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Ripple’s XRP Journey to Overtake Bitcoin (BTC) Already Launched

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Ripple’s XRP may be grinding lower at the time of writing. However, this digital asset has shown great potential to the extent that experts and analysts in the market see it becoming the king of cryptocurrencies by displacing Bitcoin (BTC). The digital asset is issued by the San Francisco-based blockchain company, Ripple. The company has for a while now been referred to as the “banker’s delight.”

Bankers across the globe have grown a liking and a preference for XRP. Ripple’s blockchain system provides an alternative to the traditional money transfer system, SWIFT. The banks are growing weary of SWIFT due to the high cost of international transfers coupled with the long time taken to process and complete transactions. What XRP offers the commercial banks and other payment institutions is the ability to send money across the border almost instantly and at a minimal cost as possible. These two factors save the banks money while the blockchain technology increases the transparency hence increasing customer trust.

While Bitcoin was the first cryptocurrency to be introduced, it has been faced with various challenges that have hindered it from competing with fiat systems like SWIFT. For instance, Bitcoin (BTC) takes about 10 minutes to process a block of transactions. Moreover, the transactions fees are not only high but also unstable; a feature that keeps banks and payment institutions at bay.

Bitcoin has been improved over the year to solve some of the above issues. However, for a large digital asset, it is not easy to carry out upgrades due to the large community. Upgrades in the protocol have always resulted in hard forks that rarely solve the challenges facing BTC. Therefore, the biggest question is, can Ripple’s XRP overtake Bitcoin and take over leadership in the market in terms of market capitalization?

The above question is not a straightforward but we will try to remain as factual as possible. The adoption of XRP across the world is immense. The company said in mid-2018 that it has control of more than half of India’s market. In addition to more than 100 partners registered with Ripple’s RippleNet. Recently, Ripple announced its entrance in the Middle East by setting up an operational base in the region’s economic hub, Dubai. Similarly, the company is currently courting the expansive Asian region. An executive of the company said earlier this week that Asia has a high appetite for XRP and both RippleNet and xRapid solutions.

What makes XRP tick?

Ripple boasts of the fact that its protocol has no forks. The digital asset is governed by a team of professionals within a professionally run company that has been registered and currently based in San Francisco, United States. Forks in the Bitcoin community are a hindrance to growth in terms of protocol upgrade and other related improvements. While most hard forks lead to the creation other assets, Bitcoin tends to get stuck with its challenges thereby limiting adoption. The business community is still struggling to accept BTC as a form of payment 10 years since the first Satoshi paper was published. This is continuously eroding both merchant and customer confidentiality in Bitcoin being a new currency system in the global economy.

What is stopping XRP?

The current 2nd largest digital asset, XRP has not been cleared from being a security token. Regulators have not made up their minds either to categorize the asset as a security or a cryptocurrency. This has for the longest time held XRP back, for example, the largest exchange in the U.S. Coinbase has not listed XRP as a tradable asset. If the asset can get cleared, XRP is likely to continue with its exponential growth to the point that it will surpass Bitcoin’s market capitalization. The introduction of an XRP ETF will be a huge boost as well.

Source:Crypto Recorder .

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XRP Price Stable Against Coinmotion Criticism

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On Feb 15, the XRP is moving up slightly, trading at $0.3089.

Over a few weeks, the crypto has been forming a triangle, still without testing either the resistance or the support. The MACD is however moving up, which makes the resistance breakout at 0.3047 more likely; this may then push the price to 0.3230. The overall trend is descending, though, so once the resistance at 0.3047 gets broken out, the price may also be sent to the support at 0.2899 and then break it out, heading towards the midterm support at 0.2804, and the target at $0.2470.

xrp price analysis

Coinmotion, a crypto exchange based on Finland, added the XRP to its portfolio. At the same time, the exchange published an article called XRP Is a Centralized Digital Currency, saying that the altcoin is not really a crypto.

The article author, Pessi Peura, says the investing process shows that Ripple is more like a security than a crypto. Besides, the token is developed by a single company, which is risky: in case Ripple Labs loses its reputation in any way, the XRP will have big problems.

Finally, Peura says Ripple Labs is controlling its tokens, which is totally against the decentralized network principles. This is actually the most curious thing, as Ripple Labs says its token is autonomous, and no monopoly is possible.

Ripple has not commented on the article yet, but is likely to comment soon, as the company is usually quick at reacting at any criticism in the media. Most likely, Ripple Labs will say the usual thing regarding XRP having nothing to do with securities.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Source:nulltx

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Bank-based Cryptocurrencies Not Realistic: Ripple CEO

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ipple Chief Executive Officer (CEO) Brad Garlinghouse recently said that bank-based cryptocurrencies are not realistic and he believes they are “deeply misguided” for the entire industry.

These remarks come in the wake of the news reports that announced that the international bank, JP Morgan was all set to announce its own coin, JPM token. As earlier reported by Crypto-News India, the trials for the cryptocurrency, named as “JPM Coin” will begin in a few months and is designed for instant settlement of payments between clients. With the launch of its new cryptocurrency, the bank is preparing for the future to settle the transactions at lightning speed similar to that of Bitcoin rather than relying on old technology like wire transfers.

At the time, Umar Farooq, J.P. Morgan’s Head of Blockchain projects had said, “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”

This is not the first time Garlinghouse expressed doubts about bank-based cryptocurrencies. In 2016, he had reportedly said, “A bank-issued digital asset can only really efficiently settle between the banks who issued it. Then, two scenarios can play out.”

Detailing those scenarios, the Ripple CEO had stated, “Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance. Scenario two (the more likely scenario): banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”

Throwing in a good word about XRP, the CEO said, “We strongly believe banks need an independent digital asset to enable truly efficient settlement and we believe XRP is best positioned for that role.”

It remains to be seen, how exactly XRP intends to do what it had set out to do.

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Source.crypto-news.in

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Ripple new version of XRP Ledger 1.2.0 launched

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  • XRP Ledger requested to update the code before February 27.
  • XRP Ledger 1.2.0 is more resistance to censorship.

The San-Francisco-based blockchain company Ripple is reported to have released a new version of its renowned XRP ledger 1.2.0. The new version is designed to improve user experience as well expand the range of services it is offering.

The users of the ledger are requested to update to the latest version before February 27, 2019. The upgrade is vital because without it, the server won’t be able to determine the authenticity of the ledger and in return transactions will not be processed neither will they be submitted.

What has changed?

The new version according to the team at Ripple, is more resistance to censorship. This means that the transaction being processed cannot be determined by any single entity. Moreover, the transaction will remain immutable after entering the ledger. While the previous version was resistance to censorship, the team claims that this version greatly improves the feature. Warnings will be issued if there are attempts to interrupt the working of the ledger.

Furthermore, the upgrade has integrated what is commonly referred to as MultiSignReserve amendment. Ripple has now made it easier who take part in signing transactions while reserving only 5 XRP. Other updates included bug fixing and removal of errors on two transactions.

The company has also launched a bounty program. Developers have been requested to review all the updates in the new version and communicate to the company in the event any vulnerabilities are detected.

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