American economist Jeffrey Tucker, who also works as the editorial director at the American Institute for Economic Research (AIES), called Ripple XRP “brilliant technology” in a recent interview on Russia Today. Tucker shared his opinion that Ripple’s growing popularity had been influenced by sometimes outdated traditional financial systems such as SWIFT.
When asked to explain why the recent partnerships, alliances, and increased capacity of Ripple had no positive effect on XRP, Tucker explained that the digital token XRP is a “specific kind of crypto” and at this moment many regular investors are not interested in the technology. He continued by saying:
That does not mean it’s not going to change the world. I think it’s an extremely important technology because it’s thriving off the failures of this antique SWIFT system,
Tucker stated Ripple is doing what traditional financial systems failed to do, provide fast and cheap money transfers.
Our legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche… and XRP has been really valuable in that sense,
Ripple itself continues to promote XRP adoption. Brad Garlinghouse will give his speech during the 55th Global Forum event in Singapore. Global Forum gathers together business leaders, government officials, and academics from different countries who share their views on different business spheres. Apart from Ripple’s CEO, who will be the sole representer of the cryptocurrency industry at the event, list of speakers includes representatives from Central Banks, JPMorgan, Goldman Sachs, MasterCard
Ripple’s Partner SBI Remit Announces Tie-Up with Major Japanese Bank
RippleNet-powered money transfer service SBI Remit has made an announcement about its cooperation with the Fukushima Bank. From now on, this regional Japanese bank will be responsible for handling all of the company’s international remittance services.
SBI Remit states that is it keen on adopting new technologies, including Ripple’s distributed ledger technology. This helps it make remittances more ‘convenient’ and ‘secure.’
The Ripple partnership already allows SBI Remit Thai nationals that reside in Japan to conduct nearly instantaneous cross-border payments between the two countries.
“With the steady rise of remittance flows, we see Ripple helping us open up new revenue potential for our business and a better overall experience for our customers,” Nobuo Ando, Representative Director at SBI Remit Co., Ltd.
SBI Holdings, the parent company of SBI Remit, also started offering its shareholders benefits in XRP on Jan. 31. Must ReadRipple’s XRP Is Being Adopted by Almost Every Japanese Bank: CipherTrace CEO –
A real-life problem
The Fukushima Bank has a strong network in Japan’s Fukushima region with 10,000 workers from Vietnam, China, and the Philippines. The number of workers has seen a 2.5-fold increase since the earthquake that took place in 2011. There is untapped demand for remittances that SBI Remit wants to address by opening new payment channels.
The recently formed alliance helps to cut the red tape when it comes to international operations.
Ripple Price Analysis: XRP/USD hits a brick wall ahead of the 0.25 level
- Ripple is trading over 5% higher on a good day for cryptos.
- The pullback has just met some resistance before the bulls had a chance to test 0.25.
XRP/USD 4-Hour Chart
The whole crypto market has clawed back some losses on Thursday.
XRP/USD has pushed 5.25% higher but the pair met some resistance at 0.2472.
Looking at the volume on the bottom of the chart it is still clear that the sellers are in control.
Only when a green candle has more volume than a red one could you dispute this.
Looking further ahead now, if the 0.2250 low gets broken then the downtrend would be confirmed once again.
For the trend to be broken the previous wave high of 0.2857 would need to be taken out.
|Today last price||0.2416|
|Today Daily Change||0.0126|
|Today Daily Change %||5.50|
|Today daily open||0.229|
|Previous Daily High||0.2551|
|Previous Daily Low||0.2253|
|Previous Weekly High||0.3187|
|Previous Weekly Low||0.2615|
|Previous Monthly High||0.254|
|Previous Monthly Low||0.1846|
|Daily Fibonacci 38.2%||0.2367|
|Daily Fibonacci 61.8%||0.2437|
|Daily Pivot Point S1||0.2179|
|Daily Pivot Point S2||0.2068|
|Daily Pivot Point S3||0.1882|
|Daily Pivot Point R1||0.2476|
|Daily Pivot Point R2||0.2662|
|Daily Pivot Point R3||0.2774|
4 THINGS HOLDING BACK XRP PRICE RIGHT NOW
- Ripple Case Not Dismissed
- XRP Securities Status Still Unknown
- IPO Concerns
- Lack Of XRP Endorsement
Ripple’s XRP token had been performing very well in 2020, reaching as high as $0.34 in mid-February, before pulling back to just under $0.30. Unfortunately, it wasn’t immune to the losses which have hit virtually the entire crypto-space this week. So what could be holding it back from recovering now?
RIPPLE CASE NOT DISMISSED
A federal judge in California yesterday ruled that the class action lawsuit being pursued against Ripple could not be dismissed. A group of investors are suing the company, claiming that they lost money selling XRP after being ‘tricked’ by Ripple’s promotional statements.
The judge did dismiss certain claims, but Ripple had requested that the case be thrown out entirely, due to it being filed over five years after XRP was first offered in 2013.
The investors will now get a chance to take Ripple to court for selling unregistered securities. Ripple themselves said that this “would upend and threaten to destroy the established XRP market more broadly.”
XRP SECURITIES STATUS STILL UNKNOWN
Speaking of unregistered securities, the US Securities and Exchange Commission (SEC) has still not made a decision as to whether it classes XRP as a security. Should it eventually take the position that the Ripple asset is not a security, then this should also negate the class action lawsuit.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!
The SEC has certainly been taking its time with the decision. Back in June 2018, it classed Bitcoin and Ether as currencies and not securities, but was undecided on XRP.
At the time, some believed that a ruling by the Financial Crimes Enforcement Network (FinCEN) in 2015 allowing Ripple to continue selling XRP tokens, meant that the SEC could not then classify them as securities.
However, 20 months later and the SEC has thus far failed to come to the same conclusion.
Back in January, Ripple CEO, Brad Garlinghouse, hinted that the company was very likely to go public sometime in the next 12 months, selling shares in an initial public offering (IPO). Some felt that a move such as this was tantamount to pulling out the rug from under XRP investors and would essentially make the tokens obsolete.
If an IPO is going to happen, Ripple needs to convince investors of its commitment to XRP tokens, and the value of them going forward.
LACK OF XRP ENDORSEMENT
We’re serious. While many other cryptocurrencies have their big name fans, XRP and Ripple are more likely to find themselves at the sharp end of a put down.
As Bitcoinist reported this week, Anthony Pompliano said in no uncertain terms that he would never buy XRP in a televised interview.
BitMEX CEO Arthur Hayes famously called XRP “dogs**t” earlier this month, as his company announced it as a trading pair for perpetual swaps. And Tone Vays didn’t hold back, when he told Bitcoinist what he hates most about XRP.
Even retired UFC fighter Ben Askren felt the need to get in on the act, saying that he thought XRP was ‘a scam’.
Maybe a big name endorsement would help XRP to get moving upwards again?