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Ripple News - SWIFT Joins Forces with HSBC and Other Banks to Simplify Shareholder Voting by Utilizing Blockchain

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The trial of the Blockchain-based voting system will be conducted in the Asia Pacific region
SWIFT Joins Forces with HSBC and Other Banks to Simplify Shareholder Voting by Utilizing Blockchain
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SWIFT, the world’s leading financial messaging network, has teamed up with HSBC as well as a slew of other banking institutions and the Singapore Exchange (SGX) in order to test a Blockchain-based system of electronic voting. A PoC (proof-of-concept), which will be conducted in the Asia Pacific region, will help determine whether Blockchain is a viable alternative to the paper-based process.

The pain points of proxy voting

Apart from increasing the efficiency of shareholder voting, Blockchain will also increase its transparency. The paper-voting process is prone to many errors. On top of that, SWIFT’s Lisa O’Connor claims that the disruptive technology will allow more shareholders to express their rights, thus increasing the level of participation.

HSBC’s Tony Lewis claims that the company has the potential to revolutionize the security services in Singapore. All the aforementioned partners will use the SWIFT network to test the applicability of the DLT solution.   

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Are Ripple and XRP Getting Ready to Replace SWIFT?

SWIFT’s bet on Blockchain

The financial messaging service, which connects the world’s leading banks, has been already moving its Blockchain pieces for quite a while on the cusp of a big game. SWIFT announced its partnership with Blockchain startup R3 on Jan. 30.

Ripple, one of the biggest cryptocurrency companies that focuses on cross-border payments, poses a major threat to SWIFT. However, as reported by U.Today, Ripple CEO Brad Garlinghouse earlier claimed that a partnership with SWIFT could be already in the pipeline.

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Jack Thomas

Ripple News - XRP Price Predicted to Stay in a 4-Cent Channel — What Needs to Happen for Coin to Rally

✋👀🔥XRP’s price has found a spot between $0.30 and $0.34 that it is having problems breaking above, as well as below; what can trigger a move?
XRP Price Predicted to Stay in a 4-Cent Channel — What Needs to Happen for Coin to Rally
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Ripple and its native token XRP have had a busy time in 2019 with a number of big and key partnerships being formed, however, the movement in price of the token has been relatively disappointing, getting stuck in a channel of about four cents.

Ripple has been aiming itself at being the best answer to a digital asset that can be used in interbanking conditions as well as across borders; because of this, the company has been seeking out major companies and financial institutions to align itself with.

This is a good move from a cryptocurrency and blockchain startup, showing positive growth along its roadmap. However, even with these good news boosts, the price of XRP has struggled to move out of this spot between $0.30 and $0.34.

Things like being listed on Coinbase Pro as well as popularity across investors in the general market have hardly shifted the price, so the question needs to be asked: what will it take to move and shake the XRP price?

No news boost

Ripple’s performance has been dismal and lagging in the last few days. On the one hand, there are expectations that prices will head higher once Bitcoin recovers, but Ripple itself will not want to be so tied to the decentralised major cryptocurrency.

It has been building its own base up with the Coinbase listing and plans of venturing into the multi-billion gaming industry via Forte, but that has not pushed the price of the coin above $0.34.

News in the past year, through the bear market, was struggling to have an effect on the price of certain tokens, unlike in 2017 when the market was extremely bullish. Now, there is a small change in the sentiment, with some people calling it the beginning of crypto spring, but it has not been strong enough to ride on the good news that abounds.

What will it take?

The assertion that Bitcoin will lead the rest of the market is a tried and tested one. When Bitcoin is rallying, the remaining coins near the top of the Coinmarketcap rankings are never far behind. However, there has been talk of an altcoin season leading the way into crypto spring.

Certain altcoins, like Litecoin, Binance Coin, and EOS for a small portion of an example, have seen a successful beginning of 2019, and have been part of the reason why Bitcoin now finds itself over $4,000 for the second time since November last year.

If XRP was able to break its strong ceiling and get past the $0.34 mark in one of its own rallies, it may well be able to stay there with the strong altcoin sentiment at the moment. But, what it needs to get above that mark is still very unknown.

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