It’s a great time for Ripple’s XRP holders. Recently, the token’s price doubled in fewer than four days, and much good news has bolstered the project’s and the token’s value. The main among that great news was the release of xRapid, a new platform that runs on Ripple’s blockchain, used XRP token, and is ready to go into production boasting already three crucial partners in the world’s banking system.
But does this prove that Ripple’s business model and long-term economics are robust enough to go for it, once and for all? That remains to be seen. In the meantime, XRP is expected to perform well in the short-term, and its recent achievements more likely will keep the price going up for some time, even among the current (and very protracted) bearish run.
As thing stand today, Ripple is giving Ethereum a run for its money by seriously competing for the second position in the cryptosphere. It’s not only getting closer, but it’s also held the second spot, briefly, twice over the last weeks.
Ripple is a very interesting project. It’s also controversial, so it’s often in the community’s news, but this year has seen more news about Ripple than any other, and the last few weeks have seen more news about it than the most of the year. What does that mean? Publicity has not been a problem for Ripple recently. Simple.
Some of Ripple’s publicity follows the company’s marketing campaign which has been very adept and could even rival Justin Sun’s amazing moves when he promotes Tron. Just think about the recent Swell conference (which is Ripple’s yearly reunion for partners and investors).
The keynote conference was given by former president Bill Clinton, who said basically nothing about cryptography, the blockchain or cryptocurrencies, but it was a master publicity stroke anyway.
Then, Brad Garlinghouse (Ripple’s CEO) announced the release of xRapid and the three first customers that are already confirmed to adopt it: MercuryFX, Cuallix, and Catalyst Corporate Federal Credit Union. Yes, these are not huge players in the financial world, but they have confirmed they will use xRapid to settle their international business. Ideal debut for the newcomer, xRapid.
All about Ripple xRapid
What is xRapid, I hear you ask? It’s Ripple’s newest platform to settle international payments, but with an extra. This is a solution that not only uses Ripple’s blockchain to settle accounts but also uses Ripple’s XRP currency as a mediating coin to pay those payments in any fiat (or crypto) currency in the world.
That is the point. The previous solutions designed and deployed by Ripple do the same trick but without using XRP, or, at least, not necessarily. It means that xRapid is going to boost the market demand for XRP because, unlike most other digital assets, it will become a useful token, much more similar to real money instead of having its value based in speculative pressure alone.
The arrival of xRapid, and other of Ripple’s projects, as well as Stellar’s and Litecoin’s efforts to bring cryptocurrencies and blockchain technology into the traditional financial system, mean that Satoshi’s dream is coming to life slowly but surely: cryptocurrencies are gradually taking over banks, fiat currencies, and the world’s financial system.
Ripple is collecting one success after another, and the price of the token is rising (yes not in green at the moment, but that’s because of current market trend). We cannot say that about many other blockchain projects that have disappeared or failed even after very successful ICOs. But is this enough to trust Ripple and XRP long-term?
As things stand, for the short-run, it’s just a matter of slight trend change in the market and XRP might rise. For the long run, yes, everything looks to be in place nicely, but only time will tell. That is the cryptocurrency market for you.
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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 Andreas160578/Pixabay
STEEMIT Running Out Of STEAM?
Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.
If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees…
The Three Biggest Problems with Crypto
In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?
However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:
Is Crypto a Bubble?
A lot of people are wondering if the whole crypto phenomenon is nothing else but a bubble. We’d say it would be a fair question except that these people asking it have been skeptics from the very beginning, so they’re not really assessing the market on its own right and performance but just singing the same old song.
We believe that the current market conditions do not justify the notion of crypto as a bubble and we’ll explain to you why.
First, we start by reviewing a bit of market dynamics. Every market, every asset, every currency develops in cycles that repeat over time. Each cycle is comprised of four different stages called “phases”:
It all starts at Stealth. A new stock, asset, or cryptocurrency hits the market. Nobody knows anything about it so nobody pays any attention to it or tries to buy it. The price is slow and it stays very much the same until the market becomes aware it’s there. Hence the name for the following phase.
As the market realizes this new thing exists it starts to pay attention to it and to buy it, so it takes off, the price rises steadily until it faces its first sell-off. The price drops a little. Then something else happens. The media pays, at last, attention to this hypothetical…
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