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Ripple collaborates with Cargills Bank: A promising change for Sri Lanka?

Shahrain KM

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Ripple collaborates with Cargills Bank: A promising change for Sri Lanka?
Source: Pixabay

On 15th August, Cargills Bank Limited, a notable commercial bank in Sri Lanka announced their collaboration with Ripple, a prominent payment provider. The partnership was decided upon to enable cross-border inward remittances to Sri Lanka using RippleNet. Cargills Bank has also decided to adopt xCurrent, Ripple’s enterprise software solution to ensure that cross-border transactions are safe and secure.

RippleNet was founded in 2015 when Ripple and an advisory board consisting of transaction bankers decided to create a framework that would guarantee operational consistency and legal clarity for every transaction. Through a single agreement, users can make transactions with anyone using RippleNet. The functional standards, payment rules that have been set and the industry-led governance guarantee a consistent payment experience.

Cargills Bank Limited operates as an off-shore as well as a domestic banking business in Sri Lanka. Cargills Bank sees RippleNet as a remittance agency that would soon allow for a payment network solution for the entire country.

The COO of Cargills Bank, Rohan Muttiah, said:

“We use technology to make Banking and payments simple, convenient, and accessible. Joining RippleNet allows Remittance Agents and Banks to leapfrog sources of friction and complexity in Inward Remittances while offering beneficiaries’ unparalleled access to their funds through Cargills Food City supermarkets.

He further added:

“With our practical use of Blockchain from a globally recognized brand such as Ripple, we have once again demonstrated the judicious use of technology to underpin a strong business case.”

Naveen Gupta, the Managing Director, South Asia, and MENA at Ripple said:

“We understand how important remittance payments are to families that rely on them for necessities. Working with Cargills Bank will allow us to connect Sri Lanka to a financial system where remittance payments get to people faster and at a lower cost than ever before.”

Redditor named DoubleEko commented:



“Sri Lanka is right in the doorstep of India. Seems Ripple are building the network South Asia as well. Super stuff!”

Ripple578, another Redditor added:

“Think of it this way… xCurrent is laying down the tracks for the XRP train.”

Another Reddit user said:

“Damn. No xRapid yet.”





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Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.

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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