Ripple: Next generation payment network for cross border payments

Ripple connects banks and payments provider via RippleNet to provide one frictionless experience for sending and receiving money. RippleNet makes it easy to connect and transact across its robust network of 100+ banks and payment providers worldwide.

RippleNet provides solutions for

Global payments

On-demand liquidity

Cross-border payments often require banks, payment provider and other to hold pre-funded account in destination currencies known as Nostro account. RippleNet customers looking to eliminate the need for Nostro accounts can use digital assets like XRP to source on- demand liquidity.

Scalability and transaction speed:

Consensus Mechanism used :

Ripple doesn’t have a blockchain like Bitcoin and Ethereum. It uses Ripple Protocol Consensus Algorithm (RPCA) for validating transactions. Ripple Protocol components are

Server: It is an entity running the Ripple Server software

Ledger: The ledger is a record of the amount of currency in each user’s account

Last closed Ledger: It is the most recent ledger that has been ratified by consensus process

Open Ledger: The open ledger is the current operating status of the node.

Unique Node List (UNL): It is a list of public keys, meant to be associated with active validating nodes the node operator believes to be unique.

Ripple network has two types of nodes one Validator nodes and other is tracking nodes. Validator nodes collect transactions and send proposals out to their fellow validators in their UNL. After this voting process gets started, it should get approved by more than 50% of the nodes in the first round and then send for higher approvals. The transactions are written into ledger once 80% of nodes approve the transactions.

Ripple’s major products

xCurrent: It is Ripple’s corporate solution for banks and financial institutions. All members of RippleNet are connected through Ripple’s standardized technology, xCurrent. It is built around Interledger Protocol (ILP), an open, neutral protocol, that enables interoperation between different ledgers and payments network. The four major components of xCurrent are

Messenger - The main function of messenger is to establish a link between transacting banks. Transacting parties use Messenger to exchange information regarding risk and compliance, fees, Fx rates, payment details etc…

Validator: The main function of validator is to cryptographically confirm the success or failure of a payment.

InterLedger Protocol (ILP): It is sub ledger of each transacting bank’s general ledger which tracks credits, debits and liquidity across all parties for Ripple transactions.

FxTicker- It facilitates value exchange between ledgers by enabling liquidity providers to post Fx rates.

xRapid:

xRapid is for payment providers and financial institutions who want to minimize liquidity costs while improving their customer experience. It enables companies to use Ripple’s XRP coin as “bridge” to facilitate cross-border payments using Ripple system.

xRapid uses a digital asset, XRP, to offer on demand liquidity, which dramatically lowers costs enabling real-time payments in EM.

xVia:

xVia is for corporates, payment providers and banks who want to send payments across various networks using standard interface. xVia’s simple API lets companies that want to send payments - payments provider, digital wallets and other corporates globally with transparency into the payment status and with rich information like invoices attached.

Ripple major partners:

There are 100+ customers such as banks, payment providers and digital exchange process and provide liquidity for payments on RippleNet, creating new, competitive cross-border payments services for their customers.

Major customers are

Recent News and updates:

Ripple will be launching the commercial version of its payment platform xRapid in the next month or so, according to Sagar Sarbhai, Ripple’s Head of regulatory relations for Asia-Pacific and the Middle East. xRapid is aimed at helping banks to speed up transactions using XRP cryptocurrency. Ripple CEO Brad Garlinghouse said that ‘dozens’ of banks would be using xRapid by the end of 2019.

Ripple has announced on Sep 19th that PNC Bank, a top ten bank in United states, has joined RippleNet. The bank has almost more than 8 million customers and retail sales in 19 states.

Swell by Ripple (Oct 1 to 2nd 2018)

The event held in San Francisco featured high profile individuals and celebrities such as Bill Clinton and Barack Obama’s advisor Gene Sperling.

The three companies that have signed up for xRapid recently are payment providers MercuryFx, Culliax and Credit Union, according to Ripple CEO

Technical:

XRPUSD has shown a massive recovery of more than 200% from the low of $0.2500 till $0.79770. But the jump was short lived and started to show a good sell-off from the high. It has lost more than 40% from the high. It is currently trading around $0.468300.

On the lower side, major support is around $0.4300 (55- day EMA) any any break below targets $0.4070 (100- day MA)/$0.3500. It should break below $0.2500 for further bearish continuation.

The major resistance is around $0.6300 and any convincing break above targets $0.6650 (61.8% fib)/$0.7200. The pair should break above $0.800 for further jump till $0.96/$1.000. The near term resistance is around $0.5250 (200- day MA) and any daily close above targets $0.6300.

It is good to buy on dips around $0.4000 with SL around $0.3000 for the TP of $0.6300/$0.800/$0.9600.