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Brad Garlinghouse: With MoneyGram, XRP Beats Facebook’s Libra

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Brad Garlinghouse- With MoneyGram, XRP Beats Facebook’s Libra
Ripple inked a deal with MoneyGram, an international money transfer company that has been in business for decades. The deal saw Ripple invest about $30 million in MoneyGram, a move that saw Ripple acquire a 10% stake in the company. 

Brad Garlinghouse: With MoneyGram, XRP Beats Facebook’s Libra

Just recently, Ripple inked a deal with MoneyGram, an international money transfer company that has been in business for decades. The deal saw Ripple invest about $30 million in MoneyGram, a move that saw Ripple acquire a 10% stake in the company.  Around $20 million more is planned to be pumped in over the next 2 years.

Ripple is the producer of XRP, a fairly popular cryptocurrency that now sits at position 3 on the charts – in terms of market capitalization. Ripple has been making huge efforts to partner with as many financial institutions as possible. These entities join Ripple’s RippleNet and get to use their advanced payment solutions like xCurrent and xRapid.

MoneyGram Using XRP

However, it’s not the deal between Ripple and MoneyGram that’s making the buzz waves within the crypto world. It’s the fact that MoneyGram has expressed interest in using xRapid and adopting XRP as the base currency for cross-border payments.

That’s definitely a big deal for XRP, effectively putting the crypto way ahead of Libra. According to the CEO, MoneyGram’s deal with Ripple will have much more impact on the markets than Libra.

Over the 12 months prior to the deal, MoneyGram’s shares had dropped by 80%, but the value picked up and shot up to 168% shortly after the deal. That suggests that Ripple’s move and MoneyGram’s interest in XRP is a huge deal.

Ripple plans to ink more partnerships and acquire stakes in more companies. In fact, the company is already welcome about 2 new customers every week.

XRapid Volumes Are Going Up

For one, xRapid’s volumes have been increasing ever since Ripple released the payment solution. The volumes went up 170% between the first and second quarters of 2019. CEO Brad Garlinghouse expects xRapid volumes to surpass $1 billion by next year (2020).

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Ethereum News

Ethereum (ETH) and Ripple (XRP) Gather Momentum, Spikes Over 7% in 24 Hours

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Ethereum (ETH) and Ripple (XRP) Gather Momentum, Spikes Over 7% in 24 Hours

Ethereum (ETH) and Ripple (XRP) Gather Momentum, Spikes Over 7% in 24 Hours

Things seem to be looking up in the #crypto space today, especially in #Ripple’s (XRP) and #Ethereum’s (ETH) market. As top #cryptocurrencies by #market cap, #ETH and #XRP have surged significantly in price, which is quite impressive considering their downtrend some days ago.

Ethereum Spikes by 7.15% Within 24 Hours

Ethereum, the second top cryptocurrency based on its $21 billion market cap is valued at $196.27, as at press time. ETH’s current value is a 7.15% increment within the space of 24 hours. The value can best be appreciated by taking a closer look at charts which shows that ETH was priced at $186.18 precisely at 11:09 UTC +01:00 on August 18, 2019, according to CoinGecko.

Ethereum (ETH) and Ripple (XRP) Gather Momentum, Spikes Over 7% in 24 Hours

In the same vein, it’s even more remarkable where ETH has come from, given its low of $178.14 on August 15, 2019. The last time the cryptocurrency traded at that price range was on the 11th of May 2019. As such, there was a lot of anxiety in the crypto space that things may soon become gloomy again.

XRP Gains 9.14% in Price

XRP, on the other hand, has made a comeback in the past 24 hours. As of press time, XRP, the third-largest cryptocurrency based on its $12 billion market cap is priced at $0.287. The surge in price is 9.14% increment. According to CoinGecko, XRP leaped in price precisely at 10:59 UTC +1:00 when it was valued at $0.269.

Ethereum (ETH) and Ripple (XRP) Gather Momentum, Spikes Over 7% in 24 Hours

Before this time, XRP had declined to $0.252 on August 14, 2019, which was entirely unexpected. The latter can be attributed to the fact that the last time XRP was valued around $0.25 was on September 2018. That is to say, even Bitcoin’s low of $3,400 on December 2018 was unable to bring down XRP’s price to that level until this month.

Sentiments That XRP Could Decline Further

XRP’s significant decline had caused a lot of agitation with several analysts predicting it will go lower than $0.20 soon. Peter Brandt, for instance, opined on August 14, 2019, that if Ripple, the blockchain company behind XRP is unable to hold the virtual asset’s support above $0.24, then XRP could tank to $0.020725. Brandt also stated on July 11, 2019, that a correction in Bitcoin’s price would take a toll on XRP to see the asset priced at $0.16.

While these predictions were ongoing, several loyal XRP hodlers were still confident that XRP could make a U-turn and even experience a bull run. On August 15, 2019, Akwa Flow, a crypto analyst remarked that on August 14, 2019, XRP reached a 33 week low which is similar to what it did about a year ago before spiking. Thus, this could be another signal for a bull run in the XRP market.

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Ripple’s Xpring Provides $265 Million In Funding For Content Platform Coil

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Ripple’s Xpring Provides $265 Million In Funding For Content Platform Coil

Ripple’s Xpring Provides $265 Million In Funding For Content Platform Coil

 

Ripple’s infrastructure development and XRP adoption initiative Xpring announced a 1 billion XRP (roughly $265 million) grant to web monetization platform Coil on Aug. 15. Coil will reportedly use the funds to build an ecosystem of creators, developers, companies, and nonprofits that use XRP through the Web Monetization open standard.

Coil is a platform that provides an alternative method for creators to monetize their content on the internet. Users can post public and exclusive content on the platform, which is automatically enabled for streaming payments. Alternatively, creators can monetize their websites by adding a simple tag. Coil CEO Stefan Thomas commented:

“Creators want more choice and control over how their content is monetized and distributed […] Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe.”

As subscribing fans enjoy the content, Coil uses an open API called Web Monetization to stream micropayments to creators in real-time. Web Monetization is built on the Interledger Protocol, co-created by Coil CEO Stefan Thomas. Thomas is also the former CTO of Ripple. Ripple’s Xpring also participated in Coil’s $4 million seed round. Ethan Beard, Senior Vice President of Xpring, said:

“Advertising and site-by-site subscription models are ready for disruption […] The low cost and fast transactions of XRP makes it an ideal tool for Coil to offer an alternative monetization method and have a positive impact on creators.”

If Peter Brandt is correct, then Coil should start putting that XRP to work straight away. The veteran trader believes that the currency could fall another 20%, accusing issuer and largest holder, Ripple, of manipulating XRP’s price. Ripple is also allegedly bracing to feel the wrath of the Securities and Exchange Commission. The company is currently being taken to court by an investor, who claims it sold unregistered securities.

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Class Action Lawsuit Against Ripple

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Class Action Lawsuit Against Ripple

Class Action Lawsuit Against Ripple

XRP investor Bradley Sostack has amended a class action suit against Ripple, in which he alleges that the company misled investors and proceeded to sell XRP as an unregistered security, in violation of federal law. Sostack submitted his latest filing on Aug. 5 to a United States district court in California. According to a report by CoinDesk on Aug. 13, the original class-action suit was filed about a year ago but had yet to gain traction as a class action suit. However, Ripple now must reportedly respond to this latest action by some time in mid-September.

Appeal to SEC guidelines

Crucially, the report notes that Sostack’s latest complaint cites guidance issued by the United States Securities and Exchange Commission arguing that XRP counts as a security. Jake Chervinsky, who serves as general counsel to Compound, remarked:

“The Complaint reads like a love letter to the SEC […] Although the SEC’s Framework is technically only non-binding guidance, the Court will likely give it significant weight in deciding how to apply the Howey test to the facts of this case.”

In the filing itself, the plaintiff’s counsel wrote:

“As explained in more detail below, applying the analysis in the SEC Framework and applicable precedent, the XRP tokens offered and sold by Defendants have all the traditional hallmarks of a security, as reflected in SEC v. W.J. Howey Co., 328 U.S. 293 (1946) (‘Howey’), and subsequent case law. XRP tokens also qualify as a security under California law.”

After laying out their substantive allegations and recalling the SEC guidance which references the foregoing Howey case, the counsel concludes the following:

“The SEC Framework makes clear that ‘[w]hether a particular digital asset at the time of its offer or sale satisfies the Howey test depends on the specific facts and circumstances.’ The specific facts and circumstances relating to XRP support the conclusion that XRP is a security under the Howey test.”

SEC postpones ETF rulings

The SEC recently moved to postpone its decisions on three Bitcoin exchange-traded fund (ETF) proposals. The SEC is currently considering whether to accept proposed rule changes submitted by NYSE Arca and Cboe BZX Exchange on behalf of three Bitcoin ETFs, from asset managers VanEck SolidX, Bitwise Asset Management and Wilshire Phoenix.

The SEC has postponed its decision on VanEck’s listing to Oct. 18, Bitwise’s listing to Oct. 13, and Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust to Sept. 29. Attorney Chervinsky, for his part, predicted a 90% chance of postponement before the SEC’s announcements.

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