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Ripple’s Marcus Treacher: RippleNet really came to life in the year of 2018

Priya

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Ripple's Marcus Treacher: RippleNet really came to life in the year of 2018
Source: Unsplash

Marcus Treacher, SVP of Customer Success spoke about the whether RippleNet’s customers were following the lead of Santander, in the extended interview of the latest The Ripple Drop episode. He also spoke about what RippleNet’s customers have been able to do with the services provided to them.

Treacher started by speaking about the key milestones of Ripple through 2018. He stated that it was the year when RippleNet really “came to life”, adding that the team has built the network to connect to 40 countries around the world. RippleNet is a network of banks, payment providers and other financial institutions, deploying the solution offered by Ripple, thereby enabling efficient payment services for the customers connected on RippleNet. He said:

“We went live with some of the largest banks and most creative payment companies and we really started to bring the whole payment vision of Ripple to life. That’s a really really big deal.”

xRapid, xCurrent, and xVia | Source: Reddit

xRapid, xCurrent, and xVia | Source: Reddit

He went on to say that in the same year, the team defined the RippleNet community, a book of rules that banks and payment companies worked with the use of Ripple services. Marcus further added that these financial institutions can work together, discover new partners and new counter-parties, following which the network will start to build on its own. He said:



“When you do that kind of thing let’s ring it tipping point that’s what the flywheel starts to really turn and we’re seeing a great shift in how our customers are behaving in 2018”

This was followed by Treacher speaking about the various things Ripple’s customers have been able to do with RippleNet for the end users. For this, he quoted Santander’s payment service, One Pay FX as a fine example, adding that Ripple is driving the solution, thereby helping the bank’s retail customers “get a really excellent payment experience” while making payment to their friends and family around the world.

Furthermore, the SVP of Customer Success spoke about whether other customers are following Santander’s lead in terms of creating applications and services for their direct customers. He stated that the team is currently using the learning and know-how of Santander into helping their other customers develop “winning propositions for their own apps” and their instant banking services. He said:

“So, for example CIMB went live very recently with Ripple embedded in their speed […] transfigure in the UK has implemented Ripple within their payment app. What’s this doing it’s creating a true global network of blockchain powered payment capability and that’s starting to bring the internet of value to life”



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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.

Ripple

76467|Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain

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Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
Source: Pixabay

SBI Holdings, Inc. announced the establishment of its chip mining arm, the SBI Mining Chip Co., Ltd or SBIMC. With this development, the Tokyo-based firm will foray into the manufacturing of mining chips, a strategic move to enhance its existing digital asset business.

The official notice issued by the financial giant stated that the SBI Group practiced its digital asset mining business overseas, and now planned to diversify its potential business scope.

SBI group partnered with a US-based semiconductor firm to roll out the new manufacturing unit. The group, which is a strong advocate of a wide range of businesses based on blockchain elucidated,

“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”

SBIMC will be led by Adam Traidman, who was an investor in the company and also served at NASA previously. Among his many accomplishments, Traiman formerly served as the CEO in Chip Estimate and WearSens.



SBIMC will be leading chip manufacturer, Nvidia’s latest competitor. The Taiwan-based firm sustained losses during the crypto-winter, but it recovered after the recent acquisition of Mellanox, a semiconductor player. The Bitcoin mining giant, Nvidia, had predicted a bullish crypto market was confident of clearing its stockpiled mining equipment. The chipmaker was also reported as the worst performer in the S&P 500 list, at the end of 2018.

Another big rival in the mining ecosystem is Bitmain. The Beijing-based mining giant has also been operating poorly after registering a loss amounting to $500 million, owing to the massive crashes in cryptocurrency prices.

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Analysis

76205|XRP/USD Price Analysis: Coin stagnates even after massive adoption news

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Source: Pixabay

The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon.

The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair.

1-hour

Source: TradingView

The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260.

The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish.

The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands.

1-day

Source: TradingView

The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027.

The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing.

The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market.

The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal.



Conclusion

The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well.

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