- Garlinghouse also shed light on a potential Ripple fork.
- Crypto Bitlord started a petition to stop Ripple from selling portions of its holdings.
Ripple CEO Brad Garlinghouse has stated that Ripple has no influence over the price of the XRP token. This year, XRP’s value is down by 27% while Bitcoin has surged 175%. This has caused a crypto influencer known as Crypto Bitlord to start a petition to stop Ripple from selling portions of its holdings to crypto exchanges and institutions. So far, more than 3,500 people have signed the petition.
During an interview with CNN, he compared Ripple’s holdings of more than half of the total supply of XRP to Bitcoin whales that own large quantities of BTC. He said: “The point I have made is we are the most interested party in the success of the XRP ecosystem. We’re very focused on our use case and how do we solve problems with XRP. One of the things I’m excited about is you’re seeing a growing ecosystem of other players investing in other use cases around XRP. “If you look at the correlations between XRP and most of the crypto market, or what are often called the altcoins, you see a very high degree of correlation.
Ripple can’t control the price of XRP any more than the whales can control the price of Bitcoin. Some of these markets, particularly smaller tokens that have a lower market cap and lower flows, if you will, they are at risk of people manipulating them. But you’re talking about XRP trades an order of magnitude of a billion dollars a day of activity according to CoinMarketCap. So I don’t think anybody’s in a position to really manipulate those prices…
Around the ownership price, as is the case with Bitcoin, there’s some big whales that were early in the Bitcoin community. There’s one wallet that has a million Bitcoin in it. Nobody knows who owns it. In the XRP community, Ripple is the largest owner.”
Garlinghouse, being the biggest single owner of XRP, reported that Ripple doesn’t want to flood the market with the digital asset. He also explained Ripple’s use of XRP as a means to support the development of the XRP ecosystem. He reported saying:“The point I have made is we are the most interested party in the success of the XRP ecosystem. We’re very focused on our use case and how do we solve problems with XRP. One of the things I’m excited about is you’re seeing a growing ecosystem of other players investing in other use cases around XRP. Just recently we announced a partnership with Coil, which is doing micropayments for content. So the next time you’re reading a story on the Financial Times and you hit that paywall, you hypothetically just pay a dime, a quarter, 50 cents, where today that’s a pretty hard problem. And companies like Coil are going to use XRP for those micropayment transactions.
So yes, Ripple owns a lot of XRP. We’re very interested in the success of XRP. But the accusations of us dumping, that’s not in our best interest to do that. We’re clearly interested in a healthy, successful ecosystem. And so, we would never do that and in fact have taken steps to lock up most of the XRP we own in escrow. Essentially, we can’t touch it.”
Crypto Bitlord also warned about forking the XRP ledger if Ripple doesn’t stop selling XRP. Garlinghouse says a fork may happen as the XRP Ledger is an open-source technology. He said:
“When people talk about forking technologies, you have seen Bitcoin forked multiple times. You have Bitcoin Cash, BSV, Bitcoin Diamond, I can’t name them all. There’s four or five forks of the Bitcoin blockchain. Bitcoin, obviously, the primary BTC, has remained the most notable.
But in the same way, people can take XRP, an open-source technology, and hypothetically they could fork that if they chose to do so.”
Analysts expect XRP to shoot up soon or get crushed by the bear
Some analyses have even claimed that Ripple’s XRP is forming a falling wedge pattern, which means the cryptocurrency is in for a bullish breakout if it crosses the 30 cent mark.
The XRP community has stated multiple times that the prices will shoot up massively, along with a marked increase in volume. Currently holding below the 30 cent mark, the third-largest cryptocurrency has struggled to rise to a significant number in recent times, forcing some members of the ‘army’ to predict ultimatums for the digital asset. One cryptocurrency enthusiast recently predicted a trendline that showed that if XRP does not break resistance soon, it will be going down under soon.
At press time, Ripple’s XRP trades for $0.26 with a market cap of $11.44 billion. Ripple’s native digital asset holds a 24-hour market volume of $1.3 billion after a 2.2 percent drop in value in the daily spectrum. Currently, the cryptocurrency had fallen even further and was trading for $0.256 with the immediate support holding at $0.247.
The Relative Strength Index (RSI) is closer to the oversold zone, which means that the selling pressure is much higher than the buying one. The fall in buying pressure has just happened throughout the past few weeks after the bear took control of the market.
The Chaikin Money Flow indicator has fallen below the zero line after holding much above it. The fall signifies that the capital leaving the market is more than the capital coming into the market. The Parabolic SAR was holding above the price candles, which means that the cryptocurrency was going through a bearish phase.
Many members of the community were of the opinion that they did not expect XRP to fall to such a low, but the sentiment with the cryptocurrency was still strong. The MACD indicator had moved in a sinusoidal pattern with the signal line crossing the MACD line, another bearish sign.
Many analyses have further claimed that the cryptocurrency is forming a falling wedge pattern, which meant that the cryptocurrency is in for a bullish breakout if it crosses the 30 cent mark. A piece of positive news that XRP received recently was when it got added on the Coinbase Card, along with tokens such as BAT and ZRX. Zeeshan Feroz, CEO at Coinbase UK, had said,
“By more than doubling the number of assets our customers can spend on Coinbase Card, as well as introducing the card to 10 new countries, Coinbase continues to help drive crypto’s role as a utility, and not just an investment.”
Ripple (XRP/USD) forecast on November 18 — 24, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.2599. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.
Ripple (XRP/USD) forecast on November 18 — 24, 2019
As part of the Ripple course forecast, a test level of 0.2800 is expected. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.2170. The conservative sales area for Ripple is located near the upper border of the Bollinger Bands indicator strip at 0.3150.
Cancellation of the option to continue the depreciation of the Ripple will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing quotations of the pair above the area of 0.3320. This will indicate a change in the current trend in favor of the bullish for XRP/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ripple (XRP/USD) forecast on November 18 — 24, 2019 implies a test level of 0.2800. Further, it is expected to continue falling to the area below the level of 0.2170. The conservative area for selling Ripple is located area of 0.3150. Canceling the option of falling cryptocurrency will be a breakdown of the level of 0.3320. In this case, we should expect continued growth.
Santander Launching Ripple-Powered Payments in Six New Corridors, Banking Giant Not Utilizing XRP
Spanish banking giant Santander says it will soon expand its use of Ripple’s cross-border payments platform.
In a recent conference held by the Institute of International and European Affairs, managing director of digital investment banking at Santander, John Whelan, talked about the company’s efforts in blockchain.
He says the company will bring its Ripple-powered payments platform called One Pay FX to all 10 of its main corridors in the near future.
“We actually have a blockchain-based international payments system that’s running on four of our corridors: Brazil, Mexico, UK, Spain. It’ll be on all 10 soon. Instant transfers at very, very tight spreads: 30 basis points.
It’s a nice user experience. I use it myself. I sent money to the United States. It’s available same-day. Fantastic, and at a guaranteed rate.”
In April of this year, Santander executive chair Ana Botín said One Pay FX is now powering more than half of Santander Group’s FX payments.
“With this new initiative that is already in place, we’re actually covering 50% of all the FX payments that the Santander Group does annually.
And it works really well, because the rails that we’re using – which, as you say, we’ve collaborated with Ripple – we’ve been testing those for two years, actually with our own employees. And it works.
It’s safe. It’s fully compliant, and obviously we’ve made sure we comply with all local regulations. So you’re in safe hands.”
One Pay FX launched in October of 2018.
It utilizes Ripple’s primary cross-border payment messaging system, which is designed to be a faster alternative to Swift. One Pay FX does not utilize On-Demand Liquidity, which is powered by XRP.
Santander’s support desk set off a whirlwind of rumors back in March, when it mistakenly stated that it was using XRP.
Santander then retracted the statement and clarified it only uses Ripple’s xCurrent, which does not utilize the digital asset.