Bitcoin Forum

Today National Bank of Abu Dhabi has introduced real-time cross-border payments on a blockchain by integrating technology from industry firm Ripple. The offering will immediately benefit the Asia-Middle East remittance corridor.

It is a positive news from Ripple as their technology could benefit banking system. Bank of Abu Dhabi is:


Read full article here:
https://www.cryptocoinsnews.com/abu-dhabis-largest-bank-just-launched-blockchain-cross-border-payments/ (https://www.cryptocoinsnews.com/abu-dhabis-largest-bank-just-launched-blockchain-cross-border-payments/)

Please share your opinion here about it. Does it benefit further blockchain technology adoption in finance industry? Does Ripple will benefit from this integration?
How the market will react to the news?

Hi Arvydas77,

I don't really know how long you been on this forum though I do remember that ripple was one of the coins that most of the members here didn't like. I think it is because there was a huge pre-mine and people was just afraid of the pumps and dumps from the dev's.

I think they still have the pre-mine so I would be careful of investing any money into their "Project" -only a few people could realize the potential of XRP though if they see what the Ripple dev's are trying to do.

Now if the Ripple [XRP] dev's gave away all their pre-mine and let the project continue like how it is right now then XRP will get really huge. The people at Ripple like messing with the Blockchain so that is why Banks and big businesses like the Ripple Project so much. Asia is going to get to know how to process Digital Currency payments much faster than places like America, Russia and Turkey it seems.

This could be quite fun.

Hi, I invested in BTC four years ago and Ripple was my second pick up alongside other altcoins, so I do know how people hate Ripple  :)
Premine always has negative impact on crypto as people not always can understand situation correctly. In Ripple premine is idispensable to run business. However, I can understand libertarian position against big corporations, banks and Ripple Labs itself. Nevertheless, traders are especially sensitive to premine as they only speculate and some additional coins on the market can destroy their speculations.
I think that Ripple is very solid project. It has funding, partnerships, working technology, Labs to test blockchain. They are hiring new staff members to move forward. So, my opinion about Ripple is very positive. I'm not trying to convince newbies to invest in the project but I'm with Ripple for long time and I will stay. As I said in other Ripple thread, I'm not the one who is shouting Ripple to the moon. Actually, value around $0.01 is solid considering max supply.  

4 years of experience is a longtime, I've been in Bitcoin 4+ years and I have a feeling that you really know what you are talking about. The Ripple [XRP] may seem like it has a pre-mine issue but you have a point when you say that they are not on the same side as big Banks and big Corperations. Yet man is only man and who knows if they are telling the truth about holding on to the pre-mine. The whole issue of the pre-mine was like: "If Ripple has a large pre-mine and it effects the price of the coin and distribution then wouldn't they be the same as those big Banks and Corporations?"

I do see that [XRP] is trying to expand their staff and that is why the Ripple Project is going to most likely be a success. Their Twitter: https://twitter.com/Ripple is updating pretty much daily with useful info and not just Retweets of offtopic thing's like most of the Projects within this forum.

$0.01 per [XRP] sounds possible though it's Ripple so who knows.

It's the only positive news lately?
Judging from the graph, this news had no effect on price.

This news again ?

And Bank from where now ?

I thought maybe they silently unleashed another 333 million coins on the market ROFL

OH and since Ripple has ALWAYS been 100% open source..
I bet the bank simply downloaded the source code and integrated it right ?

It is all hype. We have seen a lot of news like this about Ripple beginning 2 to 3 years ago and nothing has happened. Are we seeing being used by the banks? No. Will the banks use Ripple?. No again. Is this hype in the interest of the company behind Ripple to pump XRP? No answer needed.

Ripple has never been hyped as a store of value, only as a transaction system.

Quite the opposite is the case, RippleLabs always made it clear, that they would go against every attempt to pump up the price of the tokens, by any third party, and thats what they are doing.

Its the ONLY transaction system capable of offering industry strength so far, and thus its being adopted by a lot of banks and institutions to save money on their internal infrastructure.

Your comments show your agenda, and your lack of knowledge or denial of the facts very clearly.
Your only problem with Ripple is, that you can't make money pumping the shit out of it.

How to get some xrp, is it sold or being given away? Ripple looks like professional company, but with no mining or ico, how will they sell so much tokens without hurting previous investors.

Its pretty pointless for private investors to invest in the tokens. The goal is to keep them cheap and at a stable price.
To make money with Ripple, you would have to be an integrator, or offer some service which adds value employing the system.

Its also a becoming a more convenient and faster way than Bitcoin, to check out of exchanges like Poloniex.
Bitstamp for example accepts XRP, and its fast, compared to the ongoing BTC disaster with the ever more clogged blockchain.

I never heard that the goal was to "keep them cheap".

I understand it more as they sell(recently lend) hundreds of millions of XRP at or around market price per month for the last 2 to 3 years. These institutional buyers have lock up agreements.
So they have been selling billions for years and the price has been somewhat stable with a handful of pump and dumps compared to any other digital asset.

It seems like ripple will be just fine for a long time if XRP stays cheap. XRP appreciation and real world volume or even real use at all to cut cost on an open protocol for all people created by a private company would mark a historic milestone for the financial world.

I could not even count how many times i have heard the BIG NEWS..
Only thing different is this time a country was mentioned.. "Abu" what now ? LOL
Every month or two there has been BIG BANKS ARE USING RIPPLE news posted here.. for years.
and...

what this mean, abu dhabi bank can busness to crypto coin industry
abu dhabi bank can create new altcoin use riple technology, or only use blockchain technology to bank industry

Guys, and how much this positive news could affect the price of the coin? And how many have to wait? I do not particularly delved into the essence of the Ripple. I bought at the price 650 Satoshi per 1 XRP. I think this is the normal purchase price. :)

Yes, and like Garlinghouse recently said 2017 will be when things happen for Ripple. The banks have chosen their blockchain vehicle of choice and it is Ripple.

Here are a few details I'm not sure how Coindesk missed this one:

http://www.pymnts.com/news/mobile-commerce/2017/amazon-43-percent-of-online-sales-in-2016/

Hi PentagonPinnacle,

you may be right about Ripple [XRP] being the choice for Banks. With Blockchain being introduced to the Clearnet the people who starts messing with the technology will have an understanding of how to process the payments and how to secure their "Money" before someone else does.

The Ripple [XRP] staff members already know that the price will most likely go up because the developers of other coins aren't around for updates. It really is that simple.

I am not sure why you posted that Amazon online sales article. There isn't any mention of Blockchain or Ripple in it.


Please lmk, thanks.

Hype is hype and they have the XRP which of course they control and they want to unload in the market. The argument that Ripple was never hyped as a store of value is their defense strategy in case investors lose money. Do you really believe they do not want XRP to rise in price?

All that happened with Ripple is they were tested by the banks and nothing.

Your agenda is also showing because you want it to rise in price and then sell them for bitcoins while pretending you support it. That makes you worse.

That is good news, i hope will be followed by other good news
and many banks that adopt ripple will make more trust in ripple,
it is mean the developers of ripple are so serious building ripple for
more better in the future.

Banks can already do instant transactions at the cost they want.
Go to LocalBitcoins and buy coins with your bank account and watch how fucking fast it goes.
One way is with Interac eTransfer which takes as long as 1 minute usually instantly..
You click on the confirmation email and bam the shit is done and cost the sender 1 dollar.

Real big professional banks will never have any use for a block chain.
If they did ..they would have been using them decades ago.

Nor will the invest into a scheme where they have to buy Ripple ICO coins in order to use the system.

You all need to use some common sense.

There has never been a big bank that used a block chain.
All we have heard is rumors that obscure little Nigerian banks in Africa are fucking around with Ripple etc.
Probably as a part of some pump & dump scheme is my bet.

Banks do not operate out of generosity or for the good of man.
They exist for one reason.. to be the worlds first and for most authority on being a greedy sleazy piece of shit to siphon money from YOU WALLET !

How would a bank using a block chain make them money ?
That is the only fucking thing they would ask themselves.

You get 2 reasons then..

1) You get better money transfer performance.

or

2) pump & dump.

The first thing is not needed because they can already do near instant transactions while not having to adhere to a platform's rules etc.
Banks can operate behind closed doors how ever they want.
So why would a bank use their shit ?

Think of it this way.. take GOX.
Mark basically admitted to having to fudge the books behind closed doors.
The block-chain ended up being a problem with his back end code he wrote for the exchange.
Possibly an excuses simply so he could get this hands on the money in the fist place.

But why be forced to work with a block chain and sever rules on how it works if you don't have to ?
Banks can run with a monkey in the back and a piece of paper writing down balances if they want to.

It would cost them money to implement a block chain.. not MAKE them money !
Would they add Ripple for the customers benefit ? So the users of the bank can trade Ripple tokens ?
Would they have to buy Ripple coins ahead of time from Ripple bag holders in order to provide this service ?
If not then why would the end users or Ripple "Investors" even care ?
Unless you were invested in the bank itself then who gives a fuck right ?

Seriously no matter which way you look at this bullshit news it reeks.

Think about it people long and hard before being suckered in with Big Banks news bullshit.

Hi Winner,

In the article its clear the bank is not analyzing or researching how to implement blockchain. They have actually adopted the Ripple transaction system for a bank which accounts for the fourth top remittance-sending country in the world, for more than $19 billion.

Now this will certainly have an impact on ripple coins without a doubt. In my opinion in 5-10 years Ripple value will be over a penny at the very least and that is only if this particular bank alone continues to use the system.

And, as other banks implement it will only confirm a future increase in value. This is a coin institutions have long been fond of along with huge corporate players like Google and Apple. And to date 100 million+ has been invested in the development so it meets the needs of the particular institutions it is trying to win over.

So, is there a possibility in 2017 we may see the price increase based on future projections yes I think so absolutely.

Brad Garlinghouse himself says:

“Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments,” said Brad Garlinghouse, CEO of Ripple. “Now, some of the most innovative and successful banks like NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base and, in doing so, paving the way to make 2017 the year we see broad commercialization of blockchain take hold globally.”

Here is a copy of the whole article I had linked to not sure why it appeared as Amazon maybe because it was on the same page:


The National Bank of Abu Dhabi (NBAD) announced that it has become the first bank in the Middle East and North Africa to introduce real-time, cross-border payments on blockchain, thanks to its partnership with Ripple, a U.S. company specializing in blockchain.

The NBAD now joins a growing list of banks around the world that have adopted the technology, including Santander, Standard Chartered and Unicredit. According to Reuters, Standard Chartered is also an investor in Ripple.

Ripple offers banks the ability to coordinate real-time payments across multiple ledgers to minimize risk as well as delays by using blockchain, which works as an electronic transaction–processing and recordkeeping system that allows all parties involved to track information through a secure network.

Ripple received $55 million in funding last year and has been steadily signing new clients across the globe ever since. Finextra reports that the United Arab Emirates is ranked as the fourth top remittance-sending country in the world, accounting for more than $19 billion.

“Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments,” said Brad Garlinghouse, CEO of Ripple. “Now, some of the most innovative and successful banks like NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base and, in doing so, paving the way to make 2017 the year we see broad commercialization of blockchain take hold globally.”

At the NBAD, Ripple’s technology sits within the bank’s existing infrastructure, giving customers certainty of results and fewer delays with transactions, as well as minimizing the cost of cross-border transactions. According to Ripple, an estimated $1.7 trillion is spent on cross-border transaction fees each year.

“We’re always exploring new ways to enhance our customers’ experience,” said Vineet Varma, managing director and head of global transaction banking at NBAD. “With blockchain, we hope that we could address the needs of our customers and drive forward more efficient and flexible service.”
 

All these years Ripple always comes out with news that are supposed to be good. The altcoiners here, who are really closet bitcoiners, buy and they all lose money. If that news is really good then why is everyone dumping their XRP? The only people who are making money out of this is Ripple the company.

Really when was the last time they reported a bank is actually using their currency ?

https://encrypted.google.com/search?q=Bitcointalk+Ripple+Bank+site:bitcointalk.org&safe=off

Trust me they have been reposting that "News" over and over for YEARS !

Its still relevant. And this time a bank with a very high volume of cross boarder transactions is actually using the Ripple blockchain & XRP.

This confirms the success of the other banks who have used the system, consider it as being piloted in the past.

2017 will see Mass adoption you know there are thousands of banks out there not just six....

https://www.youtube.com/watch?v=ZckgnFDUOU8

Explain why Noobs on Poloniex (who probably don't have a clue what Ripple is) should buy XRP "tokens".
..relating to this news.

By all means guy.. step up and sell it !  :D

Looks like the increase in value is only going to continue, with news like this I'm surprised price is low.

Considering the collective of banks involved can easily eat up billions of ripples at this price in no time.


The Bank of England’s FinTech Accelerator announced today that it is conducting a PoC with Ripple to demonstrate cross-border payments and settlement using two different Real Time Gross Settlement (RTGS) systems. This collaboration marks the first instance of a central bank exploring how it can use blockchain technology to enable improved cross-border payments. Ripple’s solution is built around the open and neutral Interledger Protocol and serves to power interoperable payments across different ledgers and networks. The goal of this PoC is to showcase the synchronized movement of two different currencies across two different RTGS systems and how this kind of synchronization might lower settlement risk and improve the speed and efficiency of cross-border payments.

The @bankofengland is the 1st central bank exploring their use of blockchain tech. Proud to join them! Tweet This

Launched in June 2016, the Bank of England’s FinTech Accelerator works in partnership with new technology firms to harness financial technology solutions for central banking institutions. The Accelerator offers technology companies the opportunity to demonstrate their solutions for real challenges facing banks and policymakers. Selection to participate in this PoC is a competitive process, and at the conclusion may be additional opportunities to showcase the results in a case study, or even continue down a path to becoming an ongoing partner of the Bank of England.

Ripple also participated in the Bank’s recent public consultation for the RTGS Strategy Review, an initiative focused on the design of the next generation of RTGS system for the United Kingdom’s central bank.

“Since establishing Ripple’s London office last year, I’ve seen first-hand how eager customers are to understand the transformative potential of Ripple’s solution,” said Danny Aranda, Ripple’s Managing Director of Europe. “We’re proud to have the opportunity to show the Bank of England – and central banks everywhere – how Ripple can help solve key issues associated with cross-border settlements, and we look forward to continuing this relationship.”

For more information about how we are working with the financial services community, please contact us.
 
https://ripple.com/insights/ripple-selected-to-participate-in-the-bank-of-england-fintech-accelerators-exploration-of-the-use-of-blockchain-for-global-rtgs/

What concerns me about these types of articles is they often specifically go out of their way not to mention if it involves a private blockchain or something that is publically available. Ethereum has been using that type of deception where many of the articles turn out to be referencing a private chain; but, the announcement is used to pump the public chain. The wording of this article suggests to me that it has nothing to do with the public XRP.

It's unfortunate that this type of deception has become commonplace.

The banks find Ripple attractive because of their ability to control and track transactions.

I wouldn't worry about the details the coin itself would be valid in both.

Enjoy the rally : )

LOL don't worry about the details. That sure is interesting investment advice.

yeah lol i'm up 400 % and you ? I bet zilch. Regarding not worrying about the details on how the banks plan to implement what does it matter so long as the value goes up and smart investors take profits ?

Good Luck to you on the sidelines.

No currency is safe from manipulations. We know this is a fact.
The problem with Ripple is the IOU's.
Opening an account, is not always what you have, but also what you could owe.
And who is going to prove that you never owed anything to anyone, but Ripple account says -1.000.000$.
Owed to the Bank of Wickedness.
This would make me think twice before opening any ripple account. ???

it is a fact, we do not have any BTC successor, worth it yet.
And that is what 2017 is going to be. ::)

@Dummsaus I'm not sure I understand you but I agree any IOU has counterparty risk.
XRP is not an IOU it's a digital asset with no counterparty risk (but yes you can also hold IOU on Ripple).

Btw I agree with the Russian guy  :)

Ripple really skyrocket. Why? Any big news for this?

I am following XPR a little as well


https://cointelegraph.com/news/ripple-price-surge-continues-altcoin-takes-advantage-of-bitcoin-scaling-troubles

Yes, Ripple is the latest coin to find flavour with the pumpers and dumpers.
The rally seems to be amazing, but it is best to stay away.

 think this is a pump and dump would discount years of testing, development and piloting by a many number of banks from Japan to England.

The surge in price appears to be attributed to a number of catalysts including those mentioned in the links posted on this thread.
 
Here are some recent factors which are influencing the price :

However, Ripple has also announced new features meant for “bringing the Internet of Value to life”, which could have positively affected its image with investors.

The Ripple Consensus Ledger (RCL) and Interledger Protocol (ILP) can now communicate with each other, which the developers say is creating a network that can interconnect all the world’s value on ledgers.

The two new features Escrow and Payment Channels, which help to increase the performance and scalability of RCL, became active for all users on Friday. Escrow allows RCL and ILP to communicate to secure XRP for an allotted amount of time or until certain conditions are met.

The new features allow companies to adopt RCL and ILP, and those using the technology will receive the benefits of XRP, providing them with a faster, cheaper experience for cross-border payments.

The developer adds that unlike other systems (alluding to the bitcoin blockchain) which can’t handle many transactions, Ripple’s payments network can now operate at volumes previously seen only by Visa.

http://www.financemagnates.com/cryptocurrency/trading/ripple-market-cap-well-1-5-billion-xrp-doubles-price/

We've been pretty clear that our strategy is to eliminate obstacles to payments being bridged with XRP. The obstacles are eliminated whether the payment takes place on the public ledger or off it.

It's precisely the same situation with bitcoin. People using colored coins on ledger don't really help the value of bitcoins much. But companies exchanging bitcoins, even off ledger, do.

Really the location of the payment doesn't much matter.

We spent several years trying to convince FIs to make transactions on a public ledger. We had some success, but the requirement to use a single, public ledger brought huge downsides. It reduces privacy. It limits throughput. And it means everyone has to transact by the exact same, inflexible rules even though people really do want different things.

It is way, way better to have the option to use a public blockchain where its benefits make sense and avoid it where they don't.

So we changed our approach. Now, we have a software product that takes care of everything that has to happen around a payment. The actual payment itself can take place on a public ledger or it can take place using ILP. FIs seem to like this approach a lot. The objections to being forced to hold a crypto-currency, forced to transact in public, forced to rely on third parties whose performance can't be guaranteed, and so on are lifted. Now, if XRP can bridge that payment, there's no technical obstacle.

The beauty is that banks can use this system even if XRP can't bridge a single payment. And then, when it can effectively bridge one in a thousand payments, it will. And if it can ever effectively bridge one in a hundred payments, that will happen. It's a path to solve the various chicken and egg problems where nobody will invest in a system that makes using a crypto-currency even possible until there's enough volume/capacity to handle a significant fraction of payments.

Then, we can pick the best corridors and target them, and the payments will flow.

It seems you're confirming that my statement that the wording of this article suggests it has nothing to do with the public XRP is likely accurate. I do understand the necessity of privacy utilizing an ILP. How does ripple view these types of threads that use misleading news articles to pump the public chain?

I don't agree with your premise for the reasons that I explained. That FI's can make their payments off ledger and still have them be bridged by XRP when that's to their advantage is a plus, not a minus. If it's misleading not to mention this, it's only because it understates the value proposition. The only way it would be misleading is if anyone said or implied that these payments were being bridged by XRP today. If you see anyone doing that, I will loudly condemn it.

Seems like very good news for ripple.

Also explains the price hike from a few weeks ago.

Ripple is one of the altcoins that always goes against the general trend bitcoin is headed at. So when bitcoin is down, ripple generally goes up quite a lot. When bitcoin is up, ripple is usually down in fiat terms.

I'll just accept that you don't understand the purpose of this thread then.

Or you are seeing what you want to see and not what's there.

But I think you're missing the big picture entirely. Maybe you assume that other people see things through the same lens you do, but that may not be the case. Maybe others understand that the obstacle to getting FI's to use blockchains is not the blockchain but it's everything else. It's integration, compliance, regulatory, business rules, and so on. These are all the things Ripple has been doing and announcing.

On the blockchain side, you need low cost, high speed, and good volume. All areas in which RCL beats Bitcoin. If you're going to use a crypto-currency, it has to have good liquidity. XRP does not check that box yet. But the bigger problem, as I explained upthread, is everything else. And every bank that uses Ripple's software for live payments has the everything else.

A friendly advice: it's you who should get a clue.

Ripple is not a cryptocurrency. It's some sort of bank coin. So I don't get why it is even on CMC - might as well put paypal there.

Perhaps you should do some research on the definition of crypto currency. Why bother being so opinionated, when you obviously haven't got the slightest knowledge of the subject?

Maybe you should take the 4 seconds yourself: Google what a cryptocurrency is. Then notice that it doesn't apply to Ripple.   

There was no reason for it ever to have so high value. It's 100% speculation - as such it can crash as quickly as it rose - for no other reason than speculators changing their mood.

You're hopeless. It's the same thing as arguing with a religious fundamentalist. What do you want me to answer to that "It's 100% speculation" claim? Bitcoin is not speculation? Ethereum is not speculation? Are you serious?

Do you know how Ripple Consensus Ledger works? Do you know how it can be used to route transactions through Interledger Protocol from private bank ledgers via Escrow? Do you know how PayChan works?

Get a fucking clue.

Yes, if you can't argue against what I said, then best invent points I've never made and then defeat them.


Which means it's not a cryptocurrency, but a private bank coin. Did you actually look up yourself what you said I should?

wow. amazing explanation. thanks for sharing this info.

That's exactly what I thought. It makes no sense for banks to use XRP, and a public network would be a huge bottleneck (even if in the future this might happen). It's said that XRP was created to prevent spam, but you don't need it in a permissioned network.
Mentioning crypto currency to bankers only put question marks over their head ( ??? ??? ::)) and it's a pretty bad strategy.

But without XRP, how does Ripple solve correspondent banking problem?
An IOU would be like nostro/vostro accounts, and if there is not a direct trust relationship you would still have intermediaries.

Our initial approach was to pitch to FI's to do all their transactions on a public ledger. Most of them saw the advantages, but they didn't like the loss of privacy, scalability, ability to customize rules, and so on. So we changed our approach.

But the opposition to crypto currencies is slowly changing. We're finding that FI's are becoming more and more receptive to crypto-currencies. Being able to use them off-ledger helps a lot. Most of what they're opposed to comes from the blockchain/ledger part, not the crypto-currency part. And, who knows, they may even come around on that part over time.



There are a lot of different problems all tangled up. You don't have to solve all of them to have a viable product. For example, just the lack of pre-transfer setup is a big enough problem that you could have a viable banking payment product just by solving that. Just the lack of transparency into the status of a payment is a big enough problem.


Right, and the point of ILP is that the intermediary doesn't have to be trusted, so you can use *any* intermediary. Likely, day one the intermediary for almost all payments will be whatever intermediary it is today. Maybe that's the sending bank's FX desk. Maybe it's a correspondent. So you'll get the setup/transparency benefits, but not FX/intermediary cost savings.

But the point is that you've changed the ground rules. You could argue that the Internet won't really change anything -- the same customers will access the same data, they'll just do it more quickly and in a standardized way. First, that's a big win. But second, once you have a common way to plug customers into data, you can add all kinds of new customers and new data that you didn't have before. Same here. Day one, the funds will take the same rails. But very quickly, new intermediaries and new services will pop up because they have a framework to plug into.

Just as the Internet made it possible for anyone to provide data to any user, Ripple could make it possible for any intermediary to bridge payments between any endpoints.

Thanks a lot JoelKatz. very transparent and informative as always!

some more questions. =)
could you mention what they are opposed from the blockchain/ledger part? is it just what you mentioned above (privacy, ...) or are there other things?

I also don't think that bankers are against using a crypto currency, but I think there are at least two things in order for them to use it:
1. they must know how the money supply works, who has control over it, how it will be distributed. I think they can eventually use a cryto currency, but one THEY have control over it. I think it will be very hard for them to use one crypto currency that a company has control, because they would be to vulnerable.
2. the currency should be regulated. Who can create it. And this is a big problem when we consider many countries. Maybe there would need to be a member of each central bank that is using the network.

yes. cost, transparency and time. SWIFT gpi tries to solve transparency and time, but for what I saw they solve transparency and improves time for same timezone for the same day, but it still takes longer than Ripple that settles in seconds.

I'm wondering how Ripple reduces cost comparing to correspondent banking, as I highlighted your comment below.
Don't you have market makers in the permissioned network? If not, why not? Why would banks not allow market makers? It would be risk free for them, right? and it would also reduce the transactions' cost.

I think Ripple probably has potential to reduce infrastructure cost, right?

I hope it happens. I really hope the project works. :)

XRP is an outright scam. Ripple themselves stated XRP is not needed to transact on Ripple. Proof is their own website https://ripple.com/xrp-portal/
Most people believe that, if banks use ripple, they buy XRP too. But why would they if it's not needed ?
XRP was released as a token for the same reason some of these projects release coins for their own projects, even though it is not needed and has no reason to exist outside speculation; to make money. So basically they hope people will use it ( as what, i don't know, certainly not as money because ripple is a private company, not an open source project ).

For people to understand what i mean, the same situation was with a developer team that released a project on ethereum platform, a team called ether.camp. They released a project on ethereum called the virtual accelerator . The project is okay-ish, except that they released their own token which has no usage whatsoever if you don't take into consideration speculation.
For a token to exist on a platform, it needs a purpose. Most existing projects aim and hope they will become currency, and that's a reason enough. But some projects, like Ripple, even though they're good as technology and have usage, they don't need their token for their platform to work. Imagine ether wasn't needed on ethereum platform. Or bitcoin wasn't used/accepted as a currency in some places.

Do your research before buying into these kind of projects, they can make you money via speculation but you can lose more than you can gain, because you're not a whale to control the manipulation.

Andreas Antonopoulos explained what Ripple is pretty well: "Blockchain vs. Bullshit (https://www.youtube.com/watch?v=SMEOKDVXlUo)"

The rise gradual rise in PPS over the past month or so is due to years of development and now finally adoption by multiple banks.

The fact is these banks collectively could buy out the XRP surplus at these prices and that very well may be happening.

Ripple has introduced a platform and a coin for banks & it makes sense users/banks would maintain use of the XRP.

This is incredible and the value of this project has not yet been realized, just a matter of time before Google kicks in, if I recall they were involved in this project from the very beginning.

For those that called a P & D last time good luck not making any money.    

I think you didn't read what JoelKatz just wrote, or you are just telling lies to deceive people to buy XRP.
Banks have NO intention to buy or maintain XRP.

How high do you think the latest rise will go?

yeah perhaps you should get someone to interpret what he said to you...

Where did he rule out XRP ?

It really all comes down to being forced to accept things they didn't like. The things they were forced to do were:

Hold an asset they didn't understand.
Transact according to rules they had no say in.
Rely on third parties they had no contract with.
Have no guarantees regarding reliability.
Have little or no say over the way the rules might change.

And there were a lot of objections relating to the specifics of particular proposals.

For example, for bitcoin, many didn't like the involvement of the Chinese. For all they knew, North Korea might have a major investment in mining. And, of course, Ripple couldn't guarantee that people wouldn't trust validators run by North Korea.

The particular proposal Ripple was making used on-ledger, non-XRP assets. The major specific objections to this system largely boiled down to its complexity. Having to mirror part of your private ledger into a public ledger coupled with the uncertain legal status of obligations on the ledger was a problem. Did RCL actually represent a legally valid debt? Or was the debt a separate thing from the ledger entry? Could they legally hold a volatile asset like XRP, even to pay fees? And so on.

Many of these objections have faded over time. Some of them are still just as prevalent today as they were then. ILP answers almost all of these.

Thank you very much!

So far, for what I monitored it in bittrex last night xrp was 0.00004BTC I don't know if it is pumping only or what?
of to all xrp holders it is favored to them because they can set their xrp to sell it for them to get their profit.

At least the news has made many traders/investors of Ripple quite happy, the price surge after the news broke almost double the value from what is was a week ago. And gladly I also had a small amount of Ripple at poloniex which I sold for some decent profit. So lets see how it goes from there now, if it is just a bubble or actually a step towards bigger things.

I wonder what's going on with XRP, keeps tanking, maybe because of BTC?

Should we expect a rise and buy more, what's your opinions?

how is xrp "tanking"?

Well I hope I deceived many into buying cause they sure would have made a lot of money ; )