As a south African remittance platform, Xago was founded by Sonya Kuhnel (COO), Jurgen Kuhnel (CEO), and Mark Chirnside (Chairman) in 2016. by Naveed Iqbal October 9, 2019
Earlier today, a South African-based fintech firm, Xago, announced to the world the launch of its custom-built XRP exchange and Ripple gateway in the country.
According to information reaching our desk, the XRP only exchange connects to and uses Ripple’s network to exchange, send, and receive Ripple’s default virtual currency, XRP.
The Xago XRP exchange will only allow individuals who have a South African bank account to exchange, send, and receive Ripple’s XRP coin using the South African Rand and not any other fiat currency.
Going by the information that is available on our desk, the south African remittance platform, Xago, developed the XRP only exchange to create liquidity of XRP in the southern African nation. The platform aims to act as the market-making network for crypto fans and firms who wish to utilize and trade with Ripple’s default currency, XRP, and Ripple’s Ledger.
Ripple’s network is a viable option for Xago to realize its mission due to its efficient and effective settlement between wallets. Over the years, RippleNet has managed to create a good name for itself in transferring value between exchanges with little or no exposure to volatility.
Apart from increasing awareness of Ripple’s technology in Africa, the launch of the XRP only exchange marks a significant milestone that is sure to see the demand and price of XRP surge upwards.
Also, the South African-based fintech company, Xago, is looking to debut a settlement switch and an API product that will allow South African firms to accept Ripple’s default currency, XRP, in their businesses. Xago intends to make this a reality by utilizing the Ripple network that enables cross-border settlements, replacing the need for card technologies in retail.
Xago’s take on Ripple (XRP)
During an interview with BitcoinKE, the Chief Commercial Officer of Xago, Debra Roodt, said that the current transaction speeds of Xago’s XRP only exchange match those of Ripple’s network even though the custom-built exchange employs two-factor authentication technology on its platform for all actions except for buying and selling.
According to information made available by Roodt, the custom-built XRP only exchange will also use users’ mobile numbers to act as identifiers contrary to using email addresses. By doing this, Xago is ensuring safe system accessibility to its users, reducing compromising issues, and heightened security. Consumers will be able to purchase goods using only their cell phones and their cell phone numbers, avoiding traditional payment rails.
The Xago cell phone number-based identity system is developed to connect user cell phones with the blockchain and retailers in one seamless experience. By charging lower transaction fees, the Xago platform is positioned to compete in the high stake retail environment enabling clients to come up with new and innovative products that will ultimately benefit the end consumer.
As a south African remittance platform, Xago was founded by Sonya Kuhnel (COO), Jurgen Kuhnel (CEO), and Mark Chirnside (Chairman) in 2016. The fintech company believes blockchain technology and more specific RippleNet has a significant role to play in transforming the payment sector.
While speaking on why they chose to focus on Ripple and XRP, Xago CEO Jurgen Kuhnel said:
“The industry is grateful for Bitcoin’s blockchain technology in managing to solve the double-spending problem by introducing the P2P payment solution without the need for a trusted 3rd party through mining. However, RippleNet managed to take this one step forward by building a faster and more cost-effective decentralized ledger that can compete with existing clearing and banking technologies.”
According to information reaching our desk, Xago is waiting for the XRP only exchange to realize sufficient liquidity to debut its settlement switch, which is positioned to connect retailers through the firm’s existing hardware and software platforms.
What this means is that where Xago will be in use, retailers will not need to use card networks — thanks to Ripple’s blockchain technology and its default cryptocurrency, XRP.
Top 20 Coins Like XRP and ETH Showing Signs of Life
Ripple’s XRP is leading the way as many of the industry’s top 20 cryptocurrencies are beginning to experience solid gains over the early morning and afternoon hours.
XRP, Bitcoin and Ethereum Are Fighting for Their Lives
At press time, XRP has built itself up to 28 cents per unit – a near five-cent boost since it was first struck by the crypto bloodbath of last September. Bitcoin is also holding its own and is currently trading at just shy of $8,450. This is a spike of more than $100 in just the last 24 hours alone, and Ethereum has also risen to $183. This is a two dollar rise since yesterday.
While it’s probably too early to say whether the crypto space is entering a “rally phase,” it’s a positive sign to see so many currencies working to bring themselves out of the doldrums. Many coins and tokens are refusing to give into present resistance and are fighting against the negative odds that have been set against them.
One of those odds comes in the form of the Securities and Exchange Commission’s (SEC’s) recent rejection of the Bitwise bitcoin exchange-traded fund (ETF), which many considered to be the last possible chance a bitcoin ETF had of being approved. With this latest rejection, however, bitcoin has managed to hold its position and has not been subjected to further falls, another potential insinuation that perhaps the coin is learning to mature.
Christel Quek – chief commercial officer and co-founder of BOLT Global, explains:
Bitcoin and Ethereum moved higher the past couple of days, strengthening in the $8,000s mark – despite yet another setback from the US Securities and Exchange Commission. The SEC rejected another attempt at a bitcoin exchange-traded fund (ETF) over concerns of transparency issues and market manipulation. Crypto markets have been closely watching each ETF application for any signs of progress as it is hoped that a US bitcoin ETF would provide traders and investors a more formal access to the cryptocurrency than going through the various crypto exchange platforms.
Is Bakkt Responsible for This?
Perhaps these sudden price surges can be attributed to Bakkt’s sudden boost in business. As reported yesterday by Live Bitcoin News, the institutional platform – after experiencing a mediocre reception in the beginning – has now traded roughly $2 million in bitcoin futures contracts over the past two weeks. Despite a slow start, the enterprise appears to be making a lot of headway with institutional investors.
This could potentially be the kick that bitcoin needs with the SEC. As both Bakkt and ETFs are designed for institutional players, the SEC may reconsider their rejections in the future granted Bakkt continues to do well. Thus, perhaps crypto-based trading firms like Bitwise shouldn’t be discouraged from potentially submitting applications later down the line.
Ripple Forecast and Analysis October 14 — 18, 2019
Ripple XRP/USD complete the trading week at 0.2644 and continue to move as part of the correction and the bearish channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to continue the upward correction and test the resistance area near 0.3165. Where again we should expect a rebound and continued fall of the cryptocurrency to the area below the level of 0.1305.
Ripple Forecast and Analysis October 14 — 18, 2019
In favor of the fall in XRP/USD quotes in the current trading week October 14 — 18, 2019 a test of the downward trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the Ripple cryptocurrency fall option will be a strong growth and a breakdown of the 0.3675 area. This will indicate a breakdown of the resistance area and continued growth of XRP/USD quotes with the target above the level of 0.4705. A confirmation of the fall of the cryptocurrency will be a breakdown of the support area and closing of quotations below the area of 0.2145.
Ripple Forecast and Analysis October 14 — 18, 2019 implies an attempt to test the resistance level near the area of 0.3165. Where can we expect the continuation of the fall in quotations with a potential target at the level of 0.1305. An additional signal in favor of reducing Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling cryptocurrency will be a breakdown of the area of 0.3675. This will indicate a continuation of the rise with the target above the level of 0.4705.
Top 3 Kryptowährungen der Woche: ChainLink, Binance Coin und Ripple
Es liegt eine insgesamt erfreuliche Woche hinter den Anlegern am Kryptomarkt. Viele der 20 wertvollsten Kryptowährungen der Welt notieren gegenüber der Vorwoche im Plus. Einen besonders starken Kursanstieg verzeichneten in dieser Woche die folgenden Altcoins:
Euphorie herrscht derzeit bei Anlegern von ChainLink. Der Altcoin hat eine fabelhafte Entwicklung genommen und kommt in der Sieben-Tage-Analyse auf einen Kursanstieg von rund 30 Prozent. Von 2,08 Dollar am vergangenen Sonntag ist der Kurs inzwischen auf 2,56 Dollar gestiegen. Allerdings ging es am zurückliegenden Handelstag wieder leicht abwärts. Das Tagesminus lag bei knapp vier Prozent. Gegenüber dem Wochenhöchststand von 2,92 Dollar am 9. Oktober ist der Altcoin-Kurs wieder um mehr als 12 Prozent abgesackt. Dennoch bleibt es eine überaus positive Woche für Anleger. Die Marktkapitalisierung ist auf rund 931 Millionen Dollar angestiegen. Im Krypto-Ranking belegt ChainLink nun Platz 14.
Platz 2: Binance Coin
Besonders starke Kurszuwächse verzeichnen in dieser Woche auch Anleger des Binance Coin. Derzeit notiert der BNB-Kurs bei 17,95 US-Dollar und erreicht damit zugleich den Bestwert der gesamten Woche. Gegenüber knapp 15 Dollar am vergangenen Sonntag ist der Kurs um mehr als 14 Prozent gestiegen. Auch das Momentum spricht für das Investment. Innerhalb der letzten 24 Stunden ging es um mehr als 5,5 Prozent nach oben. Mit einer Marktkapitalisierung von rund 2,79 Milliarden Dollar rangiert Binance Coin auf dem achten Platz. Die Kapitaldecke ist allein binnen des letzten Tages um rund 143 Millionen Dollar angewachsen.
Platz 3: Ripple
Auch Ripple-Anleger dürfen sich diese Woche entspannt zurücklehnen und ihre wachsende Rendite beobachten. Von gut 0,25 Dollar steigt der Kurs nun in Richtung 0,28 Dollar. Derzeit beträgt das Plus in der Sieben-Tage-Betrachtung 10 Prozent. Damit performt Ripple derzeit besser als die davor platzierten Kryptowährungen Bitcoin und Ethereum. Die Marktkapitalisierung ist auf mehr als 12 Milliarden Dollar angewachsen. 200 Millionen Dollar Kapital sind in den letzten 24 Stunden hinzugekommen.