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Pros and cons of investing in XRP

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XRP

Despite all its troubles, XRP still remains as the third largest crypto per market cap, bested only by Bitcoin (BTC) itself, and Ethereum (ETH). As such, a lot of new investors believe that it is the perfect coin to buy. It is understandable why they would think so, after all, Ripple has a capable team behind it, it is the third largest coin, and it is cheap, being valued at $0.325557 per coin.

However, there is more to choosing the right coin than its position on the list and its price. In order to determine whether or not Ripple is truly a good investment, aspiring investors need to take an entire specter of different aspects into consideration. They have to pay attention to the coin’s use cases, its project, future plans, and more. Of course, not all of these things will always be the coin’s strong suit, which is why you often have to make a list of pros and cons, and then decide whether the coin is worth the risk or not.

With that in mind, we have prepared some of Ripple’s own pros and cons, in order to determine if it is really a good investment or not.

Ripple pros

1) Ripple (XRP) works and is ready for adoption

To start off in a positive mood, we will talk about the XRP protocol. It was piloted with Ripple’s xRapid product, and the results of the tests have shown that the solution is cheaper and faster than many others. It takes less than three minutes to complete a transaction, and it can save anywhere from 40%-70% in costs. Additionally, its network is highly scalable, and when all of these things are combined, they make for a well-oiled machine, ready to be adopted on a global level.

Ripple has made a goal to become capable of handling as many as 1500 TPS, which is significantly faster than what its biggest competitors in achieving better international payments can offer. Of course, Ripple continues to improve and new tests are being performed constantly. With such dedication, Ripple is getting better and better, as well as ever-closer to mass adoption and global acceptance.

2) Ripple partnerships

Many investors choose their coins according to the amount of trust that serious firms are putting into them. If the coin is not trusted by large firms who know what they are doing, then why would anyone else be willing to give it their money?

When it comes to Ripple, this is definitely something that the coin has taken care of. The number of financial institutions and major banks that have entered into a partnership with XRP is already huge, and the new ones are joining in almost every day. While these partnerships are a guarantee that Ripple is needed, and that it won’t just quietly disappear, they are also a strong indicator that the coin’s value will skyrocket once the proper conditions are met.

Obviously, the banks wouldn’t just enter a partnership with a coin that is no good. This confirms to us that Ripple as a product has a real value. While a lot of banks have joined Ripple already, they still remain relatively unsure about the whole cryptocurrency thing. However, they fully support the blockchain technology which is powering the token, and the two are a part of the same package, meaning that XRP is not going anywhere. The only thing left to do now is to enter even more partnerships and make Ripple even stronger than it already is.

3) Low price and decent stability

Despite the fact that many have accused Ripple of being centralized due to its design and the way it works, the coin has been pretty stable and reliable. This is what all the banks and financial institutions need in order to trust a crypto, especially now, when they are getting adopted while most are still chaotic in nature. This is what makes Ripple attractive since security lies in its stability.

Additionally, the coin is very cheap, as mentioned earlier. Investors can get multiple coins for less than $1, which makes this a perfect way to buy it. We have already discussed how Ripple’s price is expected to go up when the proper conditions arrive, so why not make a profit when that time comes? The coin has a lot of potential, and it can reach some very interesting heights.

Now that we have seen some of this crypto’s major pros, let’s also take a look at the other side of things, and check out some aspects that make investing in it a bit of a gamble.

Ripple cons

1) XRP use (still) doesn’t go outside of xRapid

As mentioned earlier, Ripple is mostly entering partnerships with banks and various financial institutions, and neither of these groups is too keen on using cryptocurrencies. This makes Ripple only usable on xRapid in order to provide liquidity when there is a need for it. So, even though Ripple is entering numerous partnerships, this still doesn’t mean much in terms of its use. It will mean the world when the banks finally start accepting cryptos as legitimate methods of payment, but that time has yet to arrive.

Add to this the competition of coins similar to Ripple that also share the similar goals, like Stellar (XLM), and it might even seem that Ripple is losing, even when it is winning. Not to mention the fact that a lot of banks out there have turned their backs on the coin, believing that they can create their own digital currencies instead. While there is a bright future ahead of XRP, there is still a long way to go before the coin can get there.

2) Regulatory uncertainty and controversy

Finally, it is time to talk about the controversy and regulatory gray zone surrounding the coin. For a long time, there was a real fear that Ripple will be proclaimed a security by the US SEC. Right now, it would seem that this danger is behind us and that Ripple can finally be considered a real cryptocurrency. However, there have been numerous lawsuits against its parent company, Ripple Labs, which claim that the company is controlling the coin and that XRP is centralized.

The company continued to deny these allegations on every occasion, and they even managed to win some of these battles. However, a lot of people still remain unconvinced of the coin’s decentralization, which is certainly slowing Ripple’s progress.

So, what does all of this mean in the end? Is Ripple a good investment or not?

Ripple seems to be a coin that does, actually have a future. While some of the controversies surrounding it are still there, it can be argued that the situation is much better now than it was several months ago. Basically, Ripple is keeping all of its qualities, while the negative aspects are slowly starting to go away. As such, Ripple does have a potential of being a good investment, although it is highly advisable to do your own research before making a final decision, or any real action.

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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.

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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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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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