Current Status of Ripple: Currently, Ripple is trading at the value of $0.261879 and its value is increasing by 1.86%. The market capitalization of the currency is $11,256,798,800 and the 24-hour volume of the $1,038,677,499. The circulating supply of the currency is 42,984,656,144 XRP and the ROI of the Ripple is 4,358.40%.
Even Yesterday, the currency going up by 1% bullish momentum, the range of price going up and down is very narrow and since August 15, the movement is lacking in the bearish pennant structure. Buyers are attempting to save the value of $0.2500 and if they fail to do so then they are looking at the value of $0.2000. On the other hand, the 1-hour chart of the pair of XRP/USD is moving inside a range-block creation.
The daily chart of the XRP’s value is showing the formation of a symmetrical triangle with value going within the range of two converging trend lines. The pattern has been expanded for the previous 33 days. The breakout of the value in the chart could be both ways. Also, there is a decreasing pattern of the triangle and the value pattern is stuck by two trend lines, on the other hand, the bottom one is horizontal and the top one is going down that has been expanding for a 33days term. This is signalling the bearish dip in the value of Ripple.
The weekly chart of the XRP/USD showed a pattern of the falling wedge and the price succeeding two is going down and converging trend lines. This falling wedge pattern is signal the bullish breakout of the value, but the MACD line lingering under the signal line is showing a bearish movement.
The conclusion of these two charts is this that the daily chart is showing the downside breakout of the value and the weekly chart also showing bearish movement along with the MACD signal.
Faysal Bank Partnership with Ripple’s xCurrent
Faysal Bank Limited, which is known as one of the premier banks in Pakistan has done an alliance with Ripple, the blockchain remittance firm. The premier bank of Pakistan, Faysal Bank Limited has become the first bank to make an alliance with xCurrent tech of Ripple.
Yesterday, on 6 September 2019 the bank has officially announced the new on their social media that they are now providing virtual enabled solutions for its users. Ripple has a reputation of doing partnerships with banks, but for Pakistan, it’s the first approach towards any virtual currency remittance. Now the user of the bank can do the cross-border transactions and other financial services. The partnership ceremony was held in Karachi city. The bank tweeted afterwards,
“Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made. The ceremony was held in Karachi, under the leadership of Mr Yousaf Hussain, P&CEO- FBL.”
Faysal Bank introduces a digitally enabled solution for its customers through partnering with Ripple. With this partnership, fast, secure and convenient cross border payments can be made. The ceremony was held in Karachi, under the leadership of Mr. Yousaf Hussain, P&CEO- FBL. pic.twitter.com/qjyrm5sk05
— Faysal Bank Limited (@faysalbankltd) September 6, 2019
The community of the XRP is also looking for positive aspects of this partnership. On the other hand, Dato’ Arif Siddique, who is a Banker, CIO, CDO, and a digital inclusion innovator said that this will help citizens of Pakistan to do quick, affordable and secure payments from the bank. Ripple has become a very popular option for global banks and institutions for affordable global remittance solution. Ripple has also been added to the list of “50 hottest United States companies” for the second time in a row.
U.S. banks are not clear, while Indian and Japanese are interested
The cryptocurrency and blockchain remittance firm Ripple has been expanding its roots in various countries. Along with the recent partnerships with the banks and financial institutions the project of XRP is advancing, despite the value of the currency is moving in a tight range.
In the recently launched 15th episode of Ripple Drop, the interview of the Co-founder of Ripple, Chris Larsen has surfaced and he talks about how crypto assets and blockchain are creating the Internet of Value. He stated that the blockchain is given an infrastructure for the transaction of the values around the globe and virtual currencies are not workable without the help of blockchain.
He also said that the existence of the virtual currencies in the world is so important and it is decreasing the cost of liquidity. On the other hand, he said that conventional currency will stay dominant and cryptocurrency is necessary and usable. These two can help each other and help create a strong global economy. But the regulatory clarity is of key importance in the case of cryptocurrencies.
In the case of the superpower U.S. he regulatory clarity absent for cryptocurrencies and this is doing harm to the crypto community. This lack of regulatory clarity is damaging innovation in the field. Also, in this kind of the situation, the innovators do hold their ideas and even migrate to crypto-friendly countries. According to Larsen the important things in a successful regulation of virtual currencies are to take to consumer protection seriously, provide good opportunities for investors or innovators, and the knowledge of the importance of the work the other regulators are performing. Only these three could make the U.S. crypto-friendly countries and solve the problems of lack of clarity and migration of innovators or investors.
Other countries such as Japan and India Ripple is proving its value. Some of the reports are professing that almost 61 banks out of 200 banks in Japan are interested and even ready to utilize the Ripple’s token XRP. On the other hand, in India, all of the banks are showing interest in utilizing xCurrent and to want to gain profit. This shows that Ripple has marked a strong impression in the counties of Asia for using its global remittance service. Larson is also positive to see some success in the U.S. too.
United State’s Eight Largest Bank PNC is utilizing xCurrent
Ripple is doing revolutionary work in providing global remittance services while doing partnerships with global banks and other financial institutions. Recently, it was reported in Cointelegraph that the United States’ 8th largest bank, PNC has become the first bank in the U.S. to utilize the service of Ripple’s xCurrent solution. Also, one of the biggest bank of Spain, Santander also looking forward to using the Ripple remittance solution.
The announcement of the news was made by PNC Treasury Management that,
“The ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.”
Ripple also described how PNC will benefit its customers in email with Cointelegraph,
“With more than eight million customers and retail branches in 19 states across the U.S., RippleNet enables PNC’s commercial clients to receive payments instantly and revolutionize the way they process cash flow and manage accounts. With xCurrent, PNC can communicate with customers instantly and confirm payment both before and after a transaction.”
RippleNet blockchain remittance solution firm provides affordable transaction even for a very large amount of transactions. This reduces the tension of expensive transactions and the time fiat assets take while transacting from one to another around. The fiat currency has to through the process of clearing and foreign exchange markets (if parties are using different assets) and cross-border transactions can take around 1 one day to clear. Ripple described,
“Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles.”
RippleNet’s blockchain solution is really easy and helpful to the bank’s customers to make international remittance and it doesn’t differentiate between traditional and cryptocurrencies. The financial institution can also use XRP as a bridge asset and institutions can also buy an equivalent amount of cryptocurrency and send it. It is time-saving and cost-saving. There is only one risk that the institutions might have to bear is the instability of the value of XRP.
On the other hand, Ripple has shown that participants have experienced around 40% and more saving when compared to xRapid, which takes the time of around 2 minutes. The company is currently available for commercial customers and the alliance was announced on 19th September 2018. The senior vice president for product management of Ripple, Asheeh Birla that the utilization of xCurrent could be the first step in banking for expanded adoption.
Ripple is expanding the partnership, while on the XRP was even experiencing decreasing value. Moneygram disappointed the investors last year. The CEO of Ripple, Brad Garlinghouse also tweeted,
“By volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.”
One crypto user named Crypto Bitlord also begun a Change.org petition with the title of “Stop Ripple dumping.” Crypto Bitlord also tweeted about his ideas for the betterment of XRP on 26th August,
“I’m thinking about forking $XRP so we don’t have to deal with the founders dumping. -This will be a community effort. Retweet if you’re in.”
The remittance service is not a new idea and banks are also working for developing this system for international payments. The lead economist of digital finance and regulation at ING Bank, Teunis Brosens there are also options other than xCurrent and offering same services,
“Cross-border payments are an area where many banks and non-banks are looking into. Various consortia and companies are developing ideas and products. We currently see both efforts by single banks (e.g. JPM coin), non-banks (e.g. Ripple), and consortia (e.g. Swift, R3, Finality).”
He also confirmed that banks are also looking for solutions with blockchain technology and cryptocurrencies pose a risk of Anti-Money laundering. He further added,
“This may change as cryptocurrency is slowly brought within the regulatory perimeter. But keep in mind that compliance with regulations is a necessary condition for banks to engage with cryptocurrency (again, narrow sense), it is not a sufficient condition. There has to be a business case, and this is not necessarily clear. When you broaden the view to currency products that somehow use blockchain (including xCurrent, but also offered by other parties), this is an area of interest to banks.”