After a rollercoaster Q1 2018, Ripple has shown 30.09% growth in the last week alone, leading to speculations that it would make the $1 leap this week. This bullish trend is a part of a general uptick in the altcoin markets. It can also be attributed to the widespread adoption of Ripple by leading financial institutions worldwide.
Companies such as Santander UK, SBI Holdings, Moneygram, Mercure FX and IDT Corporation use Ripple’s technology. Ripple’s association with Chinese third-party payment service provider LianLian International has attracted much attention, as the company is China’s fourth largest non-banking operation of this kind. Santander UK has released a mobile app, OnePay FX, which functions on Ripple to ensure seamless and fast transactions across borders.
Ripple has invested $150 million in XRP in the company Blockchain Capital, which focuses on new startups in the blockchain space. Ripple has stated in a press release that:
“The $150 million fund managed by Blockchain Capital will invest in entrepreneurial teams that are building businesses using blockchain technology. The investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol”.
This correlates with its partnership with Hyperledger, which was released in the form of Hyperledger Quilt with support for Ripple’s own Interledger Protocol [ILP]. ILP supports various cryptos such as Ethereum, Bitcoin, and Litecoin.
The ROI on XRP has also been emphasized in recent times, with Forbes magazine stating that:
“XRP has the potential to gift investors with a whopping 300% return.”
There have also been speculations that Ripple might make a significant announcement in the weeks to come. This comes after Ripple’s vision for the Internet of Value [IoV] was made clear.
Overall, XRP is following an uptick trend in value, from $0.65 on April 16th to $0.86 on April 23rd, with its highest value this week at $0.94 on April 21st. While XRP hovers at the $0.90 mark at the time of writing, analysts predict that it will make the leap to $1 sometime this week.
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Facebook’s entry a positive signal to blockchain & crypto markets, claims Ripple’s Brad Garlinghouse
As the influx of new players into the crypto-ecosystem grows, the industry has come a long way from its inception a decade ago. The industry has forced mainstream institutions such as Facebook and JP Morgan to join the race. While the world speculates on Facebook’s next move as a global power, in-house competitor Ripple is on a partnership spree to ensure a comfortable XRP market.
To clear out the FUD, Ripple CEO Brad Garlinghouse discussed the intent and roadmap behind the recent MoneyGram-Ripple partnership. While enabling XRP-powered money transfer services, Ripple’s $30 million investment seems to be part of a game plan for increased adoption.
Garlinghouse shared his optimism for the move after his company’s beta network recently matched Western Union’s performance for cross-border payments. Further, he is certain about Ripple’s ability to improve MoneyGram’s infrastructure by eliminating the traditional pre-funding process. Garlinghouse added,
“Our (Ripple’s) product allows companies to avoid pre-funds and just shoot the payments in real time. That’s a massive savings in terms of efficiency and capital costs.”
As a result of this partnership, Ripple will hold a 6% – 10% share in MoneyGram, helping the crypto giant’s vision to enable mass adoption. Further, the CEO correlated the development with the company’s ultimate roadmap. He said,
“We will continue to build out and expand the number of corridors. We work with over 200 banks and financial institutions today.”
Garlinghouse also shared Ripple’s contributions toward enabling liquidity in the Mexican and Philippines market. Although the XRP market stands as one of the biggest disruptors in the cryptospace, Garlinghouse applauded Facebook’s recent Libra initiative. He commented,
“It’s incredibly positive signal to the overall blockchain and crypto market to have a player like Facebook leaning in.”
While a positive sign for the crypto-market, it will be interesting to see the direction Facebook’s crypto-initiative takes, which is currently speculated to be pointing toward a consumer-oriented payment system.
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