According to a declaration recently made by one of the most important figures in the independent financial services around the world, it is more likely that Ripple manages to convert crypto critics than even the leader of the market, Bitcoin.
The asseveration was made by the CEO, and founder of deVere Group, Nigel Green, who forecasts this could be actually the case since Ripple (XRP) just happened to had an outstanding inversion of $62 billion to its market value. Besides, during this period of time, the virtual coin also managed to increase values from $0.6500 and $0.6600 to an incredible number of $0.7000 against the USD.
The businessman, who recently during this year launched an avant-garde app for crypto exchange denominated deVere Crypto, established that the crypto market heated-up as the last year approached its end with several investors putting their bets on different coins — a fact that made Bitcoin to even reach the impressive value of $19,000, the highest value the coin has ever had. As a consequence, there was a price adjustment during the current year’s first quarter, making most of the coins in the market to fall down.
However, he assured that currently, the crypto market is gaining value once again, which makes the sector to be more optimistic about the prices that are going to appear in quarter number two, a bullish behavior that is being strongly predicted.
Likewise, regarding the compelling performance of the crypto market, he stated that for sure this latest traction was due to the fact that every time more institutions and retail investors are becoming aware of the fact that digital currencies are definitely needed in an environment fully digitalized and driven by technologies.
Nevertheless, we know for a fact that not all is rosy for the encrypted money, and this is definitely seconded by Mr. Green — who agrees on the fact that even when cryptocurrencies are gaining ground lately, there still are a lot of detractors out there which don’t feel the revolution of virtual money is positive in any way.
Related to this, he thinks “Ripple (XRP) can be expected to convert the remaining crypto cynics”, an asseveration that is completely justified under the fact that the main objective of Ripple has become to integrate its services with central and commercial banks, just as with the main financial institutions around the world.
As an example, he quoted the recent alliance made by the audacious Ripple with the giant of the banking Santander, which recently has launched a service for foreign exchanges using blockchain technologies developed by Ripple in order to make international money transfers that last only one day.
Moreover, it is known as well that the company is negotiating with other major global banking entities and money transfer organizations with the intention of developing related products.
He concluded saying that even when cryptocurrencies are on its way to emerge, caution must always be taken as it’s a business moved by sentiment. Nonetheless, he also assured that Ripple will definitely help in the global embracing of such technologies and concepts.
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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 Aram via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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