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Ripple’s XRP: The bears had the day, and we couldn’t be happier!

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Ripple XRP

A few days ago, it was a massacre for every single cryptocurrency in the world. We loved it! I am not mocking you. I know that for many currency holders around the globe this created a lot of stress as they saw how their assets kept losing value at high speeds. We’re sorry about that. But if the asset you’re holding is Ripple’s XRP we believe you had nothing to worry about but, on the contrary, had every reason to salute the opportunity to get some more.

There is a massive difference between XRP and most other cryptocurrencies. XRP already has a real-world application which is to mediate international financial transfers. It’s also accepted as means of payment in more than 200,000 online establishments in the web and Coinbase Custody is considering to use it as a wealth storage asset.

All that means that while too many cryptocurrencies in the market draw their value from purely speculative fluctuations, XRP has real value as a means to solve problems and that ability to be useful will create demand sooner or later. But that’s not all, there’s every reason to believe that XRP’s supply will become a lot more limited soon, and that will drive its price up too.

Let’s dig a little deeper. If Coinbase Custody is considering to use XRP to store wealth then many other custodial institutions are doing the same, they’re just not publicizing it yet. Also, there is a trend in many crypto exchanges in the world to adopt XRP as a base token to carry out trades (until now, Bitcoin has been the king in this regard).

Those two things are critical because if custodial services buy Ripple’s XRP to hold it for long periods of time, they will drive the circulation down. And the same goes for exchanges because to use XRP as a base currency they will need to load up their XRP reserves, and those tokens will also be out of circulation in the market. In this way, Ripple will have extra demand at the time exchanges or custodians buy it, and its flow will go down as they hold it. Both things drive prices up.

Another thing to take into account is that most of Ripple’s current partners (Santander being the most notable exception) are not using xRapid in production yet. They are testing the technology and getting used to it. But many among them (most probably all of them) will end up adopting it and using it in large volumes on an everyday basis. This will create demand for XRP because it will be needed to transact using xRapid.

So why we should be so happy? Because there are high chances that XRP will take off sooner rather than later. Again, it’s not based on speculative value but in actual usefulness. Even after recovering quite well last week, TRX is trading in red today, again (so far, at the time of press).

Again, it’s not based on speculative value but in actual usefulness. So this massacre of a day gives us the opportunity to buy more Ripple’s XRP tokens at insanely low prices. As far as I can tell, it could turn out to be the opportunity of a lifetime.

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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 thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Ross Sokolovski on Unsplash

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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