The New York State Department of Financial Services (NYDFS) recently granted an operating license to Bitstamp exchange has an important partnership with Ripple payment.
The company wrote in a statement:
“DFS has authorized Bitstamp USA to offer services providing its customers with the ability to buy and sell bitcoin, along with select other virtual currencies, for USD and vice versa.”
The license allows Bitstamp to offer cryptocurrency services in New York, according to the news of Smartereum. A major aspect of these services is payments facilitated by x-Rapid which uses Ripple XRP token.
Ripple and Bitstamp’s XRP Partnership
Xrapid is a payment protocol launched by Ripple which facilitates cross border transactions between banks using XRP tokens for settlement. The exchanges which include Bitstamp, Bittrex, Coins.ph and Bitso and will accept fiat from banks and financial institutions, convert it to XRP and transfer it abroad, where it is then instantly converted back to fiat.
Bitstamp’s license from New York DFS means a lot to the xrp rich list and the entire ripple xrp community because of the special relationship the exchange has with ripple xrapid adoption. Following their partnership, Brad Garlinghouse, the CEO of Ripple payment network and xrapid mentioned Bitstamp as one of four major exchanges that will drive the volume of xrapid transactions which uses the xrp token. Garlinghouse said:
“I’m thrilled by the same [xrp] token, we have a long way to go. And if people want to look for signals, those are exchanges you can look at. We certainly will partner with other exchanges and I expect some of those will announce publicly.”
How Will BitStamp Bitlicense Affect Ripple Xrp Price?
The New York financial regulator is notorious for the strictness of the Bitlicense and how difficult it is to obtain. The Xrp rich list and digital asset investors who bet on ripple xrp will hope that the license and use of ripple x-rapid in he state through Bitstamp will drive adoption of xrapid which will in turn raise demand for xrp and hopefully boost the ripple xrp price. The exchange wrote in its statement.
“Bitstamp USA is also authorized to facilitate transfers of funds onto the Ripple Network, issuing Ripple Balances in USD, other virtual currencies, and select fiat currencies, including the Australian Dollar, British Pound, Euro, Swiss Franc, and Japanese Yen,”
Ripple xrp price today – XRP to USD
XRP Technical Analysis
According to the NewsBtc; price-wise and Ripple (XRP) is deep in a range-mode after temporarily breaking and closing above 34 cents. In line with all our previous XRP/USD trade plans, Ripple (XRP) is lagging peers. Even so, the coin is technically bullish if past historical events are anything to go by.
However, fading favorable candlestick arrangements as well as supportive fundamentals mostly on the integration front, regulations around the status of XRP is slowing down progress. All the same, for trend continuation reflective of market sentiment, XRP bulls must clear 34 cents—the 61.8 percent Fibonacci retracement level of Dec 2018 high low, reversing losses of Apr-11, triggering our long positions in the process. After that, our first target will be 40 cents and later 60 cents as emphasized in our last trade plan
Is XRP Security? XRP Not A Security In Luxembourg
According to TodaysGazette; a paper released by the Private Equity and Venture Capital Association in Luxembourg (LPEA) affirmed that Ripple’s XRP is a Payment Token and not a security token.
Few days after Ripple’s XRP was handed security clearance by the Luxembourg Private Equity and Venture Capital Association(LPEA), Gramegna hinted on the acceptance of Ripple blockchain technology in the country.
Pierre Gramegna, Luxembourg’s Minister of Finance, has signaled the acceptance of Ripple (XRP) in his country, giving the token’s users and investors the hope of its full adoption in Luxembourg and other European countries.
The Finance Minister shared a photo of himself exchanging pleasantries with Chris Larson, the Executive Chairman and Cofounder of Ripple, on twitter. Gramegna, in the update, gave his assurance on the possible growth of Ripple (XRP) in Luxembourg and other European countries. Gramegna stated that;
“Excellent exchange of views with Chris Larsen. Looking forward to the further development of Ripple in Luxembourg and Europe”,
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