Is Ripple (XRP) Undervalued After Fiat—ILP Interoperability Demo?

Ripple prices up 16.3 percent
InterLedger Protocol (ILP) is a game changer.

The team behind InterLedger Protocol (ILP) are not slowing down, and now that we have a fiat connector, it’s only a matter of time before the benefits of a real Internet of Value begins to permeate. With optimism around interoperability, we expect Ripple (XRP) prices to increase towards 80 cents.

Ripple Price Analysis

Fundamentals

Here’s what InterLedger Protocol can do. The Ripple innovation can connect banks, mobile money platforms, stock exchanges, clearing houses and different ledgers. By ledgers, I mean blockchains like Ethereum, bitcoin, bitcoin Cash or any other network of choice. And it is true. InterLedger Protocol or simply ILP is “an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. InterLedger is independent of any one company, blockchain, or currency.”

From this, it is clear that ILP is what will eventually bring value to the largely fragmented blockchain. Note that there are more than 2,000 blockchain projects each with different value propositions. However, it is this differentiation that is draining value, but with a solution that connects them allowing for interoperability, then we shall have one big valuable network.

#StreamingPayments @Interledger #demo by @kava_labs @KevinJYDavis swap BTC, ETH and XRP using Interledger SDK Switch pic.twitter.com/e3qpD0xzEQ

— Vanessa Pestritto (@vanessadice) April 5, 2019

That is the motive behind ILP development, and just recently, the team did launch the first fiat—ILP connector, a big step towards mass adoption and fusing crypto and traditional financial systems. Announced by Vanessa Pestritto of Xpring and demonstrated by Stefan Thomas of Coil and co-founder of ILP, the team is on the way creating an independent Internet of Value (IoV) that is easy to use.

Candlestick Arrangements

Like most coins, Ripple (XRP) is on an uptrend, at third and up 16.3 percent in the last week. Even though the coin valuation is up, XRP is underperforming and didn’t satisfactorily tap bitcoin price revival.

Nevertheless, we expect bulls to be in charge, driving prices above 40 cents now that XRP is trading within a minor bullish breakout pattern against the USD after clearing 34 cents. Affirming our bullish stance is the strong support at 30 cents and Apr 5 bull bar rejecting bearish attempts of Apr 3-4.

Price surge of Apr 5 did confirm buyers of Jan 30, and after a deep correction, bulls of Sep 2018 are back ready to propel prices to 40 cents, 60 cents and later 80 cents.

Technical Indicators

Our anchor bar in days ahead is Apr 3 bar with 97 million. Although bearish, countering the general bullish trend, the bar is trading with tight range countering flows of Apr 2. Moving on, we expect buyers to be in control and any break above 40 cents ought to be with volumes exceeding 97 million and be wide-ranging.

Chart courtesy of Trading View

Published at Sun, 07 Apr 2019 17:00:16 +0000

January 8, 2018

Tether Now Supported on the Ethereum Network

Tether has switched from the previously used Omni protocol to the Ethereum network, citing lower fees and faster confirmations for the switch.

“Tethered” to the Dollar

Tethers are a very controversial product in the cryptocurrency space and have been for months on end. They are a cryptocurrency that is backed by traditional fiat currencies, such as the United States Dollar or the Euro. Many exchanges have adopted tethers, as they offer a method of implementing USD pairs without having to use dollars. This loophole can allow exchanges to work with “dollars” without having to jump through regulatory hoops.

The old tether system used the Omni protocol, a system that allows for custom smart contracts using the bitcoin network’s security. The switch to Ethereum is exciting, as they’ve already migrated USDT and EURT to the new network.

The company announced that the switch was due to high fees and slow confirmations, two problems that Ethereum offers a solution to. Tether has launched the new contracts and is in the process of transferring value across the chains. It may take some time for a full roll out onto Ethereum.

Concerns About the Token

Tether has come under fire as of late for some questionable actions. Many are still awaiting a full third-party audit on the tether reserves. The reserves are bank accounts that Tether claims have a matching number of dollars as the number of USDT in circulation. More eyebrows were raised when it was discovered that tether has a clause in their ToS stating they have no obligation redeem the tethers at face value.

Tethers can only be purchased by institutional investors, not the public. So far, over $1.5 trillion has been produced by Tether, which is currently being using in circulation by exchanges and individuals worldwide.

Do you think that Tether’s switch to the Ethereum blockchain was a smart move? Do you use tethers? Let us know in the comments down below!

Images courtesy of Pexels, AdobeStock

The post Tether Now Supported on the Ethereum Network appeared first on Bitcoinist.com.