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Weiss Ratings Poll Declares Ripple (XRP) Best For Moving Funds Between Exchanges

It is the season of polls for Ripple (XRP), the cryptocurrency which was earlier rendered insignificant by Coinbase despite its enchanting potentials attested to by big and small firms which are not limited to the fintechs but include large banks in the world and some central banks.

A recent poll by Weiss Ratings on Twitter that was categorized into four with Ethereum, Ripple, Bitcoin and “other” coins placed Ripple ahead of other digital currencies including Bitcoins.

Ripple took the lead with 78%, Bitcoin had 6%, while Ethereum and ‘Other’ had 8% votes. 7,598 crypto lovers took part in the vote.

The poll confirms that cryptocurrency lovers are yarning for Ripple on some exchanges including Coinbase.

Weiss Ratings is one of the most respected ratings on cryptocurrency today.  The platform brands itself as fundamentally incomparable to nearly all other ratings available in America today. The platform says it is America’s only 100% independent rating agency covering cryptocurrencies, stocks, ETFs, mutual funds, insurance companies, banks, and credit unions.

A few days back, CNBC’s Fast Money revealed the outcome of the poll they organized on whether Coinbase users need Ripple.

Ripple, Stellar (XLM), Cardano (ADA), and ZCash (ZEC) were part of the poll. However, Ripple led with 34% votes leaving ZCash with 30%, and Cardano and Stellar had 25% and 11% respectively.

Last week Coinbase announced they are exploration five new cryptocurrencies. Among them lies ZCash (ZEC), Stellar (XLM), Cardano (ADA), with two unpopular coins: 0x (ZRX) and Basic Attention Token (BAT).

We are exploring the addition of several new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible”.

Coinbase decision sparked uproar in the crypto space owing to people’s expectation that the exchange will include Ripple, which was earlier alleged of Inducing Coinbase listing with money.

The five coins, as Ethereum World News earlier reported would be exposed to 13 million customers and price upsurge after they are listed on Coinbase. The exchange therefore made known that they are not guaranteeing the listing of the coins but may select any in the future.

“Please note that we are not guaranteeing the listing of any of these assets. We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the US.”

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‘Over Dozens of Banks To Use XRP Powered xRapid by 2019,’ says Brad Garlinghouse

Brad Garlinghouse was recently interviewed by CNBC at the recent Money 20/20 event in Amsterdam. Ethereum World News had earlier mentioned the manner in which Ripple (XRP) would more or less defeat Bitcoin (BTC) in the future, as an offshoot opinion piece of Mr. Garlinghouse’s comments during the same interview.

Brad Garlinghouse was noted as saying that there is a list of major banks in line to use the xRapid platform by the end of this year; with dozens expected to be doing so by next year. He had this to say during about xRapid:

By the end of this year, major banks will use xRapid as a liquidity tool. By the end of next year, I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity.

xRapid uses XRP to source the much needed instant liquidity as mentioned by Brad, for international payment transactions by banks and remittance service providers. Recently concluded tests of xRapid service indicate that it saves banks anywhere from between 40% and 70% as compared to using traditional Forex exchange middlemen.

When asked about his price predictions for XRP, Mr. Garlinghouse had this to say:

I don’t know how to predict the price of XRP. I would not dare try. We are one player in the XRP ecosystem…I think as we do things that we do to enhance the use of XRP, we will see the ecosystem growing healthier and healthier.

This exerpt from the interview can further be deduced to mean that the crypto-markets shall determine the future price of XRP and other cryptocurrencies in general. Mr. Garlinghouse also commented on the current hype and buzz evident in the crypto-verse and that there will soon be an equilibrium when the aforementioned hype, meets reality. By reality, he meant that other cryptocurrencies will prove their worth by solving real life problems rather than being speculative assets as is the case with Bitcoin (BTC).

It is with similar views that Ripple HODLers are hoping XRP will indeed gather enough momentum to show some much needed upward mobility in terms of value in the crypto-market. Current market analysis indicate that XRP is currently trading at $0.66 at the moment of writing this and up 1.67%. However, many HODLers want the coin to at least reach $1 and maybe even $10 since the much anticipated Ripple centered SBI Virtual Currencies is now live.

[Photo source, CNBC.com]

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Ripple’s (XRP) xRapid Helps Financial Institutions Save 40 – 50% in 2 Minutes

The first pilot results of Ripple’s (XRP) ground breaking payment solution software, xRapid, are out and the product did not disappoint. The pilot project was set to test remittances between the two North American neighbors of Mexico and the United States of America.

In the tests, financial institutions that used xRapid managed to save between 40 – 70% in the transactions compared to what they usually pay foreign exchange brokers who are the middle men of these transactions. The average xRapid payment took 2 minutes in these tests with a bulk of the time being spent during the processing of the funds across intermediary digital asset exchanges and local payment rails. Otherwise, the speed of the transaction in the Ripple ledger did not disappoint at known speed of between 2 to 3 seconds.

These pilot results are a game changer and revolutionary in that xRapid reduces a regular transaction that took between 2 to 3 days, to a mere 2 minutes. This is a percentage decrease in time of 99.93% if the transaction took 2 days and a percentage decrease of 99.95% if the transaction took 3 days. This is some amazing figures that will not go unnoticed in the financial world.

xRapid is the only payment software solution by Ripple that actually uses XRP, the coin. XRP is used to offer on-demand liquidity which lowers the cost as seen in the results earlier mentioned. This instant liquidity via XRP bypasses the need for foreign exchange brokers who charge exorbitant transaction fees and low rates of Forex exchange.

Given the fact that xRapid uses XRP, further adoption might result in additional demand by financial institutions of the XRP already in the circulating supply. There is a bunch of XRP locked up in escrow, but if XRP were to show massive gains in the markets, the amount in circulation will be the key in this upward mobility of the coin.

Current market analysis puts XRP stagnant at $0.80 and down less than a percent in the last 24 hours. But all is not lost. XRP has the potential to WOW us in the coming weeks and months to the point of making us wonder why we might have lost faith in the coin and project.

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Ripple (XRP) Not Going Away Anytime Soon

With the current decline of Ripple (XRP) in the markets and the constant FUD in the form of court cases and SEC rumors, it is worthy to look back at where the Coin has come from. This might be a good way to refresh our memories and confirm to ourselves that Ripple (XRP) is not going away anytime soon.

As a matter of fact, these exact same words were spoken by the CEO of Ripple (XRP), Brad Garlinghouse, back in February when he was referring to the negative comments about cryptocurrencies by J.P Morgan Chase CEO, Jamie Dimon. Mr. Garlinghouse said:

Despite the prognostication of Jaime Dimon, this is an asset class that I don’t think is going away anytime soon

The core goal of Ripple is to be a payments company that facilitates banks in moving money easily internationally. This might be contrary to what the Crypto-verse defines as decentralization, but what better way to introduce this concept to banks than from within the ranks. Brad Garlinghouse elaborates this in the same interview when he says:

We are a payments company. The best way to bring cryptocurrency to the mainstream is to “work within the system” as opposed to using cryptocurrency to circumvent government regulation and financial institutions.

When it comes to matters concerning peer-to-peer transactions, Ripple has updated its ledger software less than 2 days ago via popular software development platform, Github. The new code named Rippled version 1.0.0-rc1, was added by Nik Bougalis who is a cryptographer and software engineer leading the C++ team at Ripple. The rc1 at the end means that the code is a Release Candide 1. This in turn means that the software has been put out there for us to use as the final version is being worked on. As a Beta version of the code, this version will help in the discovery of bugs by other developers in the development team present on Github.

In conculsion, the trip down memory lane through Brad Garlinghouse’s comments and the new commits on Github by Bougalis, makes it safe to conclude that Ripple is not going away anytime soon despite the SEC rumors and a pending court case that wants to pull it down by defining it as a security.

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Is Ripple (XRP) Dead?

Why is Ripple (XRP) Still under priced and under a dollar? Why aren’t the banking partnerships affecting the price of the coin in the markets? What is going on? Will my $200 investment in XRP buy me a Lamborghini?

These are some of the questions being asked by so many Ripplers on the various online communities that host the crypo enthusiasts like you and I.

Regarding XRP being undervalued, the coin’s nearest attempt at reaching the $1 mark was seen on April 25th when XRP was valued at $0.957. This was a mere $0.043 shy of the much needed $1 that would confirm that we are headed for good times in the markets. XRP has not made a similar attempt at breaking the $1 barrier and is currently trading at $0.81 and down 1.79% at the moment of writing this.

So what exactly is going on?

Firstly, the coin and project is currently under attack through a lawsuit that claims Ripple is scamming people through a never ending ICO. On May 3rd, a class action suit was filed in California accusing Ripple Labs that is registered in the state of Delaware for doing the following:

  • Carrying out an unregistered offer and sale of securities in violation of sections 5 and 12(a)(1) of the US Securities act
  • Carrying out an unregistered offer and sale of securites in violation of section 25110 and 25503 California Corporations Code
  • Being in violation of section 15 of the US Securities act
  • Being in violation of California Corporations Code Section 25504

For this lawsuit to hold any water, Ripple would have to be classified as a Security.

So let us define it.

A security is a fungible (interchangeable), negotiable financial instrument that holds some type of monetary value. It represents an ownership position in a publicly-traded corporation (via stock), a creditor relationship with a governmental body or a corporation (represented by owning that entity’s bond), or rights to ownership as represented by an option.

Using this definition and the fact that the parent company of Ripple is not publicly traded via stocks, the lawsuit does not hold water.

What now is left is the ruling in this lawsuit that might end up being one of those landmark cases that set precedence for any other Crypto related court cases. Perhaps the Judge listening to this case will realize that Crypto has no written regulation or law for any judgement to be passed.

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Explaining Ripple’s (XRP)“Never ending ICO” Allegation

The security regulations claiming some coins are best regarded as ‘securities’ have opened the cryptocurrency world to many discussions and criticism. One is the recently filed lawsuits challenging and alleging Ripple. The lawsuit in one of its allegation, laid claim that Ripple (XRP) raised millions of dollars through unregistered sales of its XRP tokens.

At the same time, it alleges that Ripple engaged in “what is essentially a never-ending initial coin offering,” to exploit unsuspecting investors.

If this is so, according to the allegation, Ripple has violated state and federal laws by offering unregistered securities to investors.

The Plaintiff, investor Ryan Coffey, who filed the motion declared that the Chief Executive Officer at Ripple, Bradley Garlinghouse, and Ripple Labs engaged in the sales of unregistered securities, advising that all those who acquired the token should join in the lawsuit.

Countering the allegation, Ripple spokesman Tom Channick said in an emailed statement to Bloomberg, said “We’ve seen the lawyer’s tweet about a recently filed lawsuit but have not been served. Like any civil proceeding, we’ll assess the merit or lack of merit to the allegations at the appropriate time.”

“Whether or not XRP is a security is for the SEC to decide. We continue to believe XRP should not be classified as a security.”

Coffey bought 650 XRP tokens early January, while selling them, he lost a huge amount, he said in the filing.

It cannot be fully said that Ripple is a security or not. That it is or not is solely of Security and Exchange Commission (SEC).

Early March, the SEC declared that security laws and regulations also apply to cryptocurrency, especially the ones that do Initial Coin Offerings (ICO). SEC in dozens of subpoenas to companies involved in crypto markets, highlighted that digital assets involving coins and tokens offered to investors are within the confine of “security” going by the US security laws. This signifies that any platform trading digital currencies falls under this policy.

The move, according to SEC, is to give investors in cryptocurrency the security and benefits they desire during and after ICO sale.

In a statement on SEC website, “Many platforms refer to themselves as ‘exchanges,’ which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.”

“There is no reason to believe that such information [on digital currency platforms] has the same integrity as that provided by national securities exchanges.”

Meanwhile, alleging that Ripple is engaging in unending ICO may be an allegation that may not be substantiated except with the final word of SEC. it is up to regulator to do the classification without excluding those involved.

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$1 Looming As Binance Introduces Ripple XRP/USDT Trading Pair

Binance, with over 300 trading pairs, has announced it has added XRP/USDT trading pair. The development has given Ripple (XRP) a slight move towards the North.

With Binance adding XRP trading Pairs the price of Ripple is expected move toward the north massively, or at worst uptick.

In the last 24 hours, the price of Ripple has increased by 5.75%, with its trading value pegged at $0.904. It appears Ripple is receiving more attention since it was added to Binance because the cryptocurrency has managed to remain slightly at a fixed value in the last 7 days.

At the press time, Ripple trading volume is now at $996 Million, and its market capitalization is at $32.25 Billion. There is possibility that Ripple achieves its much anticipated $1 today or anytime soon.

Earlier, Revolut, a United Kingdom based global banking alternative also revealed it will be adding Ripple (XRP) any moment. The declaration informs that with a normal Revolut account, crypto enthusiasts have the opportunity to purchase cryptocurrencies by just connecting their UK bank accounts to Revolut protocol, while allowing the platform users the privilege to convert crypto to any fiat currency they wish without any form of hindrance.

Ripple has tried hard to get listed on the most popular exchange, Coinbase, but all efforts, including alleged financial inducement, were futile. The listing would have been a major boost for the cryptocurrency.

Ripple team are trying to move ahead and present a digital coin that will be number one, like bitcoin. The team behind the coin sees partnering with banks and fintechs as possible boost, however, there has been no significant improvement for the altcoin.

In a bid to bring more growth to Ripple, the financial firm recently invested in ideas that can create growth in its ecosystem. Ripple is coasting different industries. The team behind Ripple are eyeing international banks, or possibly become the bank of banks.

Among all coins, Ripple is the first and the only crypto to believe in security regulations. The CEO, Brad Garlinghouse says “Regulators are behaving as they should to make sure we have regulation around KYL and AML. There are reasons for that. If exchanges are trying to circumvent KYC requirements, [regulators] should come in and enforce that.”

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Ripple (XRP) Centered SBI Virtual Currencies ‘To Be Number One’

Ripple (XRP) is doing pretty well in the markets today. It is up 5.77% in the last 24 hours and is currently trading at $0.904. Hopefully, the coin that is behind the revolutionary change in international payment settlement services, will be able to maintain this value over the weekend. The other top two coins in the market, Bitcoin (BTC) and Ethereum (ETH) are also looking good with BTC doing 5.43% in gains and ETH 10.85%. They are trading at $9,711 and $797 respectively and at the moment of writing this.

It is with such trading action, that the CEO of SBI Holdings, Yoshitaka Kitao, believes that once the virtual currency platform from the company he steers is released in the Summer, that it will become number one in terms of trading. He is quoted as saying:

“When we do it, it will be number one in the blink of an eye so quickly, so even if a tremendous number of customers come, we can build a system that can bear We have to pursue safety thoroughly.”

Yoshitaka and SBI holdings are very much aware that the total cryptocurrency trade volume has halved since December levels. He is very much confident in terms of conquering the Japanese Cryptocurrency markets and doing it in a manner that is secure for its users. This is after the infamous Coincheck hack that left over $500 Million in Nem (XEM) stolen by hackers and had the Japanese regulators seeking for answers from Japanese exchanges.

Also to add, is that Yoshitaka Kitao has been very bullish about Ripple (XRP) since SBI Holdings announced its partnership with the project back in January 2016. SBI Holdings has been operational since 1999 and has been a pioneer of Internet-based financial services. No wonder it was one of the first to partner with Ripple. The company provides financial services in the categories of securities, banking, insurance and now, crypto currency trading with the release of the much anticipated SBI Virtual Currencies trading platform.

SBI Holdings and Yoshitaka Kitao have realized that crypto trading can be more profitable than regular banking.

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$1 per Ripple (XRP) Might Be Around The Corner

Good morning! Good afternoon! Good evening! I was once told by a wise man that salutations do not cost a dime and it is always good to share your happiness. Right now, XRP is causing some happiness and I’d like to share. That said, I hope you are doing well especially now that our beloved Ripple (XRP) is doing wonders in the market. Looking at coinmarketcap.com, XRP has done 15.11% in the last 24 hours and is trading at $0.834. Such events can make a Rippler like myself to yell like the legendary Ric Flair: Woooo!

Less than 2 weeks ago, Ethereum World News ran an article about three Ripple price predictions that have been rocking the crypto-verse for the last few months. One of them was $1 per XRP by mid this year. This prediction had estimated that this value was not too far off. But due to the market action when the article was published, a lot of skepticism was rife when the article was published.

However, the markets have since improved after the April 12th Bitcoin (BTC) pump of $1,000 in less than 30 minutes. What then proceeded is that the entire market responded to this pump, and so did Ripple (XRP).

Before the said BTC pump, Ripple was trading at $0.51 on the 12th. The current price of $0.83 is almost double this price and an increment of 62.74%. This means that Ripple has done an average jump of 7.84% per day and using the $0.51 value as a base for the calculations.  This means $1 per XRP will be reached in less than 5 days if the momentum is kept going as we proceed into the weekend.

Weekends, and particular Sunday’s, are always volatile for the Crypto markets. The total market volume never seems to be stable on Sundays a per my observation and since the markets started dipping after Christmas last year. One theory I have is that the traders are resting on Sundays and not in front of their office or home computers.

In conclusion, XRP seems to be proving the critics wrong with the current rally in the market that was ignited on the 12th of April by a very resurgent Bitcoin. What remains to be seen is when the $1 per XRP will be reached in the next few days or weeks. One thing is for sure, HODLing XRP is not a bad idea.