General News XRP News

$160M Worth XRP Processed within the Past Hour, But You Have No Reason to Worry

Blockchain Researcher Avers Why Forking XRP would be a Wasted Effort

Whale Alert service records a transaction of 450 million XRP ($ 124.2 million) on Bithumb cryptocurrency exchange. It was accompanied by two other transfers of 80 million XRP ($ 22 million).

The transactions have not gone unnoticed and the crypto community started to wonder about what this movement could mean. Someone was waiting for a dump once again. But as the service noted later, these were internal Bithumb transactions and the community has nothing to worry about.

World Adoption Of Ripple Just Around The Corner

At the same time, optimistic users note that in the future, such large operations will not be another occasion for discussion, but the norm of money transfers.

“Pretty soon this will be happening every hour, in the form of payments,” user under nickname XRPlayingfield notes on his Twitter.

Ripple fans are convinced about the future of the digital currency XRP and that every bank will switch to Ripple technology soon. Also, many of them will use XRP for the remittance.

Ripple is an answer to interbank transfer issues. It is an analog to SWIFT. At the same time, banks use Ripple to transfer funds among their accounts. The main exception is that Ripple’s transactions are much faster and cheaper. Bank saves over $ 3 processing every transaction with Ripple or millions of US dollars per year.

In contrast to other digital currencies, Ripple has a clear function. If BTC was created as a complex thing, with XRP everything is different. This is a system created for banks and designed to optimize global remittances.

Note that Ripple does not need to use blockchain tech. Instead of huge decentralized operations, the company assumed responsibility. Ripple spreads the gateways for transactions around the world.

Ripple combines all the advantages of Bitcoin and global payment systems. It got a step-by-step confirmation system, the possibility of real-time currency exchange and the speed of transfers. From this Ripple came an effective tool for payments.

Also, the community held its breath in anticipation of the Swell conference. This event is very important for the fans of the project, as it will disclose information about the achievements of the company and its prospects.

Someone is waiting for the opening of new payment gateways, others – for global banking adoption. The company, in turn, will reveal the information only while the event takes place. Therefore, for now, one can only guess what to expect from the Swell conference this year.

Meanwhile, the XRP rate follows a general downtrend, with its price moving from $0.29 to $0.27 in the last 24 hours.

At the same time, the token demonstrates a recovery and an increase of over 2%. Note that a similar situation was observed last year and the price of the XRP token recorded an increase to $ 0.50 after the main event. However, the currency is currently trading around $ 0.27.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Victoria Tiebienieva

Victoria Tiebienieva is an Europe based cryptocurrency writer with over 5 years writing experience in the cryptocurrency space.

Victoria has written numerous articles for popular cryptocurrency websites across Europe and beyond. She has spoken about cryptocurrency in notable media houses across her country.

Email: victoria.tiebienieva@newslogical.com

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