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Ripple’s SVP of Product: ‘We want to change outdated methods of moving money across borders’

Akash Anand

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Ripple's SVP of Product: 'We want to change the outdated methods of moving money across borders'
Source: Pixabay

The cryptocurrency market has seen its sentiments vary with the comments made by its proponents and its critics. In the latest video released by Ripple, Asheesh Birla, the company’s SVP of Product spoke about the basic founding principle of money transfer as well as the reasons why cross border transactions are important.

Birla stated that Ripple’s main agenda is to move money like information because everything else could be transferred quickly. He gave the example of YouTube being beamed into the International Space Station, while the financial structure for monetary movement has not come far from the methods used in the 1960s. In his words:



“Sending money has always been a painful experience and its 2019. We are still using the methods that we used in the 1960s when all the world had a handful of giant banks. But today, we have multiple million dollar online franchises that need to receive and transfer international payments quickly and efficiently. This is where Ripple and RippleNet come in.

Asheesh Birla claimed that they want to be on good terms with regulatory authorities as well as financial institutions. The SVP added that Ripple wants to be “creators rather than destroyers”. He added:

“We want to construct and build a better and more modern system where XRP will come into play. If you look at the system right now, we can see almost ten trillion dollars being tied in the remittance market. This is because the money is prefunded and will not facilitate cross border movement.”

The Ripple official also talked about the importance of Mexico and the Philippines, two countries where xRapid has been effective. Birla stated that the two countries are great for on-demand liquidity, with other factors that have to be taken into consideration. Birla pointed out to the big numbers in the remittance market in these countries, almost $31 billion in Mexico and a handsome $33 billion in the Philippines.





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XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
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Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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