When it comes to signing and closing partnerships with influential financial players, no other cryptocurrency comes closer to Ripple (XRP), not even Bitcoin. Lauded for its constant quest for adoption, Ripple, at the moment, has over 100 payment providers and financial institutions on its list of partners. Interestingly, this list is expected to further increase in size with more partnerships been sought and other companies showing interest in adopting Ripple’s various blockchain solutions.
However, many analysts continue pointing out the issue of the price value of XRP not reflecting the growth in adoption Ripple is currently enjoying. The challenge has always been that Bitcoin (BTC) has always been influencing Ripple’s value.
Bitcoin carries out a large percentage of all Ripple trading. What this means is that the price of XRP has kept depreciating, in spite of having great runs of optimistic broadcasts since early this year. It is this situation that forced a comment from Brad Garlinghouse, Ripple CEO and founder. In a recent interview given to CNBC, he stated that:
“There is a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies.”
Nevertheless, this connection is about to come to an end. How you might ask. Well, exchange listings are gradually changing suggesting a drop in Bitcoin pairings as cryptocurrency exchanges continue leaning towards altcoin-fiat pairings. As more and more exchanges continue following this trend, Bitcoin’s dominance as the preferred cryptocurrency-to-cryptocurrency pairing will suffer a big blow.
This trend is already catching steam, and things are starting to look shaky for Bitcoin. For instance, Bittrex, one of the leading virtual currency exchanges, recently divulged that they are focusing on introducing fiat-cryptocurrency pairings. Bittrex has an impressive client base of over three million users globally with the US accounting for a majority of them who will stand to benefit from this development.
Binance (another top cryptocurrency exchange) is also seriously considering taking a similar path. Recently, Binance made public that they will be soon rolling out XRP/BNB coin meaning Ripple/Binance coin. The exchange has the XRP/USDT pairing in action, already.
Ripple (XRP) disconnecting from bitcoin (BTC)
News of Ripple decoupling from Bitcoin isn’t a recent thing. Ripple for a long time has been talking about its decoupling from bitcoin, but currently, XRP is being encouraged by the activities going on at SBI Holdings. At the moment, SBI Holdings is working to roll out its Virtual Currency trading platform, and Ripple is the only cryptocurrency listed on the network’s website.
If everything continues to move the way they are moving, Ripple’s digital coin XRP stands the opportunity to appreciate in price without the authority of Bitcoin.
Ripple (XRP) set to benefit from the decoupling
After the recent TRX/USDT pairing by Binance, bitcoin decoupling from altcoins is expected to speed-up dramatically. Analysts are predicting the decoupling of more and more altcoins from Bitcoin shortly, and when this transpires, Ripple will be one of the primary beneficiaries. This will be so because Ripple has the widest use scenario of any other blockchain platform.
The decoupling might coincide with the colossal adoption of Ripple’s xRapid solution by financial institutions. According to Garlinghouse, xRapid is going to be available for financial institutions before December, and many other banks will be able to use it in 2019.
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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.
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Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…
My Crypto Heroes Announces Issuance of MCH Governance Token
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:
During December 2020 the first governance…