In the cryptocurrency space, communication between the entities associated with a coin and the community that supports the coin can be the difference between strength and weakness from a market capitalization perspective.
We’ve seen seemingly worthless coins gain traction purely because their developers can talk a great game and market a strong vision, regardless of any behind-the-scenes operational advance.
We’ve also seen the exact opposite – a coin fail despite the company behind it making strides toward operational milestones because the team that’s hitting on the milestones can’t or won’t communicate advance to the community.
One company stands out above the rest (we’re talking the top twenty coins here) as being incredibly efficient at letting its community of supporters (and, indeed, the wider markets) know what’s going on behind the scenes. Further, the same company is knocking down milestones day after day and, as far as we’re concerned, is the best play in the sector from a proven enterprise use case perspective.
That company is Ripple (XRP).
Ripple hasn’t been immune to the recent wider market weakness – far from it. XRP dipped from more than $3.60 a piece at the start of January to around $1.13 on the 17th of the month – a close to 70% decline. Indeed, the coin was one of the hardest hit in the space.
Over the last few days, however, XRP has staged something of a recovery and currently trades for a little over $1.40 a piece. That’s a close to 25% run on lows and gives XRP a market cap heading into the latter half of this week of just shy of $55 billion.
And what’s behind the recovery?
You guessed it – company to market communication.
Yet again, Ripple has lived up to our expectations and spent some time putting together this series of updates, designed to inform markets as to exactly what the company is trying to do, where it fits into the global infrastructure and – just as importantly – where the XRP coin sits in the grand plan.
The report is in three parts, available here (part 1), here (part 2) and here (part 3), so anyone looking to really get an idea of why this company is making waves (we’d have loved to have said ripples here, but avoided the temptation, sort of) in the global financial and commerce industries should spend a bit of time with each part.
By way of a brief summary, however, Ripple is trying to bring about what’s called the Internet of Value. That sounds grand, and it is, but conceptually it’s actually remarkably simple – the company wants to provide the infrastructure that allows for the transfer of value as quickly, easily and cheaply as the current infrastructure allows for the transfer of data.
In other words, we can send emails, images, sound, pretty much anything, at the touch of a button and practically instantly anywhere and at any time.
When it comes to sending value (so, money), be that within or across borders, the process is slow and antiquated.
The technology that Ripple has built brings value transfer in line with data transfer and XRP is what is being used to both allow for the creation and the development of this technology (through payment for developers, that sort of thing) as well as serves as an already proven value transfer asset that can integrate with Ripple’s core technology.
Bottom line here is that this is a company and a representative cryptocurrency that has proven that this technology can be used to drag antiquated systems, even those as well entrenched as global value transfer into the modern world – something that many other companies are trying to do right now but are yet to achieve.
For these reasons, we’re maintaining a strong long-term bullish bias on XRP.
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
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…