Altcoins
Will Ripple XRP reach $1 as 2018 ends now? deVere CEO says yes
Ripple is showing positive signs for a bullish trend at the moment and the CEO of deVere Group, Nigel Green believes that the price of XRP could move above $1 before the end of the year.
Ripple’s XRP is the third-largest cryptocurrency and has a market capitalization of $21 million at the press time. Green believes that Ripple is well-suited for the surge and anticipates Ripple’s utility to increase for more adoption by many FinTech companies and organizations around the world.
Green also stated this: “Cryptocurrencies are the future of money and, clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, organizations, and individuals.”
deVere Group CEO continued,
The use of XRP is set to increase, and naturally, this will positively impact its price. I think it is likely that we’ll see it hit the $1.00 price level before year-end. It could even be double this in 12 months’ time as XRP adoption and usage soars.”
Nevertheless, Green made his prediction due to the way cryptocurrency is changing the world today concerning the finance and money transfer. Ripple (XRP) has already shown it can revolutionize cross-border payments and global finance.
Recent Ripple Strides
Ripple is changing the way cross-border payments are being done, and this has become a top solution for global remittances. Trust payment firms such as MoneyTap and TransferGo has adopted Ripple’s technology.
Additionally, Ripple will be launching one of its products, xRapid in less than a month now, but a specific date hasn’t come up yet on when this product will be launched. It is important to know that the announcement of this product was revealed by the Sagar Sarbhai who is the Asia Pacific and the Middle East regulatory relations head at Ripple.
Also, XRP is set to become one of the main medium of payment for a new technology startup company known as Coil (in fact the platform has already started functioning). Coil, a startup company based in San Francisco has taken on to create a new platform to help contents and its creators.
It is important to know that Coil makes use of Web Monetization protocol to pay content creators. Coil also aims to use Interledger protocol “which means that you’re not tied to any currency, token, or single company.” The company further said this:
“We’re going to start off with background on Interledger and Web Monetization before diving into how to use it yourself. The project aims to address slow block finality, high transaction fees and unsophisticated payment channel constructions that exist within blockchain payment solutions today. The team is building a decentralized payment network leveraging Interledger for clearance and is actively working on an Ethereum plugin for the protocol.”
Ripple also is experiencing a sell-off as Jed McCaleb, Ripple’s co-founder has decided to increase the sale of XRP tokens he possesses. It is also worth noting that that within a week, ending Wednesday (September 26th, 2018), McCaleb increased his token sell-off to over 500,000 XRPs. Even though McCaleb’s sell-off seems massive at the moment, it has affected the price nor the market activity of Ripple.
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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.
Photo by Jack Harner on Unsplash
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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