The cryptocurrency market is currently sitting just above $210 billion this morning. While mainstream media is heavily focused on cannabis at the moment, blockchain companies are still making moves in the background. Today, we’ll take a closer look at Ripple (XRP) and Litecoin (LTC) and the latest advancements with the two projects.
Ripple (XRP)
Ripple and XRP are often confused as the same and are often grouped together because what Ripple the company does ultimately affects/influences the price of XRP.
Less than a month ago, Ripple revamped its website to solely focus on RippleNet. RippleNet has just expanded its xRapid platform that uses XRP as liquidity for financial institutions. While its xCurrent platform currently has over 100 banks and financial institutions signed up and testing its XRP-less platform, Ripple’s goal is to eventually transition these institutions to RippleNet.
RippleNet lets financial institutions pre-fund liquidity with either fiat currency or the digital asset #XRP saving time and money. https://t.co/WwAOL1SRzz
— Ripple (@Ripple) October 12, 2018
Ripple’s press release explained why using XRP is crucial for cross-border transactions:
“Pilots in the crucial U.S. to Mexico remittance corridor using XRP as a digital asset demonstrated savings of 40-70% compared to traditional costs. At the same time, it helped lower settlement times from two to three days to just over two minutes.”
At press time, XRP is currently trading at $0.465 a coin, up 0.34%, in 24 hours.
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Litecoin (LTC)
On Tuesday, LTC began trading on Gemini.
Trading LTC on @GeminiTrust begins tomorrow @ 9:30am EDT.
Make sure you have your coins ready! pic.twitter.com/jBcib51w4Q
— litecoin (@litecoin) October 15, 2018
Gemini is the cryptocurrency exchange owned by the US Olympian Winklevoss Twins. Gemini is currently the 42nd largest cryptocurrency exchange by its total trading volume on CoinMarketCap.
BTC/USD pairs still equate for over 80% of the exchange’s volume in the last 24 hours. So far, LTC/USD only makes up 0.73%, with a volume of $214,836. On the 15th when the announcement was made about LTC being launched on Gemini, LTC surged 10% in an hour but quickly corrected.
The Litecoin Foundation also just celebrated its 7th birthday on the 12th.
According to CoinMarketCap, LTC is currently trading at $53.00 a coin, down -0.40%.
Check back in for more Ripple and Litecoin news!
Featured Image: Depositphotos/© adriantoday
