The worst performing major coin of the day is officially Ripple’s XRP while Tezos (XTZ) became the best-performing asset among the top 100 by market capitalization yesterday. Let’s read more in the Ripple XRP news today.
Though the week was extremely busy for Ripple, the recent news doesn’t seem to have a positive influence on the price of the 3rd cryptocurrency by market capitalization. Looking at the 10 coins only, Ripple is one of the three coins that dropped in the past week and the drop is the largest by far. Bitcoin dropped by 0.67 percent and Bitcoin SV by 0.03 percent. The worst performing major coin seems to be XRP which saw a 4.41% drop and it also took another plunge in the past 24 hours with a 6.33 percent drop.
Among the coins that dropped in the top 100 categories, XRP is now at the 12th place over the seven-day time frame and in the fourth place in the past 24 hours. As a matter of fact, on November 7, the altcoin saw the highest price in the last 30 days of USD 0.31 and fell by more than 6 percent the same day. It also recovered slightly and continued to fall to the current price of $0.27. There were also a number of announcements lately and moves that Ripple made especially in October.
It has seen an increase in client base by 50 percent this year only while 7 percent of those use XRP for cross-border liquidity. Recently the studies showed that while Ripple led the market since 2012, the competition between them, IBM and VISA is heating up when it comes to blockchain innovation and cross-border payments. Ripple’s Outspoken CEO Brad Garlingouse also promoted the blockchain multiple times and its services based on XRP. He also said that there are too many cryptos and that the market will be even more volatile but also that Bull Run is coming for the entire market.
Before this, Ripple rebranded the website and released a sequel to their popular crypto ad as a part of the new brand awareness campaign and it even saw the Japanese financial giant SBI holdings praising XRP and the company found that when it comes to cross-border transactions, XRP is less volatile than fiat.
Ripple News Show That XRP Remains At Risk Of More Losses
Moneygram’s US-Mexico Business Is Crypto Enabled By 10%
“The 10% relates to the ODL (On-Demand Liquidity) platform and represents the percent of our Mexican peso volume that we trade. We take USD and buy Mexican pesos. We continue to work with Ripple to build liquidity. We now have four new corridors we are starting, including the Philippine peso and Australian dollar. True success will be determined by others joining the platform, so it’s early days.”Holmes did not want to reveal the size of Moneygram’s US-Mexico business but he seemed pretty happy to talk about the potential of the technology and how it will bring ease in the international transactions process to the new countries. Ripple’s technology, on the other hand, is also known to be among the best remittance services in the crypto industry with great partnerships around the globe.
Ripple CEO Warns Against A Market-Wide Purge
“Anytime there is a new market, there are a lot of people that run into that market and try to show that they can solve a problem, they can deliver a customer need,” Garlinghouse noted, going on to say that 99% of these assets “probably goes to zero.”If you are asking yourself whether XRP can avoid the market-wide purge, the XRP news today now show that there are a lot of analysts supporting XRP and believing that the token will be included in the event which Garlinghouse described as one that would "bring many cryptocurrency values to zero."However, the Ripple Swell conference is also coming which means that the price of XRP may rise in the coming days. At press time, it is at its low. This is why the Ripple CEO warns and explains that there may be a crisis period coming.Aside from this, Garlinghouse is confident that XRP is the best financial system out there and that it has significant utility, especially when considering the inefficiencies of SWIFT such as its "transaction volatility" which Ripple believes is best solved by XRP.The full interview with Brad Garlinghouse was shared by Bloomberg and can be seen below.https://www.youtube.com/watch?v=ZvSZTfAkgYk&feature=youtu.be
Ripple’s Client Base Increased By 50% This Year (2019)
“This year has been our strongest for Ripple yet.’’The company also said that now the customers have started using RippleNet in more than 45 countries compared to 40 countries in January 2019. Since the startup announced the On-demand Liquidity product in 2018, XRP is used there to remove the necessity for pre-funding in cross-border payments and they made multiple partnerships with two dozen customers that are using the ODL right now such as MoneyGram, Viamericas, FlashFX, goLance and Interbank Peru. This resulted in a sevenfold increase for transactions that started using the on-demand Liquidity from the end of the Q1 until the end of October.Ripple’s client base increased mainly because of the different options the platform has to offer. ODL initially offered payment corridors in Mexico and the Philippines and then expanded to Australia. However, Ripple announced that the upcoming payment corridor will expand to Brazil while 2020 it also plans additional corridors across the Asia-pacific countries and Europe and the Middle East.In the last quarterly market report for the third quarter, Ripple said that ‘’Ripple customers live with ODL, including MoneyGram and others, increased by 75% last quarter and dollar volume on ODL increased more than five times from Q2 to Q3.”Garlinghouse said that they have more than 20 customers using XRP for cross-border liquidity and he added that Ripple has more than two dozen customers with millions of dollars of flows per week. He said that also there are a number of projects that are built on the XRP ledger and even more companies will start using XPR with time.
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