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High chances for Ripple (XRP) reaching $5 in the following months

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Ripple XRP

Ripple (XRP), one of the most important virtual currencies in the market, has been under the one-dollar value for some time now, but cryptocurrency experts are predicting it going far above its all-time high of 3 US dollars per unit this year. That is why many virtual currency enthusiasts argue that XRP is a good investment opportunity. Even so, Ripple’s price has been on the decline in recent time, stumbling from $3.48 to $0.59.

Ripple (XRP) being a centralized virtual currency does not try to target individuals with its marketing efforts led by Ripple Labs. Instead, they concentrate on branding themselves as technology stacks for financial institutions and large corporations and as a transaction medium that supports transactions free from fees.

Although adding new clients on a daily basis, their clients being banks and financial institutions all over the world, Ripple (XRP) is still facing aggressive competition from other cryptocurrencies and traditional money transfer institutions like Visa and Swift. Ripple offers xCurrent, xRapid, xVia as their money transfer platforms but this article will concentrate more on Ripple’s competitiveness outside the cryptocurrency ecosystem. So, what’s giving Ripple a cutting edge?

The financial industry warming towards it

Ripple is making headway and gaining ground on their competition who are outside the cryptocurrency world. This should be their main goal, gaining ground on the traditional financial firms since other virtual currencies do not pose any major threat to their business model. Bitcoin, Ethereum, and Ripple, all have different business models and goals.

So how is Ripple gaining ground on financial institutions and spurring price appreciation?

Western Union and MoneyGram are a couple of the money transfer companies that are warming up to Ripple with the adoption of XRP and xRapid. These partnerships between XRP and traditional money transfer service providers are all in the pilot stages.

We will be able to give a more comprehensive update on the viability and profitability involved with the implementation of XRP to this companies. If XRP increases the profits margins and efficiency of money transfers for these companies; it will only be natural that more banks and money order firms in the financial industry accept XRP into their systems. If this happens, the demand for XRP digital coins will skyrocket to the roof.

Following an article that was written by Nathaniel Popper, author of Digital Gold and a New York Times writer, early this year, Ripple CEO, Brad Garlinghouse came guns blazing with the announcement of the implementation of XRapid pilot program by 3 of the top 5 largest money transfer companies. The article done by Popper questioned the acceptability of XRP as a tool for financial institutions quoting some officials in the banking sector saying they do not plan or intend to onboard XRP for transactions.

The point being: Ripple (XRP) has managed to build strong partnerships with major corporations, but it still needs to match forward and venture more into the financial industry. The banking sector is ready for disturbance and Ripple is the technology that could bring a ten-fold improvement in efficiency. If Ripple (XRP) manages to do that, we can expect it to reach $5 mark or even beyond that. Remember, ‘if’ is important here.

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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 Geralt via Pixabay.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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 been…

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