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Ripple (XRP) Price Up 40% as Alt-season Takes Hold

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The price of Ripple (XRP) has soared up through resistance points to break through the significant $0.40 price mark today. The digital asset is now trading at $0.42, a five percent increase today and a full 40 percent higher than it was this time last week. The coin hit a high of $0.44 earlier today before retracing to current levels, with the rally adding $5 billion in value to its market cap.

Following the high point today, XRP has been trading sideways with some analysts believing it’s moved into a consolidation period. If further moment can push it through $0.45 then an upward trend will be confirmed, otherwise, support should remain strong at $0.40.

What are traders saying?

Twitter is no stranger to the XRPArmy and they have come out in full force today with this new rally. Twitter user @InvestorXRP sees XRP hovering in its current range for a while before its next move while @XRP_DAN believes the asset will break resistancein the next few hours and continue up to $0.75. Yesterday, trader @TheCryptoDog noted he is long XRP, a move which no doubt paid off well today.

@C3_Nik points out that XRP has the second highest trading volume on crypto exchange Binance, which recently resumed withdrawals and deposits following a week of extended maintenance to repair issues related to last weeks hack.

XRP Developments

Tech firm R3 has recently announced the launch of a payments platform on its Corda blockchain that will use XRP as the base currency. The app, called Corda Settler, will be purpose-built to settle payments made on the Corda blockchain through any of the world’s payment systems. “Its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together,” said Richard Brown, CTO at R3.

Speaking at the Consensus 2019 conference yesterday, Director of Regulatory Relations at Ripple, Ryan Zagone, mentioned the need for blockchain technology in relation to national security in the U.S. “With blockchain and crypto, I think there’s a recognition now that these will be part of our future infrastructure,” he said. He went on to stress the importance of the U.S. being a leader in fintech innovation, from not only an economic but also a national security perspective.

Last month, online retail giant Amazon announced it will be partnering with WorldPay to integrate into its AmazonPay services. WorldPay was recently acquired by Fidelity National Information Services (FIS), a partner company with Ripple, raising rumors that XRP could potentially be integrated into Amazon’s payment platform.

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PayPal’s new mobile payments app may take the fight to Ripple

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Many big-league players have started sorting through improved alternatives for fiat and cryptocurrency transactions. Recently, PayPal followed suit by launching its own mobile payments app, Xoom, in an apparent attempt to compete with Ripple. PayPal catapulted its e-funds transfer service to compete with Ripple, its blockchain-based rival, in the crypto-transactions segment.

With Xoom, PayPal aims to re-define the traditional payment services sector by delivering faster and cheaper international transfers. The online payments services provider aspires to make transactions easy and more convenient than Ripple by charging lower transaction fees.

Further, Xoom will be opening its gates to users in 32 European countries, all of whom can send money to users across 130 countries worldwide. It is also important to note that PayPal already has a significant user base across the world, the scale of which can be used by the platform to leverage and boost the services afforded by Xoom.

Ripple has been at the forefront of revolutionizing cross-border payments across the world, affording users the opportunity to make transfers in a quick and seamless way. It is in light of this endeavour that Ripple has consistently focused on tying up with major banks and financial institutions. Ripple had recently made news when it formed a major strategic partnership with Moneygram. By launching Xoom, PayPal aims to position itself alongside other popular international remittance services.

To compete with Ripple, Xoom has partnered with major financial institutions to facilitate transfers of up to £8,800 pounds [$11,029] per transaction. For disrupting the crypto-market, PayPal will have to drop its transaction fee lower than Ripple, a step that will definitely will gather the attention of crypto-users.

If Xoom attains its desired goal, it will disrupt Ripple’s market share. Yet, it will be beneficial for users as a significant number of organizations are coming up with distinctive services blended with blockchain-based cross-border transaction options.

Source:ambcrypto

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Ripple’s David Schwartz Believes Uber & Amazon Should Adopt XRP For Payments

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The chief technology officer at Ripple, David Schwartz recently sat down at the recent WeAreDevelopers conference which took place in Berlin where he said some of the globe’s biggest companies are able to benefit from the use of crypto and other digital assets.

Schwartz went onto talk about Ripple’s work with the numerous financial institutions and banks which improve the speed and cost of cross-border transactions.“If you’re a Seagate or an Amazon or an Airbnb or an Uber, these companies all make large numbers of small payments. Amazon has thousands of merchants that they make payments to. Uber, if you’re in the Philippines and you’re a driver and you need money for milk, Uber would love you to drive for them and buy milk right that day.

But they need efficient payments. They need payments that are as reliable as email for that to happen. And that doesn’t exist. And each of these companies employs literally hundreds of people just in their payments division. And if you imagine if you ran a payment company, you would love to go to any of these new corporates and say, ‘Hey! Fire your hundreds of payment people. We’ll do all your payments.’ But there’s nobody who can do that.”

The CTO of Ripple has said that he believes XRP is in a position to fuel a payments revolution because of its speed and low transactions fees.“We came up with what’s technically a form of federated Byzantine agreement that we call consensus that’s faster and cheaper than proof-of-work. And the result is that XRP is a decentralized digital asset not connected to any jurisdiction, that moves more quickly and more cheaply than Bitcoin. And I would argue that it’s also more censorship-resistant and has some of the decentralization properties that we want. And that’s resulted in low cost, low fees and high transaction volume with low latency…”

“Ripple has built an enterprise payment network on these principals. It consists of three products. One to process real-time payments. One is sort of like the browser to send payments. And one to provide on-demand liquidity.

Financial institutions use xCurrent to make and receive payments, xVia to initiate payments and xRapid to provide cross-border liquidity. And this is a real network. This is a point-to-point network. It’s not a central server like Swift or PayPal. This is a decentralized network where financial institutions interact with each other through protocols that are not centrally controlled.”

According to Schwartz, regulation and education are the two largest obstacles that stand in the way of mainstream adoption when it comes to using cryptocurrency payments. “The biggest obstacle that we’ve found is the legal environment. Enterprises are not ready for a trustless system that’s proven by mathematical algorithms. They have customers who might get their credentials stolen. They might want to go to court. One of the biggest things that we had to do to revolutionize enterprise payments was to come up with a set of rules so that legal agreements can be negotiated with just a couple of redlines rather than a 40-page contract beginning to end of how to handle every possible failure…

So today, our customers use digital assets to settle payments immediately where that makes sense, and they use more conventional means where that makes sense, but they enjoy the benefits of end-to-end messaging, multi-hop and the various things that a multi-standard can provide. We think that digital assets and interledger payments can build that internet of value.”

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Ripple (XRP/USD) forecast and analysis on July 17, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.3162. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Ripple (XRP/USD) forecast and analysis on July 17, 2019

As part of the forecast Ripple course is expected to test the level of 0.3270. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.2620. The conservative area for Ripple sales is located near the upper border of the Bollinger Bands indicator at 0.3450.

Ripple (XRP/USD) forecast and analysis on July 17, 2019

Cancellation of the option to continue the decline in the Ripple rate will be a breakdown of the upper border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and the closing of quotations of the pair above the 0.3620 area. This will indicate a change in the current trend in favor of the bullish for XRP/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Ripple (XRP/USD) forecast and analysis on July 17, 2019 implies a test level of 0.3270. Further, it is expected to continue falling to the area below the level of 0.2620. The conservative area for selling Ripple is located area of 0.3450. Canceling the option of falling cryptocurrency will be a breakdown of the level of 0.3620. In this case, we should expect continued growth.

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