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

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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.

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Ripple’s XRP is a Brilliant Technology, According to American Institute of Economic Research’s Jeffrey Tucker

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American economist Jeffrey Tucker, who also works as the editorial director at the American Institute for Economic Research (AIES), called Ripple XRP “brilliant technology” in a recent interview on Russia Today. Tucker shared his opinion that Ripple’s growing popularity had been influenced by sometimes outdated traditional financial systems such as SWIFT.

When asked to explain why the recent partnerships, alliances, and increased capacity of Ripple had no positive effect on XRP, Tucker explained that the digital token XRP is a “specific kind of crypto” and at this moment many regular investors are not interested in the technology. He continued by saying:

That does not mean it’s not going to change the world. I think it’s an extremely important technology

because it’s thriving off the failures of this antique SWIFT system,

Tucker stated Ripple is doing what traditional financial systems failed to do, provide fast and cheap money transfers.

Our legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche… and XRP has been really valuable in that sense,

Ripple itself continues to promote XRP adoption. Brad Garlinghouse will give his speech during the 55th Global Forum event in Singapore. Global Forum gathers together business leaders, government officials, and academics from different countries who share their views on different business spheres. Apart from Ripple’s CEO, who will be the sole representer of the cryptocurrency industry at the event, list of speakers includes representatives from Central Banks, JPMorgan, Goldman Sachs, MasterCard

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Ripple Named One of Best Workplaces in 2020 by Fortune

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Blockchain giant Ripple has appeared on the list of the best small and medium-sized workplaces in the San Francisco Bay Area. Ripple CEO Brad Garlinghouse says that he’s “humbled” to be part of the company’s incredibly talented team. 

Ripple, the only cryptocurrency-oriented company on the list, was ranked 25th.

“Management is consistently transparent with employees on what goes well, and what doesn’t. There’s a focus on being honest with ourselves which is refreshing and healthy as we continue to grow from startup to young company,” one of Great Place to Work reviews states.  

New milestones for Ripple 

Back in February 2019, Fortune named Ripple one of the best Bay Area companies to work for. It made the cut along with such giants as Nvidia and Hilton.

Ripple, which strives to

disrupt the cross border payments industry, has made a lot of progress since then with more than 300 partners and a gargantuan $200 mln funding round that bumped up its valuation to $10 bln. 

The company now boasts 235 U.S. employees. However, it lost some important team members in 2019, including Evan Schwartz, the mastermind behind the Interledger who had a 6.5-year run with Ripple.   MUST READRipple CEO Expects to See More ‘Consolidation’ in 2020. Community Wants Big Acquisitions –

Asana in first place   

In order to determine the best workplaces in the Bay Area, Fortune conducted an anonymous survey with more than 33,000 employees, taking into consideration leadership effectiveness, workforce makeup, workplace culture, and other factors.           

Mobile application designer Asana took the much-coveted first spot on this year’s Fortune list. There is also personal finance company Nerd Wallet in the top three. 

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Ripple Says Lawsuit Could Destroy Multi Billion-Dollar XRP Marketplace and Wipe Out Investors

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A judge is now considering Ripple’s motion to dismiss a much-publicized lawsuit against the San Francisco startup.

Bradley Sostack is accusing the company of illegally selling XRP as an unregistered security. Ripple claims XRP is not a security and says the claims are unsubstantiated. The company also says any lawsuit on the issue would violate the statute of limitations, and must have been filed within three years of the 2013 initial offering of XRP.

Sostack’s legal team argues that the statute of limitations are invalidated by the fact that Ripple continues to sell the digital asset.

Now, new court documents reveal Ripple also claims that classifying XRP as a security could destroy the third-largest cryptocurrency’s entire marketplace.

Says the company’s legal team in the motion to dismiss the lawsuit,

“Were [Sostack] allowed to belatedly challenge the classification of XRP, it would not only threaten to eliminate XRP’s utility as a currency, but it would upend and

threaten to destroy the established XRP market more broadly — a market involving over $500 billion in trading over the last two years… — potentially wiping out the value held by the alleged thousands of individual XRP holders around the world (many of whom no doubt disagree with [Sostack’s] claim that XRP is a security).”

Jake Chervinsky, general counsel at crypto lending platform Compound, says it’s unclear how long the judge will take to consider Ripple’s motion. But he warns it could take a while.

“As is typical, the judge ‘took the matter under submission,’ meaning she will issue a written ruling at some later date. It could be days, weeks, or months.

There is no time limit. The motion can sit on the docket forever. After about six months, it will show up in a report to Congress regarding the status of the federal judiciary, but even then it can keep sitting on the docket.”


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