Ripple Archives - 2100NEWS

BrankoMarch 7, 2019

9min1286

Brad Garlinghouse, CEO of Ripple, a California-based crypto start-up focusing on the banking sector, once again used an opportunity to bash a new digital token, issued by the investment banking giant JPMorgan.

“If you give [JPMorgan] a dollar for deposits, they’ll give you a JPM Coin that you can then move within the JPM ledger. Wait a minute, just use the dollar! I really don’t understand – if you’re just moving within the JPM ledger and it has to be dollar-to-dollar, one-to-one backing, I honestly don’t understand what problem that solves,” he said during the Chamber of Digital Commerce’s D.C. Blockchain Summit in Washington on Wednesday.

Embedded video

ӾⱤ₱-₳₭Ⱡ@XRPAKL

Brad Garlinghouse on JPM Coin.

“Just use the Dollar?” ????????????

97 people are talking about this

Previously, Garlinghouse claimed that the JPMorgan’s project “misses the point“: “introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer.”

Meanwhile, in an article titled “The Case Against BankCoin” that he wrote in August 2016, he said that banks really have two options: either set aside all their differences and agree to use the same digital asset (which is not very likely to happen), or “banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”

In either case, some experts still claim that JPM Coin is “a huge slap in the face for Ripple”.

“Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat,” Tom Shaughnessy, principal at Delphi Digital, a crypto research boutique in New York, previously told Bloomberg.

Moreover, as reported, JPMorgan is betting that its first-mover status and large market share in corporate payments, as it banks a large number of companies, will give its technology a good chance of getting adopted, even if other banks create their own coins. “Pretty much every big corporation is our client, and most of the major banks in the world are, too,” Umar Farooq, head of Digital Treasury Services and Blockchain at the bank, told CNBC in February. “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”

Also, Jamie Dimon, CEO of JPMorgan, said recently that JPM Coin “could be internal, could be commercial, it could one day be consumer.”

As reported, there are three early applications for the JPM Coin:

  • International payments for large corporate clients, which now typically happens using wire transfers between financial institutions on decades-old networks like Swift.
  • Securities transactions.
  • The final use for JPM Coin would be for huge corporations who use JPMorgan’s treasury services business to replace the dollars they hold in subsidiaries across the world.

UrbanJanuary 25, 2019

33min631

The “war” between Ripple supporters and their opponents took a personal turn this week after a new report from crypto research firm Messari suggested the market capitalization of Ripple’s XRP cryptocurrency may be overstated by as much as USD 6.1 billion, based on “inflated circulating supply numbers.”

In the report, Messari said XRP’s circulating supply and market capitalization could be overstated by as much as 48%. If that’s true, it would put XRP’s current market cap at USD 6.9 billion, instead of the official USD 13 billion that it is listed with today.

The company arrived at these numbers by analyzing how much of the officially circulating supply it deemed to be “illiquid or subject to significant selling restrictions” by Ripple. When accounting for this, Messari believes that 19.2 billion XRP out of the 41 billion XRP in the official circulating supply, fits the definition of “illiquid.”

It followed up by recommending major crypto indices such as Bloomberg-GalaxyBitwise, and CryptoCompare to immediately adjust XRP’s market capitalization down “to more appropriately reflect its true network liquidity.”

Still, Messari also admitted that Ripple had not given access to some of the data needed to conduct a thorough analysis of the real market capitalization, and that some of the estimates therefore “lack precision.” However, the researchers also added that they believe the estimates to be “directionally correct.”

Ryan Selkis, founder of Messari, also insisted on Twitter that his team gave Ripple plenty of time to respond to the report before it was published:

Ryan Selkis@twobitidiot

We emailed @ripple 4 times in 48 hours preceding publication of our research report, asking @MonicaLongSF and @CoryTV for comment and their help reviewing assumptions. We sent the entire report in advance, highlighting assumptions we needed clarity on.

They refused to respond.

63 people are talking about this

Meanwhile, a spokesperson for Ripple told Coindesk that the report contains “several inaccurate assumptions around lockups and selling restrictions,” and is based on an “incorrect calculation of market capitalization.” According to the spokesperson, “the term ‘market cap’ is always a very simple calculation: current price X total number of the asset = market capitalization. That puts XRP’s current market cap at approximately USD 31 billion.” Ripple’s calculations are based on the fact that there are almost 100bn XRPs in total, while websites such as Coinmarketcap are using the number of circulating supply, which stands at more than 41bn.

In either case, despite being widely used, market capitalization as a method of looking at digital assets is often criticized for being misleading. It can be easily be manipulated and it is important to look at a wide range of different metrics.

Su Zhu@zhusu

I think it is silly to apply this kind of circ supply analysis to and not do it evenly for and esp other ERC-20 tokens.

If someone timelocks crypto, is that a selling restriction?

This just brings the mkt further toward a post-truth world where no one agrees on facts.

nic carter@nic__carter

the the future of market cap is a tangled morass where no one knows anything. I can make a case against ‘market cap’ for any “cryptoasset”, ripple, bitcoin, or other.

See nic carter’s other Tweets

Despite the news, XRP is up by 0.75% in the past 24 hours (UTC 07:22 AM.)

Things Got Personal After Report "Took" USD 6bn from XRP’s Market Cap 102

Police might be needed

After the research was published, Messari’s founder said publicly that he has received what he considers to be threats against his family from the XRP community. He went on to ask Ripple and its CEO Brad Garlinghouse to officially denounce the threats members of the community had made to him, while adding that he will bring the case to the police.

Ryan Selkis@twobitidiot

I want @Ripple @bgarlinghouse @MonicaLongSF @CoryTV @JoelKatz @warpaul to denounce any community threats against my family. I’m going to the fbi and local police after THREE calls. Ensuring our family doesn’t get swatted.

I’m not going home until it’s publicly stated.

150 people are talking about this

Reactions from the community were mixed to Selkis’ claim that his family had received threats.

Jeff Garzik

@jgarzik

This is what happened to me & family during brouhaha. Local police & FBI were called then, too. There are some sick parts of this community.

Ryan Selkis@twobitidiot

I want @Ripple @bgarlinghouse @MonicaLongSF @CoryTV @JoelKatz @warpaul to denounce any $xrp community threats against my family. I’m going to the fbi and local police after THREE calls. Ensuring our family doesn’t get swatted.

I’m not going home until it’s publicly stated.

See Jeff Garzik’s other Tweets

Others called out XRP supporters, calling them losers for getting so upset about their “magic internet money”:

Crypto Bobby@crypto_bobby

If you’re threatening someone’s family because a research piece affects your moon bag, you’re undeniably a loser.

It’s magic internet money, I don’t care if it’s XRP, BTC, TRX or DentaCoin, get your heads on straight, holy hell.

Ryan Selkis@twobitidiot

I want @Ripple @bgarlinghouse @MonicaLongSF @CoryTV @JoelKatz @warpaul to denounce any $xrp community threats against my family. I’m going to the fbi and local police after THREE calls. Ensuring our family doesn’t get swatted.

I’m not going home until it’s publicly stated.

25 people are talking about this

Ryan Selkis also shared some more details, saying someone called him up and recited his wife’s birthday before hanging up:

Ryan Selkis@twobitidiot

Someone just called me from a Nashville number and recited my wife’s birthday to me. Then hung up.@bgarlinghouse these are the type of animals you and your fucking company enable.

War.

188 people are talking about this

UrbanDecember 28, 2018

12min898

What is Ripple? Technically speaking, is Ripple a cryptocurrency in the mold of Bitcoin? The short answer is probably “no,” but that doesn’t stop it from often being lumped into that same category.

What is Ripple?

Originally released in 2012 as a subsequent iteration of Ripplepay, Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records, Ripple doesn’t rely on the energy and computing intensive proof-of-work used by Bitcoin. Ripple is based on a shared public database that makes use of a consensus process between those validating servers to ensure integrity. Those validating servers can belong to anyone, from individuals to banks.

The Ripple protocol (token represented as XRP) is meant to enable the near instant and direct transfer of money between two parties. Any type of currency can be exchanged, from fiat currency to gold to even airline miles. They claim to avoid the fees and wait times of traditional banking and even cryptocurrency transactions through exchanges.

How Is It Fundamentally Different From Bitcoin?

It is the validating servers and consensus mechanism that tends to lead people to just assume that Ripple is a blockchain-based technology. While it is consensus oriented, Ripple is not a blockchain. Ripple uses a HashTree to summarize the data into a single value that is compared across its validating servers to provide consensus.

Banks seem to like Ripple, and payment providers are coming on board more and more. It is built for enterprise and, while it can be used person to person, that really isn’t its primary focus. The main purpose of the Ripple platform is to move lots of money around the world as rapidly as possible.

Thus far, Ripple has been stable since its release with over 35 million transactions processed without issue. It is able to handle 1,500 transactions per second (tps) and has been updated to be able to scale to Visa levels of 50,000 transactions per second. By comparison, Bitcoin can handle 3-6 tps (not including scaling layers) and Ethereum 15 tps.

Ripple’s token, XRP, isn’t mined like Bitcoin, Ethereum, Litecoin and many other cryptocurrencies. Instead, it was issued at its inception, similar in fashion to the way a company issues stocks when it incorporates: It essentially just picked a number (100 billion) and issued that many XRP coins.

What is XRP and What’s It Used For?

As a technology, the Ripple platform may have real value and real history that validate the claims they make for its efficacy. The XRP token itself, however, seems to have negligible use cases. In fact, Ripple had planned to phase it out — at least, until fevered interest in cryptocurrencies began to take off in 2016. Nevertheless, as CNBC noted today, if Ripple hits $6.57, its market capitalization will be bigger than Bitcoin’s.

There are 100 billion XRP tokens that were issued by the Ripple company. At the moment, the company promises that this is the total number of XRP that there will ever be (though, technically, there is nothing to stop them from issuing more tokens in the future). Ripple’s hub-and-spoke design positions XRP in the middle as a tool that is fungible with any currency or digital asset, such as frequent flyer miles. Ripple can settle a payment in 3.5 seconds through XRP and have it available and spendable. The use of XRP is totally independent of the Ripple network in general; that is, banks don’t actually need XRP to transfer dollars, euros, etcetera which is what many small investors might be missing when they are buying the token.

What Is Ripple’s Value Proposition?

The value here is the Ripple network itself and its ability to move assets around the world quickly, rather than in the XRP token.

Banks are able to use the Ripple software to shift money between different foreign currencies. Currently, this is typically accomplished using SWIFT, a system that is cumbersome and relies on the banks having separate accounts in every country they work in. Ripple says it has signed up more than 100 banks (compared to SWIFTs 11,000 financial institutions) including American Express.

So Why All the Hype?

While Bitcoin has seen a dramatic rise in price over the course of 2017, the end of the year saw the cryptocurrency almost breaking $20,000. As the price drove higher, we saw a massive increase in price for a large number of altcoins, with Litecoin jumping from $50 to nearly $400, Ethereum doubling, NEM and EOS going up by a factor of five, and the list goes on and on. The fear of missing out has driven many investors wild and “lower-priced” currencies are attractive to new investors who mistakenly think that the high price of an entire BTC puts the currency out of their reach.

Add to all the hype the rumors that had been swirling on social media through December 2017, that Coinbase was going to list Ripple, which caused the price to surge, which in turn prompted Coinbase to address the rumors in a more generic fashion in this blog post on January 4, 2018:

“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”

ripple chart jan19

 

The Coinbase announcement caused a big drop in Ripple, back to around the same levels as before the rumors began. SInce then, Ripple has both dipped dramatically and recovered, as have many other volatile cryptocurrencies. While Coinbase doesn’t support Ripple, there are a number of ways for people to acquire Ripple, should they still want to.

Words of Caution

There has been a lot of ink used on criticizing Ripple as well. The complaint from Bitcoin and other blockchain enthusiasts is that Ripple’s centralized control is in direct contrast to the ideals and advantages of decentralized blockchains like Bitcoin.

Ripple also maintains a trusted Unique Node List (UNL) that is meant to protect against potentially malicious or insecure validating servers. It is the UNL that controls the network rules, presenting a conundrum: On the one hand, it protects against problematic validators, but, in theory, a regulating body or government could come in and force a change that isn’t necessarily desirable or is downright invasive. Furthermore, because of a FinCEN violation and fine in 2013, Ripple has updated its policies and will only recognize and recommend gateways that are in compliance with financial regulations.

New York Times reporter Nathaniel Popper commented on Twitter that he has yet to find a bank that anticipates using the XRP token in any meaningful way. Ripple’s CEO, Brad Garlinghouse, has denied Popper’s claims stating, “Over the last few months I’ve spoken with ACTUAL banks and payment providers. They are indeed planning to use xRapid (our XRP liquidity product) in a serious way.” However, as Popper points out, even the banks that he contacted at Ripple’s suggestion were non-committal in their plans to implement Ripple anytime soon.

According to the Financial Times, of the 18 banks and financial services companies publicly linked to Ripple, most of them stated that they “had not yet gone beyond testing” while a few had moved on to using Ripple’s systems “for moving real money.” However,  not one of the 16 companies that responded had used the XRP token.


UrbanNovember 26, 2018

11min425

The Ripple market segment witnessed a 21 percent recovery upon establishing a new November lowat $0.329.

The XRP/USD rate on Monday touched 0.399-fiat in a higher high formation on BitFinex. In the meantime, the coin’s market cap reached close to $15.61 billion, replacing Ethereum to become the world’s second-largest cryptocurrency.

Ripple’s chief marketing strategist Cory Johnson on Friday furthered their dialogue about how XRP is better than Bitcoin. Not that his statements could have rattled the bitcoin investors, but they certainly could have attracted potential holders. Johnson wrote about how bitcoin was more centralized due to being extremely influenced by the Chinese mining community, calling it a poor technology.

Embedded video

Steven Diep@DiepSanh

-Bitcoin has some real technological limitations
-The digital asset that show fundamental use cases will develop a fundamental value
-XRP is being used more than Bitcoin being used as of today

Cory Johnson, Ripple
Nov18

313 people are talking about this

The XRP correction nevertheless took place in the absence of solid backings, meaning its sustainability cannot be guaranteed at this moment. At worst, it could be a bear pennant formation which indicates the continuation of the current downward trend. At best, XRP could be heading to an extended upside recovery action, considering its the least-bad performing cryptocurrency in the bear run that has shaken the entire crypto market.

XRPUSD 1D CHART | SOURCE: BITFINEX, TRADINGVIEW.COM

The daily XRP chart, meanwhile, allows a better inside look, revealing RSI and Stochastic had lately dipped into their oversold regions. The XRP/USD rate at most corrected to stabilize, meaning the near-term uptrend should extend to the nearest resistance level, probably towards the 100-period simple moving average before a potential pullback overtakes the trend.

At the same time, 0.329-fiat is providing decent support according to the daily basis. The level had witnessed buying sentiment before and promised to hold the bears with few bulls. A break below 0.329, on the other hand, could be devastating as it would expose XRP/USD to a crash towards the next potential downside at 0.268-fiat. This level has offered strong support since August.

XRPUSD 15M CHART | SOURCE: BITFINEX, TRADINGVIEW.COM

A narrowed down version of the XRP/USD rate chart offers us more insights into how we could play the trades intraday. As of now, the pair is clearly targetting 0.396-fiat as its interim resistance while resting its foot at 0.371-fiat, the interim support for the rest of the day.

We are looking at XRP/USD reversing from the 200-period simple moving average on a 15-minute chart. It provides us with a decent short opportunity towards the interim support. At the same time, placing a stop loss at 0.390-fiat will protect our position from maximum losses should the upside correction resumes.

Having said that, an upside continuation would have us wait for a breakout above the interim resistance. If it happens, we will enter a long position towards 0.402-fiat as our interim upside target while maintaining a stop loss order at 0.393-fiat.

Trade safe!


Luka KovičMarch 15, 2018

4min1464

The cryptocurrency world found itself in turmoil in start of 2018. We saw the peak of some currencies in
late 2017, the same year brought ICO frenzy, incredible Bitcoin price shifts and immense growth of
Ripple (XRP).

The start of 2018 didn’t bring investors to ‘promised land’, on contrary, the bans, regulations and even
several exchange hack attempts contributed to severe cryptocurrency price drops. Ripple was one of the
ground breaking currencies in 2017, which shot up in price by more than 1000% in the month of
December.


The price of XRP reached its all time high on January 4th with the price of 3.29 USD, then dropping hard
and is now trading around $0.69. XRP could easily be set for another ‘boom’ according to their CEO Brad
Garlinghouse: “We, Ripple, will stay focused on solving that institutional use case, but we would certainly partner with
companies that are looking to use XRP in lots of different ways.”

New use cases for Ripple?

They’re also looking for investment in startups that could develop new uses for Ripple, which could
potentially push crypto values up. The announcement follows the emergence of an XRP payment app
that will allow transactions to take place faster. The software is being developed in partnership with 61
Japanese banks to improve crypto trader experiences in the region.

Takashi Okita, the CEO of SBI Ripple Asia, the firm helping to form a joint venture between Ripple and
the SBI group, declared that the app will allow for payments that are “faster, safer and more efficient”.

xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border
payments with end-to- end tracking. Banks message each other in real-time to confirm payment details
prior to initiating the transaction and to confirm delivery once it settles.

Fast transaction times and low fees could make XRP more appealing than other cryptocurrencies on the
market. Unlike the highest-valued virtual currency, Ripple is not limited to 21 million coins, instead 100
billion XRP are able to exist, making it greater in supply than Bitcoin by 4700 times. That could mean it
will offer lower volatility long-term, as the price will most probably continue to rise. But when those
prices stabilize, the large coin supply of Ripple will lead to lower volatility.

For now, Ripple has created something that few other cryptocurrencies have managed to this point; a
currency that pre-existing businesses are not only willing to use, but will benefit from doing so. Amazon
and Everything Store are one of the giant costumers to take this step in 2018, as they would like a virtual
currency, that offers fast transaction times without crippling fees.



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