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Ripple is Under a Lot of Pressure as the Cryptocurrency Market Encounters a Dip
The cryptocurrency market has observed a massive fall in prices overnight and has put many investors at stake. According to the market trend, it seems like there is very less hope for the prices to go up in the next few days.
Most of the top coins, including Bitcoin, has been affected over the last couple of days. Of all the digital currencies, Ripple has been the worst affected. The decline of this coin has been witnessed for a few months now. Since January, the coin has lost 82% of its value.
Ripple has not been featured on the US-based exchanges despite it being available on nearly 60 global exchanges. The entire industry witnessed a fall due to the advertising policies and regulations over social media sites and search engines such as Google and Facebook.
In fact, Ripple saw a huge fall after Twitter followed the internet giants by banning cryptocurrency ads. The bearish trend that Ripple is facing has been its reality for a few months now.
On the brighter side, every time the price falls, some investors still continue to spend for the coin because they believe that this is the right time to invest, with the hope that the good days will come back soon and the prices will go up again.
The company has not given up. They have brought to attention a few good reasons why Ripple will survive despite the considerable setback and fall in its price.
A Ray of Hope for Ripple
- Although ripple is one of the cheapest coins, Ripple labs are still marketing the coin hoping that it will do better in the future.
- The CEO of Ripple, Brad Garlinghouse, mentioned that they are working towards building a network of globalized payment systems. With this feature, companies can send instant payments across the globe.
- The CEO even brings to attention the strong partners that Ripple holds, including Bank of England as well as Saudi Central bank. This shows that Ripple could survive amidst the massive fall in the cryptocurrency market.
- Brad Garlinghouse states that Ripple is here to stay. He even goes on to compare Bitcoin and XRP and says that Bitcoin has a very slow transaction compared to XRP. When compared to other market cap network, Ripple seems to have a cheaper transaction rate.
- Ripple seems to be one of the few companies that have real money that is coming in, apart from the trading money. This should bring hope to people who have invested in Ripple.
The fall in value is something that is seen across the market, including coins like Bitcoin and Ethereum. The fall has been due to many reasons including the internet’s resistance to cryptocurrency advertising and also because the blockchain technology seems to open doors to illegal activities.
Although Ripple seems to be having a huge knockdown, it is also important to remember that the coin gained attention only in the recent past and has managed to make an impact thus far.
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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 Aurelie Vacher via Flickr
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. One of the ways to have a successful…
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…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…
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