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Ripple Surpasses 300 Customers, Brad Garlinghouse Boasts Company's Strongest Year

ByBit
  • Alex Dovbnya
    📰 News

    A slew of new customers uses Ripple's XRP, but the token's price fails to rally even during the much-anticipated SWELL conference

Ripple Surpasses 300 Customers, Brad Garlinghouse Boasts Company's Strongest Year
Cover image via youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Cryptocurrency monolith Ripple has announced that RippleNet, the global network of banks and financial institutions that use the company's blockchain technology, reached more than 300 customers

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Their On-Demand Liquidity (ODL) product, which was revealed during the previous SWELL conference, now has "two dozen customers," including MoneyGram and FlashFX (the latter became the first Australian company to strike a deal with Ripple).   

“There has been a lot of skepticism about how XRP can be used for liquidity, and as the industry continues to try to find use cases around blockchain, we have more than 20 customers using XRP for cross-border liquidity and are benefiting from that,” Ripple CEO Brad Garlinghouse told Forbes at this year's SWELL event. 

ODL is just a new name for xRapid, the product which allows seamlessly exchanging different currencies with XRP being used as a bridge between them. Ripple has had great success with xCurrent, but financials institutions didn't touch XRP, which created a problem for the adoption of the native token.

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Ripple discontinued its numerous products and replaced them with three letters that stand for instant liquidity. In its blog post, Ripple claims that the number of transactions conducted with the help of ODL experienced a seven-fold increase from Q1 to October.

Overall, Garlinghouse said that 2019 has been the strongest year for Ripple so far despite the underwhelming price performance of XRP.    

“This year has been our strongest for Ripple yet. In 2019 we’ve seen continued momentum with customers, growth of RippleNet and adoption of On-Demand Liquidity. In just a year since we launched ODL, we are already making an impact on the bottom line for our customers.”

2019 turned out to be an outlier for Ripple given that XRP barely moved an inch ahead of SWELL. At press time, XRP is trading just below the $0.30 price mark.     

However, Garlinghouse doesn't seem to be deterred by the token's price. During his recent interview with Bloomberg, he claimed that he was focused on its long-term performance.

 
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
    📰 News

    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

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Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000

This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

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Deribit or BitMEX? Crypto-derivatives Exchanges Compared

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As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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