The blockchain-based payment network Ripple faces another obstacle after the Japanese Resona Bank decided not to use the MoneyTap payments app based on Ripple’s blockchain technology. In the coming altcoin news, we find out more about the bank’s decision.
Resona is the fifth largest financial institution in Japan and decided to stop using the consumer-centric retail payment app MoneyTap for no real reason. The Bank didn’t provide an answer about the cancellation and now it’s likely that other institutions will follow.
The cancellation is supposed to take effect on May 13 according to the official announcement from two days ago on its official website:
“Resona Bank will cancel the cooperation with the money transfer application MoneyTap (which started on October 4, 2018) on May 13, 2019.”
As previously reported in our latest cryptocurrency news, about 60 Japanese banks are using the MoneyTap app. As of March, 13 banks have already invested in the project. After the step back from Resona Bank, the number decreased to 12. Resona was one of the first three banks to join the project.
MoneyTap was created by SBI Ripple Asia which is basically a banking alliance launched back in 2016 in November. The alliance aimed to leverage Ripple’s blockchain technology in order to boost domestic bank transfers in Japan. The blockchain-based app enables real-time domestic money transfers in just a day, all year around.
Ripple hasn’t given any comment on the decision of the bank. It is unclear what this decision means for the rest of the Japanese banks who are still using MoneyTap. In the meantime, Ripple‘s co-founder Chris Larsen announced that the company is donating $25 million in XRP to the San Francisco State University. This was one of the largest donations ever made to a US university. The funds are supposed to help promote the development of blockchain technology and to provide education for students of this technology.
This is also not the first time Ripple donates money to promote blockchain. The company previously donated about $50 million to 17 universities worldwide.
Ripple Will Be The Amazon For Crypto: Brad Garlinghouse
‘’we’ve added more than 150 employees last year, at a time when I think others have been less focused on solving real world problems. There’s been a bunch of lay offs in crypto community over the past weeks.’’Ripple intends to work with regulators for more clarity and he wants to see the US becoming a leader in the crypto industry which will not happen without regulatory clarity. He also said that XRP’s value is north of $10 billion so this valuation for the IPO presents an opportunity for Ripple shareholders which will give the platform more flexibility to pursue deals such as their $50 million investment in MoneyGram:
‘’When I step back and think about it macro, I think it’s really healthy and constructive for the entire crypto blockchain community to see central banks and central governments lean into what can these new technologies do to make our economy more efficient, our payment infrastructure more efficient… so at large I think it’s really positive.’’
Ripple Has Room To Double As Technical Strength Grows
“Looking at XRP/USD on the Weekly timeframe, we can see that price broke out above trendline resistance from June 2019 a couple of weeks ago on strong volume, and has now found resistance at the prior swing-high at $0.36,” he said.In order for the cryptocurrency to rally past this resistance, it will probably require Bitcoin to see some further momentum. Patel said that he does believe XRP will ultimately see some significant upwards momentum and set a mid-term target with highs around $0.56.
“Volume continues to rise and I am firmly of the belief that dips are for buying, with the ultimate target being the high at $0.56 from June 2019,” he noted.Patel also explained that the cryptocurrency is right now "consolidating above its 200-day moving average" and a strong defence of its key defence at $0.27 could spark a new short-term movement to over $0.36 soon.
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Binance US News: XRP Is The ‘Future Of Banking Remittance Services’
- Their statement which shows that "Ripple has one of the largest and tight-knit communities."
- The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
- Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
- BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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