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

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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

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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