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This is why Ripple (XRP) is not going anywhere anytime soon

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Ripple XRP to stay here
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International bank transfers need from two to three days as things stand today. But this could change for good as Ripple‘s tech eliminates financial friction from these kinds of transactions. In a press release published a couple of days ago, Ripple declared their xRapid service underwent a successful pilot run which saves from forty to seventy percent of the cost for financial institutions, compared with traditional ways.

XRP transactions across borders take mere seconds (XRP to fiat currencies take slightly longer). The pilot tested transactions between US and Mexico (one of the biggest remittance markets in the world). It works like this: a US bank sends USD to a gateway which converts it to XRP; then it’s sent to Mexico where another gateway turns it into Pesos). These transactions took about two minutes instead of the usual 2.5-day average.

This shows how digital currencies will play a key role in the near future making things cheaper and quicker for everybody.

Ripple has been getting new partnerships with major banks and financial institutions (think Santander) with a global presence, so more and more big players are adopting Ripple’s tech as a way to do business. A lot of observers think XRP is undervalued right now, as it had a high of $3 per token. But as demand increases, XRP will go up.

xRapid

MoneyGram, Mercury FX, and IDT are among the most important names in money transfers. They have all adopted both Ripple’s xRapid and Ripple’s XRP currency to do business.

Ripple’s xRapid platform allows banks and other financial institutions to minimize costs and improve customer experience. XRP makes things quicker by substituting on-demand liquidity transfer for pre-funded liquidity.

xCurrrent

XCurrent is another Ripple solution that banks are using for global payments. It allows for an instant settlement that can be tracked end to end.

Dilip Rao, who is global head of infrastructure innovation at Ripple, says,

“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers” 

XRP is trading at $.67 right now. The price is under the bearish trend line at $.78. This level acts as resistance for Ripple with crucial support at $.72. The MACD on D1 is in the positive territory; however, it is looking like it is ready to enter the negatives.

Ripple presents itself as “the world’s only enterprise blockchain solution for global payments.” Other institutions in this industry are following suit.

The Society for Worldwide Interbank Financial Telecommunication also known as SWIFT is the main way in which banks all around the world exchange money. It includes more than 10,000 members in 212 countries.

SWIFT’s traditional ways work like this: if an American bank is to send currency to a Mexican bank, then the Mexican bank bus have dollars, and the US bank must have pesos. It’s the same the world over, but not all banks in the world have every currency available. That’s how XRP is useful. It eliminates that factor in the equation, so the transaction is quicker and easier.

As institutional banks and governments adopt XRP, costs and transaction times will go down dramatically.

While Ripple is much quicker, it still relies on intermediaries to exchange XRP into fiat currencies. The XRP team, on this matter, states,

“The portion of the transfer that relies on the XRP Ledger takes two to three seconds, with the additional processing time attributed to movement across the intermediary digital asset exchanges and local payment rails.”

This crypto coin is changing the bank game already. In cryptocurrencies, it’s clear that some will do well and some won’t over the course of this year. XRP is among those that will do very well. Consequently, xRapid and xCurrent are just a couple of reasons out of many that back the fact that Ripple (XRP) is here to stay!

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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.

Image courtesy of Ezys 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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