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60% of Users Prefer XRP Over Any Other Cryptocurrency, Weiss Ratings Poll Concludes

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XRP, the native token of the blockchain developed by Ripple, has had an excellent positioning in the community during the last months. Not only is the Ripple Army considered one of the most influential crypto-players of the past year, but the token remained in the second position of the global market cap for a considerable amount of time.

However, it is not only a question of commercial success. Ripple’s public relations stunt is remarkable. While the community viewed the token in its early years with disapproval for contradicting the core philosophy of crypto, now, the news about XRP are some of the most widespread precisely thanks to the union of its community.

The high acceptance of the token is one characteristic that risk evaluators take into account when rating a particular asset, and in the case of cryptocurrencies, Weiss Cryptocurrency Ratings has built a reputation in the community as one of the most credible and active evaluators in the crypto-verse.

In a survey posted on its Twitter account, Weiss Cryptocurrency Ratings asked its followers for their favorite cryptocurrency. With this they expected to measure the community’s perceptions objectively and whether general

preferences had changed over time.

XRP is The Favourite Crypto… ETH is Declining in Popularity

According to the results, although BTC dominates the market, 60% of the 8505 voters chose XRP as their preferred cryptocurrency. This does not necessarily mean it is the most widely used, but it is undoubtedly the one that raises the most optimism.

The second place goes to Cardano (ADA) with 24%. The “third generation blockchain” had much hype a few months ago, but lately, the enthusiasm of the community has declined despite the IOHK team being active in its development, meeting the goals set in its roadmap.

Bitcoin (BTC) is in third place with 12% of the votes, while Ethereum (ETH) was in the last place with only 4% of preference. It is relevant to note that these results are entirely subjective and that the market for crypto (especially altcoins) is extremely volatile, and news can often mean double-digit gains or losses in short periods of time.

So far the Weiss Cryptocurrency Ratings team has published no reaction or analysis; however, they take these results into account when preparing and publishing their next report, in which they give a rating to each blockchain based on a set of standards imposed by the firm’s team of experts.

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Ripple’s Partner MoneyGram Strengthens Its Presence in Fifth Biggest Remittance Market

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Ripple’s key partner MoneyGram will now allow Egyptians to receive remittances directly into their bank account after partnering up with Suez Canal Bank

Ripple’s partner MoneyGram is expected to greatly expand its presence in Egypt, the fifth largest remittance market in the world, after forming a strategic tie-up with Suez Canal Bank.

Because of its deal with one of the country’s leading financial institutions, local consumers will be able to receive money from abroad directly into their bank accounts.

MoneyGram CRO Grant Lines highlighted that expanding deposit services around the globe is a vital part of their ‘digital transformation.’ The importance of digitalization was earlier highlighted by the company’s CEO Alex Holmes.

“We’re excited about how this partnership with Suez Canal Bank will provide our customers in Egypt with

cutting-edge capabilities that offer the industry’s best service.”

The importance of this partnership for MoneyGram shouldn’t be overestimated given that Egypt accounts for 11.6 percent of the country’s GDP.

Notably, the deal with Suez Canal Bank came just days after MoneyGram Lulu Financial Holdings to expand into the Asia-Pacific region.

As reported by U.Today, MoneyGram now relies on Ripple’s On-Demand Liquidity (ODL) solution for conducting cross-border transfers after the San Francisco-based blockchain leader acquired a 10 percent stake in the legacy money transfer company.

Apart from mentioning its existing ODL corridors, Ripple also announced its plans to open additional ones in numerous world regions, including EMEA. With MoneyGram gaining a foothold in Egypt, one shouldn’t rule out that Ripple might choose this country as a springboard for its future expansion into the African region.

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Ripple’s XRP Price Analysis: XRP/USD bears close to punishing support breach

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  • Ripple’s XRP price is trading in negative territory, nursing losses some % on Thursday.
  • XRP/USD is subject to breaking out to the downside from a narrowing daily range block. 
  • Next critical daily support areas are seen at $0.2250, 0.2100 and then $0.2000. 

XRP/USD daily chart

Price action has been narrowing for some nine sessions, with a breakout to the downside

nearing. An ascending wedge structure can also be viewed, which the bears are breaking out of. 

XRP/USD 60-minute chart 

Price action has smashed out to the downside from a bearish flag structure, making way for greater pressure south. 

Spot rate:                  0.2368 

Relative change:       -5.15%

High:                          0.2369

Low:                           0.2244

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Two Ripple [XRP] Derivatives Contracts To be Delisted at BitMex

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BitMex, the world’s largest cryptocurrency derivatives platform, is dumping two Ripple (XRP) contracts in favor of a Ripple USD (XRPUSD) quanto swap.

The new directive will take effect from Friday, Jan 31, 2020, while the details of the new XRP/USD quanto swap will be availed tomorrow, Jan 24, 2020.

Like ordinary perpetual contracts, there is no expiry or settlement, and the price of the swap mirrors that of the tracked XRPUSD index.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure! 

Two XRP Derivatives to be Delisted at BitMex

The two BitMex’s XRP Up and Down contracts, XBT7D_U105 and XBT7D_D95, respectively are unique to the platform, exposing investors to the underlying asset’s volatility, allowing them to tap profits when prices are rallying or conversely gain when prices were dumping.

In a UP contract, a buyer only pays a premium on the trading day in expectation of receiving the difference between the strike price and the settlement price on expiry if it is positive. Else, if the difference

is negative, there is no payment. The inverse is true for a DOWN contract.

According to a notice from BitMex, the two contracts will be settled as usual but no new contracts will be listed after that.

As an ongoing effort in improving our offerings and experience for users, effective Friday 31 January 2020 at 12:00 UTC, all UPs and DOWNs contracts will be delisted. Existing BitMEX UP and BitMEX DOWN contracts will be settled at that time as usual and no new contracts will be listed from that time onwards.”

What is a Ripple (XRP) Quanto Swap?

A quanto swap is designed purposefully for traders to speculate on the prices of XRP/USD without necessarily depositing USD. Towards this end, XRP will be quoted in USD, but the settlement will be done in another third, foreign currency at a particular rate.

This way, the ramp reduces exchange rate risks, especially on investors who cannot buy the desired asset in their homeland currency. In this arrangement, risks including funding rates are factored in, and losses/gains made by the asset is mirrored by the derivatives product.

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