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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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PayPal’s new mobile payments app may take the fight to Ripple

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Many big-league players have started sorting through improved alternatives for fiat and cryptocurrency transactions. Recently, PayPal followed suit by launching its own mobile payments app, Xoom, in an apparent attempt to compete with Ripple. PayPal catapulted its e-funds transfer service to compete with Ripple, its blockchain-based rival, in the crypto-transactions segment.

With Xoom, PayPal aims to re-define the traditional payment services sector by delivering faster and cheaper international transfers. The online payments services provider aspires to make transactions easy and more convenient than Ripple by charging lower transaction fees.

Further, Xoom will be opening its gates to users in 32 European countries, all of whom can send money to users across 130 countries worldwide. It is also important to note that PayPal already has a significant user base across the world, the scale of which can be used by the platform to leverage and boost the services afforded by Xoom.

Ripple has been at the forefront of revolutionizing cross-border payments across the world, affording users the opportunity to make transfers in a quick and seamless way. It is in light of this endeavour that Ripple has consistently focused on tying up with major banks and financial institutions. Ripple had recently made news when it formed a major strategic partnership with Moneygram. By launching Xoom, PayPal aims to position itself alongside other popular international remittance services.

To compete with Ripple, Xoom has partnered with major financial institutions to facilitate transfers of up to £8,800 pounds [$11,029] per transaction. For disrupting the crypto-market, PayPal will have to drop its transaction fee lower than Ripple, a step that will definitely will gather the attention of crypto-users.

If Xoom attains its desired goal, it will disrupt Ripple’s market share. Yet, it will be beneficial for users as a significant number of organizations are coming up with distinctive services blended with blockchain-based cross-border transaction options.

Source:ambcrypto

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Ripple’s David Schwartz Believes Uber & Amazon Should Adopt XRP For Payments

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The chief technology officer at Ripple, David Schwartz recently sat down at the recent WeAreDevelopers conference which took place in Berlin where he said some of the globe’s biggest companies are able to benefit from the use of crypto and other digital assets.

Schwartz went onto talk about Ripple’s work with the numerous financial institutions and banks which improve the speed and cost of cross-border transactions.“If you’re a Seagate or an Amazon or an Airbnb or an Uber, these companies all make large numbers of small payments. Amazon has thousands of merchants that they make payments to. Uber, if you’re in the Philippines and you’re a driver and you need money for milk, Uber would love you to drive for them and buy milk right that day.

But they need efficient payments. They need payments that are as reliable as email for that to happen. And that doesn’t exist. And each of these companies employs literally hundreds of people just in their payments division. And if you imagine if you ran a payment company, you would love to go to any of these new corporates and say, ‘Hey! Fire your hundreds of payment people. We’ll do all your payments.’ But there’s nobody who can do that.”

The CTO of Ripple has said that he believes XRP is in a position to fuel a payments revolution because of its speed and low transactions fees.“We came up with what’s technically a form of federated Byzantine agreement that we call consensus that’s faster and cheaper than proof-of-work. And the result is that XRP is a decentralized digital asset not connected to any jurisdiction, that moves more quickly and more cheaply than Bitcoin. And I would argue that it’s also more censorship-resistant and has some of the decentralization properties that we want. And that’s resulted in low cost, low fees and high transaction volume with low latency…”

“Ripple has built an enterprise payment network on these principals. It consists of three products. One to process real-time payments. One is sort of like the browser to send payments. And one to provide on-demand liquidity.

Financial institutions use xCurrent to make and receive payments, xVia to initiate payments and xRapid to provide cross-border liquidity. And this is a real network. This is a point-to-point network. It’s not a central server like Swift or PayPal. This is a decentralized network where financial institutions interact with each other through protocols that are not centrally controlled.”

According to Schwartz, regulation and education are the two largest obstacles that stand in the way of mainstream adoption when it comes to using cryptocurrency payments. “The biggest obstacle that we’ve found is the legal environment. Enterprises are not ready for a trustless system that’s proven by mathematical algorithms. They have customers who might get their credentials stolen. They might want to go to court. One of the biggest things that we had to do to revolutionize enterprise payments was to come up with a set of rules so that legal agreements can be negotiated with just a couple of redlines rather than a 40-page contract beginning to end of how to handle every possible failure…

So today, our customers use digital assets to settle payments immediately where that makes sense, and they use more conventional means where that makes sense, but they enjoy the benefits of end-to-end messaging, multi-hop and the various things that a multi-standard can provide. We think that digital assets and interledger payments can build that internet of value.”

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Ripple (XRP/USD) forecast and analysis on July 17, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.3162. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Ripple (XRP/USD) forecast and analysis on July 17, 2019

As part of the forecast Ripple course is expected to test the level of 0.3270. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.2620. The conservative area for Ripple sales is located near the upper border of the Bollinger Bands indicator at 0.3450.

Ripple (XRP/USD) forecast and analysis on July 17, 2019

Cancellation of the option to continue the decline in the Ripple rate will be a breakdown of the upper border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and the closing of quotations of the pair above the 0.3620 area. This will indicate a change in the current trend in favor of the bullish for XRP/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Ripple (XRP/USD) forecast and analysis on July 17, 2019 implies a test level of 0.3270. Further, it is expected to continue falling to the area below the level of 0.2620. The conservative area for selling Ripple is located area of 0.3450. Canceling the option of falling cryptocurrency will be a breakdown of the level of 0.3620. In this case, we should expect continued growth.

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