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

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Ripple

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

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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