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Ripple’s Marcus Treacher says RippleNet is a cover version of the old SWIFT

Anvita M V

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Ripple's Marcus Treacher says RippleNet is a cover version of the old SWIFT
Source: Unsplash

Recently, at the Blockchain Live event, eminent speakers from the blockchain industry came together to discuss the future of the cryptocurrency market. During the event, Marcus Treacher, the Global Head of Strategic Accounts at Ripple Labs Inc., a cross-border payment solution company, spoke about RippleNet, and some of the misconceptions people had about the company’s products.

On being questioned about what he thought was the most exciting thing Ripple was working on, Treacher answered by stating that the most “important reality” was that its paymet solution was in production. He explained that at present Ripple had achieved the milestone of partnering with banks and payment companies across 40 countries.

He also stated that the number of banks partnered with the company was significantly going to increase by the end of this year. Marcus stated that Ripple uses a distributed ledger technology for its payment solutions. He further added that XRP will be a part of the payment solutions offered by Ripple. He went on to say:



“It’s blockchain technology, its a DLT technology. We also have the cryptocurrency XRP in the equation. We have created a banking scheme which we call RippleNet, that is a cover version of the old Swift, of the 21st century.”

Furthermore, he stated that the company was working over the past 4 years with banks across different countries to bring RippleNet out of the lab and into reality.

He also discussed some of the misunderstandings that people had about the company. The head stated that Ripple was a “real payments company,” that had an open network and included all the aspects of the blockchain.





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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Ripple

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

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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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