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Says Ripple exec: XRP built for practical use case to solve inefficiencies in legacy banking systems

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“We do not see crypto as replacing fiat.” Breanne Madigan, Head of Global Institutional Market at Ripple said at The OECD Global Blockchain Policy Forum 2019. In the finance session, Madigan stated that Ripple was inclined toward interoperability and that “replacing fiat” was not their goal.

The Ripple exec said,

“We see opportunities for the two to co-exist and we see significant benefits in building networks of networks. We think about using digital assets as a great opportunity to solve the significant problem of trapped capital and pre-funding in the traditional correspondent banking system which is extremely inefficient with the set of Nostro and Vostro accounts, we estimate that up to 10 trillion dollars of trapped capital are being sued very inefficiently as a result of this legacy system that we are currently moving money with.”

Ripple views cross-border payments as the most “practical use case for digital assets” and added that XRP being hybrid between a utility and settlement token, was specifically built for the payments use case.

Madigan went on to address Ripple’s involvement in XRP and tried to disambiguate the “misinformation” that plagued the ecosystem.

“Ripple did not create XRP, nor do we control it. If Ripple went away tomorrow, XRP would continue to exist as with our ledger. There are currently 150 nodes on our ledger and Ripple controls operate only a seven of those.”

Institutional adoption

Madigan said that Bakkt going live with its long-awaited Bitcoin Futures to institutional clients was an important step for the overall crypto ecosystem. According to the Head of Global Institutional Market, liquidity is an important factor for institutional adoption. She went on to say that liquidity is one of the significant hurdles of institutional adoption of crypto-assets.

Madigan also emphasized that the development of derivative, deeper liquid markets, and hedging instruments was a very important strategical step toward institutional adoption.

Facebook’s Libra

In the panel discussion, Ripple exec echoed a similar sentiment to that of CEO Brad Garlinghouse while addressing Facebook’s upcoming Libra project. Madigan admitted that while the community’s reaction to Libra has been “polarizing”, she said that one of the best outcomes from its whitepaper was the fact that it “forced the regulators to come to the table to develop a framework”.

“I think developing a constructive global, regulatory framework for crypto-assets and investing in one of the most significant hurdles to institutional adoption.”

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Ripple’s Community Shows Interest in Forking XRP Into “RippleOne”

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What better way to kick off a new week in the crypto industry than by having some potential drama. While Ripple and XRP are prominent entities in the industry, a lot of people have a genuine dislike for both. Things have gotten out of hand recently, as Crypto Bitlord claims he will effectively fork XRP. There is even a Discord channel created for this specific purpose, albeit it seems unlikely much will come of it.

The XRP Fork Plan

While it is not uncommon in the cryptocurrency industry to fork existing projects, most of these ventures are never overly successful. In the case of Bitcoin, there have been so many spin-offs that most people have stopped bothering to keep track of it all. Ethereum also has its own fork, as do numerous other cryptocurrencies on the market today. Surprisingly, it now seems XRP may be added to this list in the near future, assuming the speculation and rumors on Twitter will effectively lead to some plan of action. 

If Crypto Bitlord is to be believed, there will be a fork of XRP in the very near future. The new fork will be known as RippleOne and aims to disrupt the existing ecosystem as a whole. Why anyone would try to fork a project which isn’t even a traditional cryptocurrency in the first place, remains rather unclear. It appears this particular user is not too pleased by the way XRP has performed in recent months, although the same can be said about all cryptocurrencies, tokens, and assets on the market right now. 

The Discord Channel Goes Live

As is often the case in the cryptocurrency industry, an idea like this tends to get some attention sooner or later. There appear to be many XRP holders who are displeased with how Ripple is handling the sale of XRP through its escrow contracts. Even though that move was designed to bring more legitimacy to the project as a whole, it seems a lot of people don’t understand the purpose of taking this approach. There are also concerns as to how Ripple is effectively pushing the XRP price down by continually selling these locked assets every single month. 

As the RippleOne concept gains more traction, it now appears there is a dedicated Discord channel for like-minded users to come together.  Although this is a big step in the right direction toward creating RippleOne, it doesn’t necessarily mean an XRP fork will ever occur. More often than not, this is merely smoke and mirrors to try and cause a ruckus. Effectively forking a project and making it successful is a lot more difficult than people might expect.  If it wasn’t, everyone would so at their leisure, which is the last thing the cryptocurrency industry needs.

Would it Even Pose a Threat?

To this date, no one can deny Ripple has seen its fair share of success over the past few years. While it is true XRP has lost tremendous value compared to its multi-dollar all-time high, the same goes for most of the markets today, with the exception of Bitcoin. Even that currency is down by nearly 50% compared to its all-time high of late 2017. There is no reason to believe these markets will not recover in due time. That being said, not everyone has the patience of a true holder, which is only to be expected under the current circumstances.

Even if this XRP fork were to be created, one has to wonder if it can pose a legitimate threat. Since everyone knows RIpple and XRP by now, it seems unlikely RippleOne will make much of an impact. Moreover, Ripple has the partnerships necessary to become a successful company, whereas RippleOne would have to start from scratch. There are far easier projects to fork if developers want to make a quick buck, as going after XRP will involve a lot of patience and hard work. 

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Ripple’s XRP technical analysis: XRP/USD bulls are lifeless with a position to capitalize to the north

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  • Ripple’s XRP price on Monday is trading marginally in the green, up some 0.20%. 
  • XRP/USD price action is moving in consolidation mode, sitting just above a breakout pennant structure. 
  • Upside appears to be very much capped by resistance within the $0.2600 price area. 

Spot rate:                 0.2542

Relative change:      -0.65%

High:                         0.2637

Low:                          0.2605

XRP/USD

OVERVIEW
Today last price0.2611
Today Daily Change0.0004
Today Daily Change %0.15
Today daily open0.2607
TRENDS
Daily SMA200.2587
Daily SMA500.2793
Daily SMA1000.3312
Daily SMA2000.3365
LEVELS
Previous Daily High0.2647
Previous Daily Low0.2592
Previous Weekly High0.2665
Previous Weekly Low0.2511
Previous Monthly High0.3308
Previous Monthly Low0.2392
Daily Fibonacci 38.2%0.2613
Daily Fibonacci 61.8%0.2626
Daily Pivot Point S10.2584
Daily Pivot Point S20.256
Daily Pivot Point S30.2529
Daily Pivot Point R10.2639
Daily Pivot Point R20.267
Daily Pivot Point R30.2694

XRP/USD daily chart

  • XRP is sitting just above a breached bearish technical pennant, there is a lack of commitment for now. 

XRP/USD 60-minute chart

  •  The heavy near-term supply can be observed within the $0.2600 region, as sellers remain capped within region. 

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Ripple (XRP/USD) forecast and analysis on September 16, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.2627. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Ripple. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.

Ripple (XRP/USD) forecast and analysis on September 16, 2019

As part of the Ripple course forecast, a test level of 0.2600 is expected. Where should we expect an attempt to continue the growth of XRP/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 0.2740. The conservative buying area for Ripple is located near the lower border of the Bollinger Bands indicator strip at 0.2480.

Ripple (XRP/USD) forecast and analysis on September 16, 2019

Cancellation of the option to continue the growth of the Ripple rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair below the 0.2460 area. This will indicate a change in the current trend in favor of a bearish for XRP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ripple (XRP/USD) forecast and analysis on September 16, 2019 implies a test level of 0.2600. Further, growth is expected to continue to the area above the level of 0.2740. The conservative area for buying Ripple is located area of 0.2480. The cancellation of the option of cryptocurrency growth will be a breakdown of the level of 0.2460. In this case, we should expect the continuation of the fall.

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