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Visa Looks To Remove Correspondent Banks In Cross-Border Payments – Will It Affect Ripple (XRP)?

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Major financial services provider Visa has reportedly launched a new network which aims to eliminate correspondent banks in cross-border payments. Dubbed “Visa B2B Connect,” the system contains elements of distributed ledger technology – namely, elements of Hyperledger Fabric.

Visa Aiming to Eliminate Middlemen

Visa is one of the largest financial services providers in the world with hundreds of thousands of people using its cards daily for a broad range of different activities. Now, the company has reportedly launched a new network called “Visa B2B Connect” which targets its corporate clients and aims to eliminate the correspondent banks when doing cross-border payments.

According to Reuters, the network aims to simplify international payments by allowing businesses to transact directly with each other without having to use the correspondent banking network. Supposedly, this can result in quicker transactions and decrease the complexity of these transfers.

More interestingly, however, Visa has taken an approach which highlights the benefits of distributed ledger technology. In fact, the company has opted to use aspects of Hyperledger Fabric – an open source distributed ledger which was developed by the Linux Foundation in an attempt to push blockchain adoption further. It was built in partnership with marquee companies, including FIS, IBM, and Bottomline, among many others.

Trouble For Ripple? Or Not So Much?

Visa’s foray into cross-border payments has always been somewhat intimidating for Ripple, as the latter places a huge emphasis on this particular capability of its cryptocurrency.

Back in late 2018, Ripple launched its xRapid technology, which aims to provide for significant reductions in both time and cost for sending international payments.

However, a company as established as Visa is likely to have higher chances of deploying its network and getting new partners on board.

At the same time, though, Ripple is also a part of the Hyperledger consortium and provides Interledger Protocol (ILP) in Java for enterprise usage.

It’s also worth noting that back in 2018, Visa bought the British payments firm Earthport for around $250 million. Earthport is a partner of Ripple. Their collaboration aims to integrate Ripple’s protocol into the existing payment network of Earthport in order to improve international transactions.

At the time of this writing, there is no available information on Visa’s intentions and how close the connection with Hyperledger is. However, the move definitely highlights the benefits that distributed ledger technology can introduce. Moreover, it shows that even traditional payment companies are beginning to recognize it.

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Ripple (XRP/USD) forecast and analysis on September 19, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.3047. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.

Ripple (XRP/USD) forecast and analysis on September 19, 2019

As part of the Ripple course forecast, a test level of 0.3000 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.3240. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2560.

Ripple (XRP/USD) forecast and analysis on September 19, 2019

Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​0.2500. This will indicate a change in the current trend in favor of a bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect acceleration of the cryptocurrency fall.

Ripple (XRP/USD) forecast and analysis on September 19, 2019 implies a test level of 0.3000. Further, growth is expected to continue to the area above the level of 0.3240. The conservative area for buying Ripple is located area of 0.2560. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2500. In this case, we should expect the continuation of the fall.

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Ripple moves 10M tokens from its OTC Distribution wallet as XRP goes through the roof

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Even though a majority of cryptocurrencies in the market record sideways price trends amid whale movements, the movement of Ripple’s XRP has maintained an upsurge trend this time.

According to information availed to the crypto community by Twitter Bot, Whale Alert, 10,000,000 XRP tokens have been transferred from Ripple Otc Distributed wallet to an unknown destination. This is one of the most significant transactions that have been processed in the last few days and registered on Ripple’s blockchain. The transaction was worth 2,863,641 US dollars at current prices.

Even though a majority of cryptocurrencies in the market record sideways price trends amid such whale movements, the movement of Ripple’s XRP has maintained an upsurge trend this time.

Coming back to the whale moment, the 10,000,000 XRP transaction was carried out over Ripple’s blockchain technology for a transaction charge of 0.000012 XRP that is worth about 0.00000362 US dollars. The block height of the transaction was #50106844.

The significant XRP transfer was carried out in 12 drops between the funding wallet address rMaV5QT2ZCwVFArQ7sdQMxhtzg6mgqJ47h and the receiving one being rEFtdHuyxgUjDL4t3gBsesQwHtnDy2W8rC, with a timestamp of 23:50:30 UTC on 17th September 2019.

Ripple Investors Discontent with Firm’s Spending

This is not the first time the Ripple (XRP) community has got its arms up complaining about the company’s flagrant spending.

Not too long ago, a Twitter user who goes by the handle @CryptoBitlord started a campaign on Change.org petitioning crypto followers to force Ripple Labs into stop dumping its default virtual currency. Through the petition dubbed Stop Ripple dumping, @CryptoBitlord has managed to garner over 3,000 signatures, a relatively impressive number considering the population of the XRP community. The target of the petition stands at 10,000.

According to the author of the petition:

“The only logical explanation that is evident to us is that Ripple Labs are dumping on us. The dumping is so large that it accumulates to billions. We need to stop this right now.”

According to the petition, the recent dismal performance in the price of Ripple’s default virtual currency, XRP, can solely be attributed to Ripple’s dumping of billions of XRP tokens to the market.

The San Francisco based fintech company, Ripple, still almost half of the total XRP supply in Ripple Otc Distributed wallet and sells a small portion once in a while. Also, Ripple holds the majority of XRP tokens in escrow.

Earlier this month, 3,500 million XRP tokens were transferred from Ripple’s escrow account, as it has become the norm, inciting fears of growing dumping.

XRP trades at $0.3135 after going up by 8.17% in the last 24 hours. Ripple’s native cryptocurrency remains the third most significant digital asset in the world with a total market cap of $13,497,915,967.

Ripple’s Alleged Dumping to be Met with Persistent Fork Threats

It appears the cries of Ripple community members are falling on deaf ears following their rage and annoyance of the company’s spending and excessive liquidity injection.

According to crypto analysts, Ripple’s continuous dumping and excessive liquidity injections are the factors to blame for the token’s downward price pressure in recent time. In other words, crypto followers are up in arms claiming XRP dumping benefit the fintech company alone but hurts the coin’s investors.

In their response, Ripple Labs claim the reason behind the company’s colossal selling of XRP tokens is to get capital to fund its operations and allow them to invest in several companies that have the potential to yield high returns back to the XRP ecosystem.

Recently, Ripple signed an agreement with the 8th largest bank in the US, the PNC — a deal that will see the bank utilize Ripple’s blockchain-powered international payment solution product, the xCurrent.

At present, the Ripple network has over 200 partners around the world comprising of banks, financial institutions, and payment providers.

It is estimated that Ripple owns about 60 billion of the 100 billion XRP tokens in existence. Currently, the world has seen the circulation of about 43 billion XRP tokens with Ripple releasing 1 billion XRP coins from its escrow account every month.

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Ripple: XRP flies upwards, first target is at $0.33.

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  • The strength of the XRP is stunning after many weeks of weakness.
  • If XRP pierces the $0.34 level upwards, it can fly towards $0.50.

XRP is rallying quickly during the early hours of the U.S. trading session to $0.325.

The primary objective is now very close to the price level of $0.33, where the simple moving average of 100 periods converges with a strong level of price congestion resistance.

Above this critical obstacle, the simple average of 200 periods awaits at $0.34. Breaching this level would give the definitive bullish signal that could push the XRP price straight towards $0.50.

It is very likely that sellers will show up at current and higher levels, as profitability from lows is considerable.

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