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XRP Hits UK-Based Payment Platform As Ripple Pushes for Crypto Adoption in Europe and Asia

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XRP is now live on Uquid, giving people in 150 countries a new way to pay for cell phone service. The company says users can now top off and recharge their mobile phone minutes with XRP in an instant.

The company says it’s also enabling XRP payments for mobile data plans in more than 11 countries. Uquid supports dozens of cryptocurrencies and also lets users in select countries spend their crypto on grocery store and pharmacy vouchers, bus and train tickets, and more.

The XRP support comes as Ripple pushes for global adoption of its cross-border payment solutions.

The company recently joined the European Commission’s International Association for Trusted Blockchain Applications (INATBA). The group aims to connect blockchain and crypto organizations with legislators and policy makers across the EU in an effort to support a clear regulatory framework and to boost adoption.

Ripple co-founder Chris Larsen just met with Luxembourg’s Minister of Finance to talk about the future of blockchain and cryptocurrency.

The meeting comes on the heels of a new report from the Luxembourg Private Equity and Venture Capital Association (LPEA). The group compared XRP and Bitcoin, and concluded the digital asset is not a security because it’s “intended to be used, now or in the future, as means of payment for acquiring goods or services or as means of money or value transfer.”

Ripple’s international push also includes a new expansion in Asia. The company recently announced it’s doubling its staff in crypto-friendly Singapore, moving from 12 to 24 employees.

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Inside Ripple’s Disastrous Year: XRP is the Worst-Performing Major Crypto of 2019

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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.

XRP worst performing cryptocurrency 2019

While the cryptocurrency market surges back to bull territory, XRP languishes. | Source: CoinCodex

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 vs bitcoin vs BNB

XRP’s year-to-date performance compared to bitcoin and biggest-gainer Binance Coin. | Source: CoinCodex

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.

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.

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.

 

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Ripple (XRP) Expected To Rally Short Term But Future Outlook Remains Bleak

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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.

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Ripple’s XRP Emerges as Worst Performing Top Crypto in 2019 so far

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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.

Ripple’s XRP Emerges as Worst Performing Top Crypto in 2019 so far

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.

News Source: zycrypto

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