There has been a wide misconception that has led the XRP cryptocurrency to be associated with Ripple despite numerous efforts by the company to demystify the narrative. However, a new leaf seems to be turning for the third largest cryptocurrency in terms of market capitalization if data from CoinMarketCap is anything to go by.
Ripple calling out to supporters
Alexavier Guzman, a long time supporter of XRP and a software engineer by profession, has launched a quest to find a symbol for XRP and finally distinguish the cryptocurrency from the company Ripple. After realizing that the XRP was actually an ISO 4217 currency code and that it lacks a Unicode standard symbol, Guzman wrote in a post on Forbes that although other currencies like Bitcoin have their own “symbol that was added to the Unicode standard,” cryptocurrencies like XRP should equally be treated with the same respect.
As a response to Guzman’s initiative that would see the open source XRP project distinguished as a cryptocurrency, Ripple has issued out a statement of encouragement in a post on twitter that equally called upon other members of the Ripple community to submit their ideas for the XRP symbol.
Guzman further wrote that the huge misconception of XRP as Ripple has mainly been due to the lack of a logo for XRP. In the post he said that “the currency is often associated with Ripple’s trademark” and as a result, many people seem to believe that XRP is a ripple product.
For the uninitiated, XRP is actually an open source digital asset that operates on its own ledger called the XRP ledger. Basically, it is a decentralized digital asset that runs on its own decentralized peer to peer network and even though it was released by Ripple, it stands alone as a cryptocurrency on its own just like Bitcoin. Furthermore, although it is designed for use by the big financial institutions, it can also be used by smaller entities that look to get a competitive advantage when sending money across borders.
Is XRP Ripple?
Granted, the perception of Ripple as XRP is completely rational as the company is the chief distributor and issuer of the cryptocurrency. However, initiatives are ongoing for the development of a logo that will further distinguish XRP from the San Francisco based startup.
Regulators ask whether Cryptocurrencies like XRP are securities
Perhaps the recurring question about whether XRP is a security for Ripple or just a cryptocurrency has been the most asked questions about that has caught the ear of regulators. In fact, reports from CCN indicate that there have been closed-door meetings by the SEC and the CFTC surrounding the discussion of whether cryptocurrencies are securities. Since the association of XRP with Ripple has been a long-lasting trivia, users of XRP have remained confused with some going as far as suing Ripple for losses made on XRP investments. In the words of a former regulator Gary Gensler who served the CFTC, cryptocurrencies such as XRP can best be classified under “noncompliant security” since they feature a distorted structure. Although there has been no information leak bout the closed-door meeting by the SEC and CFTC, word has it that the regulators were considering classifying certain cryptocurrencies as security.
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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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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
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The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
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It has been an entire year since the last real bull run in cryptos and most traders and investors are ready to experience the excitement of their favorite coins blowing up once again. Ever since January 2018, all that the crypto market was experiencing were price drops, with minor attempts at recovery, which would only lead to another decline in prices.
However, there are several reasons to believe that this situation might change in 2019. Naturally, many are hoping to see it happen sooner, rather than later. One such reason is the natural progress of the crypto market. According to analysts, the market moves in cycles, which include bearish and bullish behavior alike. With the last bearish trend taking up the entire year of 2018, it is now time for the more positive development to take place.
Another reason includes large projects that have a goal to deal with problems that the crypto market has been facing, such as high volatility, scalability, and alike. If developers were to find solutions to problems like these or at least provide a better alternative to the current situation, this could encourage investors to become even more active within the crypto space, which can lead to a lot of positive development.
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