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Ripple Surges Over 20% | Months of Underperformance Over?

The past few weeks have been disheartening for Ripple (XRP) investors who have been watching as  Bitcoin and other cryptocurrencies continue to surge as XRP continues to experience a spell of sideways trading at $0.30.

Ripple Breaches $0.40 Mark

It seems the disappointed may be over as Ripple has finally managed to break out of the lower trading range by surging over 20% to above $0.40 mark. XRP is currently trading at $0.42, up 30% over the past 24 hours. Ripple has a market capitalization of $4.90 billion.

Before surging today, Ripple has underperformed for quite some time on the crypto market as it remained rooted in an indelible trading range of $0.30 to $0.34 that seemed hard to break away from despite the tailwinds caused by the upward surge of Bitcoin that has dragged other crypto to decent gains.

Despite its lackluster performance over the past few months, yesterday XRP underwent an incredible surge of buying pressure which pushed its price to near year-to-date high in the $0.40 region where it established some resistance level.

Currently, Ripple is proving a  promising altcoin as most altcoins are drifting lower and lower in their price range. Bitcoin seems to be establishing a resistance level of $8,000 gaining more and more distance. Some altcoins have dropped substantially; Litecoin is down 0.8%, and Bitcoin Cash is down 0.70%. Ethereum is up about 6%.

Bullish News Fuelled XRP’s Surge

The recent upward movement of Ripple has been fuelled by an influx of bullish news surrounding the cryptocurrency. One such news story that preceded the surge was the Coinbase announcement that indicated that New York traders could now buy XRP on the Coinbase Exchange platform. Many investors saw this as a bullish sign while some even believed this was a sign of an impending institutional adoption of cryptocurrencies.

It is, however, unclear whether Ripple will manage to maintain the solid foothold in the $0.40 region or the surge will be fleeting and it will back to the $0.30 region.

Featured Image: Depositphotos/  akulamatiau

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Ripple

Ripple Reports Major Growth in XRP Sales in First Quarter

American financial technology firm Ripple, which is responsible for the development of the cryptocurrency XRP, has declared its fiscal first-quarter results.

The company, which was founded in 2012, is the largest holder of XRP, the third biggest cryptocurrency in the world, and is based in San Francisco, California. It has offices located around the world. The currency XRP, in itself, is decentralized. According to the Q1 2019 results, the company reported major growth in XRP sales, and that is positive news for the broader crypto market, which has been largely subdued this year.

XRP Sales

The sales of the billions of units of XRP held by the company is its biggest source of income, and in the first quarter, Ripple sold XRP for $169.42 million. However, it is far more important to note that out of those total sales, $61.93 million worth of XRP was bought by institutions and this is a clear indicator that some major players in the financial sector might finally be moving into crypto.

XRP is supposed to be used as a bridge currency for international payments, and so it is not surprising that institutions have bought the cryptocurrency. More importantly, the total sales reflect a rise of as much as 54% in XRP sales from the previous quarter.

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Beyond the Numbers

Although the quarter on quarter growth in sales is certainly a huge breakthrough for the company, it needs to be pointed out that growth in year-on-year sales in XRP is not significant at all. In the same quarter in 2018, Ripple sold $167.7 million worth of XRP and once compared with the figures of the last quarter, the overall growth is merely a little over 1%.

In addition to that, the volume of XRP trade on a global level declined on a quarter-on-quarter basis. In the previous quarter, the total traded volume was $54.82 billion, while in Q1 2019 it stood at $53.85 billion. This reflects a 2% drop in traded volume. However, it cannot be denied that it has not been a particularly great year for cryptocurrencies and hence, the quarter-on-quarter sales growth is being looked upon in a positive light.

Featured image: DepositPhotos @ adriantoday

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XRPayments

Ripple Startup Launches XRPayments App

It’s no secret Ripple has been looking for more mainstream adoption. And, based on XRPL Labs’ recent announcement, it appears XRP is on its way to achieving just that. News surfaced this week that XRPL Labs, a Ripple-backed startup, has rolled out a new payments app called XRPayments.

Here’s why the app is important.

XRPayments App Available on iOS and Android

The launch of the app makes considerable sense. Not just because Ripple itself is trying to bring more attention to XRP, though. XRPL Labs has also been trying for more use and adoption of the token. And by turning compatible devices into PoS systems, which allows retailers to accept the digital asset in stores, this is sure to bring more attention to XRP.

The app is available on iOS through the App Store. It is also available on Android via the Google Play Store.

Wietse Wind, the co-founder of the Ripple-backed startup, first tweeted the news on April 18, writing: “Our XRPayments app was just accepted by Google and Apple. You can get the app now from the Apple iOS or Google Play store, and start accepting $XRP for payments in your physical store!”

More Good News for Ripple

On top of the launch of XRPayments, Ripple enthusiasts have been met with even more good news. Last week, it was announced that Ripple was included on the Forbes Blockchain 50 list.

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Ripple: Here to Stay?

Some people are always going to remain bearish on the topic of cryptocurrencies. While justified at times, XRP and Ripple have been doing reasonably well in 2019, and the launch of XRPayments indicates there are more good things coming not only to the company but the crypto community as well.

What do you think, though? Do you think XRPayments will change the game for retail owners? Let us know in the comments below.

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SIX Stock Exchange

SIX Stock Exchange Adds XRP to Latest ETP Project

The largest stock exchange in Switzerland, the SIX stock exchange, is planning on launching an XRP crypto exchange-traded product (ETP). Amun AG was the first crypto startup to launch ETPs on SIX. Hany Rashwan, CEO of Amun AG, told CoinDesk that this new product will have the ticker AXRP.

SIX Stock Exchange Adds XRP ETP

The SIX Stock Exchange has not released any formal news yet on this matter and the ETA of AXRP is unknown at this time. In addition to the XRP ETP, Rashwan told CoinDesk that SIX has approved ETPs for four more altcoins. According to the CEO, Bitcoin Cash (BCH), EOS, Stellar (XLM), and Litecoin (LTC) will be the next altcoins to get their own ETP products on the SIX Stock Exchange.

Amun AG has yet to provide thorough details regarding the new ETP listings. In November of 2018, SIX launched its first ETP that tracks a basket of top-weighted cryptocurrencies. This new product was issued by Amun AG under the HODL ticker. Since November, this total monthly trade volume for HODL has taken over an ETP that tracks crude oil. According to research by CoinDesk journalists, HODL became a top traded ETP on SIX in both December and January, prompting further digital currency ETP products.

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Rashwan told CoinDesk that most of the buyers of these products are based in Switzerland. Over the past few weeks, Amun AG has issued Bitcoin (BTC) and Ethereum (ETH) ETPs on the SIX Stock Exchange.

What is an ETP?

ETPs are passive investment instruments with no active trading strategies involved. ETPs are priced so the value is derived from other investment instruments such as a currency. SIX has its own rules for these traded products and states they are not treated as “collective investment schemes;” therefore, ETPs are not supervised by Switzerland’s market regulator. Amun AG backs each ETP by an identical amount of crypto assets, which is checked on a continuous basis. Rashwan told CoinDesk it stores its collateral with Kingdom Trust.

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Coinbase Pro

Coinbase Pro FINALLY Adds Ripple and XRP Gets a Boost

It’s official, Coinbase Pro has officially added Ripple (XRP) to its platform—finally! The US-based cryptocurrency exchange announced the news via its blog and social media platforms yesterday. It seems that Coinbase is no longer waiting for the US Securities and Exchange Commission to make a decision on if XRP qualifies as an unregistered security or not. Cryptocurrency investors have been waiting for this move for many years.

Coinbase Pro Adds XRP

The post states that the exchange began accepting inbound transfers of XRP yesterday at 10 AM. When a sufficient supply of the digital currency is established on the platform, Coinbase will open trading. Trading for XRP will only be accessible to Coinbase Pro users in the US (excluding NY), EU members, Canada, Australia, Singapore, and the UK.

The company plans on adding additional jurisdictions down the road.

XRP Launch Stages

There will be four stages to the launch of XRP. Coinbase explained in its blog post that it “will follow each of these stages independently for each new order book.” As the company moves through each of these stages, if the specific stage doesn’t meet its assessment for a healthy and orderly market, Coinbase will likely remain in that stage for a longer period of time than previously anticipated.

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The exchange might also suspend trading at that time to fix and access the issue. The company plans on informing investors of its stage moments via its official Coinbase Pro Twitter account.

Phase one started yesterday and will be transfer-only. As stated above, customers are now able to transfer XRP into their Coinbase Pro account. Customers are not yet able to place orders.

Phase two will be post-only. Customers will be able to post limit orders, but no matches (completed orders) will be done at that time.

In the third stage, limit orders will begin matching, but customers will be unable to submit market orders.

In the final stage, full trading services will be available, including limit, market, and stop orders.

XRP Price Movement

At the time of writing, XRP is trading at $0.32 a coin, up +5.07% in 24 hours.

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