A notable United Arab Emirates-based UAE Exchange has partnered with a US startup Ripple to launch cross-border payments to Thailand through RippleNet. More countries are expected to follow.
UAE Exchange, which is part of Finablr, will work with Thailand’s financial giant Siam Commercial Bank. According to the announcement, the two will partner to offer international payment services via RippleNet. Finablr is among the key players in the Middle East region, which sees high levels of payment inflows from emigrant employees.
While announcing the new development, executive director and CEO at Finablr Pomoth Manghat said:
“The adoption of blockchain opens up the considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience. The launch of this service is a significant milestone for us in our commitment to enable seamless services for our customers, and we thank our partners Ripple and Siam Commercial Bank for their collaborative support in this journey.”
Finablr’s UAE Exchange joins other Middle East-based financial institutions such as Kuwait House of Finance and National Bank of Ras Al Khaimah (RAKBANK) in using Ripple’s tech for cross-border remittances.
RippleNet boasts over 200 customers
RippleNet allows messaging, clearing and settlement of transactions. In an official announcement, the CEO of Ripple, Brad Garlinghouse, said over 200 financial institutions are using RippleNet. He added that 2 to 3 financial institutions are added to the network on a daily basis. Notable banks and financial institutions like Euro Exim Bank, JNFX and SendFriend, have integrated RippleNet. They leverage Ripple’s native token to source liquidity on-demand when sending payments on behalf of customers.
Currently, RippleNet operates in over 40 countries across six continents. According to Garlinghouse.
At the time of writing, Ripple’s native token XRP is exchanging hands ar $0.30, down just over 0.10% on the day, and over 2.26% on the week, according to Cointelegraph’s XRP Price Index.
Ripple Says Sales of XRP Cryptocurrency Grew 31% in Q1
Blockchain payments startup Ripple has reported a 31 percent increase in sales of XRP over the first three months of the year.
The San Francisco-based firm sold a total of $169.42 million in XRP in Q1, compared with $129.03 million in the previous quarter, it announced Wednesday.
Ripple further said that direct institutional sales of XRP totaled $61.93 million in Q1 – 54 percent more than the previous quarter. Programmatic sales of the cryptocurrency, meanwhile, grew from $88.88 million to $107.49 million, an increase of 21 percent.
It’s not all good news, though. The total volume of XRP traded globally decreased by about 2 percent to reach $53.85 billion in Q1 as compared to $54.82 billion in Q4 of last year.
Further, looking at the year-on-year figures, XRP sales have not shown significant growth. In Q1 of 2018, the firm sold $167.7 million-worth of XRP, which is just 1.03 percent less than Q1 of this year.
Ripple said that it released 3 billion XRPs out of escrow accounts in Q1 2019 and additional 2.30 billion XRPs were returned and put into new escrow contracts. “The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem,” the firm explained.
XRP, the third largest cryptocurrency by market capitalization, is now listed on around 120 exchanges, as 19 new exchanges moved to list the cryptocurrency in Q1 2019, according to Ripple’s data.
January to March 2019 was also the second-lowest volatility quarter since Q4 2013 for XRP, Ripple added, as “rolling volatility of 30-day returns steadily declined throughout the quarter.”
Ripple’s Q1 sales account for 0.32 percent of XRP’s global volume, reveals report
Ripple, a leading U.S based Fintech company providing payment settlement solutions, released its Q1 report for the year 2019. The report provides insight into the amount of XRP taken out from the escrow account, the firm’s financial progress, and an overall update on the XRP market.
The report stated,“Ripple’s Q1 sales accounted for 0.32 percent of global XRP volume. Three billion XRP were released out of cryptographic escrow, 2.30 billion returned to escrow. XRP is now listed on approximately 120 exchanges worldwide”
The report also stated that Ripple withdrew 1 billion XRP each from its escrow account over the last three months, a total of 3 billion XRP. Out of this, over 700 million XRP was used for the development of the ecosystem, while the remaining 2.3 billion XRP was deposited back into its escrow account.
Notably, the report stated that the firm sold $169.42 million worth of XRP in the first quarter, an increase to 0.32 percent from 0.25% in Q4 2018, in terms of sales in global XRP volume. On one hand, institutional direct sales also saw a significant increase from 2018 Q4, growing from $40.15 million to $61.93 million. On the other hand, programmatic sales also saw a massive hike from 2018 Q4, rising from $88.88 million to $107.49 million.
Cryptopolis, a Twitter user, commented,
Tony Valentino, another Twitter user, said,“Market manipulation at its finest.”
Ripple (XRP/USD) forecast and analysis on April 25, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.3197. 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 lower border of the Bollinger Bands indicator bands.
Ripple (XRP/USD) forecast and analysis on April 25, 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 0.3020. The conservative Ripple sales area is located near the upper border of the Bollinger Bands indicator at 0.3290.
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 0.3320 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 April 25, 2019 implies a test level of 0.3270. Further, it is expected to continue falling to the area below the level of 0.3020. The conservative area for selling Ripple is located area of 0.3290. Canceling the option of falling cryptocurrency will be a breakdown of the level of 0.3320. In this case, we should expect continued growth.