Ripple XRP is once again trading as the third-largest cryptocurrency after the latest rise of Ethereum (ETH) that brought it back to its previous ranking, however, it appears that Western Union has some major plans for cryptocurrency with Ripple despite the crypto winter.
In the meanwhile, Bitcoin (BTC) is showcasing a downward trend despite the fact that the Dow Futures are showing a spike in the market, and Ethereum is struggling to keep up the positive pace of growth as the community is waiting for the long-anticipated Constantinople fork that has already been rescheduled two times.
Western Union is Experimenting with Ripple System Transfers
The readiness of Western Union to join the revolution led by the blockchain technology and cryptocurrency has been originally confirmed a while ago when one of the greatest payment processing institutions joined RippleNet.
Since then Western Union has been testing Ripple systems, primarily focused on xCurrent that doesn’t require a use of XRP.
According to one of the latest interviews, as published by Daily Hodl within Analyze Asia podcast, episode 284, Molly Shea, the general manager of Asia Pacific at Western Union, stated that the company is getting ready for the rise of cryptocurrency.
As Shea explained in the interview, the company needs to be ready to meet the demand and requirements of their customers, in case cryptocurrencies start to take off.
Molly Shea also added in the interview that the company is preparing in terms of regulatory compliance as well as from the technology perspective, stating that Western Union is preparing to meet the latest trends when it comes to transferring the value.
In that spirit, Asia Pacific general manager at WU, stated that the blockchain space and cryptocurrency market is rapidly evolving, which is why the company chose to experiment with Ripple and xRapid, which is the only cross-border system made by Ripple Labs that requires XRP.
For now, Western Union, according to Shea’s words in the interview, is piloting settlement tests with Ripple that involves the US dollar and Mexican peso.
In the meanwhile, XRP is still traded at the value of 0.30$, taking the third spot on the list of all cryptocurrencies with a weekly rise of over 3%.
Bitcoin Still Above 3,500$ Despite Previous Downward Trend, Ethereum Waiting for Constantinople
Back in mid-January Bitcoin failed to keep the trend upwards despite the fact that Dow Futures were set on a notable rise back at the time, however, BTC is still keeping its value above 3,500$, currently trading above 3,600$.
As many analysts indicate, the present price of BTC may be reflecting its true value, which is why the top cryptocurrency has been set around this price for months now.
The perks of having Bitcoin futures lies in the fact that we can see what the investors have to say about the future price of Bitcoin, and based on the state in the market as it was back in mid-January, investors don’t appear particularly hopeful on how thing may turn out for BTC in the future.
Moreover, analysts indicate that this trend may become dangerous for the upcoming futures of other top cryptocurrencies in case Dow Futures are to affect the price of crypto in a way it is said to be affecting the value of BTC in the market.
Ethereum 2nd-Largest Crypto Once Again as Constantinople is Set to Take Place in Late February
After postponing the long-awaited hard fork for the second time back in January after a serious vulnerability was discovered in the code, Ethereum network is once again preparing to implement the new changes with the upcoming update dubbed Constantinople.
Constantinople should prepare the network for crucial changes that should introduce Ethereum 2.0 to the community, smoothening the ecosystem for the announced Proof of Stake migration.
The team is now confident that there won’t be any further delays to this important update that should now take place once the block height reaches 7,280,000.
Based on the initial block height, the fork is set to become active somewhere between February 26th and February 28th.
Hudson Jameson, the head of developer relations at Ethereum, stated that the upgrade is hard coded and that everything should go as planned for clients for the upcoming fork, adding that there won’t be any additional delays to the upgrade.
As the market is showing a positive trend on weekly charts for majority of top trading cryptocurrencies, Ethereum is once again ranked as the 2nd-largest digital asset by market cap, showcasing a positive return of 18% in the course of the last 7 days.