Ripple (XRP) takes on Brazil with Japan’s MUFG bank

Ripple (XRP) takes on Brazil with Japan’s MUFG bank

According to court documents, the defendants include Ripple Labs, XRP II, LLC (Ripple company's subsidiary and "a registered and licensed money service business (MSB)"), Ripple company CEO, Bradley Garlinghouse, Ripple co-founder, Christian Larsen, chief financial officer at Ripple Labs, Ron Will, former chief compliance officer at Ripple Labs, Antoinette O'Gorman, and SVP Global Operations at Ripple, Eric van Miltenburg.

At this rate of progress, XRP came closer to the market cap of the second-largest currency, Ethereum, now counting over 20 billion dollars in market capitalization in oppose to 21 billion that ETH currently has.

Brad Garlinghouse appeared on Bloomberg TV, and the conversation turned to his company's cross-border payment service. However, it will continue to focus on solving customer problems as of now.

In a bid to promote the virtual currency, Garlinghouse participated in the Singapore FinTech Festival. Just like a typical salesman, he told Bloomberg that XRP was 1,000 times faster and cheaper than Bitcoin. The XRP evangelist compared the two cryptocurrencies, encouraging anyone who cared to listen to give XRP a try.

"What we're doing and executing on a day-by-day basis is, in fact, taking over SWIFT". Ripple's place in all that is very much to be determined, while SWIFT remains the primary means of large and small transfers across borders, at least in the countries it legally operates in.

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His words were that Ripple wasn't trying to work with SWIFT but overtake it as the leading banking network in the world, because traditional systems were produced decades ago, and haven't really evolved since.

Today, the market cap of XRP has jumped to $21B United States dollars, running neck and neck with Ethereum, whose MCAP hovers around $21.5B USD. However, the price of XRP has plummeted after many exchanges readjusted at the end of last year's bull run.

Attorneys representing American fintech company, Ripple Labs, have filed to move a consolidated class-action lawsuit initiated by XRP investors against the payments technology firm to USA federal court. Indeed, the product guarantees instantaneous transaction confirmation at every stage of cross-border payment.

Court documents released by Ripple's lawyers on Wednesday noted that the ongoing legal dispute over XRP tokens should be shifted from the San Mateo Superior Court to the U.S. District Court, Northern District of California.

Moreover, the crypto touched a new low back in mid-September, going far below its current value of 0.50$ and going down to touch 0.26$ per one XRP.

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