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Ripple Makes Another Remittance Deal: Will XRP Soar?

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Ripple makes another remittance deal with the SBI Remit and Vietnam’s TPBank to provide remittance payment services between Japan and Vietnam. The latest partnership will enable the near-instant and low-cost payments with the help of the collaboration between Ripple Labs and SBI holdings as we are reading further in the Ripple news today.

The partnership is encouraging for further adoption of the RippleNET and the price of Ripple’s XRP which didn’t move on the news, at least for now. The third-largest digital asset by market capitalization got down by more than 2.75 percent for the past 24 hours. According to the press release, SBI Ripple Asia, SBI Remit and Tien Phong Bank of Vietnam have just launched the first remittance service between Vietnam and Japan with the help of distributed ledger technology. The news comes right after the pair partnering that happened earlier this month.

The latest press release announced that the deal will be made at the start of November and explained that the bank had previously implemented a blockchain-based domestic money transfer system with further plans announced to create similar services between Asian nations and Vietnam with the help of RippleNet. The CEO of TPBank stated:

 “Our cooperation with SBI Ripple Asia Co., on the application of blockchain technology in cross border money transfers marks an important turning point in enhancing our customer experience and makes international money transfers via TPBank faster, more convenient and safer than ever before.”

Ripple makes an interesting choice of companies since the representative of SBI Group, Yoshitaka Kitao, praised the progressive stance towards the latest technology but also added that SBI Ripple Asia is now aiming to provide crypto remittance services in the near future:

 “The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporate crypto-assets in the future.”

Despite the great development, XRP continued to trade along with the wider crypto market and the investors have not rushed to purchase XRP on the news. This could be explained by the fact that the news was announced last week and they could not even affect the price of XRP. The use of the digital asset is an optional feature for the users and when the transfers do use it, there will be an equal volume of purchasing and selling pressure created by the transaction.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Ripple IPO And How It Would Affect The XRP Price

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The blockchain payment Ripple is in the altcoin news and rumors for launching an initial public offering (IPO). However, many experts believe that a Ripple IPO would devalue the cryptocurrency in which it holds a majority stake.According to many market participants interviewed by media outlets over the weekend, Ripple is going public and has potential implications for the destiny of the XRP altcoin. The CEO of the company, Brad Garlinghouse, last week hinted that an IPO may occur within the next year.As he said, the impetus behind a major fundraising event is clear for many commentators. However, people don't know if it could reverse the token's fortunes. According to experts, XRP is "yet to disrupt the global money transfer system in a major way." As an analyst named Rakesh Upadhyay recently said:
“Initially, after the IPO, the market participants might be patient but they will soon seek results. When the results don't come through, it will hurt prices.”
According to him, the lack of progress for Ripple despite its various deals with major banks and other businesses now means harder times are still to come. Moreover, a sure sign that liqudity is problematic is the mass selloff of XRP by Ripple.As the Ripple news now show, these were bigger in 2019 than ever before. Even the IPO announcement failed to move the altcoin higher. The idea of an IPO becoming a straightjacket for Ripple was echoed by many.For him, the IPO would be a litmus test for buyer appetites which are already under scrutiny after the XRP selloffs. “Many see Ripple selling XRP regularly as a recurring 'IPO' already sans shareholder rights,” an analyst named Allen Scott added.By contrast, the contributor and ex-eToro analyst Mati Greenspan said that an IPO could allow Ripple to strengthen its position with XRP. “My feeling is that it would be positive. Additional funding for Ripple would mean less reason to sell off tokens,” Greenspan summarized.Predictably, prominent XRP investors share even less of the sense of foreboding now. Even though some see the Ripple IPO as "healthy," the effect that it could have on the XRP price could change a lot of things in the markets. 
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MoneyGram Will Become The Leader Of The Remittance Market In India

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MoneyGram will try to become the leader of the remittances market in India since it is backed by Ripple so let’s find out more in today’s Ripple news.After forming the strategic partnership with EbixCash, Moneygram will aim to become the biggest market share in India according to the Hindu Business Line. Cross-border payment systems will help the Indian economy connect to worldwide services and take the larger part of that market. So far, MoneyGram met a lot of problems spreading to the Indian market and according to Alex Holmes the CEO of MoneyGram, the partnership will solve the problems of money transfers. EbixCash is one of the better fintech networks encompassing multiply preloaded and general payment services. The platform is one of the latest partners and will connect India’s payment ecosystem with Ripple, Inc.The San-Francisco based company invested about $50 million in MoneyGram in the summer of 2019 and continued to expand and to link the space of cryptocurrencies with regular payment systems. The platform Is now in experimental stages of using the RippleNet’s ecosystem and has announced a lot of plans to utilize the on-demand liquidity system. If this happens, the platform will become the perfect position to deliver the Ripple protocol and show the many benefits in real-world usage.MoneyGram will capitalize on the increased usage of electronic wallets as well and fintech payment solutions. India has also become one of the larger markets that started adopting digital asset solutions but they are competing with the local usage of cash as well as local payment systems. India rejected using the Libra stablecoin but they don’t consider it as a threat since it is not issued yet. Ripple’s solution may be the first distributed solution that will arrive on the market. Despite the low XRP prices, ripple continues to position itself as the best fintech solution provider which can also launch its own IPO in the near future.MoneyGram remains the flagship business and has a huge share of the international remittances capitalizing on the well-known brand. The price of XRP stabilized around $0.22 on the small trading volumes of $1.6 billion. The altcoin waited for the verdict on the status to form security or another type of asset and this kept investors' interest low despite the previous expectations that XRP usage will increase.
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Ripple Insights Reports Show Increase In On-Demand Liquidity

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According to a ripple insights report, we can see an increase in on-demand liquidity services and the company experiencing mixed growth in 2019 so let’s find out more in today’s xrp news.The ripple insights report shows that Ripple’s on-demand liquidity services that facilitate the cross-border settlements saw huge growth. These services handled 550 percent more value in the last quarter of 2019 than they did in the third quarter. In raw transactions calculated, these services saw an increase of 290 percent. This growth happened mainly because of greater adoption and in less than a year, more than 24 financial companies signed on for the ODL including Interbank Peru, FlashFX and Viamericas.Ripple’s most notable client is likely MoneyGram which started using Ripple’s services last August. This partnership was mostly successful in Mexico which is a market where MoneyGram is moving 10 percent of its volume through ODL.  Despite the increasing demand for these services, Ripple sold only a small chunk of XRP in Q4. Though this was mainly because of the change in measurements, Ripple also cut back its sales on purpose in order to act as a disciplined and responsible stakeholder. The company paused the programmatic sales in Q4 which caused sales in that category to fall to zero and in other separate category Ripple executed over-the-counter sales with a few strategic partners but reduced the sales as well.The end result was that Ripple sold about $13 million XRP tokens in Q4 which represents a five-fold decrease from Q4 when it sold $66 million worth of XRP. XRP’s daily trading volume dropped to $187 million in Q4 and the daily volume of the token in the third quarter was $198 million compared to the daily volume in Q2 which was $430 million. These trends suggest that XRP is no longer the most wanted asset. However, Ripple seems to be releasing its XRP token into circulation slowly. It is still not clear whether this strategy will affect the prices in a good manner since, in the short term, XRP lost about 23 percent of the market value during the last quarter of 2019. Bitcoin only lost about 14 percent of its market value in the same period.
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Ripple CEO Garlinghouse Hints At IPO, Predicts More Public Offerings

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The Ripple CEO Garlinghouse Brad recently predicted that the initial public offerings (IPOs) will become more prevalent in the crypto and blockchain space in 2020. As he reportedly hinted at the World Economic Forum in Davos yesterday (January 23), Ripple would itself be one of those firms and seek a public flotation.
“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company,” the Ripple CEO Garlinghouse noted.
https://twitter.com/ashgoblue/status/1220413896068038656?s=21For those of you who haven't been following our crypto news, an IPO basically refers to the process of offering the shares of a private company to the public in a new stock issuance. Because of this, IPOs are often referred to as "going public" or as "floating" corporate shares to the wider market.The Ripple news also show that Garlinghouse is a fan of IPOs. As the crypto industry shifts its focus from initial coin offerings (ICOs) to initial public offerings (IPOs), there are many new and cumbersome legal and regulatory processes.However, as this space matures and in the wake of the post-boom ICO rout (which saw a lot of offerings exposed as either fraudulent or simply unsuccessful), firms are now seeking to build confidence with mainstream investors by way of public listings on stock exchanges.This is a trend which the Ripple CEO Garlinghouse appears to consider and thinks that it would consolidate itself in the near future. This comes even as some of the industry's largest players struggled to meet the stringent requirements of an IPO.Meanwhile, many major crypto firms such as Blockstack have chosen to pursue complaint token sales with the approval of the United States Securities and Exchange Commission (SEC). Silvergate Bank is one of the banks which went public in November 2019 and released its IPO on the New York Stock Exchange.The Bitcoin and altcoin news this afternoon show that BTC gained more than 1.40% on the day and the 24 hour volume looks impressive at $96 billion now.
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