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Banks have been fans of XRP for a while now, Ripple Regulatory Officer

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In a tweet that has now gone viral, Sagar Sarbhai, who is responsible for government and regulatory relations for Ripple in the APAC and the Middle East, explains that banks have actually been fans of Ripple for a while now.

Often, many investors and traders worry about certain aspects of a project, such as whether the demographic is large enough, or whether mass adoption is likely. Mr. Sarbhai instead reveals that in 2016, Ripple had the foresight actually to give twelve separate banks some XRPs.

They also made sure that the banks were in all different parts of the world, and that there was no pre-existing relationship between any of them, in an effort to make sure that this experiment was as unbiased as possible.

Ripple found out that since there were so many regulations regarding the fact that they have to record assets meticulously, and there was no way they could actually account for these new digital assets – that banks, although they loved how efficient and convenient the technology was, recognized that the regulation wouldn’t allow for them to legally use Ripple.

Ripple had to go back to the drawing board and figure out how exactly to combat this problem. They came up with XRapid as a way to deal with regulation and instead ended up partnering with payment providers. The entire point of XRapid is to have the Ripple project finally come to fruition in the form of real crypto utility, and also provide liquidity to the markets.

XRapid is already working with all sorts of money transfer companies, such as MoneyGram, Western Union, and others. Given the fact that the remittance industry, where foreign workers send money back to their families, is ITSELF a sector that is worth hundreds of billions of dollars, and is an integral part of multiple countries – this could be massive for Ripple, which has previously ran to over $3 off of speculation, and without actual utility.

The momentum is strong with Ripple, which is probably why Sagar Sarbhai tweeted out his 2016 conversation to provide context to the positive way that the market is responding to Xrapid, probably as a way to show investors and traders that this has not been overnight and that the team has been focused on a relationship with since the inception of the project.

Brad Garlinghouse, the CEO of Ripple, has also said in June that major banks would be using XRapid as 2018 ends and also believes strongly that dozens of banks would be adopting XRapid in 2019.

He also stressed that he believes that this would indeed happen as long as Ripple remains a real solution to real problems. Given the fact that it transfers money more efficiently than traditional banks, and that it could save banks massive amounts of money by serving as a “bridge” between currencies – that certainly seems to be the case.

Ultimately, this is all fantastic news for those who are holding Ripple long-term, and time will tell whether “dozens” of banks do end up using and adopting XRapid . Sarbhai stated in his most recent interview with CNBC that the official XRapid commercial launch could happen “in the next month or so”.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Luuk Wouters on Unsplash

Altcoins

Why Binance May Be Crucial for Tron (Trx) to Reach $1

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TRON (TRX) has been one of the most popular crypto projects in the past year. The coin has received a lot of attention from the entire crypto community, and although the impressions may differ —  the fact is that TRX is one of the most talked-about coins, even today.

However, while the project managed to achieve a lot in less than a year — launch its MainNet, start multiple massive projects, launch dozens of dApps, hundreds of smart contracts, its own DEX, new token, and more — its price remains quite low. Undoubtedly, one of the reasons for this is its massive supply. TRX circulating supply is over 66 billion coins, while the total supply is over 99 billion.

Even so, the coin is believed to be massively undervalued, with its current price sitting at $0.028129, according to TradingView. This price, together with a market cap of $1.88 billion, pushed the coin out of the list of top 10 largest cryptocurrencies, and it currently sits at 11th spot. But, many believe that this is not a permanent position for TRON. In fact, its community believes that it is only a matter of time before TRON rises through the ranks, and its price hits $1. And, the way for the coin to achieve this is believed to be through Binance.

TRON and Binance

Binance is one of the world’s…

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Why Tron (TRX) Price Won’t Remain Low for Long

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TRON (TRX) has been one of the most popular cryptocurrencies in recent years. The project has achieved a tremendous amount of success in less than a year, and while the first birthday of its MainNet is approaching, TRON certainly continues to impress to this day.

With that said, its price is still noticeably low, and many would agree that the project is heavily undervalued. The low price even allowed other projects to push it out of the top 10 list, with TRX currently being the 11th largest cryptocurrency by market cap. However, it is likely that TRON will not remain undervalued forever, and that its price might soon see a surge that its entire community has been waiting for, for a long time now.

Why TRX might see growth soon

As many undoubtedly know, TRON is a lot more than just a cryptocurrency. It has developed a massive ecosystem, which offers a development platform for coins, smart contracts, and dApps. It also acquired BitTorrent last year for its Project Atlas, which will allow torrent users to earn crypto through participation in content sharing.

For this purpose, it also launched BitTorrent (BTT) token, which saw its launch on January 28, 2019 on Binance Launchpad. This was dubbed the most successful ICO in history at the time, although several coins launched since then have broken its record.

In addition,…

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3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance

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For more than a year, the cryptocurrency market has been dominated by bearish influence, with most coins seeing constant drops, or stagnation, at best. This all changed in the past few months, starting with Bitcoin which once again started leading the market up, bringing one minor rally after another.

BTC itself experienced massive losses in 2018, with its price going down by around 84%. Most other coins among the top 10 mirrored its performance, and some of them experienced even greater losses. However, now that Bitcoin sees gains again, these cryptocurrencies are still following its example, and many of them have seen massive breakouts. Some of the more notable altcoins that followed Bitcoin’s recent example are Ethereum (ETH), Stellar (XLM), and Cardano (ADA).

Ethereum performance mirroring Bitcoin’s price

As mentioned, Bitcoin led every rally so far, but before it did, its price first went through what is known as an ascending triangle pattern. The pattern held for around five months, which is exceptionally long for the crypto world. However, once the pattern was finally broken — the coin’s price skyrocketed, more than doubling itself within only two months.

One thing to note is that Ethereum performed in pretty much the same fashion. After five months of struggle and confusion for investors, the second largest cryptocurrency also managed to break the pattern and skyrocket as well. It…

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