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Spanish Banking group ‘Banco Santander’ to adopt Ripple Payments system in Q1 of 2018

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Banco Ripple Payment
Source: Wikimedia

Banco Santander, a Spanish Banking group based in Santander, Spain, one of the oldest ( founded in 1857) and the largest banks in the world announced that they will be launching a new mobile app which will be operated via Ripple’s distributed ledger technology.

The announcement revealed Santander will plan to roll it out around first quarter of 2018 in four countries which were not named. 

AMBCrypto conducted interviewers with bankers and cryptocurrency investors in Spain to understand how this will affect and/or change the economic paradigms.

Nicolas Fernández, an investment banker from Madrid says,

“Ripple’s technology has been tested in the Asian markets before and there has been a good adoption of the technology from various banks there. It’s time for Spain to accept this new technology and banks are leading the way”

Alejandro López, a Bitcoin miner and a cryptocurrency investor from Barcelona says,

“Ripple goes against everything that the blockchain community stands for (decentralization) and still surprisingly Ripple’s XRP token and the technology has been the only thing that has had worldwide adoption. When you look at it from a futuristic perspective, blockchain will overpower all centralized power nodes which means there will be no place for Ripple”

Earlier in November 2017, the UK Branch of the Bank revealed the plans to use the Ripple’s technology for cross-border, business-to-business payments. 

The app was tested with Apply Pay for payments of around £10 to £10,000 using Touch ID for secure sign-in. Chris Larsen, Chief Executive Officer at Ripple, says,



“Ripple is redefining the way that value moves around the world, and today we’re already enabling real-time, affordable, international settlement between banks who have adopted our solutions….. Santander is the first bank in the world to transfer real funds externally. In doing so, they are creating a new, exemplary standard of service.”

John, a blockchain advisor says,

“Yeah, It seems far-fetched. Banks have to go through a lot of regulatory hurdles I don’t think they would be interested in waging a war with the government just to use XRP. Sounds like this bank is just doing a free test with Ripple to get some blockchain buzz.”

The Ripple technology essentially enables faster transaction of data and value. It has been on a path to glory from mid-December 2017 since the Japanese and South Koreans started to test Ripple technology at their end. 





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Satish Kumar is a contributing reporter for AMBCrypto. He is currently pursuing BBA from Ranchi University. Over the past couple of months, he has prepared marketing campaigns, technical news articles and wrote content for some exciting blockchain-backed projects.

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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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