Ripple drops and doesn’t seem to recover

Despite its recent positive development, Ripple fell by 28,35% during last week
23 October 2017   3749

Ripple, being the cryptocurrency with the third largest market capitalisation in the world after Bitcoin and Ethereum, seems to sweepingly lower in price.

Ripple coin development charts
Ripple Charts

Ripple was developing optimistically for a long period of time, continuously rising in price, expanding Ledger ecosystem to 55 validator nodes, doubling the size of its network. The cryptocurrency successfully entered China market and saw a 40% climb in August 2017, having its daily volume top $2.3 billion. 

It continued its adaptation to Asian market by opening office in Singapore and achieving the market cap of $7.8 billion. 

Despite the above mentioned optimistic development, Ripple’s price started moving down recently, for instance it lost more than 13% in the beginning of last week and it remains unstable and continues to decrease. 

On October 19th it lost about 6% in 24h after Yuki Takenaka, the operator of Ripple Trade Japan, was arrested on suspicion of fraud.

At a conference Swell: The Future Is Here, hosted by Ripple from October 16-18 in Toronto investors were waiting for any serious announcements from the company about its partnerships or innovations, but there were no significant XRP-related news and even the announcement about Ripple’s partnership with Gates Foundation did not help the price of XRP climb up.

Thus, the coin price is facing obstacles on the way to rise, currently remaining at the point of $0.1957, which is way too far from the highest price it had in May 2017 costing $0.4292, and it’s hard to predict if it will recover its positions in the nearest future.

DeeMoney to Join RippleNet

RippleNet consists over 300 companies around the world, that can perform almost instant exchanges thanks to this network
19 March 2020   294

Thai fintech company DeeMoney became the first non-state company in the country to use RippleNet technology for fast international payments.

More than 300 financial institutions around the world are already members of the RippleNet payment network. The exchange of payments between these organizations occurs almost instantly.

Ripple is currently at the forefront of technology and compliance regulations[…]This brings in finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.

 

Aswin Phlaphongphanich

CEO, DeeMoney

According to Marcus Treacher, senior vice president of customer service at Ripple, there is a real revolution in Thailand's banking industry.

By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates. 

 

Marcus Treacher

SVP of Customer Success, Ripple

Currently, DeeMoney is already accepting payments in Thailand using RippleNet, and when the second phase of cooperation is launched, the company will be able to send funds abroad using the blockchain system.