objective is to grant quality innovation and development inroads in the payment industry, as well as “promoting the education and communication with Federal and State Regulators”.
Thus, a major leapfrog for the US-based technology startup, Ripple, as its aim is to use XRP for cross-border remittance services.
“The MSBA helps lead the efforts to ensure that customers get fair, safe and compliant service, and that the industry constantly seeks to team with regulators, banks, law enforcement and consumer advocates to ensure that threats to the efficiency, integrity and reputation of the industry–from unlicensed operators to unjustified adverse direct and indirect regulation–receive the full attention they deserve,” Paul Dwyer in an announcement noted.
Can XRP leverage on Paul Dwyer’s status?
Viamericas adoption of xRapid which uses XRP for transaction would be a mover and shaker for the Cryptocurrency as the corporation holds presence in over 34 countries and about 3 continents with 76,000+ cash out point centers around the world.
It is well known to the world that SEC is yet to declare its regulatory stand on XRP, and if this would later have a negative legal and regulatory implications, Viamericas as a big corporation, and Dwyer who is well familiar with the system, wouldn’t have adopted it for use.
Michael Didiuk an erstwhile worker of the SEC, before now declared XRP is not a security, however, rather as a currency.
“I don’t think XRP is a security, I think XRP is a currency. The reason why is […] Howey test… It’s a 4-factor test – Investment of money in a common enterprise with the expectation of profits based on the efforts of others,” Micheal in an interview stated to back his claim.
In line with that, Viamericas must have done their research to affirm that XRP is a utility and not a security. As a utility, XRP won’t be able to meet with the conditions set by Howey Test.
The Pathway Is Clear For Ripple’s XRP
Although, there is still no comment from the US Regulatory body, but evident of the above, it is gradually becoming clear that XRP has higher chances of being flagged by the regulator as a utility. At the moment, investors are very much curious about the stand of SEC on XRP, and this should be a flashlight.
** xRapid **
Sagar Sarbhai (Ripple) on xRapid:
— C3|Nik (@C3_Nik) September 17, 2018
In the end, investors are likely going to realize that SEC ruling would incline with Ripple’s assertion.
Ripple’s Chief Marketing Strategist, Cory Johnson has commented that their communication with the Head of Government and Regulatory Relations at White House, Sagar Sarbhai is surely a fruitful one. As an addition, APAC & Middle East also added support for Ripple.
Sagar noted that Ripple Labs, Inc. has been having connection with SEC, giving SEC explanations to make them understand XRP better, and that owners of the cryptocurrency cannot obtain any stake from Ripple the company profitability.
Sagar previously stated that Ripple would launch xRapid in months, and the resultant effect was a spike in price of the altcoin. While the tool was truly launched at the evergreen conference, SWELL 2018, Sagar stands as an important figure in driving XRP.
Source: Bitcoin Exchange Guide News Team
Ripple (XRP) Price Analysis: Technical Indicators Suggest Bullish Continuation
Ripple price started a strong rally from the $0.3920 swing low and climbed above $0.4150 and $0.4300. XRP remains in a steady uptrend and it could continue to grind higher towards $0.4550 and $0.4720.
- The price is trading nicely above the $0.4260 and $0.4150 support levels.
- XRP is placed well above a crucial bullish trend line with support near $0.4260 on the 30-minute chart.
- Ripple price recently cleared a connecting bearish trend line at $0.4310 on the same chart.
Ripple Price Analysis (XRP to USD)
Recently, there were sharp gains in bitcoin price, Ethereum priceand ripple price. XRP/USD started a steady rise from the $0.3920 support area, and climbed above $0.4150, $0.4260, $0.4320 and $0.4400.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair settled above the $0.4200 support and the 25 simple moving average (30-minute chart). A new multi-day high was formed at $0.4440 before the price started a downside correction.
It corrected below the $0.4320 support and even spiked below the $0.4200 level. A swing low was formed at $0.4198, and the price recovered above $0.4260 plus the 25 simple moving average (30-minute chart).
The price traded above the 50% Fib retracement level of the recent downside correction from the $0.4440 high to $0.4198 low.
Moreover, the price cleared a connecting bearish trend line at $0.4310 on the same chart. On the upside, an immediate resistance is near the $0.4350 level and the 61.8% Fib retracement level of the recent downside correction from the $0.4440 high to $0.4198 low.
If there is an upside break above the $0.4350 resistance, the price could continue to rise towards $0.4400 or even $0.4440. If the bulls manage to gain strength above $0.4400, there are chances of further upsides towards $0.4550 or even $0.4720.
On the downside, there are many supports near $0.4260. There is also a crucial bullish trend line forming with support near $0.4260. Therefore, ripple price remains well supported and XRP/USD is likely to climb above $0.4350, $0.4400 and $0.4440 in the near term.
The market data is provided by TradingView, Bitfinex.+
NEWS GateHub: Stolen XRP funds transferred to prominent exchanges
The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.
One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:
Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:
The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.
Ripple (XRP/USD) weekly forecast on June 17 — 23, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.4165. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Ripple (XRP/USD) weekly forecast on June 17 — 23, 2019
As part of the Ripple course forecast, a test level of 0.3860 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.5120. The conservative Ripple buying area is located near the lower border of the Bollinger Bands indicator bars at a level of 0.3750.
Cancellation of the option to continue the growth of the Ripple rate will be the breakdown of the lower border of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotes pair below 0.3680 area. This will indicate a change in the current trend in favor of the bearish for XRP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) weekly forecast on June 17 — 23, 2019 implies a test level of 0.3860. Further, growth is expected to continue to the area above the level of 0.5120. The conservative area for buying Ripple is located area of 0.3750. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.3680. In this case, we should expect the continuation of the fall.