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Standard Chartered Bank Set To Extend The Use Of Ripple’s Technology

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One of the biggest British banking giants, Standard Chartered Bank, is planning to extend the use of Ripple (XPR) and its network that supports payments to five more pairs of nations in the coming year.

As a multinational banking and financial services institution headquartered in London, England – Standard Chartered is a prestigious bank that runs a network of more than 1200 branches and outlets across many nations, employing around 87,000 people.

On the other hand, Ripple’s technology hs always helped banks, payment providers, digital asset exchanges and corporates to benefit via RippleNet and provide a frictionless experience in sending money worldwide.

The RippleNet technology is seen as something extraordinary right now in the London headquarters. As the CEO of Standard Chartered, Mr. Bill Winters stated in a passage of the bank’s investment in innovation initiatives:

“We are using blockchain technology to streamline cross-border payments as part of the first live, real-time payments corridor between Singapore and India that we initiated in 2017. We will expand this capability to five more pairs of countries in 2018.”

Meanwhile, XRP is too sold on the idea of a decentralized currency and a blockchain technology that transfers the centralized transaction structure to a decentralized structure. In the case of Standard Chartered Bank, however, the XRP Network will allow the use of this technology in a centralized way where the bank will utilize the advantage of fast transactions – but still continues to keep control of the transactions that are maintained in a centralized structure.

 

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 News

MoneyGram And Ripple Extend Their Partnership With $11.3 Million

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The latest Ripple news show that MoneyGram and Ripple are now extending their partnership, adding $11.3 million more as part of their deal. So far, the money transmission network MoneyGram gained over $11 million from the blockchain based payments firm Ripple Labs. A new press release by MoneyGram shows that the company said that it received funds from Ripple which were divided over two quarters. In the fourth quarter, $8.9 million and $2.4 million in the third, totalling $11.3 million. The revenue for Q4 was reported to be $323.7 million.
"MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities."
Nothing in the SEC filings state what Ripple's investment will be used for. Still, MoneyGram's agreement with Ripple has previously allowed it to use XRP and its blockchain product named ODL (On-Demand Liquidity) to facilitate cross-border payments.
"[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows."
MoneyGram and Ripple already were in a financial tie. The two firms announced their partnership back in January 2018 when MoneyGram decided to integrate XRP into its payment system. In June 2019, we saw that the two firms entered into a partnership to collaborate on cross-border payments and foreign exchange settlements with digital assets. The blockchain news then showed that Ripple followed through with a $50 million investment, completed in November. Despite the close working relationship, not all money transfer methods are being handled by Ripple. Reports recently showed that MoneyGram unveiled FastSend, a service which allows for real-time money sending based on Visa. While Ripple is doing good by expanding its partnerships and actively improving its blockchain, the token is falling down just like many other altcoins. Right now, the Ripple news and XRP updates show that the coin is in a 8.33% decline, going to new levels at $0.2438 in the wake of a major selloff which occurred on the markets overnight. The total cryptocurrency market today is at $261 billion.  
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Ripple News

XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis

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The XRP traders turn bullish as the XRP price keeps hovering below $0.30 while the overall market sentiment regarding the coin is also bullish as we are reading in the price news today. The crypto traders are waiting for various movements in the price in the short term but all seem to bet on the XRP surge and some analysts even predict the $0.46 level to be the support level for the coin. The Dutch analyst Micahel van de Poppe explained that the XRP traders turn bullish stated that the situation will be okay for this cryptocurrency. The expert pointed out to a Support Resistance flip on the charts saying that XRP still has to hold above the $0.25 in order to keep rising to $0.46 which could be possible to reach a new high of $0.60. The Twitter user @mrlevelup shared another bullish view in the price news on XRP on his Twitter page which shows many similarities between the charts from 2017 and a chart from 2020 where we can see that the market is now at a similar point as it was back then when XRP surged. The twitter user expects XRP to soar and to provide details in a video that he posted in the twitter comment threat. The financial analytical agency Weiss Ratings back a few days ago, published a post criticizing the head of the blockchain giant ripple after the CEO of Ripple Brad Garlinghouse got trashed for saying the cryptocurrency will not be able to function without banks and that getting bankers on board is extremely important for the future of the cryptocurrency. Weiss Ratings supported the opinion in the crypto space that Ripple will unlikely replace banks:
 “#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”
Brad Garlinghouse was in an interview when he commented that there are too many crypto assets out there. There are about 3,000 different digital assets that are trading on a daily basis.
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Coinbase News

Ripple And Coinbase Are Among 10 Biggest Companies In 2020

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The Coinbase XRP news today show that Ripple and Coinbase are among the 10 leading fintech companies in the US by their size. The analysis shows that there are three firms in total out of these ten which focus on crypto-related activity: Ripple, Coinbase and Robinhood. Carried out every year by the American business magazine Forbes, this list is in the Ripple news once again and the news source features the 10 biggest fintech companies in the United States. To some, it may seem that this list is predictable as big companies get bigger, improve their performance and reinforce their standing. However, the list for 2020 has also brought a couple of surprises. What matters, however, is that Ripple and Coinbase have cemented their place on the list. Ripple is on the 2nd position, Coinbase lies on the 3rd position and Robinhood is on the 4th position, correspondingly. If we start with Ripple, the value of XRP is tremendous. The company has shown great performance in 2019 and rose in terms of its value. Ripple raised $200 million in an investment round and the company's value surged to $10 billion. The partnerships with BitPay and Intermex added a lot to its value and Ripple has been named one of the best workplaces in the Bay Area. The Coinbase XRP news also show that exchange is next, strengthening its position after making its mark as a safe and regulatory-compliant crypto exchange which offers crypto custodial services to institutions. In addition, the latest Coinbase news show that the exchange ventured into a personal wallet and added support for new currencies. Robinhood, as the fourth ranked company, has also been growing and introducing new features. It launched fractional stock trading with zero fees, expanded its geography and allowed US residents to trade 7 digital assets free of charge on the platform. The top fintech company on the list, however, is Stripe with $35 billion as its value. In 2019, it raised $250 million in a new round of funding, which led to an increase in its value. Besides this, Stripe rolled out a new corporate credit card and small business loans which are automatically repaid from payments that it processes for borrowers. Among other companies on the list are Plaid, SoFi, Credit Karma, Opendoor, and Root.
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Ripple News

Ripple XRP Could Explode Higher If Technical Stars Align

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We all know that Ripple XRP could explode and reach the all-time highs it once posted. However, in order for that to happen now, the Ripple news must see a couple of technical factors colliding. And after peaking last week, the market leaders Bitcoin, Ethereum and Ripple XRP could only retrace if their losses are recovered in the short term. As you probably know, XRP was hit hard by the retracement last week, falling from its multi-month high somewhere above $0.34 to as low as $0.265 during the flash Wednesday sell-off which brutalized bulls and liquidated millions of dollars worth of Bitcoin positions on BitMEX as well as other leverage exchanges. The more-than 25% retracement in the price of the third largest cryptocurrency still makes some analysts remain optimistic, touting a number of indicators which suggest that bulls may soon return to their fields and Ripple XRP could once again post double digit gains. According to the popular crypto commentator CJ, XRP's chart setup suggests a strong breakout to the upside very soon. He depicted the fact that XRP has been building a falling wedge pattern over the past two weeks which could break to the upside. But as he also summed up, the demand zone around $0.24 needs to be swept off in order for XRP to gain more and again be in the focus of the cryptocurrency news. https://twitter.com/IrnCrypt/status/1231012056461082624 All of this is far from the only technical sign that may support bulls moving forward. Still, previous reports showed that the signal was seen two weeks before the altcoin began its infamous surge at the end of 2017, during which the asset gained more than 1,000% in under a month's time. This is why Ripple XRP could visit new highs again. The eerily accurate trader Financial Survivalism was quick to jump in the Ripple news too, suggesting that the asset could easily hit $0.70 this year. He backed this forecast by looking at the technical indicators including the Heiken Ashi candles which turned green this week, the implying reversal, as well as the key horizontal which was turned into support. Right now, Ripple (XRP) is trading at $0.2815 with 2.79% gains on the day. And while there are a couple of technical factors that need to play out, most are not sure if XRP is ready to see the strong breakout that CJ and his fellow analysts suggested that could take place.
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