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 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.
Ripple’s XRP Price Analysis: XRP/USD $0.2000 in sight of market bears
- XRP/USD is trading down around 1.00% on Wednesday, as the selling pressure resumes.
- Price action has formed a bearish pennant, which is vulnerable to a breakout south.
Ripple’s XRP is trading down some 1.00% at the time of writing, as the bears maintain control of price action. XRP continues to trade around the lowest levels seen since 2017.
XRP/USD is narrowing within a bearish pennant structure via the daily. The range is seen at a high of $0.2290, down to a low of $0.2180. Given the tightening conditions a breakout is looking increasingly likely for the price.
Should the bears manage to capitalize on the detailed structure, then another wave of selling pressure could be around the corner. The next major level to the downside is eyed at $0.2000, where the price tested on 25 November. Further south would be $0.1500, which could spark much panic selling, should such technical breakout occur.
Ripple’s XRP technical analysis: XRP/USD bearish pennant remains a problem
- Ripple’s XRP price is trading in the red by some 0.10% in the session on Wednesday.
- XRP/USD continues to trade within a bearish pennant structure via the daily.
- The price is running towards its third consecutive session in the red.
XRP/USD daily chart
The bears able to maintain downside pressure, following a failure to escape a bearish pennant structure, big resistance barrier seen at $0.2300.
XRP/USD 60-minute chart
Price action has managed to creep above a descending trend line which had been capping upside.
Spot rate: 0.2226
Relative change: -0.10%
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Ripple’s Revamped Xpring Platform Looks to Boost XRP Development
Ripple has condensed its broad Xpring developer platform into a single site.
The new platform aims to allow crypto and non-crypto developers to integrate payments into any mobile application. Now, Xpring.io offers those developers a wallet, new tools, technical documentation and Xrping customer service.
The new platform was announced in October, though the company needed two months to build features which allows users to have an account associated with the platform, said Ethan Beard, senior vice president of Xpring.
“That will be the central hub for developers to manage everything they need when it comes to integrating payments into their apps,” Beard said.
Xpring claims that the platform’s Software Development Kit (SDK) takes 100 lines of code and condenses it to 21 lines. The platform is a new vertical for Xpring, which has acted as an investment arm for Ripple for more than a year, with the goal of building a network of companies and use-cases around XRP. The initiative is aimed at investing in and growing a developer base around the cryptocurrency.
With the wallet, which is currently available on XRP Testnet, developers can generate and manage account credentials, view balances, send and receive cryptocurrency and monitor transaction history. Developers can also expect to see future new Xpring platform functions launched on the wallet in the future, Beard said.
“Before it was quite complicated. It was done through command line or piecing together a variety of different tools,” Beard said. “There’s a reason why people keep a lot of their cryptocurrency inside hosted wallets on exchanges because all of that is obfuscated.”
Xpring is also giving developers access to XRP ledger stable version 1.4.0, which supports accounts that can be deleted and allow users to recover up to 15 XRP of their minimum account balance. Previously users had to have a balance of 20 XRP held on the ledger, which users couldn’t move or use.