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Ripple partner MercuryFX to set up 10 new xRapid payment corridors by mid-2019

Ripple partner MercuryFX has plans to set up 10 new payment corridors to support and offer xRapid and the native digital asset XRP to its customers by mid of 2019. The plans were divulged by Alastair Constance during the Ripple Regionals Conference 2019 event held in London. The corridors will extend from the UK to Canada and the Middle East, Mexico and the Philippines. He stated that they have imminent plans for the Middle East and Canada while the other corridors will have to wait for a longer period of time. He added that Ripple’s xRapid blockchain solution has given them access to new markets that were inaccessible earlier. Constance continued: “It’s two countries today. It could be ten before the middle of the year. And what stops it from being any more than that?” Ripple’s partner SendFriend, a startup which uses xRapid, recently raised a whopping $1.7 million in funding from investors, including Barclays, and MIT Labs. SendFriend is making use of xRapid to facilitate cross-border payments between the US and the Philippines for contract workers working in the US who usually pay large amounts in fees to transfer money. These transactions also take longer to complete when compared to xRapid. The remittance between the US and the Philippines is worth a total of $650 billion, and about $45 billion of it is lost in fees. xRapid is a blockchain technology-based solution developed by Ripple that leverages the digital asset, XRP, to facilitate cross-border payments. Moreover, Ripple wants to achieve IoV between users across the world through RippleNet by using its products viz., xCurrent, xRapid, and xVia. With over 250 partners across the world, Ripple’s dreams are inching closer to reality. @cpoizat, a Twitter user, commented: “All these good news for the moment have very little impact on the price of XRP… it’s been like that since I bought some at the end of November. How long in your opinion is it going to take before we hit even $1 ?” The post Ripple partner MercuryFX to set up 10 new xRapid payment corridors by mid-2019 appeared first on AMBCrypto.
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XRP Price Notes Further Losses Despite Mysterious MercuryFX Tweet

It will seemingly not be the best weekend for most cryptocurrencies, tokens, and digital assets. This is a bit of an unfortunate development first and foremost, although there is nothing one can do about it either. For those people interested in the XRP price, the current declines were somewhat to be expected. The main question is whether or not the asset can remain above $0.3 over the next few days. XRP Price Isn’t Making Much Progress Considering how no uptrend – regardless of its size – has been sustained in crypto land over the past 11 months, this most recent setback will not come as a big surprise either. All markets are under a lot of pressure once again, even though there doesn’t necessarily appear to be a reason for this particular trend. It is simply a continuation of how all markets evolve throughout 2018. This doesn’t bode well for any currency, token, or asset. In the case of the XRP price, the past 24 hours haven’t been spectacular for the right reasons. In fact, it has seemingly been another time of major dropbacks, as the price lost 4.65% in USD value and 3.56% in BTC value. This is pretty interesting to keeping an eye on, although there isn’t much one can do about it when Bitcoin turns very bearish. Right now, XRP is valued at $0.303, but it may not remain above $0.3 for much longer. There is one particular Tweet by MercuryFX which has many people speculating as of right now. The company confirms one of their clients saved over $13,000 in fees on a single money transfer. That is a very significant amount, although the company has not confirmed this was done through xRapid or by using XRP. Even so, it is of great interest to XRP fans, by the look of things. We just saved our client USD 13,232 on a single transfer. Isn't it time we started moving your money faster – and cheaper? pic.twitter.com/VbEkrkt6AZ — Mercury-fx Ltd (@mercury_fx_ltd) January 31, 2019 XRP to the M is a clear fan of the asset, yet still seems confused as to how this market works exactly. Although a lot of things are happening behind the scenes for Ripple and XRP, that doesn’t automatically mean the changes will reflect on the price itself. There is also no need to “show the proof of work”, as that is not how markets operate. With all this good news now is the time for #xrp to show his proof of work because it isn't doing shit at this moment. All big talk but they don't deliver. @yoshitaka_kitao @bgarlinghouse @JoelKatz pic.twitter.com/Ghj5WgNIGk — XRP to the M (@XRPtotheM) February 1, 2019 When looking at the current price chart, it would appear yesterday’s gains have been wiped out completely. More importantly, Mads Roland is convinced there will effectively be another leg down in the near future. How low the value will drop in the process, is a very different matter altogether. It seems evident there will not be any positive momentum for this market in the next few days, although that is always subject to change. One more time and then we are at the bottom again#XRP #XRPUSD #XRPUSDT #cryptohttps://t.co/nUHnvQbZ9t pic.twitter.com/W0LSy9yLwQ — Mads Roland (@madsroland) February 1, 2019 Based on all of these developments, there is still some excitement regarding XRP, although it will not necessarily result in a price gain. Although XRP usually doesn’t follow Bitcoin’s price trend, it seems to be doing so as of late, for some unknown reason. If that correlation continues, it seems rather unlikely this asset will see any further uptrend over the coming days. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. Image(s): Shutterstock.com The post XRP Price Notes Further Losses Despite Mysterious MercuryFX Tweet appeared first on NullTX.
NullTX

Ripple SWELL Details: MercuryFX, Cuallix and Catalyst Corporate Credit Union Use xRapid and XRP for Client Payments

Three Companies Are Already Using Ripple’s xRapid and XRP for Commercial Clients, According to Event Announcement Ripple’s SWELL event is underway throughout the week. We already have the first big news release from the event as it was revealed that three companies are already using Ripple’s xRapid and XRP for payments. (more on the SWELL Event and Bill Clinton's speech) “After a series of highly-publicized pilots, three companies are now making commercial use of Ripple’s xRapid product,” reports CoinDesk from Ripple’s SWELL conference taking place this week in San Francisco. xRapid is a Ripple technology that uses the digital asset XRP as a “bridge currency” to facilitate cross-border payments. Using XRP and xRapid, corporations and financial institutions can lower costs when moving money worldwide. Ripple is marketing xRapid as a way to reduce costs and increase the speed of international payments by boosting liquidity. Ripple CEO Brad Garlinghouse took the stag at the conference in San Francisco to announce that three companies, including MercuryFX, Cuallix, and Catalyst Corporate Credit Union, were using xRapid and XRP for commercial purposes. This news is a big deal: it’s the first time these companies have confirmed commercial use of xRapid. MercuryFX is an international payments provider, while Cuallix facilitates remittances between the United States and Mexico. It was no secret that either company was using xRapid: both had announced test pilots of the technology earlier this year. However, the fact that they were already using xRapid for commercial clients was previously unreported. Catalyst Corporate Federal Credit Union, meanwhile, provides a range of financial services to around 1,400 credit unions, with a particularly large presence in the southwestern United States. It was previously unreported that Catalyst Corporate Federal Credit Union was working with Ripple whatsoever. Other major names associated with xRapid in the past have included Western Union, MoneyGram, Viamericas, and IDT. All of these firms have run tests using xRapid, but it seems none are currently using xRapid for commercial purposes. “We are still working on next steps [with some of these companies],” explained Ripple SVP of product Asheesh Birla in a statement to CoinDesk. XRP has been on a tear this past week in response to all of the positive news from Ripple. Seven days ago, XRP was sitting at a price of around $0.44 with a market cap of $17.7 billion. Today, XRP is sitting at a price of around $0.58 with a market cap over $23 billion. XRP continues to be the world’s third largest cryptocurrency by market cap, although it has surged into the second position at various points over the past week. Expect Cheaper, Easier Cross-Border Payments in the Future The payment technology used to transfer money from the United States to Mexico hasn’t changed in half a century, according to Ripple XVP of product Asheesh Birla in a statement to Coindesk: “Today if you want to move money, let’s just say into Mexico…the ways to do it were built in the 1960s. it really hasn’t changed. You have to open up a bank account in Mexico, and you have to deposit pesos in that bank account, and then you have to pay out locally. And that whole process sometimes takes weeks, and the setting up of a bank account is a whole treasury operation that takes months to get going.” Ripple’s xRapid technology, meanwhile, processes international payments using XRP. The sending party puts fiat currency – like the Mexican Peso – into a crypto exchange and converts it to XRP, and then that XRP gets converted into the desired fiat currency at its final destination – say, the US Dollar. Ripple has already announced partnerships with three exchanges that will facilitate this international transfer process, including Bittrex (for US Dollars, Bitso (for Mexican Pesos), and Coins.ph (for Philippine Pesos). Market markers on these exchanges will act as counterparties for fiat-to-XRP trades, and those market makers have no affiliation with Ripple. One source claimed that MercuryFX’s new xRapid technology cuts international money transfers from two days to a two minutes. Another source compared the new xRapid technology as like a bullet train replacing someone pushing around a wheelbarrow. xRapid is Different from xCurrent over the past few years, Ripple has generated headlines for a number of banking partnerships. However, many of these banking partnerships have used Ripple’s xCurrent technology, which is entirely separate from xRapid. Both xRapid and xCurrent facilitate cheaper, more efficient transfers among banks and corporations. However, xRapid uses the XRP digital token while xCurrent does not. Ripple insists that xCurrent was built to get banks started with fiat transfers, with plans to introduce them to fiat and crypto transfers in the future. How Will Ripple Monetize xRapid? Three banks have now confirmed that they’re using xRapid for commercial transactions. However, it’s not yet clear how Ripple will monetize xRapid. Fueling speculation is the fact that Ripple’s partners have made statements like this is response to whether or not they’re paying Ripple: “We've been using the XRP ledger on the basis that the money's not important right now. It's the dream that we're chasing that is.” That statement comes from Alastair Constance, founder and director of MercuryFX. Ripple, meanwhile, claims xRapid is part of the RippleNet suite of products that is sold to financial institutions. Ripple’s profitability is a big concern: Ripple continues to have the world’s largest stash of XRP tokens. They reportedly sell those tokens to the market regularly to generate revenue. There are also concerns about the connection between Ripple and XRP, including concerns over whether or not XRP is a security. Part of the confusion is that the value of XRP – a decentralized digital token – is expected to rise based on the decisions of Ripple – a centralized organization. “The xRapid product leverages XRP, so if you are doing a million dollars…through xRapid, that is a million dollars of XRP that you would need.” As xRapid adoption increases, it’s expected that the value of XRP would continue to rise – although institutions that use xRapid are not required to hold XRP themselves. Overall, Ripple CEO Brand Garlinghouse is extremely optimistic for the future of the company. Earlier this year, Garlinghouse predicted that “dozens” of banks would adopt xRapid by the end of 2019. Although Ripple might not meet that goal, it’s encouraging that at least three banks are now using xRapid for commercial purposes.
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Ravencoin Price Analysis RVN / USD: Recharging

Ravencoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame The four-hour time frame shows that a complex inverted head and shoulders pattern is building The daily time frame continues to show the presence of a huge bullish pattern Ravencoin / USD Short-term price analysis Ravencoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame. The four-hour time frame shows that a valid inverted head and shoulders pattern has formed, with the RVN / USD pair now dangerously close to invalidating the bullish pattern. Technical indicators on the four-hour are bullish and continue to issue a buy signal.   RVN / USD H4 Chart by TradingView                                                                                  Pattern Watch Traders should note that the RVN / USD pair may be carving out a right-hand shoulder to complete the bullish pattern on the four-hour time frame.                                                                                          Relative Strength Index The RSI indicator is also bullish on the four-hour time frame and shows scope for further upside. MACD Indicator The MACD indicator is bullish on the four-hour time frame and continues to issue a buy signal. Ravencoin / USD Medium-term price analysis Ravencoin has a bullish medium-term outlook, with the RVN / USD pair still holding above its trend defining 200-day moving average. The daily time frame continues to show multiple inverted head and shoulders patterns, with the larger pattern holding a huge upside projection. Technical indicators on the daily time frame are mixed and currently failing to generate a clear trading signal.   RVN / USD Daily Chart by TradingView   Pattern Watch Traders continue to monitor the neckline of the larger inverted head and shoulders pattern for a major medium-term technical breakout. Relative Strength Index The RSI indicator is trading below neutral and remains technically bearish on the daily time frame. MACD Indicator The MACD indicator is bearish on the daily time frame and continues to issue a sell signal. Conclusion Ravencoin is still under pressure in the short-term, with bulls needing to stabilize the cryptocurrency above its 200-period moving average on the four-hour time frame. The daily time frame continues to highlight the presence of multiple bullish patterns, with the RVN / USD pair showing great medium-term upside potential.   Check out our RavenCoin guide for insights. Ravencoin ChartChart byCryptoCompare baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; var cccTheme = { "General":{"borderWidth":"0px","borderColor":"#FFF","showExport":true}, "Tabs":{"borderColor":"#FFF","activeBorderColor":"rgba(28,113,255,0.85)"}, "Chart":{"fillColor":"#222","borderColor":"rgba(28,113,255,0.85)"}, "Conversion":{"lineHeight":"10px"}}; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=RVN&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); #ccpw-ticker-24320 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24320 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24320 a.tabperiods.tabperiods_active, #ccpw-ticker-24320 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24320 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24320 .coin-container:after, .ccpw-container_four #ccpw-ticker-24320 .coin-container:after {border-color:#ccc !Important;}   The post Ravencoin Price Analysis RVN / USD: Recharging appeared first on Crypto Briefing.
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Equifax agrees to pay up to $700 million to settle a probe into its massive data breach (EFX)

Equifax, one of the three largest credit reporting agencies, will pay as much as $700 million in fines over its 2017 data breach that revealed personal information on about 147 million people.  The Federal Trade Commission announced the settlement in a statement on its website on Monday morning, nearly two years after the hack occurred.  The proposed settlement would also require Equifax to provide free credit reports to all US customers. Watch Equifax trade live. Nearly two years after the names, social security numbers, and physical addresses of almost 150 million Americans were leaked in a masive Equifax data breach, the company has agreed to pay a settlement totaling up to $700 million.  The US Federal Trade Commission published a statement on Monday morning outlining the settlement with the credit reporting agency. Equifax will pay $175 million to 48 states, and another $100 million to the Consumer Financial Protection Bureau.  The remaining $300 million will be set aside in a fund to help consumers with credit monitoring services, and to compensate people purchased credit of identity monitoring services from Equifax. The company has also agreed to add an additional $125 million to the fund if the initial amount isn't enough, which would bring its total payout to $700 million. For comparison, Equifax reported a total of $3.4 billion in revenue in 2018, with around $300 million in profit.  Equifax's stock climbed more than 2% in early trading. Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up. The settlement alleged that Equifax failed to take "reasonable steps to secure its network," which led to the data breach in 2017. According to the FTC statement, the company neglected to patch its network after discovering a security vulnerability in one of its databases.  "Companies that profit from personal information have an extra responsibility to protect and secure that data," FTC Chairman Joe Simons said in a statement. "Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers."  As part of the settlement, the agency will also be required to provide six free credit reports per year for seven years to all US customers.  Equifax was up 47% year-to-date through Friday. SEE ALSO: Trump just found another target at the Federal Reserve » READ NOW: Microsoft is investing $1 billion in OpenAI, the Elon Musk-founded company that's trying to build human-like artificial intelligence (MSFT) » Join the conversation about this story » NOW WATCH: Most hurricanes that hit the US come from the same exact spot in the world
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FINRA wants to continue knowing member firms’ crypto activities

A U.S. financial watchdog has extended a program that will monitor cryptocurrency-related activities among brokers in the country.  The Financial Industry Regulatory Authority (FINRA), a self-regulatory organization (SRO) for broker-dealers in the U.S., said in a regulatory notice on Thursday, that it will continue an initiative it took on last year, in which it requested member firms to share information such as whether they trade or intend to trade cryptocurrencies, among other activities.   Now the authority has extended the timeframe for another one year i.e. July 31, 2020, per the notice. “As securities regulators continue to provide guidance to members regarding the unique regulatory challenges presented by digital assets—e.g., Joint Statement on Broker-Dealer Custody of Digital Asset Securities—FINRA believes it is important to keep the lines of communication with members open on this important topic,” the notice reads. Member firms, therefore, are “encouraged” to keep sharing whether they are involved in the mining of cryptocurrencies, accept cryptocurrencies from their customers, engaged in derivatives tied to digital assets and whether they participated in an ICO or pre-ICO, among other activities. Those firms who engage in digital assets, whether or not they are securities, will have to follow all applicable FINRA rules and federal and state laws and regulations, the authority said. Earlier this month, FINRA and the Securities Exchange Commission (SEC) issued a joint statement, saying that there are several concerns to be addressed before they could give the green light to cryptocurrency firms who want to operate as broker-dealers. Industry experts told The Block at the time that firms will have to figure out how to solve to address those issues, such as accounting for and guarding against the loss or hacking of digital securities. Between 35 and 40 firms have reportedly applied to become brokerages, but none has received approval yet.
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