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Crypto news brief: Billions of XRP transferred, Stellar makes progress as Tron burns tokens

Published

6 years ago

on

Crypto news tron ripple xrp stellar

As the world realigns itself towards a more virtual, encryption-protected way of doing business, traditional financial platforms are slowly losing their grip being phased out in the financial sector. Only those conventional players who are willing to adjust themselves to a more efficient payment system that is both safer and faster will be able to survive the current wave of cryptocurrency.

Ripple XRP News

Ripple as a blockchain technology and its coin, XRP as a currency represents one of those innovative technologies that are currently making headlines in the financial space. Although being in existence since 2012, Ripple (XRP) still solidly supports financial institutions and banks in their mission to provide faster and secure transactions that can be beneficial to their customers and each other.

As a project, Ripple is based on small free software that follows the development of a credit network based on the end-to-end paradigm. Individual Ripple nodes function as a local exchange network, in such a way that makes the entire system form a decentralized mutual bank.

In simpler terms, the Ripple blockchain network is a distributed social service that is grounded on the trust and honor of existing individuals in the real-world social platforms making way for financial capital to be based on social capital.

To other news, just recently, the cryptocurrency community was met by shocking news of the movement of almost $2.3 billion worth of Ripple exchanging hands between wallets yesterday.

The whole figure, which represents about 13 percent of the total number of Ripple coins in circulation, occurred in just two transfers, going by the information released by Twitter bot @XRPL_Monitor.

The first transfer recorded the exchange of about 2.1 billion XRP while the second is attributed to the difference, happened around 9:20 pm yesterday. Here is the tweet containing all the information of the first and second transaction respectively.

“Transaction Type: Payment

Amount: 2,139,999,979 XRP

Fee: 12 drops (0.000012 XRP)

Sender: rHYTJDFrbCU1i2yCENTg9yjUrHHGaYTB4D

Sender Balance: 20.998428

Receiver: r93oSNBKuFjuKt8GxhF8VYaGzzwsNDPaX5

Receiver Balance: 2,140,000,078,993

Link: xrpcharts.ripple.com/#/transactions…

11:17 PM- Aug 28, 2018”

Second Payment

“Transaction Type: Payment

Amount: 4,668,132,964 XRP

Fees: 12 drops (0.000012 XRP)

Sender: r9kkWNia8PmpR44L7mWZn33Hpff3CCzLjA

Receiver: rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US

Receiver Balance: 4,668,133,063,993

Link: xrpcharts.ripple.com/#/transactions…”

Ripple (XRP) loyalist was quick to notice the unusual change especially of the second transaction noting that the whole peer-to-peer transaction, however massive, cost less than a cent.

Stellar (XLM) and Ripple (XRP) News

Both Stellar (XLM) and Ripple (XRP) are remittance platforms and currency exchange that use a common ledger being supervised by an independent platform of validation servers that continuously look-out for transaction records.

The different exchanges do not rely on heavy computer energy and processing power like other cryptocurrencies such as Bitcoin use. Ripple (XRP) uses a HashTree network while Stellar (XLM) operates on the blockchain network. As such, they both have the individual potential to significantly improve some services such as the insurance, credit, Hedge funds, Forecasting, and Trading.

Apart from that, Stellar (XLM), recently announced that they had surpassed the 1 million active accounts mark, a major milestone for any cryptocurrency.

Another news worth noting is, both XRP and XLM were left out of a major crypto fund, the Morgan Creek crypto fund due to concerns on their level of centralization. Morgan Creek Digital is a digital asset management firm that strives to give pensions, endowment, sovereign wealth, foundations and wealthy families funds exposure using their Digital Asset Index Fund that they released recently.

The fund was launched recently in partnership with their fund manager, Bitwise Asset Management.

Tron News

On 27th August, the CEO and founder of Tron, Justin Sun was at it again, burning a total of $670 million ERC20 coins.

Announcing through his usual way, Justin tweeted:

“670,045,551.1449388 #TRX ERC20 token burnt by #TronFoundation”

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

on

December 27, 2023

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

on

December 22, 2023

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

on

December 1, 2023

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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