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Ripple CEO discusses plans for 2020; where is XRP heading next?

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Brad Garlinghouse, CEO at Ripple, sat down with Bloomberg to discuss the future of the company and the developments done on XRP.

Making Strides

Garlinghouse affirmed that the cryptocurrency market is currently oversaturated with worthless projects. He believes that it is “incredible” how people are trying to solve real problems with the use of blockchain technology.  But, most of them are creating meaningless tokens just to benefit from the investment rush that the industry has seen.

According to Garlinghouse, out of the 3,000 different digital assets in the market, only 1 percent will prevail.

“I have said before that I think 99 percent of all crypto is likely to go to zero. But, there is that 1 percent that is focused on solving real problems for real customers and can do that on a scale. And, that is going to be game-changing and will continue to grow significantly in the years ahead.”

The former chairman at Hightail added that XRP is seeing a significant amount of traction as it accelerates the adoption of blockchain technology. He believes that SWIFT is a company that defined how cross-border payments are enabled in the world, but it is obsolete. Meanwhile, XRP brings cross-border payments into the modern world.

“Today, a SWIFT transaction can take several days. You don’t know for sure if it arrived. It’s almost like a postcard, the only way you know is if your friend says ‘hey, I received that.’ But, in a world of the internet where I can order an Uber and shows up right away. [XRP meets the expectations] that people have about how the financial system should work in the modern era.”

RippleNet, a cross-border payment processor, recently surpassed 300 customers. The project has seen a 10x year-over-year growth in transactions, according to a blog post by Ripple. Some of the most notable customers committed to using RippleNet include MoneyGram, goLance, Viamericas, FlashFX, and Interbank Peru.

As Ripple continues to expand its cross-border payment solutions, XRP is consolidating without a clear sign of where it is heading next.

XRP Technical Analysis

XRP is trading within a no-trade zone mostly between $0.24 and $0.30. This trading range is containing the price of this cryptocurrency since mid-August without a precise movement that determines the direction of its trend.

When looking at its 12-hour chart, XRP appears to be breaking out of an ascending parallel channel that formed in late October. Every time this crypto reached the bottom of the channel, it bounced off to the middle or the top. But, when it reached the top, it fell back to the middle or the bottom.

Now that XRP broke below the bottom of the channel, it plunged to the 100-twelve-hour moving average. A further increase in the selling pressure behind this cryptocurrency could send it back to the $0.24 support level.

XR US dollar price chart
XRP/USD by TradingView

Nonetheless, 40-year trading veteran Peter Brandt recently stated that a diamond bottom seems to be forming in XRP’s daily chart. Diamond bottoms are reversal patterns that are not common on traditional assets. Brandt estimates that despite the decline seen in the last 24 hours if XRP is able to close above $0.30, it could shoot up more than 50 percent to $0.47.

XRP price

Moving Forward

According to Garlinghouse, the entire cryptocurrency industry will continue to grow in the years ahead. The utility of cryptocurrencies is evolving significantly as people start to use them to solve real-world problems.

“First the market was used for illegal activity such as Silk Road, then it became a speculation bubble that we will continue to see in the coming years. Then, the focus will be on utility and how these digital assets can solve real problems.”

Garlinghouse believes that the journey to make digital assets make transactions more efficient will last for a couple of decades. The head of Ripple described it as a marathon and he believes that the industry is still on “mile two.” Finally, regardless of the price of XRP, he said that the most important part is the developments being done in the underlying technology. Garlinghouse concluded:

“I don’t think about the price of XRP in the short term. I think if we can enable XRP to be the most efficient in terms of the speed of a transaction and the cost of a transaction more and more people will use it.”

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XRP’s liquidity index on Bitso blazes to another milestone

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The much talked about XRP Liquidity Index had surpassed 6 million on Bitso, a popular cryptocurrency exchange.

XRP and its entire user base believe that the third-largest cryptocurrency will be responsible for bringing about a revolution in the cross border transactions department. Despite the recent price falls, the XRP army has remained confident in Ripple’s native cryptocurrency and its vision for a seamless banking experience.

Recent reports now show that the much talked about XRP Liquidity Index had surpassed 6 million on Bitso, a popular cryptocurrency exchange. The 6 million figure has become the latest all-time high figure for the cryptocurrency. XRPCryptowolf, a famous XRP proponent, tweeted:

“#Twitter’s Liquidity Index Bot (@LiquidityB) reported that the liquidity of #Ripple’s #ODL $XRP corridor hit an All-Time High of 6,023,781

#XRP/MXN represented 65.78% of the total volume on #Bitso”

The liquidity index has been on a steady rise over the past couple of months, and several supporters oversaw the metric. The index closed at a figure of 6.023 million, surpassing the earlier record of 5.993 million. The liquidity index has played a significant role in XRP’s growth in other regions also, with Mexico being a prime example. The index rising so significantly on Bitso was calculated to be a direct effect of the partnership between Ripple and MoneyGram.

The partnership impact was clear because, before the deal, XRP’s Tenitoshi Liquidity index in Mexico was just below the zero line. An analyst had also pitched in to say:

“In principle, market volume cannot be negative. But the calculation of the index sometimes outputs negative values undesirably. It tends to happen if a market is no liquid or very volatile. But those absolute values are negligibly small. So you can think of it as near-zero.”

Back in August of this year, Ripple CEO Brad Garlinghouse had reinstated that MoneyGram will use XRP and its technologies to enable trade for Mexican Peso and its pairings. He assured holders that the volume increase, as well as price fluctuations, will be very evident at the start of 2020.

Ripple has also witnessed its On-Demand Liquidity [ODL] sector jump by a factor of 7 this year after onboarding multiple customers on to its roster. Ethan Beard, the Senior VP of Ripple’s Xpring, had recently said that the company was working closely with market makers to ensure that there is adequate liquidity for transactions.

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Ripple may benefit from Yahoo JP, Line Corp merger

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SoftBank Investment Corporation has announced its plan to merge internet subsidiary, Yahoo Japan, with the messaging application, Line Corp, according to a recent report. The reason behind the merger is speculated to be the creation of a $30 billion tech group to provide relief to the ailing Line Corp, as it has struggled to compete with competitors such as Rakuten and U.S. tech companies.

The coalition will result in Yahoo JP getting access to Line’s 164 million users, as well as their data in Japan and Southeast Asia. Line, a South Korean company owned by Naver Corp, has been reporting losses lately. Thus, the merger will be providing it with Yahoo JP’s tech expertise.

Yahoo Japan recently changed its name to Z Holdings Corp and aims to complete the merger by October 2020. SoftBank and Naver Corp are expected to reach a definitive agreement by next month under which, the companies will form a 50:50 venture that would control Z Holdings. Z Holdings will also operate Yahoo JP and Line.

This partnership could pave the way for Ripple as SBI Group, a subsidiary of SoftBank, announced a partnership with Yahoo JP’s PayPay, last month. The partnership aided PayPay in integrating with Ripple-enabled MoneyTap. The speculation doing the rounds in the community is that Line pay might integrate with Money Tap, opening another gateway and becoming a member to RippleNet.

The speculations gained strength after the report noted that,

“Line has been looking for growth through expansion into areas such as QR code payments with Line Pay, but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay.”

SBI Holdings had also spoken of using XRP to enable remittances from Japan to South-East Asia in its performance and strategy report.

Yahoo Japan’s CEO Kentaro Kawabe has not responded to questions about the services that would be combined or abolished with the two companies’ merger. However, Line CEO Takeshi Idezawa and Kawabe will be serving as joint CEOs post-merger.

Source: ambcrypto

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New Ripple-Based Remittance Service Launching – Will Crypto Asset XRP Be Utilized?

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SBI Ripple Asia and SBI Remit, a cross-border funds transfer platform that operates as a subsidiary of the Japanese financial giant SBI Holdings, are launching a new payments service between Japan and Vietnam.

The new transfer platform will run on RippleNet with the Tien Phong Commercial Joint Stock Bank, a Vietnamese financial institution, on board.

According to a release, the CEO of SBI Holdings and Ripple board member Yoshitaka Kitao says new remittance services utilizing crypto assets will be released in the future. But he doesn’t specify whether the new remittance corridor between Japan and Vietnam will include the use of the digital asset XRP.

“The booming Vietnamese economy is one of the most attractive markets around the world. TPBank, which the SBI Group has invested in, in 2009 and owns a 19.9% share of, has achieved steady accumulation of loans and non-interest income such as settlement services, by actively utilizing cutting-edge technologies.

The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporates crypto-assets in the future.”

The number of Vietnamese residents in Japan has quadrupled over the last five years to around 330,835, according to The Japan Times.

CEO of Tien Phong Bank, Nguyen Hung, says,

“Our cooperation with SBI Ripple Asia on the application of blockchain technology in cross border money transfers marks an important turning point in enhancing our customer experience and makes international money transfers via TPBank faster, more convenient and safer than ever before.”

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