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Ripple CEO Predicts Worthless Future for 99% Cryptocurrencies

Brad Garlinghouse, CEO of Ripple (XRP), has predicted that 99 percent of cryptocurrencies would be worthless in the near future. 

November 6, 2019, | AtoZ Markets – Brad Garlinghouse once again appeared on Bloomberg recently, when he reinforced his claims that most cryptocurrencies are likely to disappear in years to come.

Ripple CEO Claims that Most Cryptocurrencies will Die Out

Garlinghouse, who is the acting CEO of Ripple, the company that has developed XRP, believes that only those coins with actual real-life use cases have a chance to survive. In other words, 99% of cryptocurrencies will be worthless in the near future, according to him.

As mentioned, this is far from the first time that Garlinghouse has made such claims. But, while he has no faith in the majority of altcoins, he continues to praise XRP. He recalled the long road that the coin has traveled in recent years.

At first, XRP was used for illicit cases, such as the infamous SilkRoad. After that, the era of speculation came, only for the coin to finally be in the period where its real use cases are emerging.

Garlinghouse also notes that this is the reason why XRP and Ripple have always focused on a specific customer, and on solving a very specific problem. That way, the project was able to advance in a single area, but surpass any competition which was spread too thin due to the lack of such focus.

SWIFT is more volatile than XRP

Garlinghouse further explains why Ripple would be a better alternative to SWIFT, the leading messaging network for financial institutions. According to Garlinghouse, SWIFT is even more volatile, since it requires several days to settle each transaction.

In comparison, XRP transactions are done within seconds, which is Ripple’s largest advantage, as it reduces volatility risks.

Garlinghouse also spoke about XRP’s unimpressive price performance, stating that the company focuses on the price’s movement in the long-term. He believes that the surviving coins’ prices will reach their true potential, but that may take another decade.

Even so, Garlinghouse seems confident that bullish trends lie in the future.

Think we missed something? Let us know in the comments section below.

Binance facing XRP withdrawal issues

It has come to AtoZMarket’s attention that Binance is facing XRP (Ripple) withdrawal issues for the past few hours.

6 November 2019 | AtoZMarkets – In the past few hours we have received a few reader requests to speak to Binance. Presumably, these users have been facing challenges about their XRP transactions.

To test the issue, we have assigned one of our editors to check and see if Binance was having XRP wallet or withdrawal issues. While the first part of the test went without any issue, the processing of the XRP withdrawal failed in all attempts.

Update: Based on our last conversation at 12:00 noon GMT, Binance has informed AtoZMarkets that they have fixed the XRP withdrawal issue. The issue was due to system congestion, not a hacker attack.

Binance XRP withdrawal rejected

So the following is the issue:

1- User proceeds with XRP withdrawal request;

2- User receives 2FA confirmation;

3- User receives and confirms withdrawal confirmation email;

4- XRP withdrawal status appears as pending

5- Withdrawal status changes from Pending to rejected

NOTE: No fund is being deducted from users’ wallets.

Binance XRP withdrawal chat

We took the issue to Binance support. According to the support team, the case is not isolated. However, Binance is facing a network congestion issue. The project team is working on a possible solution.

Not the First time

It is not the first time users on Binance are facing XRP Ripple withdrawal trouble. The same issue has appeared with Biance a few times previously. The first time, Binance faced XRP withdrawal issues was in late 2017. During this time there was too much congestion on almost every blockchain network. However, the second big ripple withdrawal issue was when Binance was hacked.

See also: November Ripple Price forecast from Elliott wave perspective

At the moment, there is no major bull run. The (ripple) XRP price has been sideway as well. Let’s hope that the withdrawal failure is just a technical glitch.

Editor’s note: Binance has been one of the most secure cryptocurrency trading platforms. CZ is famous for his “Funds are SAFU” comment. It is likely that there is a glitch or restricted XRP withdrawal is a part of the Binance risk management operations.

Conflict of interest disclaimer: The author of this article either owns or have purchased XRP in the past 12 months.

Why is Ripple rising today? Ripple invests in Bitso

Why is Ripple rising today? The firm behind the third biggest cryptocurrency XRP has led an investment round in Bitso.

October 14, 2019, | AtoZ Markets –  Ripple, the cross-border payments company based in San Francisco, has announced that they are leading an investment round in Bitso, a leading cryptocurrency exchange in the Spanish-speaking world.

Ripple invests in Bitso crypto exchange

Bitso, one of the biggest cryptocurrency exchanges in Mexico has raised an undisclosed sum of money from notable investors. The investment was led by Ripple, with participation from Coinbase and Jump Capital. Existing investors – Digital Currency Group and Pantera Capital – also participated in the round, according to the announcement.

The raised funds will help Bitso expand its business into Argentina and Brazil and other Latin American nations. The co-founder and CEO of Bitso, Daniel Vogel has been quoted as saying:

The region is ready for disruption and we want to be the ones to do so by radically advancing financial inclusion for everyone.

Bitso, which has been operating in Mexico since 2014 claims to serve more than 750,000 users in the country. Ripple says that the Bitso plays an important role in RippleNet’s United States-Mexican corridor by providing liquidity for payments.

Ripple had earlier launched On-Demand Liquidity (ODL) capabilities with MoneyGram into Mexico where Bitso played an important role as a key exchange partner.

Ripple price surges to $0.29

This recent development is the reason why Ripple price has risen today to a high of $0.29121 at the time of writing. The uptrend pushed its daily gains up by 4.84 %, as calculated from the opening price. At the same time, XRP stole a large chunk of capital from the Bitcoin market, rising by as much as 5.13% against the flagship cryptocurrency.

Think we missed something? Let us know in the comments section below.

 

Another Ripple XRP dumping? $15 mln worth in XRP moved

October 1, 2019, | AtoZ MarketsRipple is by far the biggest XRP holder. It has a history of selling its shares which is great displeasure of other XRP owners. According to Ripple’s quarterly reports, the company has indeed sold vast quantities of its XRP holdings. It is assumed that these sales were made to finance the business and to make various investments in other companies.

Ripple moved $15.3 mln worth of XRP

The company reportedly sold a value of $251.51 million of its cryptocurrencies only in the second quarter of 2019. Also in its most recent quarterly report, it stated that it intends to take a more “conservative” approach to sell XRP this quarter. However, the company appears to be increasing sales again with three similar transactions from the company to its OTC distribution wallet in the last week alone. A total of $30 million XRP has been transferred to the OTC distribution wallet in the previous six days.

Read More: Ripple price prediction: XRP in a triangle pattern below 25 cents

Recently Ripple has just moved around $15.3 million worth of XRP. As always, the news of the big XRP transfer has been reported by WhaleAlert, a Twitter account it took place on different blockchain-based currencies.

As you can see, the transfer seems to have been made between one of Ripple’s company wallets and it’s over-the-counter distribution wallets. It seems very likely that the reason for the transfer is to sell the tokens.

Ripple XRP dumping anger investors 

Ripple and its XRP cryptocurrency have divided the opinion in the digital assets sector. Many analysts drew attention to the large number of XRPs the company had reserved for itself as part of its original distribution.

The company and some of its significant shareholders hold a vast amount of tokens. And as owners of such dominant control over the total offering have attracted the contempt of some crypto-currency purists.

The wave of dumping of its XRP holdings has angered some investors in the digital asset. It prompted a cryptocurrency fan to set up a petition on Change.org to try and get the company to stop contributing to the selling pressure by lowering the price of the resource.

The petition, created by a user called Crypto Bitlord, has so far been signed by 3,688 people. It was installed in August, but given the apparent number of sales of Ripple XRP in recent times, it does not seem to have the desired effect.

Think we missed something? Let us know in the comments section below.

Ripple acquires Algrim crypto trading firm in Iceland

Ripple has acquired Iceland-based crypto trading firm Algrim to tap into its talent pool, paving its way to expand its operations in the European country.

September 30, 2019, | AtoZ Markets – Ripple, the San-Francisco-based blockchain company behind the XRP token, has today announced in a blog post an expansion of its engineering team as well as a move to Iceland. 

Ripple expands operations to Iceland via Algrim

As per the announcement, the six-engineer team of Algrim will join Ripple and will contribute to the ongoing development of Ripple’s On-Demand Liquidity (ODL) program which utilizes XRP for production cross-border payments.

Commenting on the acquihire, Christopher Kanaan, SVP of engineering at Ripple, said: 

“With built-in expertise in trading and exchanges, the addition of Algrim’s engineering talent to our team will be instrumental in continuing the momentum we’re already experiencing with On-Demand Liquidity.”

Currently, Ripple has added over 200 partners on RippleNet and is planning to make Iceland its regional base. The company also has another European office in London, along with its presence in New York, Singapore, Mumbai, São Paulo, and Sydney.

Kanaan also added:

“We’ve been committed to sourcing expert crypto and trading talent in key global markets since day one, and the acquisition of the Algrim engineering team is a successful example of doing just that.”

Prior to Ripple’s acquisition of Algrim, the Icelandic company developed a crypto trading platform integrating over 30 markets and was working on it for the last two years.

Ripple continues its acquisition spree

Ripple is also on an investment spree and made headlines after investing $30 million in MoneyGram earlier this year. Last Friday, the company’s its investment arm, Xpring made a similar acquisition of Logos Network, adding nine members of the company to its team.

“The decision to join the Ripple team was a natural fit — both companies share a vision to enable widespread adoption of digital assets and blockchain technology, which aligns directly with what we’ve been working towards for the past several years,” explains Dadi Armannsson, chief executive at Algrim.

The acquisition did not make any significant change in the market performance of XRP. At the time of press, Ripple price is up by 6.97% and trading at $0.25 as per data from CoinMarketCap

Think we missed something? Let us know in the comments section below.

Ripple files a motion to dismiss lawsuit: XRP is not a security

Ripple has recently filed for a motion to dismiss a lawsuit for allegedly selling XRP tokens as unregistered securities.

September 10, 2019, | AtoZ Markets – The California-based company Ripple, the blockchain company behind the XRP cryptocurrency recently filed a controversial motion to throw out a class-action lawsuit it is facing for allegedly selling unregistered securities.

Ripple: Investor’s lawsuit was filed too late

In May 2018, a group of XRP investors filed a lawsuit against Ripple and its executives, claiming that they violated state and federal securities laws. On August 5, 2019, the group again filed an amended complaint, arguing that XRP tokens are unregistered securities under the Securities and Exchange Commission’s (SEC) guidance.

In a 37-page filing posted early Friday, lawyers representing Ripple in the battle against one of the investors, Bradley Sostack dismissed the claims against it. Sostack claims that Ripple’s sales of XRP in 2013 constituted an unlawful securities offering. 

Ripple refuted his allegations, saying that the plaintiff does not have the standing to file a complaint and that the lawsuit was filed too late.

“Under Plaintiff’s own allegations, Defendants offered XRP to the public throughout 2013 through 2015. Accordingly, the three-year statute of repose expired as of 2016 (three years after the sales cited in the May 2015 settlement) and in no case later than May 2018 (three years after the May 2015 settlement agreement in which “Defendants acknowledged that they had sold XRP to the general public,” […]. The Securities Act claims in the Complaint, filed August 5, 2019, are therefore untimely and barred by the statute of repose,” the filing reads.”

The filing also says that the plaintiff does not claim to have bought XRP directly from Ripple or another defendant, but rather, “he was part of the ‘general public’ who purchased XRP through transactions in a two-week period in January 2018.”

XRP is not a security

Notably, the argument over why XRP is not a security was not addressed in the motion to dismiss and this has raised fresh suspicions. Indeed, the filing only addresses the question in a footnote, which states that XRP is not a security “because it is not an ‘investment contract.’”

The filing also reads:

“Purchasing XRP is not an ‘investment’ in Ripple; there is no common enterprise between Ripple and XRP purchasers; there was no promise that Ripple would help generate profits for XRP holders, and the XRP Ledger is decentralized.”

Ripple further said that XRP is a currency and that the court itself does not need to determine whether the securities laws apply to XRP.

In the meantime, the SEC has signaled that Bitcoin and Ethereum are exempt from securities laws, but has left the status of others like XRP in limbo. At the same time, regulators in the U.K. last month suggested XRP is not a security.

Think we missed something? Let us know in the comments section below.

Another Ripple dumping incident: 100 Million XRP sent to Jed McCaleb

Whale Alert has flagged another massive Ripple dumping incident. Ripple Labs transferred 100 million XRP from their wallet to Jed McCaleb, the company’s co-founder.

September 09, 2019, | AtoZ Markets – Ripple moved 100,000 XRP, worth $26.3 million to the wallet of Jed McCaleb, one of the founders of Ripple and Stellar, according to Whale Alert.

McCaleb has a history of Ripple dumping

This recent Ripple dumping incident adds to the 9 billion XRP that McCaleb was given for starting Ripple. McCaleb, who’s since left the company, has a history of dumping huge amounts of XRP.

Back in 2018, his token ownership was valued at $20 billion, making him the 40th richest person in the world. The company has tried to prevent McCaleb from dumping all of his holdings at once through a series of lawsuits and agreements. 

A petition with a similar aim was also started by members of the Ripple community on Change.org to stop the company from selling off its tokens. There are over 3,500 signatures on the petition to date, and more signatures are expected to be added to it over the course of the week. 

McCaleb signed an agreement back in 2014 with Ripple to reduce the number of tokens he could sell: $520,000 worth of XRP a year. Those restrictions, however, have been lifted and the agreement now entitles McCaleb to sell 750 million XRP this year. As a result, McCaleb now sells 500,000 XRP every day, according to Coinmetrics.com. 

McCaleb’s Ripple dumping surely does no good in keeping the price of XRP afloat. While other cryptocurrencies, like Bitcoin and Ethereum, soared in value this year, the market cap of XRP has nosedived to $10.8 billion, which is less than a tenth of its ATH (all-time high). 

McCaleb’s 9 billion XRP was worth $32.85 billion at the height of 2017’s bull market, but XRP’s since fallen to pre-bull run levels. Ripple price today is just 0.25 cents. This means that McCaleb’s 9 billion XRP would be worth just $2.25 billion. 

It is noteworthy that Jed McCaleb also created the infamous Mt. Gox crypto exchange back in 2011 but sold it in the same year. Good timing: three years later, it was destroyed when it lost $473 million to hackers. Victims of the hack are yet to be refunded. 

If McCaleb dumps all his coins, Ripple could be the latest addition to McCaleb’s list of companies that crumbled after his departure.

Which would you invest in: Ripple XRP or Stellar XLM?

July 25, 2019, | AtoZ Markets – The world of cryptocurrency is interesting. It has many great projects. Cryptocurrencies are growing over time and we now have way more than 1000 cryptocurrencies around the world. If you are into the world of cryptos or at least know its most important features, you are likely to know that some crypto projects are similar to each other.

With that being said, we are standing in front of an intriguingly interesting crypto coin, about which many hear and know already, but still, wish to understand more about its characteristics.

In response to emails, I got from AtoZ Markets’ readers, asking me to gather the cryptos Ripple and Stellar in one article, in what sounds like a comparison between the two, I have come up with this piece, in hopes it satisfies their will for knowing more.

Ripple and Stellar – foundation and development

Two cryptographic projects significantly attract more and more interest in the crypto sphere today: the Ripple and the Stellar, both of which have similar characteristics and techniques, but for different purposes. Therefore, it is important to contrast these two projects and find out the differences between them.

Ripple is a crypto project that was created in 2012 by US developers Jed McCaleb and David Schwarz. The project contains its own cryptocurrency called XRP, which is the third-highest market value among the cryptocurrencies. The purpose of the Ripple project is to enable banks to transfer funds from around the world, in a matter of seconds, without additional costs and third parties. The founders of Ripple decided to develop it because the current banking system is very slow and expensive. Despite the fact that XRP protocol targets banks, it can be used by anyone who wants to send and receive money from a wallet to wallet.

The Stellar was created in 2014 by US developer Jed McCaleb, who was also a founder of Ripple. Then, McCaleb decided to leave Ripple and develop Stellar. The project has its own cryptocurrency called XLM Lumen similar to the purpose Stellar aims at.

The project adopts a technology that allows sending and receiving transactions quickly, in a few seconds without additional costs. XLM Lumen has become one of the top 10 cryptocurrencies worldwide. Banks can also use Stellar, but Stellar’s goal is to enable people to transfer money around the world.

Where is the similarity between Ripple XRP and Stellar XLM?

Ripple and Stiller are similar, so people find it difficult to distinguish. Furthermore, the Ripple and Stellar are not mined, such as Bitcoin. Ripple’s and Stellar’s developers run their own nodes between servers. Both use distributed ledgers to verify transactions. This allows fast transactions in just a few seconds.

However, Ripple and Stellar have their differences. Jed McCaleb left Ripple to develop Steller to help people in poor countries who do not have access to banking services. For this reason, Jed McCaleb has donated free Lumens to people who need them. This is the first difference between Ripple and Steller. Ripple aims to target the cross-border payment sector by providing them with their own technology.

There is another difference in the way the contract reaches an agreement. Ripple uses its own protocol called Proof-of-Correctness, and Steller uses its own protocol called the Stellar Consensus Protocol.

Both Ripple and Stellar have strong teams, which is the key to a successful project. This makes them successful in their field and this success expected to continue to grow in the future.

Ripple has reported recently its overall sales’ rate, registering an increase of 48%, along with an increase in the overall institutional buys.

48% increase in Ripple sales, with more institutional buying

July 25, 2019, | AtoZ Markets –  Ripple has unveiled its Q2’s revenue, which marks around a 48 per cent increase their sales in comparison what Q1 showed.

Their report, published unveils as well that their institutional buying has boosted too.

Ripple’s total sales of XRPs have spiked to $251 million in the second quarter, where they were $169 million in in the first quarter.

On the other hand, the distributed ledger firm reported that their institutional sales also maximized nearly 73 percent, reaching $107.9 million from $61.9 million.

The report also mentioned that the firm’s programmatic sales still make up for the majority of sales volumes with $144.6 million made in the second quarter up from $107 million in the first.

Ripple needs liquidity more now!

The company unveiled as well that it intends to pull back from certain exchange markets in pursuits to target where liquidity is most needed, that thing that their business pace recently, may negatively impact institutional direct sales.

Among the other details the report revealed, Ripple’s global trading volumes dropped 28 percent quarter over quarter, marking a decline from $595 million to $429.5 million.

Ripple has recently made some major advances, where the cecond largest stock exchange in Germany on-boarded Ripple investments as AtoZ Markets reported last May.

Börse Stuttgart approved listing both litecoin and XRP exchange-traded notes (ETNs)- a step that is considering to encourage the ripple investment in Germany, as per analysts.

“For the first time in Germany, investors can now buy and sell exchange-traded notes (ETNs) based on the cryptocurrencies Litecoin and Ripple (XRP). The four securities issued by XBT Provider in Sweden track the price of the two cryptocurrencies in relation to the euro and the Swedish krona,” said the Börse Stuttgart’s team, the exchange that ranks the ninth largest one in Europe.

May 2019 started as well with NASDAQ adding Ripple XRP index after listing BTC and ETH.

On 29th April, Nasdaq, the second largest stock exchange, announced that the development was achieved in partnership with Brave New Coin (BNC), a renowned New Zealand blockchain data and research company that partnered with the exchange in February 2018. Today, XRP branded as XRP Liquid Index (XRPLX), that will provide real-time data on XRP on Nasdaq’s global data platform.

Why did Ripple price rise 10%?

Why did Ripple price rise? The jump in XRP came after it was announced by Ripple, that it has entered a strategic partnership with cross-border money mover MoneyGram.

June 18, 2019, | AtoZ Markets – Ripple (XRP) has been asleep for the past two months, unlike its contemporaries, Bitcoin (BTC) and Ethereum (ETH). In fact, ETH has outperformed XRP in terms of percentage gains. However, all of that changed some few hours ago.

Ripple price rise 10% on Moneygram partnership

Why did Ripple price rise?Ripple price rose 10% on late last night after San Francisco-based ‎startup announced the partnership on its company blog that it has invested $30 million in global money transfer company MoneyGram. The move is significant due to the fact that the arrangement also involves a partnership to use of XRP, Ripple’s digital currency, as part of MoneyGram’s cross-border payment process.

The pilot run will see MoneyGram using XRP to introduce blockchain-enabled ‎cross-border payments. MoneyGram will tap Ripple’s on-demand liquidity product, ‎xRapid, to make blockchain payments commercially available, reducing the time ‎and cost of settlement, while maintaining the level of security. ‎

MoneyGram‎ customers making payments on its international platform will ‎have access to Ripple’s enterprise solution, which enables real-‎time FX settlement through its cryptocurrency, XRP. xRapid will become a ‎feature in Ripple’s partnerships with banks and other financial companies ‎further down the line, as it gives these institutions the ability to unlock ‎liquidity and access multiple corridors with one pre-funded originating ‎account.‎

Ripple added that it may increase its investment in MoneyGram with additional purchases of common stock or warrants up to $20 million.

Global money transfer firms pilot the use of XRP

Ripple said that it has tested xRapid as a means of speeding up ‎payments and that it would minimize transfer fees whilst ‎allowing senders/receivers to have real-time insight into the status of their ‎payments. Ripple suggested that the blockchain ‎project could eventually be extended worldwide.‎ The company revealed earlier that three of the top five money transfer companies worldwide will be implementing Ripple’s XRP token in their payment flow systems.

Ripple’s MoneyGram partnership fits in nicely with its big plan to become the crypto payment solution of choice not just on the web, but also through brick-and-mortar transfer providers.

The news comes shortly after rumors were flying earlier this month that Ripple has acquired Dallas-based money transfer giant. Although both companies refused to comment, the rumor was enough reason why Ripple price rise 10% around this time. In a statement, Ripple CEO Brad Garlinghouse described the MoneyGram tie-up as a strategic one, and said

“this is a huge milestone in helping to transform cross-border payments. MoneyGram is one of the largest money transfer companies in the world and the partnership will continue to further the reach of Ripple’s network.

MoneyGram Chairman and CEO, Alex Holmes added

“Through our partnership with Ripple, we will also have the opportunity to further enhance our operations and streamline our global liquidity management. Since our initial partnership announced in January 2018, we have gotten to know Ripple and are looking forward to further leveraging the strengths of both of our businesses.”

Will Ripple price rise to hit $0.50 this week? Share your comments with us below.