Ripple News Today – Headlines for December 21
Recently, the world watched as the hugely successful cryptocurrency, XRP, took over the internet, catapulting the XRP Ledger, on which the currency is built upon, to fame as well. Although XRP has been around since 2013, it is only in the last couple of years that people have started taking notice of its advantages over Bitcoin, the traditionally more well-known currency. As a result, today, XRP is the third largest cryptocurrency, according to market share, after only Bitcoin and Ethereum. Lately, Ripple, XRP’s parent company has ben undergoing some major changes and developments.
The Rival Investment
In a surprising turn of events, in November 2019, Ripple has invested a mind-boggling USD 50 million in its long time rival, MoneyGram, thus becoming the proud owners of 10 percent stake in the company. This was a shrewdly calculated move, as MoneyGram uses an On-Demand Liquidity payment system, for which XRP is crucial. Although initially made to boost XRP’s visibility and standing in the cryptocurrency market, this move is proving to be far more beneficial than either party had anticipated. MoneyGram intends to use the funds to develop and further innovate their payment platform, and will now be able to expand to Europe and parts of Australia.
The New $200 Million Series C Funding
Ripple has been progressing in leaps and bounds, and 2019 can rightly be said to be their best year so far. The company closed the year with a bang with a staggering $200 million Series C investment, supported by Tetragon, Route 66 Ventures and SBI holdings. This is a far-sighted move as it speaks volumes about the potential of cryptocurrencies, especially XRP in the new decade and era. This round of funding is solely dedicated to boost the already thriving business and take it to a completely new level. As such, Ripple plans to further establish its footprint worldwide, through payment platforms, especially Xpring, an open developer platform. Xpring will facilitate payments for developers across currencies and networks, laying the foundation for Ripple’s vision of the Internet of Value (IoV).
XRP Hits A 27 Month Low And Struggles Against Bitcoin and Ethereum
It seems as if XRP’s dream run so far might have finally come to a jarring stop, as the cryptocurrency market fell to deep red on December 18th. The XRP-to-dollar exchange rate plummeted to the lowest value since September 2017, at $0.174 on BitStamp. Whereas Bitcoin and Ethereum were also hit, with a decline of 5.12 percent, and 9.20 percent respectively, XRP being relatively newer and having a lower market share was affected much worse. Traders predict a steep struggle for it to recover its footing in the market, against the predominantly bearish corrections across the entire cryptocurrency market. Since this decline is largely due to investors withdrawing money from the crypto market in bulk, at the moment, all kinds of currencies are likely to be affected, especially the smaller and newer ones.
The New XRP Based Banking App
XRPL Labs, a subsidiary of Ripple has announced the development of a new, as yet unnamed, XRP based banking app. This app will revolutionize the financial sector, and allow the users to save and spend dollars, XRP, euros and other major currencies without the intervention or need for a financial institution. Although there are already a few similar platforms, such as Revolut and Wirex, the vision for this new app, according to Wietse Wind, the CEO of XRPL Labs is to pave the way for a company which will help digital banks and innovative crypto payment platforms to become included in the traditional financial systems and regulations, especially with regard to the new stringent controls across Europe.
The New Decade Of Digital Assets
Ripple has been a pioneer of change and new technology ever since its inception. The coming year and decade, for them, represents a whole era of innovation, as the equation people have with money changes dramatically. For the first time, consumers are starting to step beyond traditional payments, and explore previously unfathomable payment options. The potential for cross border payments skyrocket, and quite literally, open up a world of opportunity and travel. According to Ripple, in the rise of the digital asset, the mobile wallet, for small and micro payments will take precedence, and will most likely be available on almost all blockchain networks soon. 2020 will also most likely herald the widespread acceptance of digital assets across major institutional players, providing some much needed regulation. This would also push the cryptocurrency market to evolve and be more flexible to keep up with changing market conditions.
Ripple and XRP have continued to surprise their consumers with their bold and dynamic moves over the years, but there is definitely a lot more to come, going by Ripple’s ambitious plans for the near future.