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

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Ripple XRP to stay here

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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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies like Bitcoin and Dash, to help protect their assets and hard-earned…

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Press Release