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Standard Chartered Plans on Extending the Use of Ripple (XRP) Network

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Ripple
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A multinational company based in London, England, who provides financial and banking services, Standard Chartered, announced their plans to extend their use of Ripple (XRP) Network. Their plan is to provide payments across the border for additional five pairs of countries by the year’s end.

Standard Chartered, a banking company from England, is known for operating a large network that has over 1,200 outlets and branches. The company runs its business in 70+ countries of the world while providing jobs for more than eighty-seven thousand employees.

The company is using Ripple

Recently, however, this company decided that their influence can expand even further through a partnership with Ripple (XRP).

Ripple is known for making connections if nothing else. It connects exchanges of digital assets, banks, various corporations, as well as many payment providers. They all come into contact with each other through RippleNet, which allows them to transfer money in an instant pretty much anywhere around the globe.

The bank’s decision to publicly announce its use of Ripple’s network came with a goal of unlocking a new trading corridor worth $15 billion. The corridor in question is between Singapore and India, and it is expected to be unlocked in November of this year.

Basically, the system’s use is mostly for increasing the payment speed. The corporate supply chain of the bank includes a lot of sellers and buyers, and the ability to process their transactions with more speed will be of great use for improving the company’s business practices.

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Plans for the future

Bill Winters, the CEO of Standard Chartered, is a banker from America. He replaced the company’s previous CEO, Peter Sands, back in June of 2015. His plans to expand the bank’s business through the use of Ripple’s network were discussed in the bank’s report regarding the Q1 for this year.

In it, he dedicated special attention to the bank’s investments regarding the innovation and similar initiatives. He stated that the company is using blockchain tech in order to streamline payments across the border. This is, however, only a part of the first corridor that will provide payments live, and in real time.

The corridor in question will be between India and Singapore, and it was initiated by the company during the previous year.  There are plans to expand these new capabilities to additional five pairs of countries, and that is expected to be achieved during this year.

Ripple seems to like this idea very much, especially since it includes blockchain tech and decentralized currency. It will allow the bank to use their technology in a somewhat centralized structure. The bank will, of course, take advantage of the fast transactions, but will also manage to keep transactions under control through the use of centralized structures.

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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 LM TP via Flickr

Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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Altcoins

Litecoin Cash (LCC): The potential mover?

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Litecoin Cash
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Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.

Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.

While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.

For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.

Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.

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Altcoins

The Stage is Set for Stellar XLM vs XRP

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XLM vs XRP
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The digital asset of XRP, did something spectacular on the 18th of September when it shocked the crypto-markets by rising in value by 21%. In a time period that was less than 5 hours, XRP spiked from levels of $0.273 to those of $0.332 and has continued rising. The digital asset is currently valued at $0.36.

xRapid Factor

The reason for the sharp increment in value of XRP was news that the Ripple company was going to launch xRapid in the next month or so. This was after the firm’s head of Regulatory relations for Asia-Pacific and the Middle East, Sagar Sarabhai, made the following comments during a CNBC interview on the 17th of September:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”

Stellar’s Cross-Border Payments

The news of Ripple launching xRapid has come 2 weeks after the Stellar project and IBM, announced that they were entering the industry of cross-border payments through their new service known as IBM Blockchain World-Wire. The new payment settlement service has been quoted as being ‘near instant’ meaning that it will probably rival the transactions time seen in the xRapid pilot tests of 2 – 3 minutes earlier on in the year.

Stellar Acquiring Chain

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