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Here’s Why The Ripple (XRP), SBI Deal Is So Important

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“Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset… I strongly believe it will become the global standard in digital currencies.”

That’s what Yoshitaka Kitao, CEO and Executive Chairman of SBI Holdings, said in August 2017. SBI is a financial services company group based in Tokyo, Japan and its subsidiary, SBI Securities, is Japan’s largest online securities company with more than 4 million brokerage accounts.

XRP Daily Chart

XRP Daily Chart

Fast forward to January 30, 2018, and SBI launched SBI Virtual Currencies – an exchange with the following remit: to provide a respected and reliable exchange for both its institutional customers and individual digital asset buyers in Japan.

And here’s what’s important – the platform has launched with XRP as the only digital asset supported.

Why is this important?

Well, as per the report that outlined the development, SBI VC is looking to join the xRapid ecosystem — which is Ripple’s enterprise-grade solution — to help institutions source liquidity for cross-border payments between Japan and the rest of the world. In line with this, Ripple will integrate SBI VC’s APIs so that xRapid users can convert XRP to JPY and JPY to XRP instantly through SBI VC.

We’ve written numerous pieces on the various partnerships that Ripple has secured with big-name institutions and the impact that these partnerships could have on the company long term. What we’ve written less about, however, is the uptake of XRP as an integral part of what Ripple’s proprietary technology is trying to achieve and – in turn – the potential for long-term upside revaluation for XRP going forward.

This deal, outlined above, is one example of exactly that.

There’s a reason that SBI has decided to go with XRP as its launch-token and that’s that it’s one of the only cryptocurrencies that has been developed in line with a specific enterprise use case and that – and this is important – it has been validated against this use case time and time again.

Sure, we’ve seen white papers tell us why such and such a coin is going to be the next big thing in privacy and anonymity. Sure, we’ve seen companies tell us which institutions they intend to knock off the top spot in their respective industries.

What we haven’t seen, however, outside of Ripple and XRP, is a company and its underlying token perform against (and, indeed, outperform against) its own targets and the expectations of the community that supports it.

Right now, XRP goes for $1.12. That’s a close to 9% discount on its price this time yesterday and a huge 66% from highs recorded at the start of this month. Sure, these highs included the premiums that South Korean exchanges applied to the markets, but even excluding this premium, Ripple is down considerably. It’s not the only coin that is, of course. Despite that, twenty-four-hour volume is well above $1.56 billion.

In line with the overarching decline in the market, people are looking at some incredible discounted entry opportunities right now. With that said, this isn’t a time to just pick up any coin – there are some real winners when this sort of thing happens and these winners are those coins that have declined in line with the overarching market weakness but that, at the same time, have advanced fundamentally.

Ripple, as far as we see it, checks both of these boxes.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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.


Image courtesy of Ripple

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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