Stellar Lumens, the concept of Ripple’s co-founder, Jed McCaleb has been experiencing solid gains in recent weeks, particularly against Ripple XRP. However, in recent days, the price of Stellar Lumens XLM has remained somewhat flat, while XRP experienced double-digit growth overnight. Ripple XRP and Stellar XLM are continuing to lock horns, with their rivalry starting …
For the past two (2) weeks, XRP Ripple price had been trading in what appeared to be a Bear Flag pattern that one would have thought would likely resolve in the direction of the primary trend, which is lower. However, XRP had other things in mind for investors/traders as yesterday Ripple ripped into higher ground …
Ripple price is trading with a bullish bias against the US Dollar and Bitcoin. XRP/USD needs to gain above $0.3350 for a push towards the $0.3500 level.
On 19th September, OKCoin announced that it has listed five new cryptocurrencies on its exchange. It now supports XRP, Cardano [ADA], Stellar [XLM], Zcash [ZEC] and 0x [ZRX]. The Virtual Currencies [VCs] will be paired with USD, Bitcoin [BTC], and Ethereum [ETH]. The exchange further stated that the USA traders and investors will be able to […]
Ripple price rallied recently and broke the $0.3120 resistance against the US Dollar. XRP/USD is now placed nicely in a positive zone and it could move past $0.3400.
XRP (XRP)–XRP, the third largest cryptocurrency by market capitalization which experienced double digit gains throughout yesterday in a price reversal, has received another tailwind of positive news in the form of adoption by a major U.S. bank. PNC, which operates in nineteen states and holds control over 2400 branches, has announced a partnership with Ripple …
Bitcoin and other crypto assets were not used in any of the recent terrorist attacks in Europe, finds a study published by the Europol report. The report titled Intenet Organized Threat Assessment 2018 examines areas from cybercrime to child pornography. The study indicated that while criminal abuse based on cryptocurrencies were on the rise Bitcoin has been left out of recent terror attacks in Europe. Looking back, Al-Qaeda, the Islamic State, and other terrorist groups have all attempted to raise funds through crypto, however, they have not had great success. Yaya Fanusie, director of analysis, Foundation for Defense of Democracies (FDD) highlighted the fact that most terrorists, especially those who serve on “jihadist battlefields,” are currently living in environments where crypto is not operable, which means that fiat use is preferable for buying goods. Abhinav Pandya in his paper entitled “Cryptocurrencies: A New Scourge of Terror Financing” says that ” with the evolution of technology and the sophistication of the much sought-after features of speed, anonymity and non-traceability, and the increasing difficulties in using formal banking systems and hawala, the use of cryptocurrencies for terror-financing might increase and completely alter the landscape of terror financing.” “Yet despite the clear potential, none of the attacks carried out on European soil appear to have been funded via cryptocurrencies. The use of cryptocurrencies by terrorist groups has only involved low-level transactions – their main funding still stems from conventional banking and money remittance services,” read the report. The report went on to explain that the cryptocurrency users and facilitators have become victims of cybercrimes themselves. Money launderers are taking advantage of the lack of KYC requirements for the creation of an account on an exchange. This implies that decentralization can also benefit criminals as it demands no trust from all the parties involved in a transaction.
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A new report published by the Office of the New York State Attorney General (OAG) titled “Virtual Markets Integrity Initiative Report,” reveals that several cryptocurrency exchanges resort to proprietary trading including Coinbase. These exchanges were found to have discrepancies in their actual trade volumes. Proprietary trading is when a firm invests for its own gain instead of trading on behalf of their clients for a commission. Proprietary trading not only helps in earning better returns but also can also serve as a factor to improve liquidity. This is done in order to improve chances of customers orders being fulfilled in case there are no willing buyer or sellers at the moment of the trade. “Such activity […..] requires a significant commitment to customer protections and transparency to remain in compliance with applicable laws,” according to OAG.
The OAG conducted a probe on 13 cryptocurrency exchanges including Coinbase and Bitfinex. The probe found that five exchanges including Coinbase and Bitfinex admitted to trading on its own venue. The OAG found that the amount of trading activity didn’t correspond to the actual trade volume figures of these exchanges. Coinbase confessed to 20% of their trade volumes owing to trading on their own platform. Some exchanges, most notably Kraken, failed to submit to the probe. The OAG said that half of these confessed to proprietary trading on their platform. “Such high levels of proprietary trading raise serious questions about the risks customers face on those platforms. As a general principle, when a significant percentage of the volume in one or more assets on a venue is attributable to one source, customers face the risk that the availability of liquidity in those assets could change, without notice and at any time, including when liquidity is needed most – namely, in times of market volatility or rapid price movement,” read the report. The OAG went on to question the credibility of these exchanges in the eyes of the customers.
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Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses incurred as a result of this information.
In a major boost to the San Francisco-based fintech company, PNC Bank, the 9th largest bank in the United States by assets, has joined Ripple’s enterprise blockchain network RippleNet. With over $380 billion in assets, PNC Bank has become the latest member to join RippleNet. RippleNet is a decentralized network of banks and payment providers, which uses Ripple’s financial technology to provide a smoother way to send money globally, with on-demand liquidity and end-to-end tracking on a blockchain. On this latest development, Ripple said in an announcement: “Ripple’s technology will have an immediate impact on each of those groups, enabling PNC’s commercial clients to receive payments from overseas banks in real time.” PNC Bank is a bank holding company based in Pittsburgh and it operates in 19 states and the District of Columbia with 2,459 branches and 9,051 ATMs. It provides services in the areas of retail, consumer-ended banking, and corporate banking. While retail services (including consumer and small business banking) is predominantly offered to clients in the eastern states, PNC offers corporate and institutional banking across the country. The latest addition of PNC bank to its stable is arguably Ripple’s biggest banking scoop for its flagship product. It is important to note here that RippleNet doesn’t use the XRP token. xRapid, a separate Ripple product which uses XRP for real-time liquidity in international transactions has seen relatively fewer adopters compared to RippleNet.
Ripple’s xRapid on the horizon
In an interview with CNBC, Sagar Sarbhai working as the regulatory relations’ head at Ripple in the Middle East and the Asia Pacific region has asserted that Ripple is rapidly progressing with its plan of launching its much-awaited xRapid product. Till now, the company has dealt with a number of significant financial institutions, however, none has yet begun to test xRapid. The list of these institutions includes American Express, Western Union, Santander, and MoneyGram. In the interview, Sagar expressed his confidence regarding the upcoming launch stating, “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.” He also focused on the improving scenario of the regulatory bodies associated with the crypto space and blockchain technology. Ripple chief executive Brad Garlinghouse had previously claimed that “dozens” of banks will be using XRP by the end of 2019. See Also: xRapid, a cryptocurrency product of Ripple will be live soon XRP piloted with 12 banks before creation of the xRapid product: Ripple official Image via Shutterstock Join our Telegram group
Weiss Ratings is on a roll. In the midst of a new tweet storm, the company offers a look at eight of its top crypto picks in the current market. The ratings agency, which has provided market research and analysis for consumers and businesses for more than four decades, says four coins in particular are …
In a tweet that has now gone viral, Sagar Sarbhai, who is responsible for government and regulatory relations for Ripple in the APAC and the Middle East, explains that banks have actually been fans of Ripple for a while now. Often, many investors and traders worry about certain aspects of a project, such as whether …
PNC Bank, a top 10 US bank, has joined RippleNet. As a member of Ripple’s growing list of banking partners, PNC customers will be able to receive real-time cross-border payments. PNC has more than 8 million customers and retail branches in 19 states. Its customer base ranges from consumers to small businesses and large corporates. Ripple’s …
Ripple, the enterprise blockchain solution for global payments and PNC Bank, one of the largest diversified financial services institutions in the U.S.