The XRP cryptocurrency developed by Ripple hit its bottom earlier this month at $0.47. But it’s been rebounding ever since then to the tune of 84 percent. This has had to do with several things. There’s been a market rally recently, but most importantly, it’s happened because financial institutions have been increasing their demand for XRP dramatically.
This is not a coincidence. Ripple’s idea for XRP was always to have a cryptocurrency that would be safe and useful for institutional transfers, instead of developing one that could be used for retail payments over the world wide web. And from the confidence banks and other institutions are showing for XRP, you’d have to think Ripple had the right idea all along.
The San Francisco based firm announced last Thursday that five new payment providers would adopt Ripple’s currency through their very own xVia platform. xVia is an API developed by Ripple; it allows users to make international payments quickly and easily. XRP is, in fact, the quickest cryptocurrency in the market because all the tokens are already available, and they don’t need a new calculation that renders them useful, unlike what happens with Bitcoin. It would seem that the Ripple’s new partners also see the advantage on this because they’re taking it up. The new users are FairFX (from the UK), RationalFX, Exchange 4 Free, Georgia’s UniPay and, MoneyMatch, a Malaysia-based company.
By using Ripple’s xVia API, these businesses will enable their clients and users to make international payments cheaply, efficiently, quickly and safely. It’s a way for people all over the world who are out of the financial systems to get access to the global payment arena.
While those five partnerships are the most recent, they’re not the only ones by any means. Ripple has got sixty-one Japanese banks as partners. They are developing together a mobile app that will settle domestic transactions instantly. Other partners announced earlier this year include Beetech, Zip Remit, Cambridge Global Payments, MercuryFX, MoneyGram and Western Union. Slowly but surely Ripple is making their cryptocurrency an essential tool in the world’s financial market.
The year did not start so promisingly for the firm as the first quarter saw them take some severe losses. But between January and March, they sold $167.77 million worth of XRP. This was an important eighty-four percent increase compared with Q4 and a dramatic 2400% surge in twelve months.
Ripple’s share in the cryptocurrency world has more than doubled from Nov 24, 2017, to March 31, 2018, as it went from 3.56% to 7.57%. Their volume also grew by almost seven percent, 6.9% to be exact.
According to Ripple, this growth was partially “driven by the extension of more than $16 million in new XRP loans from XRP II, LLC to market makers,” adding that,
“A significant pain point for digital asset liquidity providers is the need to purchase or borrow assets in order to provide both bids and offers.”
These recent events seem to strengthen XRP’s position as a viable option for liquidity pools as well as a means of transactions and investment assets.
XRP closed at $0.91 last Saturday which was a high point following a strong week. The currency’s total market is around $33.9 billion today, and total trade daily volumes are beyond the billion dollar mark, according to CoinMarketCap.
The primary trade market for XRP is South Korean exchange Bithumb as they trade more than 20% of the total volume. Another key player is Upbit, also from South Korea, who processes around 17% of transactions.
For the latest cryptocurrency news, join our Telegram!
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.
Image courtesy of J J via Flickr
Property Loans for Foreigners in Singapore That You Must Know About
Intending to invest in a residential or commercial property in Singapore?
When it comes to foreigners applying for a loan in Singapore, things can be pretty hard regardless of the reason whether you need the property for personal or business purposes.
In Singapore, buying a property is challenging, whether you are a foreigner or a native, and sometimes applying for a loan is the only way for you to afford it.
HOW MUCH CAN YOU BORROW FOR A PROPERTY LOAN IN SINGAPORE?
As for the Foreigner Loans, in Singapore, there is an exact amount of money you can borrow to finance the purchase of a property.
In this sense, Singapore has the Loan to Value Ratio (LTV).
The LTV ratio is what determines the exact amount of money you can borrow for a property loan, which changes depending on where you try to obtain the loan:
CoinField Launches Sologenic Initial Exchange Offering
CoinField has started its Sologenic IEO, which is the first project to utilize the XRP Ledger for tokenizing stocks and ETFs. The sale will last for one week and will officially end on February 25, 2020, before SOLO trading begins on the platform. Sologenic’s native token SOLO is being offered at 0.25 USDT during the IEO.
Earlier this month, Sologenic released the very first decentralized wallet app for SOLO, XRP, and tokenized assets to support the Sologenic ecosystem. The app is available for mobile and desktop via the Apple Store and Google Play. The desktop version is available for Windows and Mac.
“By connecting the traditional financial markets with crypto, Sologenic will bring a significant volume to the crypto markets. The role of the Sologenic ecosystem is to facilitate the trading of a wide range of asset classes such as stocks, ETFs, and precious metals using blockchain technology. Sologenic is an ecosystem where users can tokenize, trade, and spend these digital assets using SOLO cards in real-time. The ultimate goal is to make Sologenic as decentralized as possible, where CoinField’s role will be only limited…
Many of the Top Sports Betting Websites for 2020 Can Be Found On Boomtown’s Best Betting Page
Sports betting is one of the widely known types of online gambling. With a large number of sports fans around the world, this type of gambling is one of the most sought after. The problem usually comes from when gamblers try to find the best sites out of the many available ones. Many new sports betting sites come up daily, thus making the selection process even harder. One of the best places to find top betting websites for sports is Boomtown Bingo. This platform doesn’t just give users the best online casino games websites, but they also cover sports betting. As such, boomtown bingo remains a one-stop-shop for everyone who needs the best and the latest online gambling and gaming sites for all types of devices.
The performance of any website is critical. Users need to find their way around the site easily, and that can be made possible with the site structure and arrangement. Loading time is also essential. A website that always hangs thus pushing the user to refresh every time is no good. These are some of the factors that Boomtown Bingo looks into when selecting the best sites for its users. You can be sure that the new sports betting websites listed on Boomtown’s platform have faster loading time, can be used easily by everyone,…