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State-owned Banco Hipotecario of El Salvador revealed as new Ripple customer

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  • The annual report of El Salvador’s Banco Hipotecario reveals that the state-owned bank started using the RippleNet for real-time cross-border payments.
  • Thinking Crypto may shed light on the question of how many partners Ripple actually has at the moment. 

Ripple Labs has gained a new partner for its payments network, as discovered by XRP community member @WKahneman. El Salvador’s Banco Hipotecario lists a new system for international payments that uses Ripple’s network in its 2020 annual report released this month.

Kahneman suspects the connection is through Nium. Last October, Nium, a strong Ripple partner, announced a strategic collaboration with Banco Hipotecario, a state-owned bank (40%) in El Salvador, to improve international remittance services for consumers and businesses across the country.

The announcement said at the time that the partnership will open the door to new international payment corridors beyond Latin America, delivering convenient, secure and real-time global payment options to Banco Hipotecario’s corporate and consumer customers. In addition to South America, Europe, the United Kingdom and the United States were named as target markets.

“We are very excited to work along with Nium’s real-time fund transfer technology and their extensive portfolio of regulatory licenses to push payments across borders. We hope to provide a better customer experience and improve our portfolio of products that will meet the needs of our customers through our constant focus on innovation and improvement,” said José Raúl Cienfuegos, Director of Operations and Finance at Banco Hipotecario in October 2020.

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The annual report is now to be the confirmation that the RippleNet is the basis for Nium’s cooperation with Banco Hipotecario. The Salvadoran bank writes in the report:

A new system was created to make international transfers through the Ripple payment network, which is widely used by financial institutions around the world. Additionally, new transfer processes were created and communicated to interested users.

How many partners does Ripple have?

Meanwhile, another renowned XRP community member, Leonidas Hadjiloizou, has again raised the question of how many partners Ripple has and whether the company may have lost customers as a result of the SEC lawsuit. As CNF reported, Hadjiloizou asked Ripple’s GM, Asheesh Birla, in a Twitter comment back in early March to comment on why Ripple changed its website presentation “from 300+ to hundreds” of customers. Birla did not respond.

However, the XRP community may get another chance for clarification. “Thinking Crypto” will interview Ripple CEO Brad Garlinghouse next month. The YouTube channel and podcast host asked for input from the community for the interview and liked Hadjiloizou question.

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Ripple CEO Claims Ether Surpassed XRP Because of SEC

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Ether took XRP’s second spot because of the SEC, says Ripple CEO Brad Garlinghouse

During his appearance at the DC Fintech Week virtual conference, Ripple CEO Brad Garlinghouse opined that the regulatory clarity that Ether, the second-biggest crypto, has received from the U.S. Securities and Exchange Commission allowed it to surpass XRP:

Within the last few years, XRP was the second most valuable digital asset. As it became given that the SEC had given a hall pass to ETH, ETH has obviously kind of exploded…That clarity has helped.

Garlinghouse adds that market forces are supposed to determine winners and losers instead of regulators.   

In December 2017, XRP became the second-largest crypto but it has since slipped to seventh place.

Ether is now firmly in second place, with its market cap recently surpassing that of banking giant JPMorgan.

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Garlinghouse slammed Gary Gensler for refusing to answer whether the rival cryptocurrency is a security, adding that the existing securities laws are outdated:

If laws are so clear, then let’s just say the answer to these questions.

He also praised “Twitter sleuths” who are busy dissecting the SEC’s case against Ripple.

The Ripple boss has reiterated his oft-repeated claim about the lack of clarity in the U.S. He also said that the company had signed zero new customers in the States due to regulatory headwinds, but this didn’t stop the company from expanding worldwide:   

We are growing a lot more outside the United States.     

China’s hostile stance toward crypto also doesn’t make a lot of sense in the long run, according to Garlinghouse.

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Here’s how Ripple is expanding its footprint in Asia Pacific

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Ripple is partnering with another company in Singapore to expand its services for cross-border payments in the Asia Pacific. The new partnership is aimed at expanding RippleNet’s footprint in the region by offering the fundamental infrastructures for cross-border payments for banks.

Ripple had a plan to acquire a 40% stake in Tranglo company, and the new partnership follows that intention. The first country to receive the results of the new partnership in the Philippines, and new corridors will be launched after that.

Providing the Structure for Cross-Border Payments

There are many opportunities in the Asia Pacific area for companies that are solving payment challenges. Cross-border payments are among the essential needs of banks and citizens in that region because many of the people work abroad and help their companies by sending money from other countries.

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Ripple is among the most active blockchain companies that have a considerable focus on this area. The RippleNet solution has helped many big banks launch corridors for cross-border payments, and the new partnership with the Tranglo company is aimed to expand these services.

Tranglo will launch its first live On-Demand Liquidity (ODL) service on RippleNet in the Philippines in six months as the first result of the partnership with Ripple. More corridors will be introduced in the coming months. The Philippines is a very good target region for this partnership because this country is the third-largest remittance-receiving country in Asia.

Tranglo is among the best companies in East Asia, helping cross-border payments for citizens. It has supported existing RippleNet corridors in the Asia Pacific before. Companies like BKK Forex, DeeMoney, and Siam Commercial Bank use Tranglo services. These new connections help the company process more currencies in the region.

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Ripple execs believe the Singapore company can help them very well in expanding footprints in the Asia Pacific region. Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said:

“The strong traction with Tranglo in the past 6 months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia Pacific, a region which is often tricky to navigate. Tranglo’s in-depth regional experience has been extremely instrumental in expanding RippleNet in Asia Pacific, and I’m excited to see us further collaborate to scale our partnership to new heights.”

New partners using the RippleNet solution for payments means more customers for Ripple. It always has been a great goal for the company, and it seems to be working based on numerous partnerships. All of these incidents can help the XRP coin, too, by increasing the demand.

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Ripple Forecast and XRP/USD Analysis October 21, 2021

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XRP/USD are trading at 1.1307 and continue to move within the growth and bullish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $53,450,449,348. Moving averages indicate a short-term bearish trend for Ripple. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop a small correction of the asset and a test of the support level near the 1.0785 area. Further, an upward rebound and a continuation of the rise of the cryptocurrency to the area above the level of 1.2505.

Ripple Forecast and XRP/USD Analysis October 21, 2021

In favor of raising the XRP/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the bullish channel. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.9505. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.8505. Confirmation of the growth of the digital currency rate will be the breakdown of the resistance area and the closing of prices above the level of 1.2205, which will indicate a breakdown of the upper border of the downward correction channel.

Ripple Forecast and XRP/USD Analysis October 21, 2021

Ripple Forecast and XRP/USD Analysis October 21, 2021 imply an attempt to test the support level near the 1.0785 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 1.2505. An additional signal in favor of the growth of Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise quotes will be a fall and a breakdown of the 0.9505 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.8505.

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