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Ripple Update | XRP Private Keys at Risk but CEO Optimistic

Ripple has been in the crypto news quite a lot these past few weeks. The company behind the world’s second-largest digital currency, XRP, has released statements on growth, a hack, and a number of other developments with its platform. Today, we provide our readers with a Ripple update and the latest developments of the xRapid platform.

Ripple Update: Potential Private Key Vulnerability

This morning, Ripple provided investors with an update regarding a recent research paper released by DFINITY Foundation and the University of California. In this paper, both parties revealed that a portion of Bitcoin (BTC), Ethereum (ETH), and XRP addresses were vulnerable to attacks.

Ripple wanted to clear this up on their end before things spun out of control. The Ripple update informs investors that the private XRP keys used before August 2015 are vulnerable. The researchers in the report claim to have successfully hacked hundreds of private keys thanks to “biased nonces.”

Ripple concludes that deterministic nonce generation has been a part of its software since August 2015, making it safe from this vulnerability. While this hack is alarming, the research also states that centralized and single-computing systems are hacked with much more success and frequency than private keys.

Ripple’s Positive Movement

On the more positive side of the Ripple update, last week Ripple announced RippleNet has passed the 200 customer mark. RippleNet is currently operational in over 40 countries and on six different continents.

>> Crypto Hack Takes Crypto Exchange Cryptopia Offline

“In 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity,” said Brad Garlinghouse, CEO of Ripple. “At the end of the day, our goal is to make sure our customers can provide excellent, efficient cross-border payments experiences for their customers, wherever they are in the world.”

XRP Movement

According to CoinMarketCap, XRP is currently trading at $0.328 a coin, up +0.18%. The digital currency remains the world’s second-largest cryptocurrency by total market cap.

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Ripple (XRP) and Bitcoin Cash (Bitcoin ABC) Surge!

Cryptocurrencies are absolutely booming this morning, just in time for the holidays! All but five digital currencies that are in the top 100 are trading green. This is quite a shift, as 2018 has been a negative year for digital currencies. Today, we’ll take a look at Ripple (XRP) and Bitcoin Cash (Bitcoin ABC).

Ripple (XRP)

The CEO of Ripple, Brad Garlinghouse, sat down yesterday for a ‘Ask Me Anything‘ chat with the company’s VP of Marketing. Monica Long asked Garlinghouse a series of questions surrounding Ripple and XRP. Of course, she asked Mr. Garlinghouse if XRP was a security or not. The Ripple CEO has been asked this countless times, and every time he answers with a resounding, “No.”

Garlinghouse explained:

“I think it is very clear XRP is not a security. There is a whole bunch of base layer reasons for that. One of the most important I think is if Ripple the company shuts down, XRP trades on over a hundred exchanges around the world and XRP will continue to trade. Ripple is one important participant in the XRP ecosystem but there are a whole bunch of participants.”

Thus the difference between XRP and Ripple, which are often confused. However, XRP often rises when Ripple makes major announcements.

According to CoinMarketCap, XRP is trading at $0.372 a share, up +11.99% in 24 hours.

>> Bitcoin Gains 18%: Quinone CEO Says 2019 Will Bring New All-Time Highs

Bitcoin Cash (Bitcoin ABC)

Bitcoin ABC has won the hash war, and today, it’s dominating the cryptocurrency market. At press time, Bitcoin Cash is seeing the most percentage gains out of all the top 70 cryptocurrencies. The digital token’s rival, Bitcoin SV (BSV), is also seeing gains, but not as high.

It remains unknown at this time how long Bitcoin SV will last, but it seems Bitcoin Cash (Bitcoin ABC) is here to stay.

At the time of writing, Bitcoin ABC or BCH is trading at $142.92 a coin, up 42.99% in 24 hours.

What do you think about Ripple and Bitcoin Cash?

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Ripple News | Ripple Confirms xRapid Launch for Public

xRapid, Ripple’s XRP-powered platform, is almost ready to be launched to the public.

xRapid Ready for Liftoff

Cory Johnson, Ripple’s Chief Marketing Strategist, commented on Ripple’s latest announcement stating that the company’s xRapid pilots have gone as planned.

Johnson said:

“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

Last week, Ripple announced that it signed partnerships with three major crypto exchanges for xRapid. Ripple is working with Bittrex, a major crypto exchange in the US, and it has become the preferred for xRapid transactions that move through the US Dollar.

Bittrex is one of the biggest names in digital asset trading in the U.S,” said Cory Johnson, Chief Market Strategist at Ripple.

Ripple also signed partnerships with Bitso, for the Mexican Pesos, and Coins.ph, for the Philippine Pesos.

>> Ripple Signs Three Partnerships

xRapid

xRapid is geared towards financial institutions and other financial institutions.  The platform seeks to minimize liquidity costs while improving customer experience.

What draws the financial institutions to this products is that payments made into emerging markets often require pre-funded local currency accounts and xRapid removes that. Often, liquidity costs are high, but xRapid reduces the capital requirements for liquidity with its XRP token.

Ripple’s website describes xRapid as:

“xRapid uniquely uses a digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.”

In one test between the US and Mexico using xRapid, Ripple said that financial institutions saved 40-70% on what they would have paid foreign exchange brokers.

MoneyGram and Western Union are currently in pilot testings on xRapid.

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Ripple xRapid Partnerships | Bittrex to be the Preferred Exchange

Ripple (XRP) has just announced that it has signed three major partnerships for xRapid, its product geared towards financial institutions. These Ripple xRapid partnerships will allow the XRP token to be exchanged to and from another currency efficiently.

Bittrex & Ripple xRapid Partnerships

The popular US-based cryptocurrency exchange Bittrex has just become the ‘preferred’ crypto exchange for xRapid transactions that move through the US Dollar.

Bittrex is one of the biggest names in digital asset trading in the U.S,said Cory Johnson, Chief Market Strategist at Ripple.

Ripple has also signed partnerships with Bitso, for the Mexican Pesos, and Coins.ph, for the Philippine Pesos. In order for Ripple’s xRapid product to be successful, it must have a ‘healthy’ ecosystem of digital exchange partners; this is exactly what Ripple has established with these three partnerships.

We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas filipino workers,” says Ron Hose, CEO of Southeast Asia’s e-wallet and financial services company Coins.ph.

Bittrex Making Moves

Last week Bittrex announced that it would be launching USD (fiat) markets for XRP, a key indicator that the exchange was making moves behind the scenes.

Bittrex is competing in the newly competitive US crypto exchange market. Coinbase has started expanding the coins on its platform and added Ethereum Classic just yesterday. Many of the other major cryptocurrency exchanges have all begun making plans to launch US versions of their platform in the near future.

>> EOS, Tron (TRX), & VeChain (VET) Get a Boost

This move by Bittrex keeps the platform in contention for top US-based crypto exchange.

XRP Price Movement

At press time, XRP is currently trading at $0.313 a coin, up 8.09% in 24 hours.

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Ripple Targets China | Large Financial Market to be Discovered

Ripple, the third largest cryptocurrency project by its total market cap, confirmed that it is targeting the large Chinese market with its cross-border blockchain payment technology, CNBC reported this morning. Ripple targets China despite China’s anti-cryptocurrency reputation? Here’s why.

Ripple Targets China

Jeremy Light, VP of European Union Strategic accounts at Ripple, had a phone interview with CNBC and said, “China is definitely of interest, it is definitely a target.

Earlier this year, Ripple signed a deal with the Hangzhou-based financial institution LianLian International. This partnership is aimed at improving the cross-border transactions between China, Europe, and the US. The partnership was announced initially but it remains unknown if the financial institution is currently using Ripple technology yet.

China is widely known as anti-cryptocurrency but Ripple’s distributed ledger technology is aimed at aiding larger financial institutions. If Ripple were to enter this tight market, it would most likely focus on its blockchain technology rather than advancing the adoption of its cryptocurrency, XRP.

xCurrent Product Interest

Most banks and financial firms are currently uninterested in the cryptocurrency side of Ripple’s offering. Most large banks are testing to see if Ripple’s tech can save them both time and money. More specifically, lenders have signed deals with Ripple to use its xCurrent product, which is aimed at settling payments instantly around the world.

Ripple’s xRapid platform – where XRP is used – has seen interest from money transfer firms, such as Western Union and Money Gram. Not many large banks or financial institutions are interested in xRapid.

>> Ripple Price Sees Bullish Movement after Judge Denies Lawsuit – Connected?

Ripple currently has more than 100 financial institutions signed up to its network, and only one Chinese client. It has a long way to go in the Chinese market and it remains unknown which of its products the company plans on pushing.

XRP Price Movement

According to CoinMarketCap, XRP is currently trading at $0.292 a coin, up 12.09% in 24 hours.

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