The head of XRPL Labs, Wietse Wind, is revealing new details on the company’s XRP-based banking app.
Wind is developing an app called Xumm that’s designed to allow users to hold and spend euros, dollars, XRP and other currencies without any help from a financial institution.
When pressed on Twitter for an update on the project, Wind said the company is about to launch a private developer-only beta version of the app. He also unveiled a new “secret” format for addresses – a feature designed to make it easy for users to access their crypto without using complex strings of numbers and letters.
“The common formats for XRPL account secrets are (at the time of writing this, July 2019):
• Family Seed, eg. sh1HiK7SwjS1VxFdXi7qeMHRedrYX
• Mnemonic, eg. car banana apple road …
These formats are prone to typos and not that user-friendly. Using numbers means it’s language (spoken, written) agnostic as well. They may be especially intimidating for the public that’s relatively new to cryptocurrencies/blockchain technology.”
Wind says his overall goal is to make the app so seamless and intuitive that his mother can use it.
“It’s not for geeks. We know that crypto wallets are for geeks and then somewhere near the bull run at end of 2017, suddenly 10% of the population here had a crypto wallet or multiple crypto wallets on their apps. It was still a few percent of the population, and most of them were geeks.
We’re building something that my mother could use and maybe even would want to use… We’re going to help users get started with a really secure, user-friendly set-up guide in-app. And there’s no way you can, pardon my French, fuck this up. There’s no way. We’re gonna make it really easy.”
Wind noted last month that the project is working to obtain a banking license to ensure it can transfer crypto-to-fiat while remaining regulatory-compliant
Ripple Predicts Asian Market Takeover And a Leaner Payments System In 2020
Determination to outdo the western markets has been a motivation behind why an ever increasing number of Asian organizations were adopting blockchain technology
Ripple’s focus on the cross border transaction market has been evident from all its updates and developments. But apart from this, the company has revealed that they want to create a more seamless payment network easily accessible to society.
In a recent Ripple blog post, Marcus Treacher, the Ripple SVP Customer Success spoke about what lies in store for financial markets in 2020.
The Ripple official had five major pointers as to what might change in the coming months. Treacher spoke about how the international payments market will continue to get faster and smaller by leveraging emerging technologies. He claimed that there will be more developments oriented towards consumer solutions and increased SME needs.
Marcus Treacher opined that major mainstream banks will delve fully into making cross border transactions faster than ever. This is expected to be done by reducing overhead costs, a major hindrance in the current scenario. To carry out this plan, banks are expected to use upcoming technologies like the Interledger Protocol [ILP].
Today Ripple works closely with a lot of institutional investors and the insights the company received are invaluable. Treacher predicted that in the coming months, banks will turn to cloud providers of banking technology to help reduce overhead costs. According to the Ripple blog:
“…cloud-hosted banking technology providers have developed new platforms with modern methods, pioneers of cloud service providers are ideally positioned to easily and inexpensively integrate into emerging blockchain networks, Artificial Intelligence (AI) engines and other emerging fintech categories—meaning the competitive advantage of innovative banks over slower-moving rivals will be intensified.”
Building consumer solutions on an international level was also a major area of interest for Ripple and other companies. One concept being tested out is in the field of instant cross border settlement. This would mean that an international tourist can conduct payments in a foreign country while trading in their native currency.
This would be done by tying up banks in multiple countries under the umbrella of a decentralized blockchain network. Micropayments have been tested out in small scale applications like Telegram and Line but the vision for the future is to scale it on a global level.
Small-to-Medium Enterprises [SMEs] are expected to be the biggest beneficiaries of the burgeoning decentralized economy. Marcus Treacher stated that if SMEs use blockchain technology, it will free up more capital for reinvestment. This is then expected to open up SMEs to new markets.
The Asian and the South Asian markets have taken multiple steps over the past few months to become major players in the decentralized economy. This determination to outdo the western markets has been a reason why more and more Asian companies were adopting blockchain technology. Treacher revealed that this rapid expansion will increase the digital asset trade rate coming in from Asia, which at present stands at a whopping eighty percent.
XRP Flips Key Resistance Into Support: Can Bulls Push Prices Higher?
XRP May Soon Explode Against Bitcoin, Analyses Show
Over the past few weeks, all cryptocurrencies — from Bitcoin, Ethereum and XRP to Digibyte, Waves, and Electroneum — have surged higher, gaining dozens of percent apiece as buying pressure has washed over the cryptocurrency market.
Altcoins have interestingly taken the front seat in this recent surge, seemingly denying a trend of Bitcoin-first price action over the past year.
This market price action, per CNN-featured cryptocurrency analyst Luke Martin, has allowed XRP’s pair against Bitcoin (XRP/BTC) to retake a key support level, which it has sustained for five days in a row. This pivot purportedly is “bullish,” meaning Martin is “expecting outperformance.”
It isn’t only Luke Martin that has pointed out the XRP/BTC trading pair is looking primed to break upwards.
Per previous reports from Ethereum World News, Michael Van De Poppe, contributor to CoinTelegraph and a trader at the Amsterdam Stock Exchange, revealed in a TradingView post published Wednesday that he expects for XRP/BTC to soon explode 170% higher.
He noted that the pair is on the verge of breaking out of a downtrend that has constrained prices since the start of 2019, before adding that XRP has held a very important historical support level against Bitcoin, suggesting bullish strength.
Poppe’s chart also pointed out that the recent price action is eerily reminiscent of an XRP/BTC break out in 2018, suggesting that a surge of dozens of percent can be had if history repeats itself.
XRP/USD Performance a Different Story
Although the prospects for XRP/BTC are looking positive per the above analyses, the outlook for the cryptocurrency’s performance against the dollar is looking harrowing.
A trader recently said on Twitter that it is “difficult for me to be bullish on Ripple right now.”
Backing his assertion, he looked to a chart of XRP against the U.S. dollar on a monthly basis. The trader depicted that despite the recent 35% surge off local bottoms, prices not seen in years, the cryptocurrency remains decisively below a key resistance that has been absolutely essential for the asset’s past two to three years of price history.
What’s more, it was actually rejected at the resistance level, suggesting the macro bear trend for XRP remains intact.
It is important to note that even if the cryptocurrency falls against the dollar, it can still rally against the dollar.
Photo by KaLisa Veer on Unsplash
Ripple’s On-Demand Liquidity Services Grew Six-Fold Last Quarter
Ripple Insights has published its quarterly markets report, which reveals that the company and its XRP token experienced mixed growth in 2019.
Ripple’s On-Demand Liquidity (ODL) services, which facilitate cross-border settlements, saw noticeable growth. These services handled 550% more value in Q4 of 2019 than they did in Q3. In raw transactions, those services saw a 290% increase in activity.
This growth is reportedly due to greater adoption. In less than a year, over 24 financial companies signed on for ODL, including Viamericas, FlashFX and Interbank Peru.
Ripple’s most notable client may be MoneyGram, which began to use Ripple’s services last August. This partnership has been particularly successful in Mexico, a market where MoneyGram is moving 10% of its volume through ODL.
Fewer Exchange Sales
Despite growing demand for ODL, Ripple sold relatively little the XRP token in Q4. Though this was partially due to a change in its measurements, Ripple also cut back its sales deliberately in order to act as “disciplined, responsible stakeholders.”
The company paused programmatic sales entirely in Q4, causing sales in that category to fall to zero. In a separate category, Ripple executed over-the-counter (OTC) sales with a “few strategic partners,” but significantly
The end result is that Ripple sold just $13 million XRP tokens over the course of Q4. This represents a five-fold decrease from Q4, when it sold $66 million worth of XRP.
Additionally, XRP’s daily trading volumes fell to $187 million in Q4. By contrast, the token’s daily volume in Q3 was $198 million, and its daily volume in Q2 was $430 million.
Token Supply and Demand
At first glance, these trends suggest that XRP is no longer highly sought after. However, Ripple seems to be releasing its XRP token into circulation in a calculated way.
It’s not yet clear if this strategy will affect prices positively. In the short term, XRP lost about 23% of its market value during the last quarter of 2019. By comparison, Bitcoin only lost about 14% of its market value during the same period.
It is possible that XRP token prices may not be a concern in the future: Ripple CTO David Schwartz recently proposed an XRP-backed stablecoin to help users avoid volatility.
In the meantime, practical applications targeted at consumers may drive up demand for the token. This week, the popular payment processor BitPay integrated XRP payments, allowing merchants to accept the cryptocurrency.