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Own some XRP? HODL it! Bank of America could adopt Ripple at a jiffy!

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Ripple has been a very complex project from the very beginning. It includes Ripple Lab’s blockchain technology which is meant as a means to do international transactions cheaply and quickly, and also the cryptocurrency that is known as XRP. Neither the blockchain nor the coin is intended to be for retail users, but financial institutions and many banks around the world are taking it seriously and adopting it.

Not so long ago Banco Santander (substantial global presence everywhere and considered to be the world’s best bank right now) announced they would adopt Ripple’s xCurrent platform for their international transactions across the USA and the EU. And it seems that Bank of America might make use of Ripple’s tech very soon too.

This is not official news yet but rather pieces of text that somebody posted on Reddit claiming they are quotes from a presentation of development day. Here are the Reddit bits:

“Ripple provides an opportunity to reduce the complexity of integration to enabled partners, standardize data protocols and formats and eliminate errors and reconciliation through use of blockchain distributed ledger technology”

The Redditor continued to state in the presentation that,

“Pilot to enable more efficient cross-currency payments by reducing lengthy/unknown settlement times, eliminating multiple layers of cost and providing greater transparency over FX, fees, and data shared between originator and recipient.”

So there’s no announcement that Ripple’s XRP will get adopted by the Bank of America (if they use the Ripple platform they need to use some to pay for transfer fees). But they may be getting ready to embrace the blockchain technology to do their international transactions instead of the traditional, slow, expensive and error-prone SWIFT system.

Whatever happens with Bank of America, Ripple is already in position to leave the SWIFT system behind. It has over a hundred banks and financial institutions and once just a few critical partners as Santander and Bank of America are on board, everybody else will have to follow to stay in business. Ripple will undoubtedly be the world’s banker then.

You could ask yourself (rightly so) why all those good news are not making Ripple’s XRP’s value skyrocket (it’s going up slowly already, though). There are several reasons. First of all, Bitcoin is still too important, investors still consider it the chief coin, and it’s been going down over the last couple of weeks. And went Bitcoin suffers, every other coin does as well.

The other reason is that Ripple’s tech and the XRP currency are not the same. Ripple’s success can and will create demand for XRP, but this could be very slow because Ripple’s banking partners can use the platform to transact in any currency, crypto or fiat they choose. Adopting XRP is not mandatory except for transfer fees which are very cheap anyway (fractions of a hundredth of a cent).

But Bitcoin will recover, it will go beyond the $10,000 mark sooner or later and when it does the whole market will go up as well. Because Ripple has carved a niche for itself and it’s already proven to be useful in real-life, it will probably go above ten dollars per coin in just a couple of months.

And it will only get better in the long-run. Keep in mind that the international transactions market is worth $20 trillion and Ripple could take it over. It will have to face IBM and Stellar Lumen’s competition for that, but even if they only get a sizable fraction, they will do great.

Consequently, it is worth noting that Bank of America is not going to be Ripple’s only high-profile customer. The crypto already has big fishes like Mizuho Financial Group, Santander, Western Union, MoneyGram, and Credit Agricole (and these only are some of the big guns of its 120 customers) in his net.

At present, XRP is still very cheap, so this is a perfect time to get it in bulk. It could rise just in the same spectacular fashion Bitcoin has. All in all, considering all the powerful alliances Ripple has formed and its potential, it all makes sense to have patience and HODL your coins (and enjoy the lovely sweetish fruit of success shortly).

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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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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