Ripple News Today – XRP Community Gets Clarity as Ripple Swell Event Continues Online but the XRP’s Price Falls – October 16, 2020

  • Brad Garlinghouse Provides Clarity About Ripple’s Line of Credit, Deal With Bank of America, and ODL Expansion
  • XRP Fails to Get any Hype from the Ripple Swell Event as it Falls to the $0.24 Level 

Ripple News Today – The long-awaited Ripple Swell conference has finally started. Even if it is taking place online, it is still as informative as last year’s Ripple Swell event. In his opening remark, Brad Garlinghouse said that XRP plays a key role in the RippleNet network. He also addressed the rumors about a possible partnership with the bank of America so much more. Garlinghouse said that this decade has seen significant innovation in the traditional financial industry that has never been seen before.

Ripple News Today – Ripple is at the Forefront of the Financial Revolution

Ripple is one of the blockchain firms that has taken the lead in the ongoing financial revolution. They provide products and services that make traditional financial systems seem obsolete. Let’s not forget about the cost-cutting and speed benefits of Ripple-powered remittance. Garlinghouse noted a meteoric rise in the number of cryptocurrencies and digital currencies. This is why digital banks and remittance service providers are putting a lot of pressure on the existing financial system. Ripe provides what these systems work by offering internet of value to its subscribers. Ripple intends to provide an Internet of Value.

According to Crypto Eri, a famous Ripple YouTuberin, Garlinghouse said that Ripple is doubling its efforts with over 500 employees and counting. He also offered more information about the recently launched line of credit for RippleNet customers. The line of credit service is being managed by Barry Joseph and it will make pre-financing obsolete. RippleNet members who want to purchase XRP on credit will be able to get the tokens they need at a predetermined price within one to two days after application. The interest rates annually will range from 4% to 12%. The longer the payment timeline, the more interest you’ll have to pay. So, while a person who pays within 90 days will pay 4% interest, someone who pays after one year will pay 12%.

Regarding the rumored partnership with the Bank of America, Ripple is yet to give a clear statement. Last week, however, an ODL demonstration video for the Bank of America surfaced. The Ripple community has been debating on what the partnership means for die Ripple and the XRP token. The rumor led to several mixed signals. Some people were happy about it while others said that it only confirms centralization rumors of XRP.

Meanwhile, the XRP token is yet to gain the momentum it needs to move above the resistance at $0.2600. Instead of rising because of the Ripple Swell conference, the token has lost the support and is now trading at $0.245241. It was down by 2.43% against the USD and down by 1.93% against Bitcoin BTC. The trading volume over a 24 hour period was $1,778,544,044 and the market capitalization was $11,093,805,673.


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