Cape Town-based fintech firm Xago is introducing a new Ripple gateway and a custom-designed exchange that allows users to send and receive XRP, the third-largest cryptocurrency by market capitalization.
Xago’s exchange connects to and utilizes RippleNet, a decentralized network of financial institutions that use Ripple’s proprietary payments technology to conduct near-instant and cost-effective cross-border transactions.
According to the announcement,
“Xago has built the exchange in order to create liquidity of XRP in South Africa, acting as the market-making platform for cryptocurrency enthusiasts and businesses that wish to trade with and utilize XRP and the Ripple Ledger. Due to the fast settlement between wallets, RippleNet is a viable option for transferring value between exchanges, reducing exposure to volatility.”
Founded in 2016 by company CEO Jurgen Kuhnel, COO Sonya Kuhnel and chairman Mark Chirnside, Xago was incubated out of the Cape Innovation & Technology Initiative in Woodstock.
Xago’s founders believe that RippleNet and other blockchain-based platforms will play a key role in transforming the digital payments industry.
“By solving the double-spending problem, the Bitcoin blockchain opened up digital peer-to-peer payments without the need for a trusted third party through the process of mining.”
He adds that Ripple took decentralized technologies one step further by developing a faster and cheaper transaction ledger to compete in the high-throughput and quick clearing retail and banking ecosystem.
After Xago’s exchange has acquired adequate liquidity, it will release its payment switch which connects to retailers via their existing hardware and software platforms.
The exchange’s management explains,
“Where Xago is utilized, it will replace the need for acquirers and card networks for retailers, and with the use of RippleNet and XRP enable cross-border payments in the future. Consumers will be able to pay for goods and transact at the point of sale using only their mobile and mobile number, bypassing traditional payment rails.”
Xago’s platform uses a mobile number-based identity system to seamlessly connect mobile devices, the blockchain and retailers. Due to its high efficiency and low transaction fees, the Xago platform may be able to compete with other payment platforms in the retail industry.
Xago’s chairman Mark Chirnside says,
“This is no small step on the journey of Xago.io. With this launch and with the welcomed constructive approach we take with regulatory compliance and best practice, this platform holds the promise to reduce cost and friction, at a very interesting time in the payments arena. Personally I am honored to be involved as an investor and as Chairman’.”
The launch of Xago’s XRP-based platform has come as Binance Singapore, one of the Malta-based exchange’s fiat-to-crypto trading gateways, reveals it has added support for XRP.
The exchange is pairing XRP with the Singapore dollar.
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.