Connect with us

Ripple

Ripple’s XRP Current Price Decline, This Could Be the Reason

Published

on

XRP has declined in price in the past few hours, and a lot of people are wondering what may have caused it. Is it due to the sudden decline in Bitcoin’s price, or is there more to it than the virtual asset is letting on? Nonetheless, a reason that can be attributed to XRP’s recent decline is the fraudulent activity in the XRP/BTC trading pair on Beaxy cryptocurrency exchange.

XRP’s Decline In Price Today

XRP is priced at $0.29 as at press time, and it’s a 2.20 percent decrement in its price in the past 24 hours. In the previous day, XRP had mostly traded around the $0.30 price zone before its decrement. For instance, the virtual asset had tested resistance above $0.3020 and the 100 hourly simple moving average. It surged to $0.3050 but failed to trade above $0.3060.

Currently, technical indicators show that there is a potential for XRP to trade below $0.2990 in the near term. That may be the least to worry about since there’s no saying if it won’t also retest the $0.2980 and $0.2960 levels.

On the contrary, XRP’s resistance lies around the $0.3020 level and may break above its yesterday’s high of $0.3060. There are expectations

that if it surges past $0.3060, then it could recover to the $0.3100 and $0.3120 levels.

Ripple Dumps by Over 60 Percent on Beaxy Exchange

On the other hand, XRP’s price has declined by over 60% on the Beaxy cryptocurrency exchange. According to the exchange, there was a $XRP partial payment exploit on August 13, 2019, and several platforms were targeted. However, it has identified the root cause of the problem and has applied a fix.

Beaxy further revealed it would be rolling back specific trades on its platform and all trades/withdrawals have been temporarily suspended. Beaxy also said that it would be taking legal action against those who had perpetrated the act.

In the exchange’s own words:

“In addition, KYC has allowed us to identify participants in this incident & pursue action against them. We feel confident we can reclaim misplaced funds. To impacted users, thanks for your support.”

Crypto Enthusiasts’ Look up to MoneyGram’s Deal with Ripple

Despite the decline and sideways trading in the XRP market, some crypto enthusiasts are still holding firm to the crypto asset. Many have opined that Ripple’s deal with a large money transfer company like MoneyGram will even be more significant than what Facebook’s Libra has to offer, and as such, it could impact positively on XRP’s price.

News Source

Ripple

CRYPTO ADOPTION INTENSIFIES: NEW CRYPTO PLATFORM EXPLORES ADDING XRP

Published

on

XRP has been boosted a lot this year by Ripple. The San Francisco-based company has been promoting all of its products and has been making sure to boost the adoption of the digital asset XRP as well.

New platform to add XRP

Now, the crypto trading platform called Luno is exploring the addition of XRP in Malaysia.

The company’s GM of Southeast Asia, David Low, said that XRP could debt on the exchange as early as 2020, according to the Malaysian Reserve.

He also cited Ripple’s efforts to use the coin to power cross-border remittances.

“It is definitely a possibility we are exploring. However, it is not yet listed on Luno…” Low said.

He continued and explained that “Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new

ways to use this technology for their benefits.”

According to the reports coming from the online publication the Daily Hodl, Luno is one of three exchanges that has been approved to sell digital assets in the country.

Ripple launches a new portal for developers

Ripple created a new portal for developers.

The portal that Ripple is creating is called Xpring.io and it’s designed to provide developers a one-stop-shop in order to manage “everything they need when it comes to integrating payments into their applications and a way to unify the various platforms they already use,” according to official notes.

The platform also features a custom wallet that allows engineers to test XRP payments and also to create addresses.

This can all be achieved without having to spend fiat currency.

Other than this, in terms of pricing, Ripple and XRP fans have been hoping to see a boost in the price of the digital asset, but this failed to happen in 2019.

News Source

Continue Reading

Ripple

XRP Liquidity Index Surges Past 9 Bln, Leaving Previous All-Time High Behind

Published

on

The Liquidity Index for XRP paired with MXN reaches another all-time high of 9 mln, taking the XRP adoption in this sector to a new level-

The Ripple-invested Mexican Bitso exchange is a partner of Ripple and MoneyGram in the Mexican On-Demand Liquidity corridor launched this year. Bitso is the largest Mexican exchange and its participation in the Ripple and MoneyGram’s project has been successful.

The Liquidity Index for XRP in Mexico adds another million

The Liquidity Index for the XRP/MXN pair is growing fast, leaving behind one all-time high after another.

Today, on December 14, this index has taken a new level and got over the 9-mln mark with the daily progress being 92 percent.

The highest liquidity mark achieved previously was slightly under 8,568,000.

Another active ODL corridor leads to the Philippines through the local Coin.Ph exchange and its liquidity index has also risen for the first time recently.

XRP gets mentioned by the US government

As reported by U.Today, the US governmental agency, the Consumer Financial Protection Bureau (CFPB), has for the first time mentioned XRP in its document, describing the asset as a reliable remittance method which makes the process much

faster and cheaper for companies that have a limit on conducting money wires each year.

The document called Ripple and XRP a safe harbor. It also called Ripple one of disruptors of the remittance industry, as well as the new SWIFT’s GPI system, a rival of Ripple.👉MUST READ

Large XRP transactions keep pestering the community

Recently, a large XRP transaction was spotted by the Whale Alert Twitter account when a whopping 150 mln XRP was sent from one anonymous account to another.

Many in the XRP community often criticize those who do them, with Ripple getting the largest portion of criticism, when every month it releases 1 bln XRP from its escrow account. The community believes that these dumps keep the coin’s price low.

There may be a grain of truth in this, since the XRP price has been unable to cross the $0.30 threshold for a long time and recently, after dropping below $0.22, it has been floating in the $0,21 area.

Even the much-expected SWELL conference, annually conducted by Ripple, did not push the XRP price to the North, breaking expectations of many investors.

XRP price CMC

Image via CoinMarketCap

News Source

Continue Reading

Ripple

Ripple-Based Remittance Firm SendFriend Claims to Save Up to 80% in Fees

Published

on

Blockchain-based money transfer startup SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees, according to a blog post published on Dec. 12.

SendFriend uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.

Philippines-focused remittance platform

SendFriend’s money transfer app aimed at reducing annual remittance fees for cross-border Filipino workers claims to lower such transaction costs by up to 75%. What makes it possible, according to the startup’s CEO, David Lighton, is RippleNet’s On-Demand Liquidity (ODL) technology.

With ODL, RippleNet’s users can utilize digital token XRP to bridge two currencies in three seconds. “We can now source liquidity, on-demand and depress those transaction costs by

up to 75%,” said Lighton, and further added that the firm managed to reduce charge up to 2%.

Blockchain payment network enhancement

SendFriend joined the RippleNet payment network in January, along with other financial industry players such as JNFX, Transpaygo, FTCS and Euro Exim Bank. In February, SendFriend received $1.7 million in investments from Ripple, the Mastercard Foundation, MIT Media Lab and Barclays among others in a funding round. 

In late July, Chile-based peer-to-peer remittance company CurrencyBird also joined RippleNet. The partnership ostensibly allows CurrencyBird to add new routes to its more than 50 already existing destinations, new currencies, better prices and faster transfer speeds.

That same month, in a bid to drive greater financial inclusion, Philippines-based UnionBank launched a payments-focused stablecoin pegged to the Philippine peso.

Continue Reading
Open

Close