Ripple is undoubtedly one of the largest firms in the cryptospace today. The San Francisco-based exchange has been stung by a lot of criticism recently, despite repeated attempts by the Brad Garlinghouse-led team to disambiguate centralization claims of its cryptocurrency, XRP. A lot has been argued about its consensus protocol, the most recent one being on the issue of Ripple’s validators.
Ripple’s bone of contention has been the transactions on its network that need to be verified by the list of approved unique nodes. However, in Ripple’s latest effort towards decentralization, the San Francisco-based firm has reduced its default Unique Nodes List [dUNL], a ratio which currently stands at 21.2%.
Source: Mini Validator List
There are 33 validators in the dUNL; out of which 7 are Ripple validators while non-Ripple validators account for 26 [25 independent, 1 unknown] ie., 78.8%, at press time.
As depicted in the following chart, the non-Ripple validators count has been on the rise since June 2018 and has exhibited significant growth pattern in the inclusion of new players in the scene.
Source: Mini Validator List | Default UNL Dominance Movement
The non-Ripple validator list includes Bitrue, Bithomp, Bitso, and Blockdaemon, among others. The development was announced by XRP Research Center on Twitter, with the tweet reading,
August 12, 2019.
Validators operated by @BitrueOfficial and @_blockdaemon have been included to the dUNL, and have now a greater responsibility in the consensus process.
Ripple has reduced its dUNL share to 21%.https://t.co/aFkSbCIeE1https://t.co/PhVkH60N87pic.twitter.com/N7iuZsR1Yu
— XRP Research Center (@XrpCenter) August 13, 2019
Ripple price analysis: How far can this lethargic range-bound trading go?
- Ripple price is forced to trade in a narrow range between $0.2700 and $0.2750.
- The sideways action has the potential to last through all the sessions on Thursday if technical levels remain the same.
Ripple is stuck in a very narrow range between $0.27 and $0.28. The Asian trading session has seen very minor action actions on either side. From an opening price of $0.2721, XRP has only managed to rise to $0.2730 (intraday high). A low of $0.2718 has been touched on the day but XRP is dancing with $0.2727 at the time of writing.
XRP is also locked between the Simple Moving Average support and resistance. Where the 50 SMA on the 1-hour chart is offering immediate support while the 100 SMA caps movement at $0.2750.
The sluggish movement witnessed with the Relative Strength Index suggests that the current sideways trend will continue dominating XRP’s activities. Similarly, the Moving Average Convergence Divergences puts emphasis on the same ranging trend by holding tight on to the mean line. Apart from the 50 SMA, other support areas include $0.27, $0.2650 and $0.25.
XRP/USD 1-hour chart
Ripple Exec: MoneyGram to utilize Ripple’s On-Demand Liquidity (ODL)
- MoneyGram has ODL up and running in countries like Mexico and Thailand.
- Ripple claims that 24 of its 300+ clients have already signed up for ODL.
Marjan Delatinne, Ripple’s global head of banking, is giving new insight into MoneyGram’s use of the XRP-based payment solution – On-Demand Liquidity (ODL). Speaking at the Asia House Global Trade Dialogue in Singapore, Delatinne said MoneyGram is already working with ODL in countries such as Mexico and Thailand. MoneyGram, for instance, is a case that went live recently.
They are using this solution in a few markets, as I mentioned in more exotic markets like Mexico, Thailand – and they see already a great efficiency decrease in the costs in the way that the treasury and liquidity management is happening.
Delatinne gave a brief idea about how ODL functions. He also highlighted the influence it could have in the world of cross-border payments, specifically in emerging markets.
So imagine you’re a payment service provider and you want to send $100 to Mexico. You use our native digital asset, which is called XRP, as a bridge currency between the two fiat currencies. So changing from USD to XRP and immediately after to the Mexican peso.
This is really revolutionizing the way that money is handled because today FX and the transfer of money are not happening at the same time. And this creates a lot of exposure, especially to low margin organizations…
This still, of course, needs to be more commercialized. But this is really shifting the way that we think about the transfer of money compared to what is [happening] today.
ODL was launched in October of 2018. According to Ripple, 24 of its 300+ clients have already signed up for ODL since then.
Kyoto University becomes Japan’s first Uni to run XRPL validator
Ripple’s aggressive marketing and partnership strategy, in addition to the banking sector, has branched out into other fields as well, with its University Blockchain Research Initiative (UBRI) aiming to bring universities closer to blockchain, cryptocurrencies, and the digital payments landscape. As part of this venture, Japan’s Kyoto University has now announced that it will be the first Japanese university to run an XRPL validator.
The information was shared by Emi Yoshikawa, Senior Director, Global Operations at Ripple, whose tweet also read,
According to Kyoto University’s official announcement, the General Survival School (Shishukan) will co-host the seminar with Ripple’s David Schwartz CTO as a lecturer.
As an XRPL validator, the university will be able to participate in Ripple’s existing consensus process that supports the ongoing decentralization of the XRP Ledger. At the crux of the protocol, every member using the XRP Ledger must agree on the latest state of every transaction, without needing a central operator. Similar to existing nodes on the Ripple network, Kyoto University will also be ranked on the basis of availability, consistency, reliability, and transparency.
Interestingly enough, Ripple used to run a majority of XRP validators nodes, which have now been taken over by 974 nodes over time, according to Bithomp. In addition to Kyoto University’s involvement in the blockchain space, Yoshikawa publicly supported the notion of launching XRP Ledger validators at universities throughout Japan. She said,
“University student Rippler, please make a suggestion to your university teacher! It will be a practical project that will give you a better understanding of how XRP Ledger works.”