The future of Ripple (XRP) might bring some serious changes to this digital currency. For now, most of what is expected to come only includes positive effects for this crypto.
It might sound strange, but in the world of cryptocurrencies, Sundays have always been regarded as “bad days”. A lot of traders noticed that, on Sundays, there is always a noticeable decline in the market’s volume.
Despite the fact that this theory seems a bit unreal and almost like a product of paranoia, a careful look can pretty much confirm the theory. Let’s take Bitcoin (BTC) as an example. It is trading at around $9,294, while it still manages to keep its level at $9,000. It basically went down for about half a percent within only 24 hours.
Other cryptos are also acting unusually, with Ethereum (ETH) is seeing its token value at $676, while even Ripple (XRP) went to $0.85. However, when it comes to Ripple, at least, things might change a lot real soon.
Ripple’s situation might change
Throughout the crypto world, there have been certain rumors and predictions about what might happen soon. There was a massive awareness that Japan’s SBI Holdings company really likes and supports Ripple, for as long as anyone can remember. Another piece of the puzzle includes an information that the SBI Holdings plans to launch additional crypto exchange, or maybe even two of them. What’s important about this is the fact that, if they do so, they will use Ripple trading as the exchanges’ base.
SBI’s original intention was to enter a partnership with Huobi in order to open these two exchanges. However, since crypto regulations regarding the exchanges are rather strong in Japan, the company gave up on that deal. Instead, they decided to try and complete this project on their own, which led to the creation of their exchange called SBI Virtual Currencies. They did it in order to improve their project’s security.
According to some speculations, it is possible that the project will see its launch during the Summer of 2018. Another thing that is expected here is that the exchange might enter FIAT/XRP pairing with other Asia’s big currencies. What this means is that Asian countries of Japan, that uses Yen, and South Korea, which uses Won, might end up trading with each other directly through XRP.
XRP is popular in Asia
XRP is seen as one of the biggest cryptocurrencies in the market right now, and the majority of that popularity comes from Asia. For example, some estimations claim that over 3.5 million XRP traders and holders are Japanese. They, of course, use other currencies as well, but XRP seems to be a local favorite for this area.
As for South Korea, its influence on the crypto world and market was experienced first hand when the government decided to ban digital currency trading. The end result was that the markets seriously tanked before anyone realized how big of a deal it will really be.
With that in mind, it is safe to say that the confirmation of SBI Holdings’ exchanges and their use of XRP/FIAT will also have major consequences. This will probably have a very positive result for Ripple, and it is estimated that its price might go up to $10 before the year ends. Obviously, this will be a great win for XRP, and the only thing standing in its way right now is time itself.
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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 own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
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In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
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These three tips should help anyone looking to legally report their crypto activity to figure out where to start.
Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
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