In the coming altcoin news over the past 24 hours, we have a clear winner. We are talking about Ripple’s token XRP which managed to add 21% to its price on the day, soaring to $0.423 in less then 24 hours. The fact that XRP soars has been backed by a couple of factors, one of which is the Coinbase announcement which states that New Yorkers can finally trade cryptocurrency.
Just as Bitcoin neared and shattered major resistance levels, the altcoins picked up the momentum. As XRP soars, it also reaffirms its third spot on the market, reawakening the bulls and being featured as the top coin in the latest cryptocurrency news.
If we don’t count the correction, XRP rose by 25% and the rise has persisted for hours. Coinbase’s announcement is obviously on the back of it, coinciding with the biggest event that is ongoing in New York City – the Consensus 2019 conference.
What’s interesting is that XRP soars with the Coinbase news – but the relationship between Coinbase and XRP has not been smooth. Back when the exchange decided to include XRP on its roster, it was marred by a lot of allegations of insider trading. At the time, the best cryptocurrency news sites reported that employees at Coinbase were specualted to purchase XRP on the cheap before the listing, which was denied by the CEO Brian Armstrong.
As XRP soars and continues its roller-coaster movement, it is featured in the altcoin news and discussed by a lot of analysts for its groundbreaking performance. The truth is, XRP has added more than $4.6 billion to its market cap in the past 2 days and is right now valued at more than $17 billion which is its highest point in months.
Notably, the only exchange which accounts for the “real” XRP volume as XRP soars, according to the Bitwise report, is Binance. Despite the fact it has only 1.9% of trade volume, it is seen as most legit. On the other hand, BW.com takes the top spot for XRP global volume, accounting for 11.1% of the total volume of the XRP/USDT trading pair. Other notable exchanges include the names of UpBit, ZBG, Bit-Z and Digifinex which are all active as XRP balloons to new heights.
MoneyGram And Ripple Extend Their Partnership With $11.3 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.
XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis
“#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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