Published: Tue, September 25, 2018
Business | By Tara Barton

Ripple (XRP) and Ethereum (ETH) see Red After week long run

Ripple (XRP) and Ethereum (ETH) see Red After week long run

At the end of September 20, XRP was also seen rising up against dollar by nearly 9% as the rest of the market was suppressed by the active negative market trends, only to see it spiking up by 44% only 12 hours from reaching the first set of gains of around 9%. Only Bitcoin and Ethereum were considered. Ripple's vice-president for product management Asheesh Birla said that this was a first step towards using other Ripple products: "It's a way [for the banks] to get their toe into the water".

Image Courtesy of CircleAlthough this news likely didn't seem to have a direct effect on the market, it is important to note that the price of Stellar Lumens, along with the three other cryptocurrencies mentioned by the Boston-based financial solution startup, saw a substantial move higher over the past 48 hours.

What Made Ripple Go Up?

Ripple is also gearing up for the launch of its popular product called xRapid, and the launch will take place as soon as the next month, according to Sagar Sarbhai, the Head of Government & Regulatory Relations, APAC & Middle East at Ripple. A Ripple spokeswoman said Thursday that there isn't an official commercial release timeline at this point.

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"It's encouraging to see positive xRapid results because they validate what many in our industry already know: certain digital assets have utility". Sarbhai mentioned that "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 live in production". The consensus finding process is the engineering breakthrough that allows for fast, secure, and decentralized transaction settlement on the Ripple protocol. How exactly does it work? "How do we circumvent banks?'" This attitude has helped Ripple gain crucial partnerships with important financial players. The process will require a pre-funded local currency account for this to take place. This makes RippleNet effectively a global real-time payments platform, which gives it unique utility to one of America's largest banks.

The company has struck deals with various high-profile financial institutions, including Santander and American Express. Ripple also built a relationship with companies such as Western Union and MoneyGram.

NBC will make use of RippleNet by the last quarter of this year and would result in its customers experiencing much faster and more transparent worldwide payment services. Financial institutions serviced include payment providers, remittance operators, banks and other financial institution processing real-time clearing and settlement of worldwide transactions. Stellar's current price of $0.255 comprises a daily gain of 18.5%, however, similar to XRP, the markets XLM market produced a parabolic spike of 30% on the intraday charts before retracing to current price levels. It is usually not possible to buy alternative cryptocurrencies such as XRP directly using US dollars.

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