Ripple Joins IMF to Discuss CBDCs for Cross-Border Payments
This week, a panel discussion on the next steps for cross-border payments occurred between May 10 and May 11 as part of the Digital Monetary Institute (DMI) symposium in London.
Tranglo Processes Over $1 Billion with Ripple's On-Demand Liquidity Solution for Cross-Border Payments
Tranglo, a major partner of Ripple, has processed over $1 billion in On-Demand Liquidity (ODL) transactions since their partnership in 2021. This achievement was highlighted in a recent report on the benefits of partnerships in the cross-border payment industry. The report also noted the projected growth of the industry, which is expected to reach $250 trillion in the next four years. Despite this growth, the industry faces challenges such as high transaction costs and poor exchange rates, which partnerships like Ripple and Tranglo aim to address. Since their collaboration, Tranglo has expanded its reach and opened up new payment corridors in various jurisdictions.
Panelists Emphasize Importance of Innovative Global Payment System at DMI Symposium with Representatives from IMF, RTGS Global Limited, Bank of Mauritius, and Ripple Blockchain
The importance of an innovative global payment system was emphasized by panelists at the Digital Monetary Institute (DMI) symposium, including the President of Ripple. A panel discussion on the next steps for cross-border payments occurred between May 10 and May 11 as part of the DMI symposium in London. The panel featured representatives from the International Monetary Fund (IMF), RTGS Global Limited, the Bank of Mauritius, and the Ripple blockchain, who came together to highlight the importance of creating an efficient and innovative global payment system. The panelists agreed that cross-border payments are critical to the global financial system, and there’s a need for innovation and collaboration to improve them. Ripple was ranked as the leader for CBDCs due to its success with RippleNet, technological capabilities within the CBDC space, and existing deployments and growth in the emerging space.
Crypto Exchange Delists Rival XLM, Ripple Community Questions Motives and SEC Chairman’s Involvement
Bakkt, the crypto business arm of Intercontinental Exchange (ICE), has decided to delist a number of digital assets, including Stellar Lumens (XLM), which is a rival of Ripple's XRP. The exchange cited regulatory guidance and industry developments as the reasons for the mass delisting, which is part of the exchange's regular coin listing review process. However, the decision has been met with criticism from the Ripple and XRP community, with some members speculating that it may be an attempt to spread fear, uncertainty, and doubt (FUD) or that the exchange has received a warning from U.S. regulators. Recently, high-profile pro-XRP attorney John Deaton accused the SEC's leadership of corruption in their dealings with Ripple Labs.
Market Analysts Watch Ripple's XRP for Potential Price Surge Against Bitcoin
Market analysts are closely monitoring Ripple's XRP for a potential surge in price against Bitcoin. Despite recent fluctuations due to a lawsuit with the US Securities and Exchange Commission, XRP's fast transaction speed and secure blockchain technology make it an attractive option. While some analysts predict a trend reversal for XRP based on current indicators on the chart, others believe the market currently projects a bearish trend. XRP's recent price performance has remained relatively stable, hovering around the $0.41 and $0.42 price levels, with a 7.25% decline in the past seven days.
XRP Community Member Claims SEC's Problems Stemmed from Attack on XRP Community
Prominent member of the XRP community, TipsyTiger, has claimed that the SEC's problems began after attacking the XRP community. TipsyTiger believes that the XRP community deserves recognition for exposing the SEC's hypocrisy and ethics violations. The comments were made in response to Rep. Warren Davidson's recent tweet calling for reforms for the SEC. TipsyTiger also asserts that the XRP community provided more evidence to back up claims against the SEC than any other community.
Finance experts predict XRP price by end of 2023 amidst ongoing legal battle with SEC
The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) regarding the sale of XRP tokens is expected to be resolved in 2023. The outcome of this case is significant for both Ripple and XRP investors, as a negative ruling could result in XRP being classified as a security, leading to regulatory scrutiny and potentially affecting its price.
Ripple Managing Director Calls for Diversity in Crypto Industry, Citing Crypto Bros Culture as Roadblock to Inclusion
During the Crypto and Digital Assets Summit hosted by the Financial Times, Ripple managing director Sendi Young called for diversity in the crypto industry and highlighted the Crypto Bros culture as a barrier to inclusion.
XRP Bucks Market Trend, Records Green Indexes While Crypto Market Witnesses Heavy Selling Pressure
On Friday, the global crypto market experienced heavy selling pressure, resulting in a 3% drop in the cumulative cap to around $1.10 trillion. However, Ripple's native crypto, XRP, managed to print green indexes, going against the market sentiments.
Ripple's Price Hovers Near Crucial Support Region, Potential Downturn Looms
Ripple's price is currently hovering near a crucial support region at the 200-day moving average and $0.41 price zone. A breach below this level could trigger a significant downturn towards the descending trendline. The daily chart shows that the price has arrived at a strong support area at the 200-day moving average of $0.41, which could lead to a consolidation phase.
Ripple's General Counsel Stuart Alderoty Continues to Criticize SEC Chairman Gary Gensler's Regulatory Efforts in the Crypto Industry
Stuart Alderoty, the General Counsel at Ripple Labs, has once again criticized Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), in a tweet. Alderoty believes that Gensler views the judicial process as a weapon and sees Congressional oversight as a game of hide and seek. He also thinks that Gensler is no longer just a cryptocurrency problem, but a "We The People" problem.
XRP, Avalanche, and Collateral Network: The Top Cryptocurrencies to Watch for High Returns
The cryptocurrency market is constantly evolving, and investors are always on the lookout for tokens that promise high returns. XRP, Avalanche (AVAX), and Collateral Network (COLT) are currently making waves in the crypto space. XRP is expanding in Africa, with Ripple rapidly expanding its presence in the continent. Avalanche has integrated Chainlink Functions, which will allow developers to access Chainlink's data feeds and create more innovative dApps. Collateral Network is a new project that aims to disrupt the lending industry by allowing borrowers to use physical assets as collateral to unlock liquidity. The platform has a solid base to disrupt the industry and is predicted to offer impressive returns for early investors.
Tranglo Achieves Record $1 Billion in On-Demand Liquidity Transactions with Ripple Partnership
Tranglo, a global payment processing hub and Ripple's payment partner, has achieved a milestone of over $1 billion in On-Demand Liquidity (ODL) transactions since the service's launch.
Ripple's Chief Legal Officer Criticizes SEC Chair Gary Gensler
Ripple's Chief Legal Officer, Stuart Alderoty, believes that the issues faced by the crypto market are not related to the ecosystem, but rather a constitutional problem.
Cryptocurrency Market Analysis: Ethereum, Ripple, Cardano, Pepe, and Dogecoin Experience Losses
This week's cryptocurrency market update focuses on Ethereum, Ripple, Cardano, Pepe, and Dogecoin. Ethereum has experienced a 7.4% decline, with the key level at $1,800 now acting as resistance. If the key support at $1,660 holds, Ethereum may maintain its macro uptrend. Ripple has lost 8% of its value, with sellers in charge and a likely scenario for the price to fall until the 40 cents support. Cardano has fallen by 7.7%, with the head and shoulders reversal pattern confirmed and a likely target of the support at 34 cents. Pepe has crashed by 37%, with support at $0.0000010 and a high likelihood of crashing by over 90%. Dogecoin has fallen by 10.5%, with a test of the key support level imminent.
Binance Discontinues Trading for XRP Leveraged Tokens Today
Binance has followed through on its plans to discontinue trading for XRP leveraged tokens, specifically XRPUP and XRPDOWN, as of May 12th. The exchange had previously announced the delisting and urged customers to trade their tokens for other assets. Any customers still holding these tokens can redeem them for USDT through the dedicated Leveraged Tokens page or wallet function. This move is part of a larger trend of Binance delisting leveraged tokens, with twenty being delisted in February and six in May. Leveraged tokens are designed to amplify gains or losses in a trade, with XRPUP multiplying returns when XRP goes up and XRPDOWN multiplying returns when XRP goes down.
Coinbase criticized for apologizing to Pepe community and ignoring XRP enthusiasts
Attorney Bill Morgan has criticized Coinbase's Chief Legal Officer, Paul Grewal, for apologizing to the Pepe community but not to XRP enthusiasts. Grewal issued a public apology to Pepe enthusiasts after the exchange linked the meme-based cryptocurrency to an alt-right hate symbol. However, Morgan pointed out that Coinbase has not apologized to XRP community members for halting trading of the crypto asset on the exchange or for failing to distribute the Songbird airdrop to XRP holders. Morgan has previously commented on Coinbase's decision to halt XRP trading, arguing that the exchange should have relisted XRP if it uses a robust method to relist tokens.
Attorney Deaton Reacts to Empower Oversight's Lawsuit Against the SEC for Compliance with FOIA Request on XRP Communications
Attorney John E. Deaton, who represents thousands of XRP holders in the SEC v. Ripple case, has commented on Empower Oversight's lawsuit against the SEC. Deaton clarified that Empower Oversight has no affiliation with him, CryptoLaw, Ripple, crypto, or XRP. However, he acknowledged that the evidence assembled by the XRP community shows "massive conflicts of interest and gross appearance of impropriety." Deaton has previously called on the SEC to release documents requested by Empower Oversight, and he believes that the agency's leadership is corrupt. Empower Oversight filed a new lawsuit against the SEC to force the regulator to comply with its Freedom of Information Act (FOIA) request, which seeks detailed information involving former SEC chairman Jay Clayton and William Hinman's communications regarding XRP and other crypto assets.
XRP Holders Were First to Call Out SEC's Gross Overreach
According to attorney John Deaton, XRP community members were the first to call out the SEC's overreach. XRP holders have been warning relevant authorities and other crypto communities about the SEC's actions for the past two years.
Ripple Moves 50 Million XRP Amidst Concerns of a Possible Drop in Value
Ripple recently moved 50 million XRP tokens, which were part of the 300 million XRP released from escrow for May. This is the second transaction in three days, with the company having moved a total of 100 million XRP out of the 300 million tokens.
