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Banks In India See More Uses Cases In Ripple (XRP) Than In Any Crypto

When Ripple (XRP) launched an office in Mumbai India, appointing Navin Gupta, who has over two decades of experience at HSBC and Citibank across the U.S, Hong Kong, Japan, Taiwan and India, as the Regional manager, it could be said that the move was to smoothen the relationship between Ripple and its partners, Axis Bank and YES Banks.

However, CEO Brad Garlinghouse sees beyond today, he has discovered that “India is transforming itself into a digital economy and is an innovative leader in payments”. He was of the opinion that creating an office in Mumbai will respond to the rapidly-growing demand for frictionless payments by Ripple’s customers Axis Bank and YES Bank, some other banks and non-banks across the country.

Shortly afterward, different banks and fintech started partnering Ripple in the country, using it uses cases such as RippleNet, xCurrent and even xRapid as a means of cross border payment settlement.

Among them is Kotak Mahindra Bank, a leading bank in India with more than 1300 branches in the country, which will be using RippleNet, a decentralized network of payment providers and banks that connect to each other through Ripple’s technology.

Earlier, IndusInd was among the banks that announced they would join the RippleNet community for seamless cross-border remittance. There is more hope in India for Ripple than any other blockchain technology, may be due to Gupta’s assertion that “Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payment services into the fold. We are committed to building our presence in this market with significant investment, and I look forward to expanding our local team with this vision.”

Ripple In The Financial Industry In Other Countries

Getting recognition from banks and other financial institutions around the world isn’t a new thing for the cross border specialized remitting Cryptocurrency, Ripple. While many have viewed international transactions as a herculean and costly task, Ripple, tagged blockchain solution to global payments, redefined the situation by making it a piece of cake that cost almost nothing.

In Europe, Ripple has got collaboration with institutions like Santander bank that resulted in the launch of OnePayFX app for immediate remittance in Europe, Standard Chartered Bank, UniCredit and Banco Bilbao Vizcaya Argentaria (BBVA), among others. While in continents like America, Asia, and Australia, Ripple has gained alliance with financial institutions like MoneyGram, MUFG, and Westpac bank respectively.

As the Cryptocurrency continues its search for more connections in various countries to maintain a solid anchor around the world, Ripple CEO, Brad Garlinghouse mentioned that in the next five years, the financial technology would have partnered with more than half of world top banks. With the outreach of Ripple, it is becoming clear that it will live up to what it flaunts.

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American Express (AXP) is Officially Using Ripple’s (XRP) xCurrent

The Money 20/20 event came to a close on the 6th of June in Amsterdam. The event is a global event hosted in different cities to bring together the best minds in fintech, financial systems and now recently, blockchain technology. This event is where Ripple’s CEO, Brad Garlinghouse, was quoted as saying that more and more banks were continually embracing Ripple’s technology.

His words indicated that the number was continually growing and had this to say with respect to the rapid adoption of xRapid by the banks:

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.

A similar momentum is evident in Ripple’s other product, xCurrent. This product is the backbone of Santander’s OnePayFX service that has excited the international money transfer industry in that it is a mobile app that completes international transactions in a matter of seconds. The demonstration a few days back, clearly showed how efficient xCurrent is. This has even led Santander to use Ripple products for 50% of its international transfers.

Is is therefore with this background, that American Express officially announced that it was also using xCurrent to increase the transactions speeds on its payment processing platform. The announcement came during a panel discussion at the same Money 20/20 event that Brad Garlinghouse was attending.

Colin O’Flaherty, American Express’s VP & General Manager of global commercial services UK & Russia, had this to say during the discussion at the event:

Ripple offers instantaneous, point-to-point conversations between the sender and receiver of funds. And that provides a real opportunity to alleviate most of the issues our customers are facing.

xCurrent provides a new blockchain-based infrastructure for global payments by integrating it with the already existing American Express infrastructure. Therefore, the SMEs (Small and Medium Enterprises) that facilitate payments of goods and services to customers on a regular basis, are the core beneficiaries of the efficient services that is as a result of the integration of the two platforms.

This means that American Express transactions are as fast as the OnePayFX app by Santander. American Express aims to expand this new integrated services the same way Santander is planning on rolling out the app across different countries around the globe. This is indeed good news for the Ripple Community.

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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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Is This The Week For Ripple (XRP)?

Current technical analysis of Ripple (XRP) puts the coin’s support level at $0.80 and a resistance level of $0.88. This means that if the weekend correction is mitigated by more volume in the markets and Ripple, we will soon see levels past $0.90. What remains to be seen, is if XRP can reach the much anticipate $1 value this week.

The way the cryptocurrency markets have been observed to work during the weekends, is that the total market cap declines on Sunday. The exact explanation has not been pin pointed, but speculation is high that on Sunday, most traders are away from their home or office computers.This means that popular day trading is not at its peak as usually is during the week.

Ripple has been on the lips of every cryptocurrency enthusiast for the past 2 or so week due to the coin doing an impressive 72% leap in less than 2 weeks. This movement started on April 12th when XRP was valued at $0.51. It would then peak to $0.93 on Saturday, April 21st. XRP is currently valued at $0.88.

The word amongst several XRP believers is that the coin has been highly undervalued in the markets. This is because Bitcoin (BTC) seems to be the King of Crypto and sets the tide for the rest. Whenever BTC prevails or shows sideways movement, all alternative cryptrocurrencies show gains. But whenever BTC falls, the entire market falls.

XRP has been making major strides in terms of partnerships with banks around the globe, with the most recent being Santander launching their proprietary international payments service called One FX. This service uses Ripple’s xCurrent software to transfer money across the globe in the countries of Spain, UK, Brazil and Poland, with the bank expecting to roll out the service across more countries in the coming months.

Considering that XRP did an impressive 35,000% in gains last year in the markets, 2018 could prove to be the year that Ripple could upset the markets and become a more mainstream coin option for traders and exchanges in the sense where it will be on level equal or greater than Bitcoin. With the current momentum of XRP, the coins popularity is surely to increase.

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Ripple’s (XRP) Internet Of Value Vision And The $1 Question

The past week has been an exciting one for our dear Ripple (XRP) in the crypto markets. We saw XRP trading at $0.65 on Monday and an exciting $0.93 by Saturday, April 21st. This is a wonderful leap of 43% in less than a week. XRP is currently trading at $0.86. But this is normal for trading on Sunday is usually slow. Ethereum World News had pointed this out only 2 days ago.

The theory goes that on Sunday’s less traders are on the online exchanges than the usual weekdays and hence a notable reduction in trade volume as many opt to cash out at the end of the week. This is because Sunday has been traditionally viewed as a day of rest for many people across the globe.

Therefore, if the weekly patterns are to go by, tomorrow – Monday – will be the day Ripple sets its pace for the week. It is highly possible for us to see $1 per XRP the coming week and around Thursday, 26th April. However, the markets have ways of shocking us with news announcements that are released every minute of everyday. Sometimes the news is good and causes a pump in the markets: and sometimes the news is drastic enough to cause a market crash.

One of these good news announcements, is the recent revelation of Ripple’s vision of the Internet of Value. The vision highlights and is summaries in the following quote:

“The emerging Internet of Value is beginning to radically improve our payments experience. The financial counterpart to the Internet of Information, the Internet of Value is the ability for value to be exchanged as easily as information. Just as speed and access to information on the Web have expanded knowledge, so will an Internet of Value bring down the cost of financial services, speed up money transfer, and deliver access to the furthest reaches of the world. This Internet of Value will effectively democratize finance.”

This means that in the current digital and electronic age, you could be sitting in Costa Rica and doing business with a farmer in Malawi. Payments on the blockchain and smart contracts guaranteeing that your transactions are frictionless, fast (XRP transaction speed – 3.3 seconds) and secure. This means that we will be continually connected on a peer to peer level, and the cost of goods, services and transactions, will drastically reduce.

This vision will only be made possible if crypto and blockchain adoption continues with the current momentum. This will transfer the control of financial transactions, back to the users through decentralization and as envision by Satoshi Nakamoto.