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Ripple’s xRapid coming next month: What do the pilot results say for the future and XRP HODLers?

Anirudh VK

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xRapid coming next month: What do the pilot results say for the future and XRP HODLers?
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The moment that many XRP holders have been waiting for has been spotted on the horizon. xRapid, Ripple’s product that utilizes the digital asset for cross-border payments, has been confirmed to go live in the “next month or so”. While there have been multiple theories surrounding this, one thing is certain; companies that have utilized xRapid in pilots have reported positive results.

Recently, Sagar Sarbhai, the Head of Government & Regulatory Relations, APAC & Middle East at Ripple, stated in an interview:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product [xRapid] live in production.”

xRapid is Ripple’s product for cross-border payments that enable the settlement of value by utilizing XRP as a bridge currency. The liquidity for the transaction to be conducted is sourced from XRP, reducing the need for vostro and nostro accounts to be held.

Over the past year, the crypto-space has been punctuated with the news of certain financial institutions testing xRapid for cross-border payments. At the last count, there are about 19 institutions testing xRapid, including names such as Banco Santander, Mercury FX, MoneyGram, Western Union, Viamericas, and Cambridge Global Payments.

According to the CTO of Ripple, big banks that have not yet adopted the solution will do so soon, as they are “getting squeezed from both the side”. He has stated that it is an issue of improving their services or risk becoming less relevant in the international payments market.

Indeed, statements from the customers that have used xRapid have resounded with this statement. The CPO at Currencies Direct, Brian Harris, said in a statement that the company was “proud to be an early adopter of the technology”. Calling the trial a “resounding success”, he also stated that XRP is a “game-changer” for the space. Currencies Direct has been partnered with Ripple since October last year.

Across the board, customers who utilized xRapid observed near-immediate payments with 40-70% savings in fees. Asheesh Birla, the SVP of Product for Ripple, stated:

“It’s encouraging to see positive xRapid results because they validate what many in our industry already know: certain digital assets have utility.”

Another xRapid pilot customer, Viamerica, also had positive things to say about the technology. Paul Dwyer, the CEO of the payments company, stated that xRapid can clearly “lower liquidity costs while increasing payment speed and transparency”. He also made it a point to mention that it does so in a way that complies with regulatory controls.

The Founder of Mercury FX, Alastair Constance, has stated that the company was “delighted” with the “incredible speed and cost efficiency” offered by xRapid. He went on to say that they are excited for a production rollout in the “near future” something that coincides with the statements given by Ripple at this time.

Many believe that the volatile nature of XRP as a cryptocurrency will cause risk in the xRapid ecosystem of lost value while settling cross-border. Cory Johnson, Market Strategist at Ripple, clarified this, stating:

“Using our xRapid product, you’re long XRP, but you’re only long for a minute maybe seconds. So the exposure to volatility while the overall volatility might be great if you’re look talking about five days you’re only in the for less than a minute so the actual volatile exposure is de minimis.”

The introduction of xRapid is also indicative of Ripple moving towards their idea for an Internet of Value, as clarified by Asheesh Birla. He stated:

“This is the realization of the vision for an Internet of Value — allowing for a new fluid movement of money that will benefit the entire global economy.”

However, what will happen to the price of XRP after the xRapid launch is anyone’s guess. Considering Ripple’s supportive attitude towards regulators, the red tape would be kept to a minimum. However, the statements given by those who have tested the products paints a bright picture for the future of cross-border payments.




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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Altcoins

Monero [XMR]’s Riccardo Spagni: BAT is lot more centralized than they purport it to be

Priya

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Monero [XMR]s Riccardo Spagni: BAT is lot more centralized than they purport it to be
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Monero’s lead developer, Riccardo Spagni aka fluffypony, spoke about Basic Attention Token [BAT], elucidating why he considers it to be centralized in the latest episode of Magical Crypto Friends.

Basic Attention Token is the digital currency used for rewarding content publishers and users for paying attention to the content, a break-through in the digital advertising sector. This also provides advertisers with more in return for their advertisements. For the very same purpose, Brave Browser browser monitors the users’ attention, while ensuring that the data does not leave the users device.

However, the Spagni stated it has a loophole on Twitter:

“I just found out that BAT has a nice loophole that lets them steal funds from users. Permissionless scamovation indeed! […] Users are NOT going to go & buy BAT when their airdropped tokens run out, no matter how slick. There’s simply too much friction. Consider what happens RIGHT NOW when most people hit a paywall: do they (1) disable their ad blocker, (2) pay the publisher, or (3) just close the tab?”

This was followed by a Twitterati, Patrick, stating that the BAT ecosystem is designed to work in manner wherein the advertisers purchase the tokens and then use them to buy advertising space on the browser. He further stated that users will earn 70% share of the revenue if they agree to view the ads, adding that they will be paid in BAT for their attention and can tip this BAT to their preferred content producers.

To which, Spagni said:

“I understand that part of it, and I think it’s safe to disregard it as (1) it’s going to be gamed making it a race to the bottom for ordinary users, & (2) very few people want to see a plethora of ads even if they’re getting paid. I also think the browser lock-in is shortsighted.”

To counter this statement, Patrick attached a tweet of Brendan Eich, the co-founder and CEO fo Brave, wherein he has remarked that Brave uses Uphold for KYC/AML process, which is required for users to be able to withdraw their funds. This is so that “the threat is DoS not theft by fraud”.

The founder added that they make use of Proof of Browsing and “buffering on the device and in a settlement, allowing anti-fraud/Sybil attack analysis and BAT claw-back”.

In the episode, Spagni stated that he found it interesting that it is “a lot more centralized than they purport to be”, adding that this is true when it comes to a lot of dApps. He further stated:

So I was having this debate on Twitter with a bad show and I said okay but that’s gonna be gained at some point you know someone’s gonna figure out the heuristics and they’re gonna have like right a bunch of bots that are gonna be indistinguishable from real humans […] it’s going to appear to be real browsing and they’re gonna airdrop these tokens onto them”

Following this, Spagni spoke about Proof of Browsing, which will determine whether the ‘attention’ is true or not, whether it is a  human or a bot, and callback if a person is taking advantage of the system. The developer stated that if a user fails to complete the KYC/AML process and Proof of Browser, then the money is taken back from the user.

“I mean it’s not it’s not yours yet because you haven’t withdrawn it, is their theory but at the end of the day that’s no different from a database because you know they’re controlling everything, they’re controlling the influx of supply into the market, they’re controlling whether or not somebody legitimately earns that […] but the reality is it’s a centralized system”


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Analysis

Ethereum [ETH/USD] Technical Analysis: Bull’s presence dims the market

Priya

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Ethereum [ETH/USD] Technical Analysis: Bull's presence dims the market
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After a mass massacre, the bear seems to have slowed down its rampage in the market as the cryptocurrencies have not witnessed a massive price movement. The most-affected coins in the market include Bitcoin [BTC], Litecoin [LTC], Monero [XMR], Cardano [ADA], and Ethereum [ETH].

According to CoinMarketCap, at press time, Ethereum is trading at $89.70 with a market cap of $9.3 billion. The cryptocurrency shows a trading volume of $1.53 billion and has plunged by more than 11% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the coin demonstrates a downtrend from $102.14 to $96.89. It also shows another fall from $89.99 to $88.45. The coin has an uptrend from $82.85 to $85.90, and a second one from $86.58 to $87.76. The immediate resistance is at $90.40 and the strong resistance at $97.38. The coin has set its immediate support ground at $85.88 and a strong support ground at $82.82.

Parabolic Sar is showing a bearish trend as the dots have aligned on top of the candlesticks

Chaikin Money Flow is demonstrating a bullish trend as the line is above the zero mark.

Bollinger Bands are forecasting a less volatile market for the coins as the bands have started to converge.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart demonstrates that the coin has a downtrend from $466.01 to $208.77. It records another steep downwards trend from $208.77 to $89.09. The immediate resistance for the coin is at $122.28 and the strong resistance is set at $317.84. The support level is set at $86.87.

RSI is predicting a bearish move as the coin is currently oversold in the market.

MACD indicator has pictured the moving average line make a bullish crossover.

The same seems to the case with Klinger Oscillator as well, as the reading line has made a crossover only to take the upwards direction.

Conclusion

The bearish trend is predicted by the Parabolic SAR from the one-hour chart and the RSI from the one-day chart and the bullish trend is predicted by MACD and Klinger Oscillator from the one-day chart and the CMF from the one-hour chart.


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