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Ripple’s payment technology will not be used by UAE but will encourage and educate commercial banks to use it




Ripple's payment technology will not be used by the UAE but will encourage and educate commercial banks to use it
Source: Unsplash

Mohsen AlZahrani, VP Strategy & Excellence at SAUDI PAYMENTS mentioned that two banks in the UAE will go live using Ripple’s payment solutions. He also confirmed that central banks will not use Ripple’s technology but they, however, will make sure to encourage and educate the commercial about Ripple’s technology.

UAE has been very active when it comes to adopting new and emerging technologies, be it Elon Musk’s brainchild, Hyperloop or blockchain technologies. Mohsen AlZahrani said:

“We are looking into cross-border payments… In the project, we worked with Ripple, we don’t, as a central bank implement any technology [Ripple’s technology]. It’s banks, commercial banks that are implementing the technology. However, choose to start this project, as an approach we used in SAMA called, “Central Bank Led Innovation”, that is how we started innovative initiatives to encourage the banks to use innovative technologies.”

He continued saying that they will always help and encourage the commercial banks to use blockchain and Ripple technologies. He went on to say that they chose Ripple for this project due to Ripple’s focussed use-case. AlZahrani said that considering the massive amounts remittance that goes through UAE, Ripple’s focus on cross-border payments spoke to them.

Furthermore, AlZahrani added that SAMA was leading this project which helped with the training for other banks. He said that the banks were educated, especially on Ripple’s technologies.

Moreover, AlZahrani confirmed that one bank had gone live using Ripple’s xCurrent and that another bank was ready to go live and that it would be announced soon. He also confirmed that two more banks would go live in the first quarter of 2019.

In addition to the above, it was announced recently that Finablr – a UAE-based payment and foreign exchange, went live with Ripple’s technology in partnership with Siam Commercial bank in Thailand. This will help facilitate cross-border payments with the above-mentioned countries.

xCurrent is Ripple’s technology that is rivaling SWIFT and its new invention GPI [Global Payment Innovation]. xCurrent makes use of RippleNet and ILP ledger to merge two different ledgers in two different countries to facilitate a transaction on the blockchain, This transaction method is faster and cheaper and less prone to mistakes than the traditional methods.

A Twitter user @debruyne_n commented:

“So much fomo on ripple, it’s obvious they want control. Look at the major coin holders. It’s crazy people still fall for all this fomonews. I avoid ripple cause it goes against what crypto stands for and it’s not disruptive. I want to be my own middleman”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


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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