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Ripple’s Cory Johnson considers SWIFT as xCurrent’s biggest competitor

Laira Rebecca

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Ripple's Cory Johnson considers SWIFT as xCurrent's biggest competitor
Source: Unsplash

In a recent interview with Bezinga Fintech Focus, Ripple’s Chief Market Strategist, Cory Johnson, discussed the test cases of Ripple and its biggest competitor SWIFT.

While discussing the test cases of Ripple, Cory mentioned that it is really expensive and hard to move money across borders. Also, it is harder for a small business to get involved across the border due to excess charges, which in turn reduce their profit.

He mentioned that there are many banks who are already tied up with Ripple and the customers of these banks want to move their money fast with fewer charges. In this scenario, he said, the banks recognize that they can lower their costs to customers in the market share, which leads them to buy Ripple’s software.



Further, he mentioned about Ripple’s biggest competitor of their xCurrent product, SWIFT, an International banking consortium. Swift has a rate that senses up to 600 basis points. He said:

“Imagine you send money from one country to another. You don’t know if it got there, you don’t know where along the way the information got lost, and they never send you any information back at the moment that you send it. You have got to kind of wait days and days to receive back or even acknowledgement of a problem. That was the State of the Art until Ripple entered the marketplace.”

According to Cory, Ripple customers are getting the details of what is happening with their money transfers instantaneously through their software products in ways they have not seen before. A year ago, Ripple was signing only one new customer every six weeks. However, now they are signing one every six days and Cory considers this a dramatic difference. He also added:

” I think there will be a day when the banks who are using our software are so happy that they’re getting the accuracy they want, they’re getting this incredible speed.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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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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