XRP = xRapid or they are not related?
A net positive and possibly an unprecedented opportunity, we know now with certainty it (X-Rapid)will be used . Caution on adoption and a slow approach ensure we’ll still have a nice window to accumulate.
Ripple down 8% since the announcement of $80 billion Santander using XRP to send cross border payment. (I’d argue it is the biggest announcement Ripple made YTD)
Traditional markets: Assets surge upon positive development
Crypto: Assets surge prior to announcement, plunge after
XRP: Brighter Days Ahead as Japan’s SBI Launches MoneyTap
If you’re trading fundamentals, XRP’s price is flashing an attractive buy signal Thursday after one of Japan’s major financial institutions launched an xCurrent powered money transfer service. The conclusion of Ripple’s annual Swell conference in San Francisco also offered investors some juicy tidbits about the future of blockchain-based payments.
XRP is making headway on Thursday as prices returned above $0.530. The cryptocurrency peaked closer to $0.550 overnight. It currently sits at $0.533, having gained 1.3% over 24 hours.
Looking at the short-term charts, XRP is nearing the 50-period moving average and a return to intraday highs would push prices above that immediate threshold. While underlying momentum remains weak, according to the Relative Strength Index, fundamentals offer more compelling reasons to long the cryptocurrency.
XRP has emerged as a major trendsetter for the market over the past month, which means that a push higher could generate additional support for altcoins and tokens.
XRP trade volumes amounted to $650 million on Thursday, according to CoinMarketCap. The cryptocurrency has a total market capitalization of $21.3 billion.
MoneyTap, Swell Conference Generate Optimism
Japan’s latest money transfer service powered by Ripple technology has gone live, according to an official tweet on Wednesday. SBI Holdings, one of Japan’s largest financial institutions, has partnered with the San Francisco-based startup to launch MoneyTap, a mobile application that allows domestic bank account holders to send money instantly 24 hours a day, seven days a week. All that is needed to make instant transfers are a QR code, phone number or domestic bank account.
Three financial institutions have signed up for the instant bank-to-bank transfers – Suruga, Resona and SBI Sumishin Net Bank. The app is available both for Android and iOS devices.
The launch of MoneyTap came on the heels of a high-profile payments summit hosted by Ripple in San Francisco. The event, whose speakers included former U.S. President Bill Clinton and renowned economist Gene Sperling, was also the launching pad for Ripple’s new xRapid service platform. Ripple Labs announced that three U.S.-based financial companies – Caullix, MercuryFX and Catalyst Corporate Credit Union – have signed up for the new service.
The value of XRP surged last month after one of Ripple’s executives teased the new xRapid service offering. Though gains have died down in recent weeks, XRP is trading at a major discount in light of fundamentals. Although the XRP currency should not be mistaken for Ripple the company, the latter is finding more commercial use cases for the former. This could make XRP an attractive option for investors looking for a long-term value play.
XRP has on several brief occasions overtaken Ethereum as the world’s second-largest cryptocurrency. Both blockchains appear to be headed in opposite directions in the short run, making another “flippening” extremely likely.
XRP Price: The Great Discount?
XRP’s price is showing renewed bullish signs on Thursday, though weak market dynamics are keeping momentum in check following a slew of positive developments on the adoption and regulatory fronts.
XRP Price Update
The XRP price touched an intraday high of $0.4613, according to CoinMarketCap, following a two-day stretch of mostly lateral moves. On Tuesday, XRP peaked at $0.4715, its highest in two weeks.
The third-largest cryptocurrency by market cap is showing signs of breaking out, based on the short-term charts. A descending trendline that emerged following Tuesday’s breakout appears to have eroded, setting the stage for a potential short-term rally. That said, dismal trading volumes may prevent the bulls from charging higher. XRP trade volumes fell to $265 million on Thursday, down from more than $400 million this time last week.
At current values, XRP is capitalized at $18.2 billion, where it trails Ethereum by roughly $2.6 billion.
XRP as Collateral
XRP’s underlying price discounts several positive developments favoring widespread adoption of the cryptocurrency. For starters, crypto-backed lending startup Nexo announced Monday it will accept XRP as collateral for instant loans. The decision came in response to growing demand for XRP services from the blockchain community. It also makes Nexo the first lending platform to accept XRP as a form of collateral.
Meanwhile, the New York Department of Financial Services (NYDFS) announced this week that Coinbase, a leading digital currency exchange based in San Francisco, has [received approval](https://hacked.com/coinbase-gains-legal-approval-to-offer-xrp-custodian-service-xrp-price-jumps/) to custody XRP. This essentially sets the stage for XRP to join the exchange’s coveted list of cryptocurrencies.
From the official notice:
“DFS issued a virtual currency and money transmitter license to Coinbase, Inc. in January 2017 to offer services for buying, selling, sending, receiving, and storing virtual currency. Today, DFS authorized Coinbase Custody Trust to offer narrow services to operate as a custodian for virtual currencies, including Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP and Litecoin.”
As Hacked reported some time ago, XRP had been largely shunned from the major U.S. exchanges, possibly over regulatory fears. The great debate surrounding XRP is whether it should be classified as a security. It remains to be seen whether the decision opens the door for XRP to be listed on other major U.S. exchanges and thus, into the wallets of more traders.
Taking these into account, it is very likely that XRP is trading well below what its fundamentals suggest is fair-market value. However, XRP’s discount largely reflects subdued trading conditions across the entire market. As the author previously maintained, a lack of new market entrants and hesitation on the institutional side have put a firm cap on digital assets stretching all the way back to the spring.
That said, the worst of the crypto-market downtrend appears to be over, and this duly applies to XRP. The cryptocurrency is trading at break-even compared with three months ago, with the only deviation being a sharp downtrend in September that was immediately followed by a historic breakout.
@Mike_Fishy any comments?
Ripple Introducing History Sharding
Talk about wild predictions! Sheesh
The Ripple Debate Continues as Coinbase Considers Listing XRP
What happens when the largest cryptocurrency exchange refuses to list the third largest cryptocurrency? Much of this has been related to the management and strategy behind Ripple, and Coinbase’s hesitancy to align themselves with such a controversial coin.
We are facing new questions as Coinbase gives signals that they may finally be considering listing XRP on their exchange. The biggest question is if this will change how the SEC views XRP, and if this is the tipping point that may get it deemed a security.
XRP Not a Security
For Ripple to be a security, it would have to have to be proven to represent ownership in a company. This is problematic for a lot of reasons, but mostly because it would require heavier regulation than if it were viewed as a commodity.
The often repeated distinction by Ripple CEO, Brad Garlinghouse, is that is that Ripple and XRP are two separate entities. You can think about it as the difference between the currency a company uses and the profits of a company. They are related, but definitely not the same.
As Mr. Garlinghouse has said, securities give you rights to governance, dividends and ownership of a company. XRP sells presents none of these benefits.
However, the argument is that many investors view them as being so intimately connected that when Ripple announces a new partnership, the price of XRP increases. This is where the marketing may have been deceiving, and why many view XRP as being a shadier coin, regardless of its massive market capitalization.
The Outcome Doesn’t Matter
You might be wondering why it is such a big deal if XRP is deemed a security or not. The main change would be that many cryptocurrency exchanges would be less likely to want to handle it due to the drastically stricter regulations that are present on securities and protecting investors in securities.
This shaky legal status has been compounded by many unsubstantiated claims coming out a community that many would refer to as “ideological”, and that might actually be making things worse.
There is an alternate view as to what would happen if XRP was declared a security. Once declared a security, XRP could feasibly be listed on major equity exchanges (something some investors were itching for last year). This would result in a continued run-up in the price as investors would have increased access to the so-called “security”.
What It All Means
With this recent news regarding Coinbase, many think that XRP is finally going to become listed, after they have had so many false alarms over the last two years. The recent XRP news caused a significant run-up in the price of XRP, which was to be expected. The bigger question about whether it will be branded a security may have much more to do with the liquidity and regulation behind XRP.
The fact of the matter is that XRP will continue to function regardless if Ripple is in operation. The larger debate of whether investors should tie their investment theses for utility tokens to the profitability of the overall company is still yet to be settled.
if SWIFT intergrades with XRP its Game Over… 589 one day EOY i don’t know but fingers crossed.
Why does CoinPuffs say XRP market cap is over 50 billion? While others such as CMC, WorldCoinIndex, and CoinLib all say 20 billion.