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

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Ripple XRP
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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

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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