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How is Q2 of 2018 going to Change Ripple (XRP) Future?

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Ripple
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Ripple is unarguably one of the most stable cryptocurrencies as well as the most popular altcoins that currently exist in the cryptocurrency market. The first quarter of this year has been rough to several cryptocurrencies, preponderantly due to severe fluctuation in Bitcoin’s price in January. Bitcoin, being the most popular and influential cryptocurrency till date, maneuvers the individual price and market capitalization of a significant number of altcoins. Therefore, with Bitcoin’s turmoil, nearly the entire crypto-market suffered from drastic losses and volatility. Fortunately enough, Ripple is one of those currencies that is completely independent of Bitcoin’s influence and is capable of showing stability amidst the market mayhem.

The principal characteristics that are behind this currency’s massive popularity among users are its significantly lower transaction fee, faster transaction system, and a very transparent blockchain platform that offers all the necessary information to their traders in an unadulterated manner thereby providing the investors to make the right call during trading. Hence, it is no surprise that Ripple would publish an extensive update about their current position after Quarter1 (Q1) and their plans for Q2. On 25th April, the Q1 report was published by Ripple’s team. Here, you would find out some important facts from the Q1 report along with their plans for Q2 and how these new updates are going to change Ripple’s future.

Ripple’s Q1 Report at a Glance:

a. Quarterly Sales Amount: Despite the severe unrest all over the cryptocurrency market, Ripple has managed to hold its usual position during the first quarter with some sporadic slipups. According to their report, an amount of 16.6 million USD worth XRP was directly purchased by the market participants during this quarter. Moreover, the Ripple team was able to sell $151.1 million worth Ripple coins as a small percentage of their overall exchange volume.

b. Escrow Account: During this period, Ripple was released from an online escrow account which is cryptographically secured. Nearly 3 billion XRP was released from this account among which 2.7 billion was put back into new accounts and the remaining 300 million were used in various ways to ameliorate Ripple’s ecosystem.

c. Market Share: Where most of the cryptocurrencies struggled with keeping their market capitalization stable, Ripple doubled their share of market cap from 3.56 % to 7.57% during this period. This trend began by the end of 2017. Moreover, XRP’s overall market volume grew considerably during Q1 from 5.3% to 6.9%.

d. New xRapid Customers: Ripple’s development team announced five new pilot customers during this period including Western Union, MercuryFX, IDT, MoneyGram, and Cambridge Global Payments. These pilot customers have been proved extremely effective so far in lowering liquidity cost and increasing transaction speed.

Besides these four major events, there were significant changes in Ripple’s price index due to various global events during quarter 1.

Awaiting Events for Ripple in Q2:

Since the beginning of Q2, Ripple’s development has been terribly busy in implementing new features and commencing new lucrative partnerships. A few weeks ago, Ripple got engaged in a collaborative partnership with the blockchain consortium in order to provide a significant advantage to the developers. According to their current roadmap, these three months are going to be very eventful for this coin. Some of the major events that have happened so far in Q2 or about to happen include:

  1. Major Partnerships: Due to XRP’s smart payment solutions, new companies are making effort to engage in lucrative partnerships with this currency. At the moment, the names of five major companies including FairFx, RationalFX, UniPay, 4Free, and MoneyMatch have already been announced by Ripple’s team. Once these partnerships take place, Ripple’s xVia, which is already very popular for providing lightning fast cross-border transaction, is likely to become even more efficient and quicker as well.
  2. Adulation from MercuryFX: MercuryFX is considered one of the most reliable global currency specialists in the market. After the implementation of xVia in Ripple, Ripple has been offering a flawless and inexpensive transaction system along with a low liquidity cost. Very recently, which happens to be in the second quarter of the financial year, MercuryFX praised Ripple by mentioning it a “first-class” liquidity solution and transaction facility to the traders. This will invariably affect several crypto-traders and compel them to opt for this currency.
  3. Blockchain Week in New York: Ripple to organize a VIP meet-up event in New York shortly named as the Blockchain Week. A significant number of developers, educators, exchanges, crypto-connoisseurs, and traders are going to take part in this event. By being the host of this meet-up Ripple is likely to grab the attention of several investors, global organizations, and cryptocurrency exchanges. However, this meet-up is a private event, 10 tickets were offered to the twitter account holders to encourage active participation.

Current Scenario of Ripple:

Ripple currently holds the third position on Coinmarketcap with a market capitalization of nearly 33 billion USD and individual coin price of approximately $0.84 (as of 30th April 2018). The announcement of the recent partnerships and events has been able to produce a steady upward trend in its price chart.

Final Thoughts:

Ripple has always been preferred by a group of traders because of its risk-free and stable nature. With the new partnerships and globally renowned organizations as their customers, Ripple’s blockchain system is likely to provide even more efficient and flawless transaction system to their holders. If the Q1 and Q2 are just mere indications for what the future holds for this coin, current XRP holders can surely be hopeful.

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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.

Image courtesy of Maxamillion Sterling via Flickr

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Blockchain-Focused ETF Arrives on London Stock Exchange

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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.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Jeff Bezos
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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.

Bitcoin as a divorce tool?

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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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

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.

Calculate your total gains

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