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Bright Future For R3 & XRP

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It has been announced that Ripple’s XRP token will be the first cryptocurrency to be supported on the new universal payment settlement platform by the enterprise blockchain software company, R3.

Dubbed as the new open-source Corda-based decentralised application (CorDapp) and it reportedly allows payment obligations raised on the Corda blockchain to be settled through any parallel payment rail which supports cryptocurrencies or digital assets, or any traditional payment rail that will be able to provide “cryptographic proof of settlement.” The term ‘payment rail’ is used for a payment network or platform which transfers money from one body to another.

When an individual’s account is verified and credited, the new CorDapp will update the Corda ledger without manual assistance. In a future version, it will allegedly support domestic deferred net settlement as well as real-time gross settlements payments.

The Chief Technical Officer at R3, Richard Gendal Brown spoke on the matter saying:

“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.”

Brown’s hint to the optimistic development in cooperation between R3 and the token XRP suggests a year-long legal dispute over purported mutual breaches of the agreement between Ripple Labs and R3 consortium which was finally settled this September,

In addition to this, Brown said that the two industry giants “is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”

Currently, XRP is in the red, down by 1.64 percent over the past day leaving it to be priced at 34 cents. The market cap for the token is over 13,700,000,000 so Ethereum is slowly creeping up on to take back the number two spot on the top 100 cryptocurrencies.

In similar news, it was reported earlier in the week the biggest private bank in Brazil has teamed up with the Standard Chartered bank based in the United Kingdom. The aim with this is that a Corda-based platform for smaller sized loans will be created from the partnership.

Source:Crypto Daily

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XRP closes bullish week breaking 200-day MA; on the doorsteps of the Golden Cross

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On the back of the most successful week for XRP, the second largest altcoin in the market has broken, what could be equated to the first inkling of the Bitcoin [BTC] bull run. Following Coinbase’s greenlight to its New York customer to engage in XRP trading, the altcoin shattered its 200-day moving average.

Bitcoin, prior to the April 2 ascendance, which was trading at just over $4,000 and on the back of a slew of reasons, broke the $4,623 200-day moving average (at the time) creating an impetus for a prolonged pump. XRP, following the mammoth 41 percent price rise on 14-15 May, has mirrored the king coin’s rise.

The 200-day MA of XRP, which, at press time, stood at $0.352 was shattered at around 0300 UTC on 14 May, where the cryptocurrency saw a massive 25.59 percent daily gain. Continuing to ride the Coinbase bulls, the cryptocurrency added another 12.27 percent daily price rise the following day, ending its slumping streak which persisted for much of 2019.

Source: Trading View

Interestingly, the XRP price rise could not have come at a more opportunistic time. During the early days of May, when Bitcoin was breaking resistance after resistance, and anchoring an XRP-less altcoin rise, Ripple’s cryptocurrency was in a slump. In fact, the other digital asset that aims to attract an XRP-esque market, Stellar Lumens [XLM] was also in a slump prior to last week’s rise.

On a year-to-date analysis, the two cryptocurrencies jointly referred to as the “Bank Coins,” contrastingly declined by over 12 percent each, as other coins like Litecoin [LTC], Binance Coin [BNB] and even Bitcoin [BTC] saw triple-digit gains. To answer back to their crypto-contemporaries, XRP and XLM were, by far, the highest gainers during the aforementioned period, wiping clear their slumping trends.

Another key indicator for the Bitcoin price rally lasting almost two months now was the realization of the “Golden Cross.” On April 23, the king coin saw its 50-day MA cross-over its 200-day MA as the price rose above $5,350, confirming the coming of the BTC bears, which have since pushed Bitcoin’s price over $8,000.

XRP is on the verge of realizing its very own Golden Cross. Following its May 14 rise and the current green candle-stick, albeit with a major anchoring role played by Bitcoin’s ascendance, the 50-day MA for the altcoin has been broken. If the current trajectory continues, like BTC, XRP could see the 50-day surge above the 200-day and begin a major bullish swing, if Bitcoin’s prices are to go by.

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Ripple Reveals Expansion of XRP-Powered xRapid, Amazon Files Crypto Patent, and Bitcoin’s 21 Million Club Hits New Record

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Ripple and XRP

Ripple CEO Brad Garlinghouse says the company’s XRP-powered cross-border payment solution xRapid is up and running in both Argentina and Brazil.

Garlinghouse, who has a history being the first to announce key developments at Ripple, revealed the new corridors in response to a question on xRapid at the Swiss National Bank’s recent conference on the international monetary system.

“People are getting liquidity that exists in the marketplace in local regions between XRP and the Philippine peso, XRP and the Argentine peso, XRP and the Brazilian real. And it’s tapping into that liquidity that exists in the marketplace.”

So far, Ripple has publicly touted xRapid adoption in Mexico and the Philippines, with companies such as Mercury FX powering payments between the two countries.

Amazon Crypto Patent

Amazon has been granted a new patent that outlines a number of ways to create proof-of-work cryptographic systems.

The proof-of-work algorithm is used by Bitcoin and a number of other cryptocurrencies as a method of verifying transactions.

The patent does not go into specifics on exactly what the systems would be used for.

Rumors of Amazon’s potential entry into the world of crypto have long persisted. The company owns amazonbitcoin.com, which redirects to the company’s official website. Amazon Web Services is also heavily invested in blockchain solutions.

Bitcoin’s Exclusive Club

The number of Bitcoin addresses holding more than 1 BTC is reportedly at an all-time high.

Crypto researcher Kevin Rooke used data from the blockchain explorer OXT to plot the rise of BTC accumulation since 2009.

A total of 732,982 addresses are now in the exclusive “21 million club”, a phrase referencing the total supply of Bitcoin.

-News Source

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Ripple CEO Brad Garlinghouse claims 6% of SWIFT transactions require human intervention

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Amid reports of Ripple allegedly misrepresenting the actual amount of XRP in their escrow accounts, the US-based blockchain tech firm continues to be one of the fastest growing networks in the world. Ripple’s CEO Brad Garlinghouse, during a recent session at the Swiss National Bank Conference, claimed that around six percent of SWIFT transactions required human intervention.

He further explained that this, in turn, would add “time and cost” and pointed out that “cost” did not only imply the fees associated with the transactions, but also the “pre-funding” or the cost of capital required for commercial banks which adds up to the drawbacks of the existing legacy financial system.
Garlinghouse said that the current cross-border payment scenario is riddled with issues such as high cost and slow process time. He added that often these “pre-funding” costs were “borne and burdened” by the people who are least able to afford them. He further cited,“.. instead you can use a digital asset to have global liquidity on demand now we build upon a tech stack of an open-source technology called XRP”
Taking the opportunity, he praised Ripple’s native digital coin and stated that XRP was cheaper and faster on a “per transaction basis” than Bitcoin [BTC] by a “thousand times”.
According to Garlinghouse, global payments today “have not caught up with the age of the Internet”. He also said that Blockchain technology had the ability to change the existing payment settlement dynamic by removing the need for a “central counterparty” because of its unique ability to “transact without the need for trust”.

Speaking on the subject of interoperability, Garlinghouse termed it an important factor while scaling the cross-border remittance issue. He stated:“We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”

The CEO clarified that the company has not focused on the Central Bank Digital Currency [CBDC] issuance and emphasized on the need for interoperability globally. Garlinghouse argued that “even in a world of CBBC’s”, interoperability was needed in order to solve the cross-border transaction dealings issue.
Garlinghouse had earlier dismissed JP Morgan’s in-house stablecoin dubbed “JPM Coin” stating “lack of interoperability” as the reason.
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