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XRP Seems to Have a Very Prosperous Future In the Financial World as Ripple Continues Inking Deals

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There are many different companies that are currently operating in the cryptocurrency market. One of them is Ripple, that is trying to offer services to financial institutions around the world, including banks. With its wide range of services and products, Ripple is allowing firms to reduce costs and transaction times every single time they want to process cross-border payments.

The current system for sending funds around the world is very costly and it takes long periods of time. However, things are getting easier, cheaper and faster with the XRP digital asset.

Although we have been in a downtrend since the beginning of January 2018, XRP seems to be well positioned for the future. During the second half of 2018, the market dropped even further but XRP was able to remain relatively stable during this bear trend.

There are several exchanges that are using the digital currency in order to reduce transaction costs and allow individuals to have an easier way to move funds from one place to another. There are also several financial companies that are ready to use XRP and offer better services to their clients.

The number of transactions on the Ripple network has been growing during the last months. On January 29, XRP reached 875,057 transactions. This is the largest number of XRP transactions processed since September 2018.

If there is a growing demand from banks and institutions around the world, the price of the XRP digital asset is also expected to grow. The virtual currency is able to scale up to 1,500 transactions per second (TPS) compared to Bitcoin that can only handle 7 TPS.

Additionally, Ripple has been working in order to expand the network of partners that it has all over the world. It has invested around $300 million in a RippleNet accelerator program that provides incentives to institutions that promote Ripple and its payment system.

Moreover, during 2018, the company sold $535.5 million of XRP to the market. $40 million was sold to institutional investors and $89 million through crypto exchanges during the last quarter of 2018.

It is also worth mentioning that there are some partnerships and developments associated with Ripple that allow investors to be bullish about the future of XRP. Binance started to offer XRP-based trading pairs at the exchange, one of the largest around the world in term of trading volume.

CoinGate, a crypto payment processor, has also added the XRP digital asset as an option for merchants to accept payments. Furthermore, TransferGo explained that they want to become a company that processes real-time payments. Thus, they mentioned that they see Ripple as a strategic partner to achieve this goal.

At the time of writing this article, XRP is the third largest cryptocurrency in the market. The virtual currency was in the second positions in terms of market capitalization but Ethereum(ETH) was able to take its place. Each XRP can be purchased for $0.307 and it has a market cap of $12.65 billion according to CoinMarketCap. Ethereum has a market cap $20 million dollars’ larger than the one of XRP.

Source.bitcoinexchangeguide

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XRP Tip Bot creator reveals plans to get European banking licence; nicknames it ‘legacy network’

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A vast majority of cryptocurrency organizations have been trying to integrate digital assets with the existing financial system. Ripple has been a prime example of this process, with the Brad Garlinghouse-led company announcing multiple partnerships with mainstream banks and other fiat-enabled bodies. Ripple’s affiliation with XRP, the third largest cryptocurrency in the market, is also reflected in XRP’s focus on cross-border transactions and creating an easy global payments system.

Wietse Wind, Creator of the XRP Tip Bot, gave another major push to XRP’s cause after he revealed that he was trying to obtain a banking license for XRP Tip Bot, which will make it mainstream in the world of finance. During a recent XRP meetup, Wind said,“There’s been a lot of FUD around XRP and Ripple and such and we want to show that we are working towards something really awesome and useful. We are planning to get real licenses for tipbot so that we go mainstream. Granted we are still in the early stage but we are doing our very best to make it happen. Our next step is to get a European banking license and maybe call it the ‘legacy network’. Let’s see where we can get in a few years.”

The news spread like wildfire in the XRP community and a majority of the ‘XRP army’ could not contain its excitement. Tiffany Hayden, a popular XRP proponent, tweeted,

“The BIG news from yesterday’s $XRP meetup is that @WietseWind is in the process of obtaining a banking license for @[email protected] is going to bridge the legacy network! Don’t fight the old, build the new!”

Ripple’s technologies have been slowly but surely getting nods from institutions, as shown by Bitstamp, an xRapid payments-facilitated exchange getting a BitLicense from the New York Department of Financial Services [DFS].

Linda A. Lacewell, Acting Financial Services Superintendent of New York State Department of Financial Services [DFS] had said,“We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace. A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy.”

Source:ambcrypto

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XRP and Stellar Lumens [XLM] Price Analysis: Coins succumb to pressure of the bear

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The cryptocurrency market has been surrounded by the bears over the past few days. XRP, the third largest coin on CoinMarketCap list, and its competitor, Stellar Lumens [XLM] are fighting the ravaging bear.

XRP

At press time, XRP was valued at $0.3255 with a market cap of $13.66 billion. The 24-hour trading volume of the coin was $984 million as it noted a fall of 0.20% within the past hour. Over the past seven days, the coin plunged by 0.39%, but has managed to gain by 1.60% over the past day.

Source: Trading view

Source: Trading view

Resistance- $0.3660

Support- $0.3200

Bollinger Bands appeared to have diverged. The moving average line was over the candlesticks, marking a bearish trend.

Awesome Oscillator pointed towards a weakened bearish momentum.

Chaikin Money Flow also marked a bearish trend as the marker line aligned under zero.

Stellar Lumens [XLM]

At press time, XLM was valued at $0.1136 with a market cap of $2.19 billion. The 24-hour trading volume of the coin was noted to be $229 million as it hiked by 1.68% over the past day. The coin plunged by 2.97% over the past week, but managed to register a gain of 0.07% within the hour.

Source: Trading view

Source: Trading view

Resistance – $0.1355

Support- $0.1098

Parabolic SAR pointed towards a bearish market as the markers aligned above the candlesticks.

MACD line was under the signal line, also pointing towards a bearish market.

Relative Strength Index indicated that the buying and selling pressures had evened each other.

Conclusion 

According to the XRP and XLM long-term charts, a bearish market is predicted for the coins.

Source:ambcrypto

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XRP transactions now available on pilot Automated Teller Machines [ATM] in New Jersey

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The convenience of transferring cryptocurrencies has been a foundation upon which several exchanges have built their updates. With the inception of cryptocurrency ATMs, users have claimed that the service makes it easier and faster to conduct cryptocurrency transactions.

In a video uploaded by CryptoMedia News Desk, a user was seen using a cryptocurrency ATM to purchase XRP. According to the tweet, the ATM was from BelcoBTM, which was located in New Jersey. The user used the machine to transfer XRP to a TrustWallet wallet.  The organization also tweeted, saying:“Fees are a little high but still #XRP in an ATM is a gamechanger, glad to be from the first users of this service. #xrpcommunity #xrparmy #xrpthestandard #xrpthebase”

The video shows the user selecting XRP as the option on the machine, after which he is asked to enter the phone number for a One Time Password. After clearing the OTP stage, the user scans a QR code on the Trust Wallet app to verify the machine and the required XRP is then bought using a normal debit card.

Many people from the XRP community have lauded the move, with some calling it the stepping stone towards mass adoption. Misty Sins, an XRP enthusiast commented:“That’s great! Thanks for sharing. I cant wait to see XRP listed on the Crypto ATM’s here in Vegas.”

Cryptocurrency ATMs have existed for some time now. It was recently revealed that Bitcoin Lightning Network payments could be possible via Bitcoin ATMs. The transaction was conducted by Felix Weis, a developer and a researcher, who, after the transaction, commented:“Just a proof of concept ‘top up your existing channel’. Lots of bugs but two different mobile wallets worked fine.”

Source:ambcrypto

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