Ripple drops and doesn’t seem to recover

Despite its recent positive development, Ripple fell by 28,35% during last week
23 October 2017   1201

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.

Ripple to Work with Saudi Arabia’s Central Bank

Saudi Central Bank provides sandbox for banks to try out Ripple technology  
14 February 2018   122

Together with the Saudi Arabian Monetary Authority (SAMA), Ripple is going to create a pilot programme to enable local banks to deploy xCurrent for cross-border payments.

This pilot programme will provide interested Saudi banks with program management and training. it is the first of its kind to be launched by a central bank.

According to Dilip Rao, global head of infrastructure innovation at Ripple, central banks all over the world are interested in blockchain technology in order to understand how it can transform cross-border payments. It will result in lower barriers for both corporations and consumers.

SAMA will provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution. It has the potential to revolutionise cross-border payments, making it cheaper and more transparent. SAMA will be the second central bank to use blockchain technology to revolutionize payments.