Ripple CEO Brad Garlinghouse says he believes the company’s partnership with MoneyGram will have a bigger impact on the crypto industry than Facebook’s Libra.
In a new interview with Yahoo Finance, Garlinghouse says banks that Ripple approached two years ago are now interested in the company’s XRP-based cross-border payment solution xRapid.
“The Moneygram deal is really one of the first scaled use cases of a digital asset in production. This is a big deal. If I were betting now, a year from now the Moneygram deal will have a more consequential impact on the crypto markets than the Libra white paper…
Banks that two years ago told me: Hey we love your technology, we’re thrilled to be working with you but we’re not going to use crypto. I said OK great. Some of those same banks are now coming back and saying, hey let’s talk about that because they see the value.”
According to Garlinghouse, Ripple will sign around 100 new contracts this year, with around 20% involving xRapid and XRP.
Ripple purchased $30 million worth of shares in leading money transfer service MoneyGram in June. As part of the business agreement, Ripple can invest an additional $20 million in the coming years. Along with the deal, MoneyGram revealed that it will use xRapid to power international transactions.
Ripple’s global head of banking Marjan Delatinne says the payments technology firm has been onboarding around 20 financial institutions who will be using xRapid to make remittance payments.
Garlinghouse says Ripple’s management is currently in talks with several parties regarding potential investments and acquisitions. But so far, he has not provided further details about any of the company’s prospects, saying “deals are always very, very hard to predict.”
When questioned about which specific areas Ripple is targeting, Garlinghouse says,
“Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be.”
Established in 2012, Ripple is one of the largest cryptocurrency firms. Its management has raised $94 million from several prominent investors including venture capital firm Andreessen Horowitz (a16z), Google’s parent company Alphabet Inc., Banco Santander and Standard Chartered.
XRP’s bull flag pattern could hoist price high
XRP’s price was hovering between the $0.21-$0.25 range for a long time now. A much-needed breakout to the positive side could be in the offing as XRP bulls take position to take over. The coin was trading at $0.23 after a surge by 2.14% over the last 24-hours, at press time. Additionally, according to data on CoinMarketCap, XRP registered a market cap of $9.99 billion and a 24-hour trading volume of $1.04 billion.
XRP 1-Hour Chart:
XRP’s daily chart exhibited the formation of a bull flag pattern with the price rising high and oscillating between two parallel horizontal lines. This was indicative of a potential bullish price breakout in the near-term.
The moving averages also sided with the bulls. 50 moving average was above the 100 moving average, after undergoing a bullish crossover on Dec 5th. This indicated a positive sentiment for the coin’s price. Additionally, both the moving averages were well below the price candles. This strongly projected bullishness for the digital coin’s price in the near-term.
An upside breakout would drive the XRP bulls to breach its immediate resistance at $0.234. A stronger upward pull could lead the coin to hit close to $0.24. XRP found support at $0.21.
MACD underwent a bullish crossover at press time, following which the signal line slid below the leading line. Further, RSI indicated a significant spike well above the 50 median and the coin’s price was in the overbought zone.
The above chart predicted a strong bullish phase for the coin. A positive breakout would drive the coin to $0.24, a level unseen since November 22nd.
CoinsPH sees the boom in XRP ODL transactions as records are created
Recently, H_M_X, a cryptocurrency enthusiast spotted that the largest ODL transaction conducted on CoinsPh, was clocked at 250,000 XRP.
Ripple and its native cryptocurrency XRP have been doing positive rounds in the cryptocurrency space for some time now despite the bearish price crashes. One of XRP’s primary specialties has been its ability to reflect growth in its other parameters across new regions. A couple of weeks ago, it was reported that XRP’s market volume on exchanges like Bitso was on record-breaking uptrends, a phenomenon which was later overshadowed by the arrival of the bear.
Recently, H_M_X, a cryptocurrency enthusiast spotted that the largest ODL transaction conducted on CoinsPh, was clocked at 250,000 XRP. This high value was achieved at a rate faster than it took on Bitso. The latest destination tag record on Bitso was 25,370,527, while the highest total amount of transactions was 485,127 XRP.
Looking at the same metrics for Coins Ph, the destination tag was recorded at 255,406, while the most significant transaction was the most recent one of 250,000. Several members of the community praised Ripple’s initiatives to grow the On-Demand Liquidity market recently with ‘blcurley’ tweeting:
“Ripple used to have large lag times from a customer acquisition to the software implementation. Through time & experience, they have streamlined these processes to get customers up & running in a short amount of time. I’m expecting the same with #ODL and new corridors.”
Despite the developments in the space, XRP has not seen much of a rise on the price front as the cryptocurrency was holding at one of its lowest measures across an extended time period. At press time, Ripple’s XRP was exchanging hands for $0.22 with a total market cap of $9.657 billion.
The third-largest digital asset on the charts held a 24-hour market volume of $1.416 billion. During the research, it was also noticed that the number of total interchange XRP payment transactions had risen towards earlier crests. The ODL destination tag had surpassed the 158068 after a long time, giving the XRP army hope that the asset would begin an ascend soon.
November was also an exciting month for XRP and its technologies, such as xRapid. ON November 7, the total XRP ODL saw a rise from its earlier average of $1 million to almost $2.2 million. This transaction occurred between Bitstamp, which counts as the US corridor for xRapid transactions and Bitso, which counts as the corresponding Mexican corridor.
David Schwartz Spoke About Ripple’s Main Objectives
Speaking at UBRI Connect 2019, David Schwartz, Ripple CTO in his keynote underlined the fact that millions of people worldwide have very limited access to efficient, inexpensive financial services.
“We tend to think we’re overbanked in the United States because you could just go anywhere and open a bank account. But, a fairly shocking statistic, 24 million Americans are underbanked, alongside almost 2 billion people worldwide.”
Schwartz stated that funds today are spread across different financial networks which very often are not compatible with one another and this is one of the critical problems people currently encounter when dealing with the present financial system.
“Today, money is locked up in distinct systems, just like information used to be. If I want to pay you some money, I have to ask you what system you’re on. Many payment networks shut down outside of business hours. Many payment networks only work in overlapping business hours between the two time zones they make payments between”.
Schwartz stated that Ripple’s broader mission is to help financial institutions worldwide to move money as quickly and efficiently as possible. In our day and age, he argued that is not acceptable that people have to wait for days to get confirmation that their payment went through. By acting as a bridge currency in overseas payments XRP, according to Schwartz, could potentially vastly improve the speed and efficiency of transactions.
“On the enterprise side, we built this payment network called RippleNet using XRP to settle where that makes sense. The problem that solves is having to preposition money where you need to make payments. So, for example, without some sort of a cryptocurrency solution, to make a payment to the Philippines you’d have to have Philippine pesos sitting in the Philippines.
What RippleNet does with XRP, is the sender can exchange their sending currency, say US dollars for XRP, send the XRP on the XRP Ledger and buy the Philippine pesos precisely when they need them.”
Finally, Schwartz said that Ripple’s main goal is to create an Internet of Value, where money moves the same way and at the same speed information does.