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Coinbase allows remittance using cryptos such as XRP, Bitcoin [BTC] and USD Coin, says CEO Brian Armstrong

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Coinbase allows remittance using cryptos such as XRP, Bitcoin [BTC] and USD Coin, says CEO Brian Armstrong
Source: Unsplash

Brian Armstrong, CEO and Co-founder of Coinbase, spoke about the use of XRP and USDT for Coinbase international transfers, during an Ask-Me-Anything [AMA] session on YouTube.

Sweden Fork, a Twitter user, asked Armstrong the reason behind Coinbase choosing XRP and USD Coin [USDC] for Coinbase international transfers, over Bitcoin [BTC], the largest cryptocurrency by market cap. The Twitter user further stated that “the rationale of faster processing is BS given BTC has many more fiat off-ramps for those internationally.”

Earlier this week, news about Coinbase launching cross-border payments with XRP and USDC broke out, adding that they were “optimized for cross-border transmission.” Further, the exchange stated that apart from on-chain fees for sending coins outside Coinbase, there will be no fees charged for transfers between Coinbase users.

Source: Coinbase

Source: Coinbase

To this question, Coinbase’s CEO replied,



“[…] you can definitely send BTC off platform as well and use it for remittance. I think you’re referring to the lending page that we put out that was sort of emphasizing some of the use cases around it, don’t read too much into that. Like, you can do remittance with crypto on Coinbase in XRP, BTC and USD Coin, all of the above.”

This was followed by Armstrong agreeing with the Twitter user’s statement on Bitcoin having more fiat off-ramps.

Armstrong also spoke about the “most ambitious thing” Coinbase wanted to do in the next five years. He stated that “one of the ambitious things” was to have 100,000 people in Venezuela “look at crypto” in roughly 12 months with GiveCrypto, Coinbase’s crypto charity fund. He added,

“[…] I want to see if we can spark a bunch of uses there [Venezuela] and actually have a country in the world tip in. In other words, like 50% or more of all transactions in the economy are happening in crypto like that would be amazing, maybe you know, honestly like overthrow some corrupt dictators in the world that would be awesome […]”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Source: Unsplash

Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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