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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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SWIFT vs RIPPLE: Rivals not Partners

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Ripple enthusiasts around the world have been debating on the possibility of Ripple and Swift partnering with each other but it could eventually turn false.

Ripple enthusiasts around the world have been debating on the possibility of Ripple and Swift partnering with each other. Earlier, we had analyzed how they are surely going to partner with each other considering the different perspective. Recently, however, it seems that the following possibility could eventually turn false as both of these companies are working hard, not for a partnership but to rather compete with each other.

 

Swift clearly says ‘No’ for a partnership with Ripple

According to an article published on the Finance Magnates, a spokesman of Swift clearly denied any future partnership with Ripple by stating that he does not know where the rumors are coming from and that the upcoming new releases or software updates in the Swift network is not related to RippleNet at any cost. The upcoming standards will ensure the use of tracking reference (UETR) in all payments or transactions allowing backs to track their GPI payments in real-time.

 

Ripple denies too:

Ripple’s chief market strategist, Cory Johnson clarified that the aim of Ripple is to offer a product to directly compete with Swift and eventually replace it. This was revealed by Steven Diep in a tweet on January 3rd this year about his interview video with Cory Johnson stating that Ripple is meant to replace Swift and that the customers of Ripple are using both Ripple as well as Swift at the moment.


Do you think Ripple can replace Swift in the near future keeping in mind the massive amount of customers that Swift already has? Tell us your thoughts in the comments section below.

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XRP Updates: What Ripple really needs to do right now?

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What we really need for XRP more than just price catalysts and more ways to speculate on the price is actual adoption and use.

The National Bank of Kuwait has opened up direct remittances with Jordan using XCurrent but not XRapid. Ripple has many major banking partners with some of the biggest and powerful banks in the world. A lot of these huge banking institutions like XCurrent but no one is really using XRapid yet. What Ripple needs to do is to get people to really use the XRP token. It is very important for the future of the XRP ledger. It’s nice that the banks are using Ripple’s software XCurrent, but for the benefit of the XRP holders, XRapid is the innovation that is needed to be adopted.

 

Regulations:

A big thing holding back wider use of XRP is of course regulations. Regulations in so many countries are holding back basically what could be a tidal wave for XRP. So as they continue to work through these different regulations in multiple jurisdictions all around the world, we will see more and more of these banking partners actually hopping onboard and using the XRP token but it might take some time before that can actually happen. Although not at a large scale still there are some use cases of XRapid currently in areas such as Philippines and Mexico.

Ripple has also been working on getting a lot of exchange partners for XRapid such as Bittrex, Bitstamp, Coins.ph and Bitso which are all working to help bring XRapid to life. For XRP to get to the next level it has to get used by the banks but the banks out of regulatory fears or conservativeness, they are using XCurrent and not XRapid or the XRP token yet.

 

XRP as a base currency on Binance

Binance has added different pairs with XRP as the base currency. Currently, it is paired with only TRON and Zcoin at this time. As time moves forward, we are surely going to see other pairs such as XRP to Litecoin or XRP to Cardano. Although the news does not seem exciting it is really important that XRP does get added in terms of creating value for XRP because the more trading pairs we have, the more volume we are going to have and more people are going to be exposed to it.

 

Large Accounts moving XRP

We have seen some very big accounts pushing a lot of XRP around in the tunes of 90 million XRP or 70 million XRP which are not owned by the company but large whales who are moving it around and probably some of these would be looking to move it to exchanges to dump it into the markets.

 

Uphold’s XRP holdings

Uphold has announced that their largest holding ahead of bitcoin is XRP which shows that there are a lot of XRP enthusiasts who are using uphold. This may be a continuing trend for a lot of different exchanges as XRP is one of the most popular cryptocurrencies.

 

Nasdaq and XRP:

When the Nasdaq cryptocurrency exchange gets launched it seems that XRP would be one of the tokens listed there. This could be a very big catalyst for the price of XRP.

 

What we really need for XRP more than just price catalysts and more ways to speculate on the price is actual adoption and use.

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Ripple Whale Alert: 20 million XRP transferred to Bitfinex. For selling?

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20 million Ripple were transferred to Bitfinex exchange which may be for selling in order to invest in some other digital asset which is in a bullish phase.

After being bearish from more than a month, the cryptocurrency market has started to recover from the last three days with major cryptocurrencies such as bitcoin rising more than 25% in the last three days. All top 10 altcoins are green colored today with bitcoin cash rising more than 57% in the last 24 hours except for XRP which is still in a 1% loss since yesterday. Ripple is trading around $0.367 according to CoinGecko Chart. Around three hours back 20 million Ripple were transferred to Bitfinex exchange which may be for selling in order to invest in some other digital asset which is in a bullish phase. Here are the details of the transaction:


 

 

Around $7.5 million worth of Ripple (20,000,000 XRP) transferred from unknown wallet to Bitfinex:

https://bithomp.com/explorer/BE596BF80F52E38786D2092F29358927042C42EF10DE208CC42C585BB5B5A531

 

The following article is not financial advice. The readers are advised to do thorough research and analysis before making any investment decisions in the cryptocurrency market which is extremely volatile.

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