Ripple executives discuss the need for XRP and on-demand liquidity in RippleNet

Ripple has been known to create waves when it comes to making money flow like information does – smoothly. They’ve achieved this through the use of blockchain technology and cryptocurrency, XRP. RippleNet is a web of all the users that can move money around without massive friction by the use of Ripple’s xCurrent, xRapid, and xVia.
In the recent episode of Ripple Drop, Pegah Soltani, Ripple’s Senior Market Intelligence Manager, spoke about RippleNet and said that SMEs and other individuals who have problems gaining access to global payments can make use of RippleNet, without friction.
She added:
“In small business payments and market place payout is where we see the most opportunity; It is a $10 to $15 trillion market growing at a 5-10% per year. And in emerging markets where the pain points are the highest and the customers are least well-served, is where we think we can double-down on.”
Kevin Mole, vice president of product marketing spoke about on-demand liquidity and how XRP plays a huge role in the same. He also outlined how liquidity can solve problems of legacy payment systems.
Mole said:
“On-demand liquidity is the way for customers to send fast, low-cost payments, without having to pre-fund destination accounts. On-demand liquidity puts XRP in the middle of that payment, from one country to another.”
Ripple’s xRapid makes use of XRP as a way to source liquidity to facilitate the transaction. Since XRP Ledger allows settlement of transactions in under 5 seconds, the cross-border payments typically take about the same time to complete a transaction. However, traditional payment methods require banks to have Nostro-Vostro accounts which needs massive amounts of cash to be stored as liquidity. xRapid takes away all that and makes a cross-border transaction happen within seconds, which otherwise would normally take days.
Mole further added that on-demand liquidity was currently between Mexico and the Philippines and that more corridors for the same would develop over the course of 2019.
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Source: AMB Crypto

Ripple Acquiring MoneyGram Was Fake News But It Gave XRP Price the Boost

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Ripple Acquiring MoneyGram Was Fake News But It Gave XRP Price the Boost
After a rumor broke out yesterday that a California-based crypto start-up Ripple has acquired the major US-based money transfer company MoneyGram, both companies refused to comment. Still, even the rumor was enough for XRP price 8% boost.
Ripple Acquiring MoneyGram Was Fake News But It Gave XRP Price the Boost

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Ripple’s XRP Wins Over Yet Another Trading Platform, Now It’s Tim Draper Backed Coinhako

CoinSpeaker

Ripple’s XRP Wins Over Yet Another Trading Platform, Now It’s Tim Draper Backed Coinhako

Coinhako announced listing XRP on its platform and mentioned the XRP pairings with SGD, IDR, and VND. 

Ripple’s XRP Wins Over Yet Another Trading Platform, Now It’s Tim Draper Backed Coinhako

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Ripple and XRP Will Continue to Grow Significantly, Believes Accenture’s Global Payments Lead

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Ripple and XRP Will Continue to Grow Significantly, Believes Accenture’s Global Payments Lead

According to Gareth Wilson, the managing director of global payments at Accenture, this year bring even higher gains to Ripple.

Ripple and XRP Will Continue to Grow Significantly, Believes Accenture’s Global Payments Lead

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Ripple’s cross-border transactions will grow significantly, says Accenture’s Global Payments Managing Director

Ripple has been at the forefront of the payments sector, be it cross-border payments or domestic payments, proving to be a strong competition to already existing players in the industry like Swift and others.
As pointed out by Ripple/XRP enthusiast @RipplePandaXRP, Accenture’s Global Payments lead, Gareth Wilson, opined in Accenture’s banking blog, dated February 18, 2019, about the future trends that the payments industry could see in 2019. While predicting the trends that could arise this year, Wilson spoke about cryptocurrencies gaining traction, apart from the Open Banking trend gaining more ground in the Middle East, Asia, and Europe.
He said that he expected users to soon “see cash management products” that will “use Bitcoin and Ethereum”. He further stated:
“Ripple’s network for cross-border transactions will continue to grow significantly, attracting more banks and corporates, leading to rising transaction volumes.”
Ripple has been tirelessly working with domestic and central banks around the world to improve payments to the general public, as well as the corporate sector. Ripple plans to create a network of banks on the RippleNet that use Ripple’s blockchain technology, like xRapid, xVia, and xCurrent.
Ripple’s xRapid, in specific, has gained a lot of traction since it facilitates the transfer of funds across borders seamlessly. xRapid leverages XRP to make these transactions happen, saving a significant amount of time and money.
xRapid takes about three to four seconds and saves about 65% of the transactions fees in contrast to days and heavy fees incurred in the traditional payment system.
Other mentions in Wilson’s blog included instant payments and Open Banking. He stated:
“The fusion of instant payments and Open Banking will generate new payment methods and schemes and replace card payments in the long run.”
A Twitter user, @akdrain, commented:
“Woah! Prominent personalities around the world are acknowledging Ripple’s progress. About time SWIFT goes out of business. Good find!”
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Source: AMB Crypto

Ripple partner FairFX lands settlement accounts with Bank of England to participate in UK Faster Payments Scheme

FairFX, an e-banking, and international payments group has announced that it has been granted access to settlement accounts with Bank of England [BoE] and has become a direct partner of UK’s Faster Payments Scheme.
UK’s Faster Payment Scheme aka FPS has been growing rapidly since its inception as its the only real-time 24/7 service that is increasing in demand with respect to business and personal customers. Furthermore, the company’s direct connection to the Faster Payments Scheme has been enabled by the New Access Model that extended access to the RTGS accounts held at the Bank of England.
FariFX’s CEO, Ian Strafford-Taylor said,
“Obtaining direct membership of the Faster Payments Scheme together with settlement accounts at the Bank of England represents a major step in the progression of FairFX Group.
This development is in line with the Group’s strategy to streamline the payment supply chain, deliver lower payment processing costs, improve customer experience and facilitate product iteration.”
The efforts of the FPS is to inject more competition that will help stir growth in the payments sector, which has been overdue for a change for a very long time.
Moreover, FairFX can now directly settle payments with other members of FPS, and it is eligible to join other payment schemes in the UK like BACS, CHAPS. In 2018 alone, FairFX has processed more than 1 million FPS transactions, but after the partnership and its inductance into the FPS, it will now be able to process these transactions in real-time.
Ripple partnered with UK’s FairFX back in mid-2018, along with four other companies from around the world [RationalFX, Exchange4Free, UniPAY, and MoneyMatch]. These companies would be using Ripple’s blockchain payment solution, xVia.
xVia is an API solution enabling payment originators – those sending payments on behalf of a customer, but not actually processing and paying it out – to access and reap the benefits of RippleNet. This includes faster entry into new markets, lower operational costs, increased speed and end-to-end visibility over a payment’s journey.
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Source: AMB Crypto

Ripple partner Bank of Dohfar goes live; Completes successful cross-border payments to India

Ripple and its blockchain technology are flourishing in the UAE and the Gulf at an exponential rate as yet another bank has announced that they are going live with Ripple’s blockchain payment solutions.
As per Navin Gupta’s [Managing Director, South Asia and MENA at Ripple] tweet, Bank of Dohfar is now live on RippleNet. He tweeted,
“Congratulations! to Bank Dhofar – Live on Ripplenet. Now Non Resident Indians (NRIs) living in Oman can App money back home in real-time. #bankdhofar #ripplenet @Ripple”
Bank of Dhofar became the first bank in the Sultanate and in the region to provide international and instantaneous transfer through mobile banking. With Bank of Dhofar’s mobile banking app, Non-Resident Indians can now transfer money to India in under two minutes.
The announcement mentions that the bank was pleased to become part of Ripple’s global enterprise blockchain network, which is RippleNet. It also mentioned,
“Ripple’s leading blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables Bank of Dhofar to save customers’ time when sending payments overseas, using BankDhofar mobile banking app.”
BankDhofar and Ripple first partnered in May 2018, and the chief information officer of BankDhofar, Dr. Tariq Taha had stated,
“With this, we can provide instant, frictionless and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment.”
It was clear that the Bank of Dhofar wanted to help save customers’ “time and money” with the partnership, but it was then unclear as to the technology that would be used by them, which could either have been xCurrent or xRapid.
Ripple has 200+ partnerships with banks and financial institutions around the world, some of them being central banks. Ripple aims to create a global network of institutions on RippleNet using Ripple’s blockchain technologies like xRapid, xVia and xCurrent.
A Twitter user, @Edadoun, commented,
“Congratulations to you, Ripple, Oman and the region. While India has taken a cautious approach to blockchain and crypto, no doubt seeing this kind of tangible and positive impact directly on its citizens at home and abroad will help them feel more comfortable adopting.”
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Source: AMB Crypto

XRP gets more decentralized as Proof-of-Work-based cryptocurrencies face extinction

Opinion:
XRP and Ripple, together have created quite a buzz in the financial system, especially in the remittance industry with their blockchain solutions.
XRP has faced all the major cryptocurrencies and triumphed to become the second-largest cryptocurrency by market cap in the space. The only other thing that’s left for XRP to do is, overthrow the reigning champion i.e., Bitcoin [BTC], which obviously had the first-mover advantage and peoples’ sentiment.
Bitcoin’s Proof-of-Work [PoW] Vs. XRP Ledger’s Distributed Agreement Protocol
Bitcoin was the first cryptocurrency that was created and it uses PoW algorithm, which is how the transactions are verified and solves the problem of “double spending”. PoW algorithm consists of miners, who validate the transactions by putting in their resources and, hence, they are rewarded for the same. This process, which seemed good enough, will be relatively rejected by the miners as the reward for mining decreases after mining every 210,000 blocks.
Eventually, the miners will be left with no option, but to quit. Moreover, the PoW algorithm uses massive resources, which extracts a heavy toll on the world we live in. Furthermore, miners that are spread out across the globe is what makes the Bitcoin network decentralized, but it is also what makes it less decentralized and susceptible to attacks.
Since Bitcoin gained a lot of notoriety as its prices sky-rocketed, mining Bitcoins suddenly gained attention, causing a lot of miners to pool their resources to mine the coin, resulting in large pools with huge resources. If some of these pools ever decide to collude, they could easily perform an attack on the Bitcoin’s network, create a second chain, double spend, stop/reverse transactions etc.
Ethereum Classic, a PoW-based cryptocurrency, recently faced a brutal 51% attack, resulting in a loss of $2.1 million worth of assets. The attacker had enough hash-rate to disrupt the original chain and double spend assets.
Unlike Bitcoin [BTC] and Ethereum [ETH], XRP uses Distributed Agreement Protocol aka Consensus Protocol. XRP solves the problem of double spending in a more efficient way in comparison to PoW cryptocurrencies. It uses a distributed agreement protocol that relies on validators to group transactions into ordered units and agreeing on one such order.
These validators are spread across the globe and unlike Bitcoin’s miners, these validators are not rewarded for grouping transactions into ordered units.
In addition, XRP Ledger requires a total of 80% of all the validators on the entire network to support and vote for a change over a period of two weeks before it goes into effect. The two-week timeframe provides an incentive for the users to upgrade their software to accommodate the change. If the change is not agreed upon by the 80% of the users, then it won’t go into effect.
Furthermore, Schwartz said that if more than 20% of the nodes disagree with the majority, the network would halt and reconfigure a new list that has a majority of the nodes in agreement. This would create more than one ledger and the ledger that has the supermajority would be selected as the final ledger.
Moreover, if the validators become selfish and collude to disrupt the normal flow of transactions, then the users would have to agree on a new list that would provide enough overlap so that they can continue to interoperate.
David Schwartz, the CTO of Ripple commented on this matter [about attacking XRP Ledger] in a tweet, he said:
“This has never been a problem for any blockchain in the past, and it’s required by every blockchain when previous agreements fail to be sufficient. Decentralized systems fundamentally allow interoperation only among people who continue to agree on a large number of things.”
“Surprisingly, the lack of incentives in the XRPL design actually makes this much easier. All honest participants want the network to work well and have perfectly aligned interests. There’s no power over anything to give out, no rewards to argue over splitting, or the like.”
Hence, when compared to other PoW cryptocurrencies, XRP is better at resisting attacks by collusion or bad actors, as it does not provide any opportunities for a person to develop control over the ledger due to its consensus protocol. In addition, XRP Ledger uses a deterministic protocol making the validation of transactions impossible to edit.
Other advantages of XRP that makes it a superior cryptocurrency over others would be the transaction speed and cost. XRP can perform 1500 transactions per second, whereas Bitcoin can do only 6 transactions per second and Ethereum can do only 15 transactions per second. Below is a chart which illustrates the same.
Source: Ripple.com
Cryptocurrencies, even Bitcoin, were created as an alternate form payment from the centralized and controlling authorities, and for it succeed it should have higher transaction speed with negligible fees. XRP checks all these boxes, whereas Bitcoin and Ethereum, on the other hand, struggle with these features as they struggle in terms of scalability.
Hodor, a contributor to the XRP community said it best in a blog:
“While Bitcoin maximalists will point to overlay software such as Lightning, there have been numerous intractable problems with using secondary software to interact with POW networks. Using a secondary network to scale doesn’t solve the problem of using a completely inadequate base-layer technology. “
Bitcoin’s transaction cost aka fees skyrocketed when the coin reached its all-time high in December 2017. The average transaction fee for Bitcoin reached a maximum of $55.
Moreover, XRP makes it easier to settle cross-border payments in a matter of seconds and also provides solutions to various remittance problems with Ripple’s blockchain solutions like xRapid, xVia, and xCurrent. With more than 200+ partnerships in over 40+ countries, Ripple and XRP are on a journey to become the world standard in payment and financial industry.
All the above-mentioned facts converge leads to a single conclusion, which is, XRP is getting more decentralized while other PoW cryptocurrencies are trying to catch up with XRP. It is only a matter of time that XRP becomes a widely accepted form of payment, overtaking Bitcoin even with its first-mover advantage.
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Source: AMB Crypto

XRP Seems to Be the Top Candidate For the Bull Run in 2019, and Here’s Why

CoinSpeaker

XRP Seems to Be the Top Candidate For the Bull Run in 2019, and Here’s Why

XRP has been pretty much asleep for a very long time and as we are approaching the end of 2018, the much-needed news about Ripple’s partnerships with major financial institutions have started erupting in the crypto-space.

XRP Seems to Be the Top Candidate For the Bull Run in 2019, and Here’s Why

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Source: CoinSpeaker

ECB Launches TIPS, Allegedly Ripple Instant Payment Service

CoinSpeaker

ECB Launches TIPS, Allegedly Ripple Instant Payment Service

TIPS aims to offer low-fee instant settlements in Euros to customers across the continent. Eurozone bank customers will be able to access TIPS 24 hours a day to enjoy easy and secure payments – similar to Venmo in the United States.

ECB Launches TIPS, Allegedly Ripple Instant Payment Service

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Source: CoinSpeaker

Ripple Price Analysis: XRP/USD is Bullish, Coin a Store of Value

Latest Ripple News
Considering prevailing market conditions, it is clear that it has been a tough week for market participants. With double digit losses and breaks below important support levels, the meltdown was—and continues to be unforgiving. But even as participants despair, XRP did emerge as the winner of the “store of value” race edging Bitcoin and flipping Ethereum as the second most valuable coin in the space.
Read: The Crypto Bubble Hasn’t Burst, It Hasn’t Even Begun Yet
Ethereum is teetering and as the gap widen, mainstream hopium is that XRP would soon replace Bitcoin at the mantle. From our price charts, XRP is down 17 percent in the last week and as a safe harbor during this storm, the expanding number of partnerships, the zeal of the community advocating for “base” at Binance and on-chain technological advancement as the launch of xRapid and xVia to complement xCurrent is giving it a foothold in the space.

The xrp base shill is strong. Let's get it out of your system, and put all your shills under this one tweet, and let's see how much we get. https://t.co/usiISCtuSj
— CZ Binance (@cz_binance) November 18, 2018

Interesting Read: Edward Snowden Bullish On Crypto: Blockchain Money Makes Sense
Of course, this is a step in the right direction for a platform that draws it value from offering banks solutions that help them move funds faster, cheaply and more efficiently. Ripple’s aim is to create this maze of banks, the internet of value allowing for instantaneous movement of funds.
XRP/USD Price Analysis
Weekly Chart

Even though losses are sharp as bears press the sell pedal, XRP/USD is technically bullish. It is our expectations that price shall print higher by close of 2018. It’s easy to see why. In an effort versus result scenario, bulls are obviously shoring prices.
Note that in the midst of marauding bears, XRP/USD is yet to print below 25 cents for a complete reversal of week ending Sep 23 gains. As a matter of fact, prices are trading above 35 cents-40 cents support zone. As long as it remains that way, traders can begin picking up longs in lower time frames with targets at 80 cents or higher.
This preview shall no longer be valid if losses extend below 35 cents. In that case sellers would most likely drive prices below 25 cents towards 15 cents or lower.
Daily Chart

As it is XRP/USD is now trading within our ideal buy zone set between the 78.6 percent and 38.2 percent Fibonacci retracement zones. In line with our XRP/USD trade plan, we suggest aggressive traders to buy at spot prices with stops at 35 cents—the 78.6 percent Fibonacci retracement level with first targets at Sep 2018 highs of 80 cents.
On the other hand, conservative traders should wait for strong gains above the 60 cents before buying on dips with targets at $1.65. Conversely, dips below 35 cents cancel this preview. In that case, aggressive traders ought to sell at spot with stops at the highs of that breakout bar as they aim for 15 cents.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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