There is confusion in the IOTA camp right now as the co-founder of the IOTA project, Dominik Schiener has said that IOTA does not have any partnership with Microsoft. In an interview with TNW as excerpted on www.cryptocoinsnew.com, the IOTA Chief reiterated:”We have never mentioned that any of the companies which are participating in the marketplace are our partners. We can call them participants. We are in touch with multiple divisions at Microsoft (Chicago, Paris, and Munich). We are hosting two meetups today in Chicago and on Thursday in Paris which are hosted at the Microsoft offices.”
It appears statement of the IOTA chief has been having a bearish effect on the IOTA price. At press time, as recorded on CoinMarketCap, the IOTA price is at $4.32 which is approximately an 8.55% decline.
In another development, the Ripple Altcoin is currently sitting at number four spot on the cryptocurrencies chart as recorded on CoinMarketCap. Since the beginning of the huge Bitcoin upward trend that has now placed the Bitcoin Price at the $17,000 price region, many established Altcoins have been mere shadows of themselves. However, this is not to say that there have not been minor upward price movements in the altcoins ecosystem. On December 12, Ethereum made a new all-time high with the Ethereum Altcoin price hitting $635, pushing the Ethereum trading volume to over $5 billion.
Word of Mouth Tendencies; Korea, Japan Pushing Ripple higher
Most South Korean investors usually take investment decisions by word of mouth. For instance, if a Korean Buys Bitcoin and Moves on To tell his friends, his friends would also go ahead and buy Bitcoin too. Tony Lyu – Korbit CEO, has also talked about this word of mouth phenomenon. The CEO has reiterated that when critical cryptocurrencies like Ripple skyrockets by over ten percent in the Korean markets, several other investors would rush to buy the crypto too, and this action usually triggers a bullish rally in the short-term price and trading volume of the Altcoin.
The Ripple price rally is also partly creditable to the fact that Korean and Japanese based financial institutions and banks are using the Ripple to carry out payment trials. The three most significant cryptocurrencies exchanges in South Korea which are: Bithumb, Korbit and Coinone presently carry out over 50 percent of the total global ripple daily trading. It is estimated that the three exchanges process over $1.7 billion worth of transactions daily. This has greatly contributed to the high trade volume of the Korean exchanges as compared to the combined daily trading volume of Cryptocurrency exchanges like Poloniex, Bitfinex, Bitstamp, Binance and Kraken.
In another development, Today, Nikkei – a primary Japanese news company announced in a report that big players in Japan and South Korea’s financial sector would start testing the Ripple Blockchain to see its ability in processing payment transactions.
Since the beginning of 2017, Ripple Labs have made considerable efforts in helping many banks and financial institutions to implement the Ripple Blockchain technology, which according to experts is faster and also comes with cheaper transaction fees as compared to Bitcoin. It is reported that at present, many Japanese banks and 61 other corporations are set to adopt the Ripple Blockchain technology.
It is important to note that In July 2017, the global head of strategic accounts at Ripple stated that:
“We recommend these banks in Japan for taking a giant step forward on behalf of their customers. This is a great example of regional banks converging into a global real-time payments network for the greater good.”
As reported by www.cryptocoinsnews.com, the Ripple implementation will continue, and if all goes according to plan, the Ripple price could even surge higher in the coming weeks.