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Here’s Why Ripple (XRP) Could Be More Important Than Bitcoin (BTC)

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Ripple XRP

Bitcoin is riding high this week but it’s far from the only cryptocurrency to be gaining strength. A number of so-called competitors to bitcoin – Ethereum, Litecoin, Dash, etc. – have been running and, in many cases, these runs are strongly justified.

One that we like in particular is Ripple.

Here’s a look at the action in Ripple of late with a discussion as to where we see the company and its representative token going near term.

This is one of the most commonly misunderstood cryptocurrencies on the market today. For all intents and purposes, and at a glance, Ripple looks very similar in terms of construction and set up to bitcoin and Litecoin. Ask somebody why Ripple is required when these latter two already exist and you’ll probably see that person struggle to muster up any substantial response.

Common perception, in other words, doesn’t do Ripple justice.

In reality, Ripple has the potential to be one of the most game-changing tokens on the market. Sure, it’s similar to bitcoin in that it’s designed as a means of exchange but, implementation, it’s completely different.

Ripple Chart

Ripple Chart

Ripple is designed to facilitate cross-party exchange. That’s its primary use case. Say a bank wants to send somebody to another bank from one currency to another, Ripple can serve as an intermediary for this exchange. The first bank converts its USD in XRP (the unit of exchange associated with Ripple) and the second bank converts the XRP that it receives into EUR.

Sure, this can be achieved with bitcoin but, because bitcoin transactions require verification through the mining process, said verification can take a considerable amount of time – 10 minutes, 30 minutes etc.

With Ripple, the transaction verification is done in-house (by Ripple) so that the process takes seconds.

This makes it a far more efficient transaction method and it’s why Ripple has served as the basis of a large number of experiments with banks and various other financial institutions in the cryptocurrency sector.

So what’s happening at the moment with XRP?

Well, XRP is actually down against both BTC and the USD over the last twenty-four hours or so but, when you extend this to a year to date timeframe, XRP rises more than 3,500% against the dollar.

This run is representative of a cryptocurrency that’s slowly but steadily gaining traction in the market based on the fact that it’s got a very specific use case – something that coins like bitcoin and Litecoin don’t really have.

To put all this another way – banks hate bitcoin but the same banks love Ripple. That’s going to help XRP considerably in the long term as the traditional financial entities push to adopt cryptocurrency-type technology against a backdrop of the necessity for innovation.

The current XRP price (against the USD, this one’s trading for about $0.25 right now) may be down on the last twenty-four hours, then, or even the last 30 days, but any dip could be a great opportunity to pick up an exposure to the coin in anticipation of the sort of wide-scale integration of the Ripple protocol into the current mainstream that we expect long-term.

There’s also an ongoing (and very convincing) campaign to get XRP on Coinbase. If this happens, and there’s a chance it might early next year, it’s going to serve as an immediate upside catalyst for the coin on announcement.

Keep in mind that there’s a good chance we’re going to see some real volatility as the price of bitcoin continues to dominate sentiment in this sector and we’re likely in store for a steep correction at some point over the next few months.


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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

 

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

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

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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

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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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