The latest digital asset exchange platform that listed XRP, Simex supports many payment methods that include credit cards in its operations.
Simex crypto asset exchange platform announced yesterday that it had launched Ripple (XRP) crypto-asset against Ethereum (ETH), Bitcoin (BTC), and Tether (USDT).
As a Russian crypto asset exchange platform and an equity investment network that is registered in the US, the Simex exchange platform supports trading in Ethereum, Bitcoin, a sundry of ERC-20 tokens, and now Ripple (XRP). The Simex crypto exchange platform also supports fiat currencies such as the US dollar and the Russian ruble (RUB).
The crypto exchange platform is credited with offering start-up businesses and small companies clear, open, and transparent opportunities to fundraise funds from investors. Also, the Simex exchange platform avails secondary market that gives liquidity to the initial investors.
On the other hand, the Ripple (XRP) as a virtual payment network and as a cryptocurrency is a platform that connects banks, payment providers, and financial institutions. Ripple allows frictionless experiences in the safe transfer of money globally.
A Brief Description of Ripple’s XRP
XRP is a virtual token or coin that is used to represent the transfer of monetary worth across the Ripple Network. As a cryptocurrency, XRP acts as a mediator for both crypto and fiat exchanges. Co-founded by Jeb McCaleb and Chris Larsen, Ripple XRP was first released in 2012.
Unlike other virtual currencies like Ethereum and Bitcoin, Ripple does not have a blockchain platform. Contrary to what many assume, Ripple does not have a blockchain platform attached to its technology; instead, it has a patented technology that is known as the Ripple protocol consensus algorithm (RPCA). The term consensus in the name indicates that if every node is in agreement with others, no issues are experienced in the transfer of funds from point A to point B.
Imagine, it is in the ancient times where one hundred wise men represent a whole kingdom. For the Kingdom to undertake any significant activity, all the 100 wise men need to agree. If everybody agrees, they can go ahead and start or end a war, hike taxes, change the law and all manner of exciting
Although the Ripple platform is more complicated than this example, the illustration demonstrates the basics of how the Ripple protocol works. Trust is a significant component of the workings of the Ripple Network.
Simex Crypto Exchange Platform
As an exchange platform, Simex provides users with the opportunity to create their virtual assets through the platform’s web terminal interface.
According to Simex, the creation of virtual tokens does not necessitate special skills in programming and blockchain technologies.
According to a senior Simex representative:
“The verification and recording of a smart contract in Ethereum’s blockchain, for instance, happens automatically after the approval of the information initiated by the user. Therefore, anyone on planet Earth can create their token and get rid of it at their discretion after they have registered as users in the Simex website.”
As per the management of Simex, this attribute is specifically useful for companies who wish to release their tokens. Upon releasing the release token order, the company’s order is then automatically positioned in the Simex listing.
A senior Simex representative said,
“As it stands right now, Simex can cease to be categorised as an ordinary virtual wallet. At present, Simex is a multiplatform that allows numerous fintech and blockchain operations to take place on its platform.”
Apart from its multiplatform status, the Simex platform supports the transfer of fiat currencies (US dollar and the Russian ruble) on its network, making it easy for users to buy virtual assets using cash and cash out using cryptocurrencies.
Also, the latest digital asset exchange platform that listed XRP, Simex supports many payment methods that include credit cards in its operations. Fiat currencies can be deposited to and withdrawn from the Simex platform using Webmoney, credit/debit cards, Yandex, and bank wire transfers. It is worth noting that these transactions attract charges
XRP Sets New Liquidity Record
Bitso, the largest crypto exchange in Mexico, which utilizes Ripple On-Demand Liquidity (ODL) product, added another million on top of XRP’s Liquidity Index, breaking the all-time high record.
Previously, XRP/MXN transaction volume figure stood at around 8.5 million. It was surpassed yesterday with the new record now being over 9 million U.S. dollars and the daily progress is 92 percent.
XRP gets positive feedback from the US government
In sperate development, the US governmental agency, the Consumer Financial Protection Bureau (CFPB), has mentioned Ripple’s XRP in relation to cross-border transactions. XRP was mentioned in a document on Remittance Transfers Under the Electronic Fund Transfer Act, which is still in discussion until January 2021.
These developments suggest that in the future there may be means by which banks and credit unions could reduce their remaining reliance on estimates. These developments all share a fundamental similarity: They all apply elements of a closed network payments system to cross-border money transfers sent by banks and credit unions.
However, CFPB also recognizes that those solutions are not going to be having any significant effect on the market, at least in a short time. Companies will still have to rely on traditional banking to handle their payments.
Ripple Forecast and Analysis December 16 — 20, 2019
Ripple XRP/USD complete the trading week at 0.2168 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 0.1655. Where again we should expect a rebound and continued growth of the cryptocurrency in the region above the level of 0.3705.
Ripple Forecast and Analysis December 16 — 20, 2019
In favor of the growth of XRP/USD quotes in the current trading week December 16 — 20, 2019, a test of the support area on the relative strength index (RSI) will come out. The second signal will be the completion
Ripple Forecast and Analysis December 16 — 20, 2019 involves an attempt to test the support level near the area of 0.1655. Where can we expect continued growth of quotations with a potential target at the level of 0.3705. 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 0.1255 area. This will indicate a continued decline with a target below the level of 0.1005.
CRYPTO ADOPTION INTENSIFIES: NEW CRYPTO PLATFORM EXPLORES ADDING XRP
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
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.