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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

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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