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Ripple-Backed XRPL Labs Reveals New Details on XRP-Based Banking App

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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

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CoinsPH sees the boom in XRP ODL transactions as records are created

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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.

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David Schwartz Spoke About Ripple’s Main Objectives

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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.

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“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.

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Ripple Forecast and Analysis December 9 — 13, 2019

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Ripple XRP/USD end the trading week at the level of 0.2199 and continue to move as part of the correction and the bearish channel. Moving averages indicate the presence of a bearish trend, continue to be repelled by signal lines, which indicates pressure from the bears. At the moment, we should expect an attempt to continue the decline and test the support area near 0.1635. Where again we should expect a rebound and continued growth of the cryptocurrency in the region above the level of 0.3725.

Ripple Forecast and Analysis December 9 — 13, 2019

In favor of the growth of XRP/USD quotes in the current trading week December 9 — 13, 2019 a test of the support area on the relative strength index (RSI) will come out. The second signal will be the completion of the formation of the bull model «Wolfe Wave». Cancellation of the Ripple cryptocurrency growth option will be a fall and a breakdown of the 0.1305 area. This will indicate a breakdown of the support area and a continued fall in XRP/USD quotes with a target below the level of 0.1005. A confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotations above the 0.2625 area.

Ripple Forecast and Analysis December 9 — 13, 2019

Ripple Forecast and Analysis December 9 — 13, 2019 implies an attempt to test the support level near the area of ​​0.1635. Where can we expect continued growth of quotations with a potential target at the level of 0.3725. An additional signal in favor of the fall of Ripple will be a test of the trend line on the relative strength index (RSI). The cancellation of the option to reduce cryptocurrency will be the breakdown of the 0.1305 area. This will indicate a continued decline with a target below the level of 0.1005.

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