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The Ripple XRP Rise – What’s Behind It?

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At present Ripple, has the potential to move up a notch 2018. The more banks use it as their transaction platform, the higher the value of XRP.

Generally considered the world’s third-largest cryptocurrency, Ripple (XRP) recently experienced an astounding 14 percent rise, temporarily replacing Ethereum as the number two ranked cryptocurrency for what is now the fourth time over the last year.

This 14 percent rally occurred over a period which saw no other large-cap cryptocurrencies muster a rise of more than four percent.

While much of the discussion has been centered on XRP surpassing the circulation of ETH briefly, and whether a time will come where it can bypass it for a sustained period, it’s worth looking at some of the reasons why this rise happened.

 

Expansion Into the Middle East

At the 2018 Global Islamic Economic Summit in Dubai, Ripple announced plans to set up an office in the United Arab Emirates largest city.

This news comes on the heels of September’s announcement of a partnership with the National Commercial Bank, a Saudi institution that boasts more than five million customers worldwide.

Ripple’s global head of infrastructure, Dilip Rao, has confirmed that along with Saudi Arabia, financial institutions in Kuwait, Bahrain, and Oman have already begun the process of utilizing XRP to facilitate cross-border payments, or have begun to run pilot tests on the Ripple blockchain.

 

The Banco Santander Factor

Although first announced in March of this year, the strategic partnership between Ripple and $80 billion banking titan Santander wasn’t all that clear until the announcement in October of the integration of RippleNet into Santander’s OnePay FC mobile banking app aimed at cross-border payments.

The Ripple-based app was initially released in the UK, Spain, Poland, and Brazil, but expansion to other parts of South America, Asia, and Europe was also announced.

The success of this venture will likely play a huge role in determining how other financial institutions approach a possible relationship with Ripple.

 

The “X” Factor

Anyone who’s been involved in crypto for any length of time knows that we can see increases and dips for more obscure reasons. Not every spike can be attributed to something as easily identifiable as a partnership with a billion dollar bank or branching out into new territory.

Something as minor as a mention in a respected trade journal like the American Banker website, or an extremely tenuous suggestion that we could see XRP payments integrated with ApplePay by way of a Tweet by crypto-wallet provider Wirex can be enough to send the cryptosphere into overdrive, with proclamations of Ripple’s XRP rallying on “news of ApplePay option.”

 

Is the Momentum Sustainable?

When all is said and done the most critical question is can this momentum be maintained? On a number of occasions XRP has risen above ETH in becoming a distant 2nd to bitcoin, but each time it has run out of steam and slipped back.

Both crypto assets remain close in the race to establish the most prominent alternative to the industry mainstay, but with a $700 million edge on Ripple’s $21.2 billion valuation, Ethereum is still out in front. Barely.

One thing for sure is that it’s going to be interesting to see how both perform over the coming months.

 

Guest Post by Aubrey Hansen

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Ripple Latest Updates and XRP Market Analysis

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Ripple has partnered with yet another large bank CIMB Group and secured the 2nd position according to the market capitalization.

Ripple has partnered with yet another large bank CIMB Group which is the 5th largest bank in Asia. CIMB Group announced that it will implement RippleNet Software to process cross-border payments. Ripple’s XRP has also crossed ETH and secured the 2nd position according to the market capitalization.

 

CIMB Bank to use RippleNet

According to sources, CIMB Bank is the 1st bank in Asia in order to implement blockchain technology in such a place where the payments are small in value but the amount of transactions is very high.

SpeedSend, which is CIMB Bank’s platform with use RippleNet to improve the transactional speed and costing for international payments.

 

XRP Crosses ETH

XRP which is Ripple’s native token has crossed ETH is terms of market capitalization. The Ripple Company says that their token XRP and Ripple are not interlinked but it is always seen that as Ripple extends its partnerships with banks over the world, the price and market capitalization of XRP tends to rise.

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Ripple Updates: New office, XRP tip bot, Nasdaq, Trezor and more.

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Ripple has been steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

Ripple has been quite steady in collaboration and advancements throughout the globe. Here are some of the recent advancements with respect to Ripple and XRP:

XRP Tip Bot in Amazon Alexa

The XRP Tip Bot is ready to be a part of the Amazon’s Alexa. This will allow Alexa Users to easily transact their XRP by using voice command on the Alexa Device. The Alexa application developer posted on Twitter on November 6 about Alexa’s implementation of XRP

 

XRP likely to be listed on Nasdaq in 2019

A source from the National Association of Securities Dealers Automated Quotation Exchange (NASDAQ) said that the exchange’s crypto initiative in 2019 is surely interested in scalability and they cannot put apart XRP which is a top-level security cryptocurrency by market cap. The Nasdaq team also said that they believe that XRP is surely going to be the 2nd largest crypto in the future after bitcoin but there hasn’t been any official announcement for the same.

 

Trezor Model T

Trezor will likely list a list of more altcoins in the upcoming model T update of the Trezor Device which will include XRP as well.

 

Cred to provide XRP backed loans

Cred, which is a leading provider of cryptocurrency backed lending. This will help the XRP owners to get loans using their XRP as a collateral security without actually having to sell their tokens.

 

Ripple Opening office in Dubai

Ripple Labs has planned to open their new office in Dubai in order to get themselves a strong position in the middle east markets.

 

Banks adopting Ripple’s Technology

Japan’s MUFG Bank and Brazilian Bank Banko Bradesco have signed an MOU to start using Ripple Software to send cross-border payments between Japan and Brazil. The Banks will use just Ripple’s software XCurrent and not the XRapid which uses the XRP coin. Ripple also tweeted about the collaboration:

 


 

The level of collaboration that Ripple has globally has been rising day by day. However, the XRP investors are still waiting for the real adoption of XRapid which will use the XRP tokens for the transfers rather than just the XCurrent Software of Ripple Labs.

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XRP Security Class Action Lawsuit going Federal

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The lawsuit that alleged XRP to be a security has been removed by the Ripple Labs, the company behind that XRP Cryptocurrency.

The lawsuit that alleged XRP to be a security has been removed by the Ripple Labs, the company behind that XRP Cryptocurrency. The company’s lawyer stated that Ripple never registered XRP as a security and that the allegations of XRP being a security shall be removed.

Peter Morrison who is representing Ripple Labs in the lawsuit stated that the lawsuit comes under the edge of the international cases being a solid class action.

 

The lawyer stated 3 points in support of the company to remove the lawsuit, wherein he mentioned:

A putative class action may be removed to the appropriate federal district court if

1. the action purports to be a ‘class’ action brought on behalf of 100 or more members
2. Any member of a class of plaintiffs is a citizen of a state different from any defendant and
3. The amount in controversy exceeds $5 million.

 

The Lawsuit

The XRP lawsuit claims that Ripple’s XRP should have been registered as a security and that Ripple Labs and its CEO have been manipulating the price of XRP for their own benefit.
The Ripple Lab lawyers moved the case from a state court to a federal court. This may be because it is believed that the judges at Federal Courts are more sympathetic towards
corporate defendants.

 

What if XRP is deemed to be a security by the court?

If the court’s decision proves XRP to be a security it may prove to be very harmful to the whole cryptocurrency community as it may have a negative effect one of the top 3 cryptocurrencies in the market.

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