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Digital Currency Revolution Series: Are Ripple Bulls Taking-off to Mars, Venus or Jupiter? What Are the Driving Forces?
XRPUSD (ripple) has constantly been spiking higher from the last couple of weeks, posted almost mammoth 43% in just 3 weeks.
Ripple (XRP) is up about 5.83% on a daily basis as the buyers’ sentiments mounting at the time of articulating though some profits were pared. Of interest is the development in the daily and weekly plotting of the technical charts.
With Ripple (XRP) has now surpassed Bitcoin Cash in the market cap race to feature 3rdrank in the crypto-space (Mkt.cap of Ripple – $18.09 bln, BCH - $6.81 bln), it had kept behind Ethereum also a few weeks ago). We have already highlighted the drivers of XRP, as the buying sentiments are mounting higher but the understanding of the variances between the Ripple as an organization and the XRP as a token still appears to be deficient. So, it is wise to re-empathize the driving forces of XRP.
Growing interests among the banking community: The popularity of Ripple has grown majorly based on a reputation of “banks' cryptocurrency”. Nevertheless, a great deal of clarity as to what exactly the Ripple ecosystem entails, about the mechanism of its payment solutions and in turn, how it drives the value of XRP, is lacking among the investors' community.
The latest instance is Euro Exim Bank’s announcement to deploy XRP-driven XRapid and xCurrent for overseas payment transactions. Euro Exim Bank has collaborated with Ripple, to improvise better connectivity with banks, payment providers and digital asset exchanges via RippleNet so as to ease clients’ seamless experience to operate with money globally.
The reputed multinational financial services companies have already become part of RippleNet, such as Japan’s MUFG bank and Spain’s Santander. MUFG has made announcements of its projects to a develop overseas transaction system between Japan and Brazil by deploying Ripple’s technology.
Elsewhere, Malaysia’s banking group CIMB has made an announcement that its pact with Ripple with an objective of developing blockchain-driven remittance platform for the South East Asian region.
Robust underlying technology driven by RippleNet: RippleNet is a set of tools developed by Ripple so as to improve the global value transfer systems especially as it pertains to financial institutions. RippleNet is comprised of three payment solutions: xRapid, xCurrent, and xVia.
In reference to RippleNet, the company has explained: "As a global payments network, RippleNet creates a modern payments experience operating on standardized rules and processes for real-time settlement, more affordable costs, and end-to-end transaction visibility. It allows banks to better compete with FinTechs that are siphoning off customers disappointed by traditional transaction banking services."
The RippleNet deployment has managed to strike a chord in boosting XRP’s buying sentiments convincingly among the reputed crypto asset classes because the participation of the retail investors is not allowed (as stated above). Naturally, the demand has begun for this crypto to prop up XRP’s market cap to the 2ndrank). Hence, it is quite significant for cryptocurrency investors to be aware of the fact that XRP is only actively used by one of RippleNet's payment solutions and that is not the one that is seeing the most commercial purposes.
Complementing ILP connection is the success of xRapid: Although Ripple Inc, is quite different from the InterLedger Protocol (ILP) which is invented at ripple developed by the Interledger W3C Community Group.
ILP has been playing a pivotal role in the success of XRP as a settlement tool. ILP is building a platform that fronts interoperability and at the center of this is XRP which will act as a liquidity tool with its main value proposition being its stability.
Overall, Ripple (XRP) has been responding to the above-explained underlying driving forces.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 181 levels (which is highly bullish), hourly USD spot index was at 120 (highly bullish) while articulating at (11:43 GMT).
The above indices are also conducive for this strategy.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex