Adoption is coming for Litecoin – XRP used to Bridge one Currency to AnotherSeptember 8, 2019
The trading volume for Litecoin is recorded at $2.978 billion. The supply consists of 63,206,899 LTC. If the price of the Litecoin continues to go high, it might likely touch upon the overbought territory. The 4-hour RSI is currently at 66.18 percent. Resistance will prevent the flow of the coin near the $71.70 mark.
The MACD is soaring above the support line near $64. The histogram has changed from red to green. The Bitcoin dominance rate was down to 70.1% today. This is in part due to the brilliant price hike in several Altcoins. Several of them opine that the Altseason is kicking is due to this.
The door to opening the crypto for institutional investors is an essential milestone in mainstream adoption. Cross border payments and remittances are the significant steps in implementing crypto solutions.
An announcement from PNC Treasury Management read thus: “The ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to manage their working capital better.” PNC offers RippleNet-based payment solutions to their commercial clients.
Cryptocurrency has long been considered to be a better alternative to the expensive international payments using fiat currency. However, this is becoming a reality for institutional investors only now.
International transactions using fiat currency are complex, and it is indeed a time-consuming process, mainly if the transacting parties are using two different currencies. The process goes through clearinghouses and foreign exchange markets. The third parties incur costs, and the process takes more than a day.
Ripple states that xCurrent will be used by the bank, providing a solution for cross border payments with end-to-end tracking.
“Using xCurrent, banks message each other in real-time to confirm payment details before initiating the transaction and to confirm delivery once it settles.”
XRP is used to bridge one currency to another. RippleNet’s solutions are particularly helpful to banks as they help conduct international payments and do not discriminate between fiat and cryptocurrency.
The risks that institutions should remember is the volatility which will affect the price of the XRP. The firm was not able to share data related to XCurrent in a specific manner, though. When compared with the payment processing times of xRapid, it is around two minutes. Ripple continues to be striking new partnerships, and the declining price is due to decreased sales: “By volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.”