Ripple’s InterLedger and Coil will work with Puma Browser with the common objective of boosting privacy. This is a direct shot in the aim for the community, not just Ripple’s, who strongly believe that the movement away from centralized and control platform susceptible to hacks, is the right thing to do. Part of this is also the general gravitation towards establishing a robust, secure and anonymous internet of value which is fronted by Ripple.
InterLedger and Coil to Work on Puma Browser for Privacy Benefits
Last week, Coin announced that it has partnered with Ripple Inc to integrate the InterLedger on Puma Browser’s system. While revealing this on their Twitter handle, Coin congratulated Puma Browser for building the first iOS browser.
Yoshitaka Kitao, the CEO of SBI Holdings, and one of the banks affiliated with Ripple tweeted about this latest development, stating that “Ripple’s InterLedger System and Coil Will be Working with Puma Browser for Privacy Benefits.”
The Puma Browser enables users to pay for services, goods, and browse contents with the full confidence that their web activities are not being harvesting. Aside from addressing privacy, the inclusion of InterLedger Protocol–which describes itself as an “open suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system” –allows for the creation of a payment gateway.
Meanwhile, the Puma Browser is expected to work excellently between XRP and ETH. Ripple’s supported InterLedger protocol will serve as a reliable entry point enabling interoperation between Ethereum and Ripple ledgers.
If the browser has a good reception, then it could be another avenue to help XRP and ETH achieve global adoption thanks to what ILP brings to the table and inbuilt privacy features that the browser enables. The good thing is that Coil, a company that is funded by former Ripple executive, Stefan Thomas, is involved. They are committed to helping online content creators monetize their content quickly and efficiently.
Of Privacy, Micro-payment and Coil
In a blog post last year, Thomas revealed that his start-up, Coil is committed to making the internet space a vibrant market for apps and content developers. To show their intent, the start-up took well to EU’s bill on online content. In their directive, EU regulators laid out clearly that there should be better protection of content creators so as to encourage creativity.
As it is, Coil is known for rewarding creatives depending on the number of seconds their videos are watched or their contents are read. That’s not all. They seek to ensure that actual views on materials are paid better than click-bait on fake news and copied content.
Meanwhile, Ripple is playing a massive role in how Coil operates. The company utilizes Ripple’s InterLedger and web monetization to see how it can transform the web content industry. Their overall objective is to reduce block finality, decrease transaction fees, and eliminate unsophisticated payment channel construction that is found within the current blockchain payment solutions.
Inside Ripple’s Disastrous Year: XRP is the Worst-Performing Major Crypto of 2019
By CCN.com: Ripple’s XRP is having a disastrous start to 2019. In a year when bitcoin is storming back towards bull territory, XRP has crashed 16 percent. The third-largest cryptocurrency is now the worst-performing digital asset in the top ten.
Ripple’s woes worsened in yesterday’s trading session as XRP’s value dropped 7 percent, plunging below the key $0.30 mark. XRP is consistently underperforming bitcoin and the broader cryptocurrency market.
XRP CRUSHED WHILE BITCOIN SOARS
The crypto market has staged a powerful recovery in the first months of 2019. Bitcoin has surged 43 percent this year, outperforming the stock market and every single stock in the Dow Jones Industrial Average.
Other cryptocurrencies have performed even better. Litecoin has chalked up 135 percent gains since January while EOS is up 82 percent. Crypto’s enormous 2019 success story, Binance Coin (BNB), has surged 283 percent.
XRP, however, has failed to join its peers in the epic crypto comeback. At $0.29, the cryptocurrency associated with Ripple remains stuck 92 percent below its all-time high of $3.84.
PROBLEMS AT RIPPLE?
The lack of price action behind XRP likely lies with Ripple. The company aims to provide international remittance technology to major banks and payment providers. But despite teasing hundreds of banking partnerships, only a tiny handful are actively using the XRP token for liquidity.
Due to regulation uncertainty, NO banking institutions are using xRapid as of now, ONLY payment service providers.
— Steven Diep (@DiepSanh) December 18, 2018
Ripple CEO Brad Garlinghouse once boasted that “dozens” of banks would be using Ripple’s xRapid service, which taps XRP as a bridge currency, by the end of 2019. Thus far, only one licensed bank is using xRapid. Other clients are localized payment providers.
Simply put, xRapid and XRP liquidity is not yet the game-changer Ripple claimed it would be. Traders are coming back down to Earth after exaggerated claims.
PRESSURE FROM JP MORGAN’S JPMCOIN AND FACEBOOK COIN?
Ripple’s unique selling point has been weakened by the entrance of JP Morgan and Facebook in the cryptocurrency arena.
The industry mocked JP Morgan’s controversial new cryptocurrency JPM Coin when it was revealed this year, including Ripple’s CEO. But JPM Coin has likely played a part in choking XRP’s price action.
Ripple’s Brad Garlinghouse Explains Why He’s Not Scared of JP Morgan’s ‘Bank Cryptocurrency’ https://t.co/8lDct7L7GS
— CCN.com (@CCNMarkets) February 15, 2019
Why? Because JPM Coin threatens to do what XRP does. JPM Coin is designed to make bank transfers faster and cheaper. It could one day be used for inter-bank remittance payments, too.
At the same time, Facebook revealed plans for a cryptocurrency that would facilitate remittance payments in India. Indian remittance payments is one of Ripple’s most important markets.
In other words, Ripple and XRP just got some huge, well-established competitors.
RIPPLE’S ONGOING LAWSUITS AND “SECURITY” CONFUSION
Ripple is also battling a class action lawsuit over its relationship with XRP. Ripple maintains that it did not create XRP, nor does it have any direct connection with the cryptocurrency. But legal documents beg to differ.
As a result of Ripple’s close ties to XRP, many argue it should be classified as a security. The Securities and Exchange Commission (SEC) is still quiet on this issue. The confusion around XRP’s classification is likely making some investors wary of the asset.
Ripple (XRP) Expected To Rally Short Term But Future Outlook Remains Bleak
Ripple (XRP) is very likely to rally hard if the price remains above the $0.30 mark for the next few days. We have already seen the price resist a sharp decline below its trend line support. Although it is down significantly below its 50 day EMA, we expect it to rally hard in the near future if it remains above $0.30. RSI on the daily time frame points to the strong probability of a rally towards the 50 day exponential moving average. Dreams of a golden cross seem to have fallen apart after the price broke below the 50 day EMA and declined sharply but the price could still rally towards the trend line resistance of the symmetrical triangle is trading in. This triangle is now very unlikely to be breached any time soon and chances are as Bitcoin (BTC) starts to decline, XRP/USD will follow.
For the last few months, Ripple (XRP) has been under attack from the crypto community as well as crypto media outlets. Posts like “Ripple is the worst performing crypto of the year” are common to see and we have noticed a steady decline in the buying interest in Ripple (XRP). The legal status of this cryptocurrency is still not clear and investors do not see it as such a lucrative investment anymore. It would appear that JP Morgan’s announcement of its JPM coin changed the future outlook of Ripple (XRP) permanently. Ripple (XRP) once enjoyed a monopoly in its space but now it seems to be losing to alternatives like Stellar (XLM) and Chain Link (LINK). If banks like JP Morgan can issue their own digital tokens, then that leaves little to no use for Ripple’s XRP tokens.
Chart for XRPUSDShorts (1D)
It is true that there are some financial institutions that are experimenting with Ripple’s XRP token but it is not hard to see that most of them will eventually end up issuing their own tokens after they are done testing Ripple’s product. No bank would want to depend on a third party when it can issue its own digital token that will allow it more control and save a ton of money in fees payable to a third party service like Ripple. Ripple (XRP) may have other ways to capitalize on its superior distributed ledger technology like using it to facilitate payments on ecommerce websites, but investors in XRP had to know from day one that this is not a long lasting project.
Even Ripple’s CEO, Brad Garlinghouse has said on multiple occasions that they believe that cryptocurrency adoption will take some time, so meanwhile it is the banks that will stay in power meaning that creating a product that helps the banks is good business. Certainly it seems to have been and as we have seen Ripple (XRP) made a lot of millionaires and even some billionaires. However, for the mainstream investor things do not look as promising as before. Ripple (XRP) may still reach a new all-time high during its next cycle but it is highly unlikely to grow with the same pace that it did during the last cycle.
Ripple’s XRP Emerges as Worst Performing Top Crypto in 2019 so far
The third largest cryptocurrency by market capitalization XRP seems to be having a bad 2019 as the asset has suffered the worst blows from the market so far. XRP has suffered the greatest loss so far, losing over 13% at one go while other cryptocurrencies in its category gained significantly.
The cryptocurrency has been maintaining a price of $0.3 which is a delicate balance. However, it recently slid below that level which is a rather surprising occurrence, especially in the raging bullish market.
Most of the loss is driven by a reduced interest in Ripple’s payment product xRapid which uses XRP as its token to facilitate payment. The reduced patronage was confirmed by Ripple’s Global Head of Banking Marjan Delatinne in a tweet.
“Due to regulation uncertainty, NO banking institutions are using xRapid as of now, ONLY payment service providers.”
Ripple is currently in court over the status of XRP as a security or a coin and the decision on this case may take a long time to reach. While this is a reason why Ripple clients have withdrawn, it is also unsurprising because of the proliferation of other cryptocurrency projects that are focused on remittance services just like Ripple, such as the JPM Coin and IBM payment platform. This wasn’t expected to be a problem but it appears to be a serious one right now.
Just last week, an analyst gave a wild prediction that XRP would hit $300 after the asset soared to $0.36 in a few hours. This surge, however, has not been sustained and XRP seems to be down where it started.
It has been a trend that many people in the cryptocurrency space seem to support XRP as shown by several Twitter polls. However, this support and popularity are hardly reflecting in the price of XRP as Bitcoin and Ethereum have always been in the lead despite the sometimes obvious preference for other cryptocurrencies.
The year is still early though and XRP could still regain its glory with a price surge. This will depend on the decision of those who use Ripple’s payment technologyeither to start working with it again or leave it for good. For now, Ripple’s future isn’t looking too positive but the crypto space is unpredictable and this can change anytime soon.