Ripple increased this Wednesday by 9 percent against the US dollar and some believe that the increase is a result of the partnership between Swift and the blockchain consortium R3. In the altcoin news below we are analyzing the price movements of XRP.
Starting the day, the XRP/USD pair was trading at 0.2934 and as the sentiment moved the market, the pair continued to increase in the next three hours reaching a high up to 0.3292. By 13:00 today, Ripple had already risen by 12.2%.
The global banking giant Swift announced that they will be integrating R3’s finance platform within their Global Payments Innovation solution (GPI) when the CEO Gottfried Leibbrandt said:
“We are announcing later today a proof-of-concept with the R3 blockchain on [a] trade where you can initiate a payment on the [trading] platform, and then it goes into GPI.’’
R3 had previously integrated Ripple Labs’ XRP token for their Corda platform and they also partnered with other banking giants such as Barclays and Royal Bank of Canada. In 2017 however, R3 took Ripple Labs into a legal fight for violating the purchase agreement of $5 billion XRP tokens. Both of the companies resolved the matter and XRP was the first integrated cryptocurrency in R3’s open-source blockchain solution.
Leibbrandt was reserved towards XRP as a global crypto payment asset saying that the banks are still hesitant to use cryptocurrencies because of their high volatility.
In the meantime, the senior market analyst at eToro Matt Greenspan expressed his bullish prediction about XRP but still staying it is a ‘’unique digital asset’’ adding:
‘’And when they knock on the door of a bank, the bank says tell us about it. They’re going to say ‘why are you holding onto a majority?’ That will be a reservation.’’
Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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Ripple (XRP) Loses Momentum – Possibly Because Of JPMorgan’s Crypto Spell
“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple."The arguments that the newly released JPMCoin (which will be pegged to the dollar ) could replace Ripple are still strong, stating that this is a huge slap for Ripple and its cross-border payments and remittances. Ripple's boss, Brad Garlinghouse, doesn't think so. As he tweeted: https://twitter.com/bgarlinghouse/status/1096118363506434048 Right now, it remains to be seen if Ripple is going to fight back in the short term. Besides that, it appears unlikely that another centralized stablecoin will do so much damage to XRP. The only bad scenario right now is that banks continue developing their own in-house solutions rather than working with XRP, which is kind of disappointing for Ripple and its business model.
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