[Updated] XRP WASN'T Snubbed by MAS. Ripple’s XRP Faces Yet Another Blow from Major Banking Institution

  • Alex Morris
    📰 News

    Yesterday, U.Today reported that Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore (MAS), snubbed XRP, saying that MAS doesn’t see much potential in Ripple’s native token. However, Cointelegraph, which served as the initial source of the news, misinterpreted his words. Mohanty never mentioned XRP or Ripple during MIT’s 2019 Business of Blockchain event that took place on May 2.

    Cointelegraph has published the following statement:

    Disclaimer: This article previously contained an inaccurate interpretation of certain statements. The article is being revised by the editorial team and the relevant parties have been informed.


[Updated] XRP WASN'T Snubbed by MAS. Ripple’s XRP Faces Yet Another Blow from Major Banking Institution
Contents

<>The Monetary Authority of Singapore (MAS), which is known as the country’s operating central bank, will not end up on the constantly growing list of financial technology that teamed up with payment network Ripple. As Cointelegraph reports, MAS doesn’t see much potential in Ripple’s technology.

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The Jasper-Ubin project

The news comes just a day after MAS and Bank of Canada teamed up to make cross-border payments more cost-efficient with the help of blockchain. Singapore has its own DLT-powered domestic payment network (Project Ubin) that will be linked to Canada’s own experimental network (Project Jasper). JPMorgan, the US banking behemoth that recently joined Microsoft’s new blockchain service, was also among the partners of the Jasper-Ubin project.

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A blockchain party without XRP?  

The above-mentioned announcement generated a lot of buzz in the crypto community since it is clear that central banks and major financial institutions now rely on blockchain to ensure interoperability. Ripple could greatly benefit from this new trend given that its payment network RippleNet has already surpassed 200 high-profile customers. However, MAS is not interested in Ripple’s native token, XRP.

One thing which has been very compelling for us is the whole efficiency gain coming to cross-border payments. We don’t see much in the Ripple bank digital currency, but definitely still a lot of hope that we can remove a lot of inefficiencies […] when it comes to cross-border payments,” said Sopnendu Mohanty, chief fintech officer at MAS, during MIT’s 2019 Business of Blockchain event that took place on May 2.
 

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xCurrent, not xRapid

That’s already the second major snub for Ripple in less than a month. As reported by U.Today on Apr. 13, Japanese banking behemoth Resona Bank pulled the plug on MoneyTap, the payment app that is powered by Ripple’s xCurrent. Meanwhile, banks are still wary of embracing Ripple’s new product xRapid, which actually uses XRP for conducting cross-border payments.

 
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Trading Expert Predicts Enormous Gains for Ripple’s XRP Price


Trading Expert Predicts Enormous Gains for Ripple’s XRP Price

Ripple’s XRP could be on the cusp of another major price rally, according to trading expert Crypto Thies. Based on his technical analysis, the XRP price could witness “enormous gains” in the short-term.

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XRP takes a hit  

Piers Morgan’s catchphrase “One day you’re cock of the walk, the next you’re a feather duster” is very relatable to the cryptocurrency market. After stagnating for weeks, the price of XRP suddenly surged by more than 43 percent USD-wise on May 14-15 once Coinbase opened up trading in New York. XRP was the best-performing cryptocurrency in the top 10, but the rally didn’t last long.     

On May 17, XRP recorded an intraday low of $0.359 after its price tanked by more than 25 percent. All major altcoins collectively took a hammering on Friday after the Bitcoin price suddenly experienced a 20 percent drop, which was allegedly caused by market manipulations.

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A dicey situation

The blow was too hard for XRP to rebound. At the time of writing, it is trading at $0.369 after yet another 3.32 percent price decrease over the last 24 hours, according to CoinMarketCap data.  

Now, XRP is facing its make-it-or-break-it moment. If its price breaks below the $0.340 level, things could turn ugly for Ripple’s native token with its next downward target being significantly lower. Trading expert Peter Brandt earlier suggested that a huge price drop would be almost inevitable if that’s the case.

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