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XRP vs Stellar (XLM): Which is Better for Cross-Border Payments?

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Both XRP and Stellar Lumens (XLM) are distributed ledger technology (DLT)-based platforms that aim to provide cross-border payments solutions between large banks and financial firms. However, Stellar’s products have also been developed for the individual consumer.

Notably, the Stellar payment network is a fork of the Ripple protocol and was founded by Jed McCaleb in 2014. McCaleb is also the co-founder of the Ripple protocol. When the Stellar project was proposed, a non-profit Development Foundation was launched as well – in order to support the ongoing development of the Stellar platform.

Stellar Backed By Stripe

One key difference between XRP and Stellar is that the latter was created by a non-profit organization. Due partly to the lower overhead costs of operating as a non-profit entity, the transaction fees on Stellar’s network are quite low. Early stage investors in the Stellar project include San Francisco-based Stripe, an internet-based payment processing service.

Similar to how the XRP cryptocurrency (developed by Ripple Labs) is used to facilitate transfers between two parties who may use different fiat currencies, the Stellar network also allows users to send and receive payments to/from bank accounts that support different currencies – without having to pay high currency conversion fees.

Transactions Only Cost Fractions Of A Cent

For example, the Stellar network can be used to send a payment in British pounds (GBP) to an account that accepts USD. The sender of the payment on the platform only has to pay a 0.00001 XLM network usage fee – which is only a fraction of a cent.

San Francisco-based Ripple Labs has also developed products which are quite similar to those offered by Stellar. XRP is a cryptocurrency that was developed by Ripple Labs and its transactions are conducted on the XRP ledger, at incredibly small costs. In order to transact on the XRP ledger, however, an address must hold at least 20 XRP.

As explained on Ripple’s official website, users must hold a minimum of 20 XRP so that “the shared [XRP] global ledger [does not] grow excessively large as [a] result of spam or malicious usage.”

As most XRP community members would know, not all of Ripple’s products use XRP as the base currency. xCurrent, which does not use the token, is an enterprise-level software product that utilizes the Interledger Protocol (ILP)  to “instantly” process international payments – as it allows for “inter-operability” between virtual and fiat currencies.

The Interledger Protocol was created by Ripple Labs, but its ongoing management and development is now handled by the World Wide Web Consortium (W3C) group. The W3C is an international body that creates open standards to support further growth of the internet.

MoneyGram Tests xRapid, xCurrent Supports Real-Time Messaging

Notably, xCurrent supports real-time messaging between banks (similar to SWIFT) – which is useful because static messages may have typos or might not include important information. This often leads to transactions being delayed.

Another popular product developed by Ripple Labs, xRapid, was also launched recently. If XRP is used to send payments using xCurrent, then Ripple refers to these types of transactions as xRapid. Prior to going live (production), xRapid was tested by leading money transfer services such as Western Union and MoneyGram.

One of the main benefits of using xRapid, according to Ripple, is that it provides liquidity through XRP – which allows money to be transferred cheaply and quickly.

Public Vs Private DLT Networks

Although Ripple, the company, claims to have partnered with around 150 different financial institutions who are either currently testing its products or are even using them in a production environment, the American fintech’s critics say that transactions on RippleNet are not transparent. That’s because it’s a private DLT-based payment network.

However, digital currency transactions on the Stellar network can be verified and seen by anyone – which is something that generally holds true for most public blockchains. Another thing which Stellar’s community focuses more on, compared to Ripple, is serving the underbanked – meaning helping to provide financial services to people who do not have access to modern banking services.

Legal Disputes

There have been a number of legal disputes between members and founders of Stellar and those working on Ripple Labs’ initiatives. One of the most notable disputes between the two involved digital asset exchange Bitstamp. There was about $1 million in cryptocurrency that was held on Bitstamp – which had been claimed by both the Stellar Development Foundation and Ripple Labs.

Bitstamp had asked the courts for permission to transfer the disputed amount to Stellar’s foundation, as it had claimed that it was unable to determine whether the funds belonged to McCaleb’s cousin, Jacob Stephenson, or if Ripple Labs was the actual owner of the funds. Stephenson, the defendant, had reporteldy sold the XRP tokens to Ripple through Bitstamp.

According to Ripple, this transaction was in violation of certain terms and conditions that McCaleb had agreed to as a former board member at Ripple Labs. As CryptoGlobe reported in late September, McCaleb had been accused by Ripple’s board members of selling more XRP than he was allowed to (during a certain time frame)- as per terms stated in the contract.  Although it is unclear exactly how many XRP tokens McCaleb holds, it is well over 5 billion XRP.

Source: CryptoGlobe

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XRP Transactions Trigger New Rumors of Partnership Between Binance and Ripple

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XRP investors say evidence of a partnership between Ripple and the crypto exchange Binance may be emerging.

Back in February, CEO Changpeng Zhao said Binance will “definitely” partner with the San Francisco startup in the future to support the company’s XRP-powered cross-border payment solution called On-Demand Liquidity (ODL).

ODL is designed to give banks and financial institutions a legally-compliant way to send money overseas using XRP as a bridge currency.

It relies on crypto exchanges, which can accept fiat and send the equivalent value in XRP to a corresponding exchange in another country, where it’s converted right back to fiat.

Now, members of the XRP community say a tracking tool designed to detect ODL volume has discovered a number of possible ODL transactions involving the Russian ruble.

They’re linking the new transactions to Binance, which launched support for the ruble back in October.

“It’s evidence that Binance will take a role as an ODL exchange. It will dynamite the volume. More volume means more benefits for Binance.

Good job @cz_binance. Russian corridor is open since this morning.”

Source: Twitter

So far, Zhao has not responded to requests for comment.

Ripple has publicly announced partnerships with the crypto exchanges Bittrex, Bitso, Coins.ph and Bitstamp to boost liquidity for ODL.

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XRP News Today – Top Headline for Ripple XRP

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  • Luno to incorporate XRP in Malaysia
  • XRP expected to enter the Malaysian market soon

Luno has identified the unlimited prospects of XRP’s remittance use case and it is planning to introduce the Ripple token to Malaysia. Luno was relaunched recently at the end of October in Malaysia, the platform is looking at incorporating Ripple’s native token to ease transaction and aid adoption. The head of Luno in the Asian region, Vijay Ayyar, states that the chances of XRP getting listed on their platform are “definitely a possibility.”

He says that Luno wants to extend its services while remaining regulatory compliant. In his statement, he went thus: “What we can say at this time is that we are planning to increase our cryptocurrency offerings as we grow while keeping customer’s safety and compliance with regulations as our highest priority.” The general manager of Luno for Southeast Asia, David Low, states that the listing of Ripple would please the growing market demand.

XRP Price Prediction and Ripple XRP Price Prediction

He states further that the prospect of the token coming into realization for Malaysians would be either in December or in early 2020. Ripple’s remittance use case seemed to be the major reason behind their decision, according to David Low. He added: “Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it and figure out new ways to use this technology for their benefits.”

XRP Expected to Enter the Malaysian Market Soon

Though, it is rather ambiguous whether Luno plans to use Ripple’s On-Demand Liquidity (ODL) products, which since its launch into the market continues to make progress globally. Recently, Luno acquired approval from the Securities Commission of Malaysia, which has earned them the first position as the first crypto exchange to do so. This approval permits the company to once again step on the country’s turf.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3XRP(XRP)$0.2208-1.80%

Commenting on this, Ayyar states that: “We’re excited to return because we know the impact that cryptocurrencies and new forms of investment can have on Malaysian lives.” Luno is projected to become of the largest crypto exchange market due to the high banking rates and progressive regulations in Malaysia.

“As a company, we are not seeing ourselves as a trading platform, but rather as an enabler for new industries such as blockchain and cryptocurrency use cases in general. Allowing the trading of this cryptocurrency is only the first step in facilitating and accelerating the adoption of cryptocurrency use cases in Malaysia,” he further added.

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Ripple (XRP/USD) forecast and analysis on December 10, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.2286. 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 upper border of the Bollinger Bands indicator stripes.

Ripple (XRP/USD) forecast and analysis on December 10, 2019

As part of the Ripple course forecast, a test level of 0.2260 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 0.2420. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2200.

Ripple (XRP/USD) forecast and analysis on December 10, 2019

Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing quotations of the pair below the area of ​​0.2160. This will indicate a change in the current trend in favor of a bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ripple (XRP/USD) forecast and analysis on December 10, 2019 implies a test level of 0.2260. Further, growth is expected to continue to the area above the level of 0.2420. The conservative area for buying Ripple is located area of 0.2200. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2160. In this case, we should expect the continuation of the fall.

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