Connect with us

Ripple

xRapid can easily and effectively move funds, says Ripple partner Euro Exim Bank official

Akash Anand

Published

on

xRapid can easily and effectively move funds, says Ripple partner Euro Exim Bank official
Source: Pixabay

Ripple and XRP have both captured headlines of late with multiple partnerships aimed at integrating cryptocurrencies with real-world industries. One of Ripple’s partners, Euro Exim Bank’s Head of Compliance and Operations, Graham Bright, recently spoke about the company’s impact on trade and transactions.

Bright stated that the challenge was to make sure customers can get fast, reliable and trusted service across the spectrum. Making cross-border transactions feasible has been one of Ripple’s main agendas and many institutions have flocked to the Brad Garlinghouse-led company for the same reason.

The Euro Exim bank official went on to say that Africa and the Far East are huge markets and many are worried that cross-border transactions cannot occur when the ownership changes. He said:



“What we are solving with Ripple and xRapid is the problem that many large companies are facing right now. Sure, they could have transferred everything on ships or by flight but conducting transactions in the native currency has always been the issue. That is where we step in.”

Bright also spoke about the reasons why Euro Exim adopted xRapid. According to him, clients need to pay the banks in their currency and there needs to be a provision with which funds can be moved easily and effectively. He continued:

“Another important aspect in transactions is speed of transmission and settlement. A majority of the people consider low volume and high-value transactions but we want to look at the transactions that need high volume and low value.”

The discussion focused on how trust is an important parameter in these transactions, especially at a time when one bank does not trust another. Bright concluded his discussion by stating:

“We don’t want our customers to send something from one country to another and suddenly get hit by tariffs or new trade rules. With the xRapid partnership, we plan to include a message that will include not just payments but also trade finance instructions inside the Ripple message. This message will also include airway bills, fund details as well as security.”





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