This appears to have been driven at least partially by a popular rumour on the internet - that an upcoming upgrade on the SWIFT network will make Ripple products available to around 4,000 extra banks. A SWIFT spokesperson told Finance Magnates on Tuesday that these rumours are untrue.
Market Fundamentals
To get the underlying factors out of the way: Ethereum has been number two in the cryptocurrency rankings as consistently as Bitcoin has been number one. XRP overtaking it in value, however briefly, was quite a coup.
However, it is not so surprising. Over the last year, Ethereum has been declining in value due to competition from new smart contract platforms, and upgrades which seem to be permanently stuck in the 'coming soon' stage. Ripple, on the other hand, has been signing deals with major financial institutions left, right and centre.
The Upgrade
The SWIFT upgrade is an add-on to its GPI system. GPI stands for global Payments innovation, and it was launched in January 2017 to speed up the notoriously slow cross-border payment network, which has been the world standard since the 1970s. Harry Newman, SWIFT head of banking, told the Financial Times in June: “It is no secret that correspondent banking is a 1998 model and we are busy addressing that, bringing it to a 2018 model." This system is already used by a large proportion of banks on the network.
The upgrade is a technical one, attaching a tracking reference to all transactions. It was announced in March 2018 and will be enacted on the 18th of November.
Finance Magnates reached out to SWIFT. A spokesperson for SWIFT (specifically, an employee of public relations company Finsbury) responded: "I’m not sure where those rumours are coming from but the upcoming standards release ... is entirely unrelated to RippleNet. Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time."
A source close to the matter told Finance Magnates that having checked with both parties, no evidence could be found of an integration.
What Are These Rumours Then?
This Twitter user is excited because a SWIFT board member left his job at HSBC to work with Ripple:
1. Has swift partnered with Ripple? Marcus treacher who is on swifts board leaves hsbc to work with ripple. Also swift have recently stated xborder payments can settle within seconds which is worlds apart from the 30+ mins stated on the last pic, THREAD $xrp $xrpcommunity $btcpic.twitter.com/edKGO6oxGA
One driver of the rumours is a popular Twitter user called 'SamIam', whose secondary username is '@ripple_me_this'. Like the previous Twitter user cited, Mr. Iam posts enthusiastically about XRP/Ripple several times every day. The gloating Twitter post (the one in which the word 'wave' is misspelt) seen at the beginning of this article is one of his.
Both of these users argue that software provider Temenos is the link between Ripple and SWIFT, being as it is a partner of both. SamIam explains (try to ignore that he does not know the difference between 'your' and 'you're'):
Finance Magnates has reached out to Temenos and will update this article when a reply is received.
YouTube videos also abound with the integration theory:
Featured in the above image is an old Twitter post from Ripple's Chief Technical Officer, which is pointed to as evidence by the individual that posted this video.
Additionally, a cryptocurrency news outlet called Coinnounce has published several articles on this subject. It has pointed out that a SWIFT technical upgrade on the 21st of September led to a price spike in Ripple, that the two companies have very similar aims, and that a representative from Ripple is taking part in a panel discussion at a banking conference (AFP Chicago 2018).
True or not, the speculation is not harming the price of XRP:
The common understanding is that Ripple and SWIFT are competitors. Or is this writer just spreading FUD?
Getting pretty tired of the utmost stupidity, hostility and delusion every anti #SWIFT / @Ripple collab tweet attracts.
Please free to unfollow if you insist $XRP is $589 by eoy and #SWIFT switches on #xRapid by Nov 18th.
Don't need that toxicity on my feed.
— Crypto Joe (@Dave_Jonez_02) November 7, 2018
XRP, the cryptocurrency associated with payment network Ripple, temporarily overtook Ethereum in market capitalisation earlier on Tuesday.
This appears to have been driven at least partially by a popular rumour on the internet - that an upcoming upgrade on the SWIFT network will make Ripple products available to around 4,000 extra banks. A SWIFT spokesperson told Finance Magnates on Tuesday that these rumours are untrue.
Market Fundamentals
To get the underlying factors out of the way: Ethereum has been number two in the cryptocurrency rankings as consistently as Bitcoin has been number one. XRP overtaking it in value, however briefly, was quite a coup.
However, it is not so surprising. Over the last year, Ethereum has been declining in value due to competition from new smart contract platforms, and upgrades which seem to be permanently stuck in the 'coming soon' stage. Ripple, on the other hand, has been signing deals with major financial institutions left, right and centre.
The Upgrade
The SWIFT upgrade is an add-on to its GPI system. GPI stands for global Payments innovation, and it was launched in January 2017 to speed up the notoriously slow cross-border payment network, which has been the world standard since the 1970s. Harry Newman, SWIFT head of banking, told the Financial Times in June: “It is no secret that correspondent banking is a 1998 model and we are busy addressing that, bringing it to a 2018 model." This system is already used by a large proportion of banks on the network.
The upgrade is a technical one, attaching a tracking reference to all transactions. It was announced in March 2018 and will be enacted on the 18th of November.
Finance Magnates reached out to SWIFT. A spokesperson for SWIFT (specifically, an employee of public relations company Finsbury) responded: "I’m not sure where those rumours are coming from but the upcoming standards release ... is entirely unrelated to RippleNet. Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time."
A source close to the matter told Finance Magnates that having checked with both parties, no evidence could be found of an integration.
What Are These Rumours Then?
This Twitter user is excited because a SWIFT board member left his job at HSBC to work with Ripple:
1. Has swift partnered with Ripple? Marcus treacher who is on swifts board leaves hsbc to work with ripple. Also swift have recently stated xborder payments can settle within seconds which is worlds apart from the 30+ mins stated on the last pic, THREAD $xrp $xrpcommunity $btcpic.twitter.com/edKGO6oxGA
One driver of the rumours is a popular Twitter user called 'SamIam', whose secondary username is '@ripple_me_this'. Like the previous Twitter user cited, Mr. Iam posts enthusiastically about XRP/Ripple several times every day. The gloating Twitter post (the one in which the word 'wave' is misspelt) seen at the beginning of this article is one of his.
Both of these users argue that software provider Temenos is the link between Ripple and SWIFT, being as it is a partner of both. SamIam explains (try to ignore that he does not know the difference between 'your' and 'you're'):
Finance Magnates has reached out to Temenos and will update this article when a reply is received.
YouTube videos also abound with the integration theory:
Featured in the above image is an old Twitter post from Ripple's Chief Technical Officer, which is pointed to as evidence by the individual that posted this video.
Additionally, a cryptocurrency news outlet called Coinnounce has published several articles on this subject. It has pointed out that a SWIFT technical upgrade on the 21st of September led to a price spike in Ripple, that the two companies have very similar aims, and that a representative from Ripple is taking part in a panel discussion at a banking conference (AFP Chicago 2018).
True or not, the speculation is not harming the price of XRP:
The common understanding is that Ripple and SWIFT are competitors. Or is this writer just spreading FUD?
Getting pretty tired of the utmost stupidity, hostility and delusion every anti #SWIFT / @Ripple collab tweet attracts.
Please free to unfollow if you insist $XRP is $589 by eoy and #SWIFT switches on #xRapid by Nov 18th.
Don't need that toxicity on my feed.
— Crypto Joe (@Dave_Jonez_02) November 7, 2018
‘Bitcoin Jesus’ Arrested in Spain for Evading $48 Million in US Taxes
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔