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Ripple to lay xCurrent base in India? Industry player talks about partnership

Priyamvada Singh

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Ripple to lay xCurrent base in India? Industry player talks about partnership
Source: Pixabay

In a recent report by Fixextra, Vivek Awasthi, the Chief Information Officer at a foreign exchange broker and international payment provider called Currencies Direct talked about the company’s partnership with Ripple and the establishment of xCurrent in Indian corridoors. xCurrent, which is a product under RippleNet, assists its customers in tracking and settlement of the payments.

According to Awasthi, the leading blockchain fintech firm, Ripple reflects the future for the industry of international remittances and demonstrates the role of technology in enhancing customer experience. In his words:

“Our partnership with Ripple showcases the future of international payments and how technology can greatly improve the customer experience. When you think about the vast volumes of money that are being transferred around the world and to India specifically, it’s only right that customers have the ability to check the status of their funds at every stage.”

In a continued statement, Awasthi also opined that xCurrent is suitable for a versatile customer-base, from a trader to a financial director as well as controller. Furthermore, the technologist believes that xCurrent could be the trump card in the remittance sector. He stated:

“Whether you’re a consumer, sole trader, financial director or controller, people always want to have visibility of their money and we see xCurrent as a gamechanger for payments.”

Earlier this year, Currencies Direct announced the results of their test with another product by Ripple, xRapid, wherein the pilot was announced back in the year 2017. During the time of the announcement of the results, Brian Harris, an official from Currencies Direct also expressed that his company was proud to be early adopters of the blockchain technology in the industry.



Metatron, a cryptocurrency and blockchain space follower on the news stated:

“This pretty impressive, because India is not fond of crypto”

Another Twitter handle named XRP 2020 also commented, appreciating the ecosystem. The user wrote:

“They keep building.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Ripple

Ripple’s XRP records relatively low 24-hour trading volume even as prices hold above $0.35

Guest Author

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Ripple's XRP records low 24-hour trading volume; even as coin trumps in third position
Source: Pixabay

The cryptocurrency market has been exhibiting a bullish trend even as Ripple’s XRP steered its way to major declines last week. The digital coin was hovering below $0.40, with very low price action in 2019. XRP was ranked as the third largest crypto-asset with a market cap of $16.03 billion and a price of $0.38, at press time.

However, XRP’s trading volume of $1.28 billion over the past 24-hours painted a different picture. The coin was trading relatively low in terms of its volume.

Ripple’s partnerships and developments did not seem to have had a significant effect on its native cryptocurrency’s trading volume.

The silver crypto, Litecoin [LTC], which is the fifth largest by market cap, recorded a 24-hour trading volume of $4.27 billion, which is nearly four times that of XRP. EOS, the sixth positioned digital asset, stood at a trading volume of $2.04 billion over the past 24-hours.



If the 24-hour trading volume was taken into account, XRP slipped to the seventh position, followed closely by Tron. TRX was closing in with a 24-hour trading volume $858 million.

According to the CoinMarketCap figures, XRP’s trading volume gained momentum on May 14, 2019, registering a massive $5.83 billion in 24-hour trading volume, priced at $0.32, as compared to $1.97 billion the previous day. However, the digital coin endured huge losses over the month as the volume sank soon after. XRP, however, has maintained its price above $0.35.





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