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Ripple Q1 Report 2018: How Well The XRP Performed?

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Keeping with the idea of providing transparency to the Ripple ecosystem globally, Ripple strives to share regular updates on the state of the market, quarterly sales, important notices, and reports on previous quarter market development. As the first quarter of 2018 comes to an end, Ripple’s team shared their report covering the shape of the digital coin in the market.

Indeed, this is essential as XRP society can keep up with how their preferred digital investment is doing. So, I decided to cover Ripple’s first quarter report 2018 for our GlobalCoinReport readers – here is the breakdown of what XRP achieved during the Q1 2018 as per the incredible team behind the coin.

Quarterly Sales

In the first quarter 2018, market investors managed to purchase $16.6 million worth of Ripples directly from XRP II, LLC., Ripple’s registered and licensed money service business.

The XRP II, LLC is registered and licensed by the New York State Department of Financial Services to engage in the Virtual Currency Business activity. Going by the sales achieved by Ripple in the first quarter, it is determined that the coin did very well in the digital market along with other currencies as analysts in 2017 predicted it.

In fact, the majority of cryptocurrencies’ performance in 2017 gave indications that 2018 would indeed be a year when digital assets will grow by heap and bounds going through waves of heightened trade volumes and of course, mass adoption.

The first quarter of 2018 has seen many cryptocurrencies weather a period of intense volatility with an all-time market cap high of $814 billion being recorded in January. The growth of cryptocurrency over the past year has been extraordinary, for instance, early January 2017 yielded a total cryptocurrency market capitalization of only $17 billion.

Ripple (XRP) in Comparison to the Digital Assets Market in Q1 2018

According to the official report, Ripple’s overall market capitalization reflected that of the total digital asset market, although at times it seemed like XRP exaggerated its numbers in comparison to the whole market.

During the transition of the last quarter of 2017 and the first week of January 2018, the cryptocurrencies continued with their pace of growth that saw a steady $603 billion of all digital assets’ total market cap grow to over $800 billion in market capitalization. A rise of over 200 billion USD in only one week, with XRP being a significant contributor of this enormous increase in the total market cap.

However, Ripple recorded a 73% drop as its price shifted from $1.91 in January 2018 and finished the quarter at $0.51. The market cap also dropped dramatically to $263 billion of all digital assets’ total market capitalization at the end of 2018’s first quarter. That means that the whole cryptocurrency market including XRP lost up to 56 percent of the total cap only in a single quarter.

However, contrary to the market loses, XRP had something to smile about as it had its highest trading volume in history with a total of $160 billion of notional-traded coins that got traded in just one quarter.

The Start of Q2 2018: Ripple (XRP) and the Market

Currently, XRP is at $0.84397 while it just recovered from a dip of about 2% along with other digital currencies like Dash, NEO, BTC, and Litecoin just today.

Also, XRP is up today by +5.75% jumping against the USD and trading in the green. Consequently, holders and traders have their hopes up and believe XRP will hit the $1 mark soon.

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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 Thomas Hawk via Flickr

Blogs

TRON Partnership Involves Cloud Computing

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TRON partnership
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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.

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.

Baidu to…

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Bitcoin

Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?

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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…

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Altcoins

Ravencoin (RVN) Surges Following Binance Listing

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Ravencoin
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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.

About Ravencoin

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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