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XRP surges by 12%, bullish rise coincides with CoinField announcement

Akash Anand

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XRP surges by 12%, bullish rise coincides with CoinField announcement
Source: Unsplash

The market drop that XRP suffered yesterday seems to be on the upturn as the cryptocurrency saw green on Wednesday, 26th September.

At the time of writing, XRP was enjoying a 24-hour surge of 12.43%, a completely different change in scenario from yesterday when the cryptocurrency was dropping at the rate of 17%. The coin was trading at $0.521 with a total market cap of $20.713 billion and a 24-hour market volume of $1.701 billion. Binance held an 11.13% majority trade volume of XRP with a total volume of $191.788 million.

XRP's 7-day chart | Source: CoinMarketCap

XRP’s 7-day chart | Source: CoinMarketCap

The cryptocurrency’s surge has given holders a reason to rejoice after Tuesday’s crash. CryptoMak, a cryptocurrency enthusiast tweeted:

“Looks like XRP holders will have the last laugh. And this happened before xRapid.Lol’

CoinField Exchange, a Canadian cryptocurrency exchange had also thrown its weight behind XRP when it announced that the company was evaluating the possibility of adding XRP as a base currency for 30 direct cryptocurrency pairs. The expansion plan proposed by CoinField Exchange includes 69 countries with pairings with USD, CAD, EUR, GBP, JPY, and AED.

Jack the Ripple, a Twitter user commented:

Adding xrp as a base pair is a very wise and smart business decision you can make. Xrp has a huge #xrpcommunity backing it. If you want success just add xrp and sit back as it will change the financial system that has been outdated for some time. Just add it.

Even some major players in the cryptocurrency space have come out in support of XRP by stating that it will continue to rise. Nigel Green, the CEO and Founder of deVere Group has stated that the cryptocurrency which is currently trading at $0.52 will soon hit the mark of $1. He also added:

“Cryptocurrencies are the future of money and, clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, organisations and individuals.”





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Ripple

SendFriend goes live in New Jersey; prepared to take on a $11 billion remittance corridor with Ripple

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Source: Unsplash

SendFriend, a next-generation remittance service that focuses on cross-border payments between the U.S. and the Philippines, today announced that it had gone live in the state of New Jersey, via a Twitter announcement.

Ripple and SendFriend’s partnership was announced in late 2018, with the CEO of the latter, David Lighton, expressing his excitement at a Barclays Event in 2019. At the same event, Lighton also confirmed that SendFriend would be using Ripple’s xRapid payment solution that leverages XRP as a liquidity provider.

There is approximately $11.09 billion transferred between the U.S. and the Philippines in remittances every year. These largely use traditional payment methods that are slow and less efficient, when compared to newly developed blockchain-based solutions. The chart below shows the flow of remittances into the Philippines, with the U.S. accounting for the highest volume.

By using Ripple’s xRapid payment solution, money can easily be transferred in a few seconds. Not only does this save millions in fees by taking away middlemen, but it is also less time consuming.

Although xRapid has slashed fees and time for cross-border payments drastically, it has not gained traction due to a lack of regulatory clarity around cryptocurrencies. On February 11, 2019, SendFriend had announced the provision of an option for Overseas Filipino Workers [OFW] to send money “securely and reliably” across borders, with fees that are “65% lower than the industry average” in one “seamless flow.”

David Lighton had said,

“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families… This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”

A Twitter user @mister_pace, commented,

“Based on these rates. You save about $13 to send 1000 using SendFriend over The next lowest MoneyGram”





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