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Ripple (XRP): Into the Mainstream Waters with South Korean Bank

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Ripple is taking off stronger as new projects and partnerships are being sealed and announced. Maybe the greatest one of them all comes in form of the recent announcement from the side of the South Korean Bank. It was announced that Ripple will be introduced to the mainstream banking waters in 2019. Let’s see what other partnerships are on the line and how can South Korean Bank push XRP up.

Bank Testing with Ripple

Besides from getting the announcement that Ripple will get into the banking system of South Korean Bank in the near future, XRP was doing great within the bank testing of over 60 Japanese financial institutions. This announcement, however, was not officially confirmed via the press, but it is considered to be a tip from a source close to the banking institutions involved in testing XRP.

The Japanese banks have decided to test Ripple for determining whether its system is applicable to the banking system they are using for global transfers. The fact that blockchain technology can offer decentralized platforms that are capable of processing fast and cost-effective transactions does suit the banks’ needs so the testing took place in over 60 Japanese banking institutions and several South Korean Banks that also participated in this program.

The reason these institutions decided to go for testing Ripple lies beneath the fact that this currency has already established a solid good reputation in Japan as well as in South Korea.

The aim is to try and apply blockchain technology to mainstream banking systems that are currently being used so that all transactions could be processed faster and at lower rates.

This way, Ripple is surely looking forward to having its dealing price increased accordingly as the tests happen to show as successful. That means that Ripple’s system is indeed applicable to the banking systems worldwide.

Introducing a blockchain digital decentralized currency, and the way it works, to any bank, is truly a groundbreaking cornerstone of blockchain technology. This is the case because banks find this technology pretty attractive, mostly due to the fact that all transactions within the blockchain decentralized platform are being processed in real time. This is pretty exciting news for all Ripple coin holders as they will surely have their piece of cake once the price starts to rise.

However, the Japanese banks haven’t still officially announced if they are going to use Ripple for sure in the future. For now, many banking institutions are using basic Ripple system in form of testing its capacity and functionality when applied to a banking system.

South Korean Woori Bank and Ripple

We all remember when it was announced that Western Union is also in the story with Ripple blockchain ecosystem and now all users and investors are getting even more excited as multiple banking instructions, including those that are online-based, are testing Ripple for their systems.

One of the banks that have announced that they will surely introduce their users to Ripple is a South Korean bank called Woori Bank.

Woori Bank representatives have also confirmed that there are more than several banking institutions that are confirming the application of Ripple system to their banking system in the near future.

Woori Bank has announced that they will introduce their users to this system of global transactions somewhere in 2019.

The bank has also shared the news that Ripple was successfully tested in Japan as well, where there are financial institutions interested in implementing Ripple system within their own systems as well.

Shinhan, which is the second largest bank in South Korea, also announced their participation in the testing.

As Ripple is passing the tests set by the bankers, it is more obvious than ever that Ripple is looking forward to a bright future of mainstreamed blockchain technology that can easily become widely available on a global level.

How is Ripple doing at the Current Moment?

Ranked as the 3rd best coin according to the global coin ranking list, February was pretty benevolent for Ripple if we take a look at its price.

Just a bit over a year ago in January 2017, Ripple was worth a bit over 0.006$ per one unit when it managed to jump up to its all-time high price of 2.47$ by the end of 2017. 2018 was a bit rocky for this currency as it had fallen down and risen up for dozens of times, leading us to the latest change in price which wasn’t as benevolent as expected.

Ripple is currently trading in the red after a drop in price that went -2.59% against the dollar. This change made XRP trade at the price of 0.90$ per one unit.

This might be the case of a recent selloff as many users probably wanted to earn some profit on the latest ups in the price.

For now, Ripple seems to be a fairly good investment since it is still trading below 1$ per one unit. However, it is not expected that the currency will continue to sink with its price due to the latest announcements of new partnerships and successful bank testing.

The analysts predict that Ripple could easily reach the price of 10$ per one unit by the end of 2018 given the fact that this currency has amazing value when it comes to technological capabilities it owns.

If it is to believe the predictions, the best time for investing in XRP would probably be now.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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.

Image courtesy of Steve Boland via Flickr

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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