The XRP SEC saga may have died down a little but digital asset investors are still concerned about the XRP security status. The XRP price prediction 2019 has been on the high side for some time now but there is no saying how long this would last. Some digital asset investors are worried that XRP might be deemed a security and this would affect the XRP price prediction 2019. So, in our XRP news today, we are going to talk about what would happen to the XRP price forecast 2019 if XRP is a security.
XRP Price Prediction 2019 – XRP News Today – XRP SEC Saga – What If XRP Is A Security?
The SEC has been paying extra attention to cryptocurrencies since the 2017/2018 ICO frenzy. They have already started punishing ICO issuers who issued tokens that fall into the unregistered securities category. However, nothing has been said about XRP, the third largest cryptocurrency in the world per market capitalization. Since XRP shares some similarities with security tokens, there is the possibility that it may eventually be deemed a security. If this happens, the XRP price prediction 2019 will be dramatically impacted.
XRP (XRP) Price Today – XRP / USD
Brad Garlinghouse, the CEO of Ripple, the company behind XRP, has verbally declared that XRP is not a security. However, his words don’t count as only the SEC has the power to decide if XRP is a security or not. Even if Ripple Labs controls over 60% of the XRP in population, the Silicon Valley tech company insists that it has no direct relationship with the token. What this means is that in the event that Ripple falls, the XRP token will not fall along with the company. It would stand alone. This is a little hard to believe considering the fact that Ripple falling would affect 60% of the XRP in existence. Let’s not forget that the xRapid technology, which is expected to be the vehicle that drives XRP into massive adoption, will fall with Ripple.
Many prominent members of the cryptocurrency community aren’t buying Garlinghouse’s claims. They believe that XRP is not centralized or not as centralized as it should be. Notwithstanding, there are those who see Ripple as the centralized business front that would lead the cryptocurrency revolution and welcome a new era were cryptocurrencies overtake fiat money. So, what would happen to the XRP price prediction 2019 if XRP is declared a security?
XRP News Today – XRP Price Prediction 2019 – What If XRP Is A Security
If XRP is declared a security, Ripple Labs would be ordered to pay a fine for selling unregistered securities. They would also have to give each XRP investor a share in the company. The price of XRP would most likely fall significantly right after due to panic sell-off but it would recover stronger afterwards.
What are the odds of XRP being declared a security? XRP looks suspicious. However, the owners of Ripple Labs don’t promise the digital asset investors that the price of the token would rise on purchase. The XRP token was created to serve as a transfer of value and as liquidity for the decentralized financial system Ripple has created. So, there is a 50/50 chance of XRP being declared a security. For now, the XRP SEC saga will continue until further notice.
What do you think about the XRP news today? Will the XRP SEC saga eventually impact the XRP price prediction 2019? Share your thoughts in the comment section.
Ripple partner Bitso becomes the first platform in Latin America to earn a distributed ledger license from GFSC
- The license will also cover transactions made through Ripple’s XRP-based xRapid.
- The market reacted positively to the news as XRP/USD went up from $0.319 to $0.324.
Ripple partner Bitso, a Mexico-based crypto exchange, became the first platform in Latin America to earn a distributed ledger license from the Gibraltar Financial Services Commission (GFSC). As per the company, custody, withdrawals, deposits and trading will be fully regulated by the GFSC. Bitso clarified that the new license will make sure that the company is following all regulatory requirements:
“This license gives Bitso a leading position as one of the most innovative financial services providers in LatAm and the world, by becoming the first exchange platform in LatAm, licensed and regulated by the GFSC…
The DLT License understands the modern need for robust and speedy interaction with regulators in this fast-moving area of business, while ensuring it continues to meet its regulatory and strategic objectives, bringing more protection and certainty for users.”
The license will also cover transactions made through Ripple’s XRP-based xRapid.
XRP/USD daily chart
The XRP/USD is trending in an upwards channel formation. This Saturday, the price went up from $0.319 to $0.324, following a bearish Friday wherein the price went down from $0.320 to $0.319. The Elliot oscillator shows three straight bullish sessions, while the moving average convergence/divergence (MACD) shows that the signal line is about to cross over with the MACD line, indicating a reversal of bearish momentum.
Ripple and South Korea’s Sentbe partner via MoneyGram
- MoneyGram partnership with Sentbe could push Ripple’s systems in South Korea markets.
- Sentbe becomes MoneyGram’s first virtual based agent in South Korea.
MoneyGram, Ripple’s groundbreaking partner in 2019 announced its partnership with one of South Korea’s leading payment providers Sentbe. According to Sentbe’s website, Ripple was also covered in this partnership which will see Sentbe become MoneyGram’s first virtual based agent in South Korea. According to Yahoo Finance:
“Sentbe is a financial technology startup based in South Korea, making cross-border person-to-person money transfer easier, faster, and cheaper through innovative technology. Licensed as a financial institution in South Korea, Sentbe strives to provide financial opportunity and equality through disrupting the inertia of traditional finance.”
While no official statement has come from Ripple to confirm the partnership with Sentbe, it is clear Sentbe considers Ripple as one of its partners. As to whether Ripple’s systems will be adopted by Sentbe, that depends on MoneyGram’s decision to use xRapid in settling transactions.
Ripple Scores More Market Points As Sentbe Partners With MoneyGram
Something really good just happened to Ripple, and it’s bound to propel the global company to the next level in its journey to foster mass adoption of its various global payments solutions.
On July 19th, 2019, a company closely associated with Ripple partnered with another entity that might have access to a large customer base to add to Ripple’s growing client base.
According to a tweet sent out by a crypto fan, the company in question is MoneyGram, which has now partnered with Sentbe. Sentbe is a money transfer operator for SamsungPay Korea.
Just a few weeks ago, MoneyGram announced its willingness to continue testing various Ripple products with the intention of eventually fully integrating them in its far-reaching global payment model.
Granted, Ripple’s payment solutions like the xRapid and xCurrent have been proven to be very fast and cheap as compared to the existing systems. As such, it’s not a surprise that many payment channels, including banks and other various financial institutions, would want to adopt Ripple’s payment solutions to improve their operations.
What It Means For XRP
For one, it’s pretty clear that Ripple has been making huge efforts to get as many of its customers as possible to adopt the use of XRP as a base currency via xRapid. The many partnerships the company has managed to make over the last one or two years have exposed its products to a huge customer base. As at now, Ripple has well over 200 financial institutions on its RippleNet.
If more of these customers adopt XRP, the crypto’s demand would increase and possibly spike price-wise. In fact, a quick look at XRP’s market dynamic as presented on CoinGecko indicates that the crypto has already felt the impact of the new development over the last 24 hours. XRP has bumped up by around 3.5% to reclaim the $0.327 value.