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Ripple’s XRP Remittance Network Now Live in 25 Countries Across the Globe

The cross-border payment company Ripple has released an overview on the state of its network, including new details on its XRP remittance platform.

The company says its network of banks and financial institutions now spans 70 countries. On average, a new country is added to the list every week.

Source: Ripple

In addition, Ripple says its XRP-based remittance platform On-Demand Liquidity (ODL) is growing. Companies that choose to use the digital asset XRP to move money can do so in the 25 countries listed below.

  • United States
  • United Kingdom
  • Mexico
  • Philippines
  • France
  • Spain
  • Australia
  • Ireland
  • Iceland
  • Sweden
  • Finland
  • Norway
  • Italy
  • Germany
  • Denmark
  • Austria
  • Czechia
  • Slovakia
  • Hungary
  • Croatia
  • Bulgaria
  • Latvia
  • Estonia
  • Romania
  • Greece

Ripple rolled out its XRP remittance product for commercial use in October of 2018.

Last year, Ripple partnered with payments giant MoneyGram and bought a $50 -million stake in the company. MoneyGram quickly became the largest and most high-profile user of XRP. The payments giant says it has now sent $100 million in total volume through ODL.

MoneyGram is moving 10% of its daily transaction volume between the US and Mexico using the technology. The company’s CEO Alex Holmes says it’s also using Ripple’s liquidity solution in four additional corridors, although the company hasn’t revealed further details at time of publishing.

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Latest News – Top Headline for Ripple XRP, February 18th, 2020

  • Ripple XRP is undervalued says CEO
  • Ripple XRP price rally persists with the possibility of a price surge to $0.31 level

XRP News Now – According to Ripple’s CEO Brad Garlinghouse, he claims that Ripple Inc.’s recent multi-billion-dollar appraisal which placed the Ripple as one of the biggest Fintech firms in the U.S should have been higher. In a recent interview on CNN’s First Move, Garlinghouse states that Ripple now holds over $15 billion worth of XRP. According to reports, the figure is higher than the $10 billion evaluation Ripple achieved in a new $200 million Series C funding round.

XRP price rally persists, the possibility of a price surge to $0.31 level

XRP USD TradingView – XRP price encountered support close to $0.2680 and recovered slightly against the U.S dollar. There could be a persistent surge to the price of XRP, though the bears might protect the $0.3100 resistance level. XRP price is gradually correcting higher from the $0.2677 swing low against the U.S dollar. Currently, XRP price is back above the $0.2800 level, but it lacks any sign of bullish momentum.

XRP TradingView – On Monday 17, 2020, two merging XRP bearish trend lines were broken with resistance close to $0.2865 on the hourly chart of the XRP/USD pair. The price could encounter price recovery towards the $0.3000, $0.3050 and $0.3100 resistance levels. There was a massive price decline in XRP from above the $0.3200 and $0.3000 levels. XRP 2020 price went as low as settling beneath the $0.3000 pivot level and the 100 hourly simple moving average.

XRP Price Prediction 2020 – XRP price broke the $0.2800 support level and traded close to the $0.2650 support level. A swing low is established close to $0.2677 and the XRP price is correcting recovering. XRP price exceeded the $0.2750 and $0.2800 resistance levels to commence a fresh XRP price recovery. Also, there was a break above the 23.6% Fib Retracement level of the downward move from the $0.3469 high to $0.2677 low.

Ripple Price Prediction 2020 – XRP Price Prediction 2020

XRP News Nows – if XRP bulls can clear the $0.3070 and $0.3100 resistance levels, there could be a massive surge towards the $0.3400 and $0.3500 resistance levels. In the short term, there could be a price correction above the $0.2900 and $0.2920 levels. Subsequently, if the XRP price fails to gain an impetus above $0.300, it might resume its price decline. XRP News Now, Early support is close to the $0.2800 level, the major support level for XRP 2020 price is close to $0.2650, beneath which the XRP 2020 price could decline further towards $0.2500 or $0.2450 in the near term.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3XRP(XRP)$0.30015.64%

XRP TradingView – XRP News Now, the XRP/USD pair is gradually moving into the bullish zone, while the RSI for XRP/USD pair is back above the 50 levels with a slight bullish indication. The major resistance levels are $0.2940, $0.3000 and $0.3070, while the major support levels are $0.2800, $0.2780 and $0.2650.

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Ripple CEO claims XRP’s demand won’t be affected by USD-backed CBDC

With nation-states like Singapore well into the development of its own CBDC and China set to launch its ‘DCEP’ this year, all eyes are on the United States Federal Reserve and the possibility of it launching a U.S. dollar-backed CBDC. In fact, the Head of Blockchain technology at JP Morgan had reportedly said that if the Federal Reserve launched a coin, the firm would drop its JPM Coin. With so many central banks preparing to step into the world of blockchain technology and cryptocurrencies, where does Ripple stand?

In a recent interview, Ripple CEO Brad Garlinghouse spoke about the possibility of a ‘Fed Coin,’ and how it would affect the company. “I don’t think in most of Europe and U.S, they’re going to circumvent the commercial banks,” he said, adding that whether the launch goes through or not, the San Francisco-based blockchain firm’s focus remains on commercial banks and payment providers.

However, Garlinghouse also said that Ripple is open to servicing other types of customers, comparing the firm’s growth to that of Amazon in the early days of the Internet, a time when it just sold books. The CEO of Ripple went on to address the firm’s rate of expansion, commenting,

“We view ourselves as a blockchain infrastructure company. The first vertical we’ve done is cross border payments,” he said. “We want to make sure we’re winning and cross border payments before we do another vertical. But we will certainly do other verticals leveraging these technologies.”

However, contrary to the sentiments shared by JP Morgan’s Head of Blockchain, Garlinghouse doesn’t believe that XRP’s continued existence and use is predicated on whether the Federal Reserve launches ‘Fed Coin.’ According to him, even if the Fed Coin launches, the need for a proper, cross-border settlement dynamic will remain and thus, there will be a need for a neutral, cross-border settlement asset like XRP.

This is an interesting observation to make as off late, many Federal Reserve officials have come out publicly to trash cryptocurrencies, while also teasing the release of this much-anticipated ‘Fed Coin.’ In light of the mistrust of public officials towards cryptocurrencies such as Bitcoin and XRP, many expect the ‘Fed Coin’ to pose a challenge to the same.

Whether or not this will be the case remains to be seen. However, with at least one central bank launching a fiat-backed national stablecoin this year, 2020 might be the year we finally find out.

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Is Ripple looking to disrupt the $16 billion Indian remittance market? Here’s Brad Garlinghouse’s take

When we look at a framework, we want regulatory clarity and that’s an important one.”

These were the words of blockchain giant Ripple’s CEO, Brad Garlinghouse, who featured in an interview with CNN’s Julia Chatterley. He went on to say that while any remittance market that has a “lot of US Dollar and Euro” flow continues to be a high priority, the only hurdle in cases like these is the regulatory clarity.

A staunch supporter of regulation in the crypto space himself, Garlinghouse went on to hint that India could be on their expansion list if the lawmakers provide some sort of relief in terms of regulating the market. He said,

“You know, typically you’d say India would be high on our list. [But] India hasn’t yet provided a lot of clarity from a regulatory point of view and so we have not prioritized.”

While there is no outright ban in the country, however, the clampdown by the Reserve Bank of India, imposed nearly two years ago, has attracted negative press for the market.

The lack of regulatory clarity has not deterred the San Francisco-based firm to look forward to the vast remittance market that India has to offer. When asked if the blockchain firm has stepped back till the lawmakers of the country issue its regulatory stance on the market, Garlinghouse asserted,

“I wouldn’t say we stepped back. It means a lot of frequent flyer miles for me.”

Besides, Ripple-backed remittance services provider MoneyGram had recently announced a partnership with Indian money transfer firm EbixCash, a wholly-owned subsidiary of Nasdaq-listed Ebix as part of its expansion plans.

Source: Trading Economics

According to Trading Economics’ latest report, remittances in India increased to $16.373 billion in Q3 of 2019 from $14.641 billion in Q3 of 2019. Developments in the digital space coupled with regulatory clarity on the crypto market could essentially change the dynamics of the remittance market and it on a steady upward curve.

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