Connect with us

Ripple

Ripple’s transaction rates are just a 1000th of what normal banks charge, says Cory Johnson

Akash Anand

Published

on

Ripple's transaction rates are just a 1000th of what normal banks charge says Cory Johnson
Source: Unsplash

In a recent interview, Cory Johnson, the Chief Marketing Strategist at Ripple, elucidated on the current banking processes and Ripple’s plans to integrate itself with the banking sector. Ripple has been creating news in the industry after its head honchos had earlier revealed that they would work together to make bank transactions much faster and safer.

During the interview with Steven Diep, Johnson explained that the way Ripple works is by charging customers who use the service a very nominal fee for individual transactions. He made it very clear that the fee levied on the customers is just a thousandth of what established banks charge.

Ripple’s movement into the mainstream financial sector has been quite evident with the company partnering with the United States based PNC bank just this week. Ripple has said that the financial behemoth’s customers will be able to receive “real-time cross-border payments”. The process is part of Ripple’s bank allocation into its own network as part of the RippleNet.

Cory Johnson went on to speak about Ripple’s competitor, the Brussels based Swift. He stated that Swift already has a network consisting of thousands of banks working simultaneously. This, he stated, make it very difficult for a new fintech company to waltz into the financial ecosystem. He further stated that Swift is taking new strides in the industry by reducing transaction competition time for 2 days to just a day.

Johnson has been a vocal advocate of blockchain technology’s introduction into the financial sector with him stating:



“I really do think that finance is the place where there was the most friction in our global economy. And the solutions presented by blockchain are so obvious that they’re really going to change the way money and value move in our society.”

He has also supported countries like Singapore, Malta, Switzerland, and Liechtenstein where blockchain technology has been accepted.

Heads of mainstream financial institutions have also come out in support of blockchain technology which was recently made even more apparent with Hikmet Ersek, the CEO of Western Union also giving his two cents on the technology. Ersek said that blockchain technology has to be used when it is a need. He also revealed that Western Union has been trying some experiments with Ripple but it has not paid dividends yet. The CEO stated:

“ We move a lot of money and hence are looking at blockchain to make the process faster and more secure.”





Subscribe to AMBCrypto’s Newsletter


XRP

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

Avatar

Published

on

Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Source: Unsplash

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.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending