For the past few days, the crypto market has been nothing good to write home about. Yesterday, the crypto market witnesses a bit of recovery from XRP’s 0.502 swings low against the US dollar to exchange above the 0.52 US dollar and 0.53 US dollar level as a pair. However, the upside move was limited by the 0.545 US dollar and 0.55 US dollar resistance levels from previous supports.
Earlier today, one colossal settlement appeared on Ripple’s XRP ledger which has stirred commotion among traders, investors, and members of the Ripple community.
Through the social media handles, the Ripple community are crying foul and speculating the reasons behind this large transaction and its confusing destination address. The transaction amounts to about 150 million XRP with the transaction charge being less than a cent.
The open source blockchain technology, XRP Ledger which is behind Ripple’s cryptocurrency is said to be independent of any influence from any one person or entity.
However, the Ripple community has erupted with disappointment and speculations as to whether the existence of XRP as a currency is only a source of money for Ripple as a company and as an asset used to increase the company’s financial standing.
A section of the community believes that the founders initiated the transaction while others are still of the idea that the transaction either belongs to Chris Larsen or Jeb McCaleb.
The suspicious transaction comes at a time where there has been a lot of pressure towards the Ripple management to come clean on whether a single individual can influence the XRP Ledger within the company or any other business.
Speaking this week during the Swell 2018 event, Ripple CEO, Brad Garlinghouse was forced to address this issue, making it crystal clear that Ripple (XRP) is utterly decentralized despite the growing discomfort.
Further, the leader of Ripple Labs went ahead to clear his chest by saying that all the FUD revolving towards XRP was only a result of haters spreading negative rumors and news concerning XRP to benefit from the negativity.
On his response on whether Ripple XRP is centralized, Brad went on to reveal that even him as the CEO has no control or administrator rights that can influence the XRP Ledger.
That is how decentralized Ripple’s XRP currency asset is. As a former Uber driver and now the leader of one of the most promising cryptocurrency, at the moment, Brad emphasized the decentralization of XRP to the crowd.
Ripple (XRP) Price Analysis
Over the course of one of its largest gathering, Ripple (XRP) prices took a downturn tumbling to the extent of being sold off to the extent of 4 billion US dollars, in spite of big news from a host of top of the range listers from the world of virtual currency, traditional markets, and Ripple Labs.
On Sunday, the prices of Ripple (XRP) reached 0.6 US dollars in the run-up to the Swell 2018 event but has unfortunately depreciated by 13 percent since then, falling below 0.52 US dollars.
All hope is not lost as a section of experts still believe this year is going to be the year Ripple (XRP) is going to increase in price significantly once again. A few months are remaining before the year ends during which tides might change to lead an exponential price increase given the fact that Ripple XRP has been partnering and closing deals with top fintech firms.
In recent times, Ripple has been enjoying a lot of trust and goodwill from some institutions adopting its xRapid product that facilitates superfast cross-border settlements more conveniently. Ripple is a blockchain technology that is improving the services companies are offering to their customers and cannot be written off easily.
For the global insights every crypto trader must have, apply for Elite membership!
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 Flickr
Launch of First Ever XDB/ZUSD Pairing Announced to Support Global Gaming Industry
The XDB Foundation has recently announced the first pairing of XDB with the new Zytara Dollar (ZUSD) on global cryptocurrency markets. The Biki cryptocurrency exchange will be one of the first platforms to provide access to the XDB/ZUSD trading pair.
“We are really excited to see the debut listing of the XDB/ZUSD trading pair,” says Michael Gord, the XDB Foundation’s Managing Director, “Asia-Pacific accounts for a significant portion of the global gaming community, almost 50%, and BiKi is perfectly situated to support this geography. We’re really happy to welcome them into our partnership ecosystem.”
The protocol layer blockchain DigitalBits is designed to support branded stablecoins and other branded currencies across a variety of use cases, offering crucial support to the global esports industry. The platform solves many of the issues involved in global tournament prize payouts, as well as enabling around the clock real-time payment transfers and global monetization of in-game currencies. Developers will also be able to create programmable incentives for gamers, therefore increasing fan engagement.
Issued by a regulated financial institution, the ZUSD is designed as currency for the future of the gaming and esports industry and beyond. The programmable dollar moves anywhere in the world at the speed of the Internet, and is redeemable…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…