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Hitting Milestones: Ripple Pushing XRP To Become The World’s Standard For Payments

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Hitting Milestones- Ripple Pushing XRP To Become The World’s Standard For Payments
Ripple, a blockchain company, has been advocating the use of cryptocurrency for cross border payments. Specifically, its native cryptocurrency – the XRP and its xRapid technology have been adopted by banks, governments, institutions, among others globally.

Hitting Milestones: Ripple Pushing XRP To Become The World’s Standard For Payments

Ripple, a blockchain company, has been advocating the use of cryptocurrency for cross border payments. Specifically, its native cryptocurrency – the XRP and its xRapid technology have been adopted by banks, governments, institutions, among others globally. As a result, it leaves room to wonder if XRP can overtake Bitcoin to become the major “global currency”.

The Disparity in BTC and XRP Use Cases

Bitcoin and XRP are significantly different in terms of price, speed of transaction, use cases among several other options. While Bitcoin was initially designed to be a global currency for facilitating payments efficiently, the market today is less willing to spend Bitcoin for goods and services. Instead, the cryptocurrency serves as a store of value and a speculating tool.

On the contrary, Ripple has partnered with over 200 banks across the world such as Euro Exim Bank, UK’s Santander, and Canada’s ATB Financial who are using XRP technology as a settlement tool.

Of recent, Ripple entered into a strategic partnership with MoneyGram in a $50 million deal. MoneyGram has gone live and is now transacting on the Ripple’s xRapid platform.

Rumors of Bank of America Using XRP Ledger for Transactions

In the same vein, news began to emerge that the Bank of America is looking to use the XRP ledger for its transactions. Ripple’s CEO, Brad Garlinghouse, while making comments said on July 22, 2019, that Ripple is yet to make an announcement about the speculation. However, he cannot confirm or dispute the news, which still leaves a lot of uncertainty.

There’s also Ripple’s Q2 2019 report released on July 24, 2019, which shows that the firm made almost 48 percent increment in XRP sales in the quarter alone. These sales amounted to $251 million, which differs from the first-quarter sales of $169 million.

Similarly, the blockchain company is not only promoting XRP to banks but actively grappling with SWIFT, a platform for facilitating cross border payments, which has been active since 1973. Ripple’s CEO, Brad Garlinghouse once said: “what we’re doing and executing on a day-by-day basis is, in fact, taking over Swift.”

Cross Border Payments

It is worthy to note that if Bitcoin is used to facilitate international transactions, these payments would be faster and their transaction fees reduced.

Nonetheless, a large number of transactions could pose more load on Bitcoin’s network since too much emphasis wasn’t placed on the high transaction of the network. XRP, on the other hand, has proven to handle large transfers within seconds at no cost for international transfers.

As a result, the level of adoption for XRP as a payment tool by banks and major institutions could potentially make it a global currency. Someday, it could also be used to carry out daily transactions since people may be more willing to spend XRP than hoard it as in the case of Bitcoin. It is, however, worthy to point out that, this does not translate into XRP replacing Bitcoin as digital gold.

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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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