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Ripple (XRP) possesses enough strength to keep going strong

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Ripple’s XRP was last year’s most profitable cryptocurrency by a long shot. No other digital asset came even close. It reached an incredible $3.00 peak last January only two weeks after surpassing the $1.00 mark.

That didn’t happen in isolation; the whole cryptocurrency market went up big time in January. Just in case you didn’t notice it was in January when Bitcoin exploded, which didn’t happen in a vacuum either. The whole market erupted at the time. And then, there was an adjustment, just as it was bound to happen.

Ripple felt that adjustment as well and it went down. As I write this XRP is valued at $0.60, which is a far cry from the $3.00 it reached last January. While this could seem like a big hit for Ripple, you’d be wrong to think it was a setback.

The whole market went down after January, and it only started to go green again in April but, even within that context, Ripple’s XRP remained one of the best performing coins in the world. And it still is.

So how is Ripple managing to keep ahead of the pack when things go down for everybody?

Well, there are several reasons. It’s liquid, it’s reliable, and there’s a massive supply in the market. That helps with stability. Also, it’s listed in more exchanges than any other cryptocurrency (yes, that includes both Bitcoin and Ethereum). 

It’s supported by Ripple’s many platforms that cater to the financial industry, so through Ripple’s solutions, XRP is compatible with debit and credit cards and can be traded directly in thirty-four different currencies. As things stand, no other alt-coin can rival Ripple in terms of liquidity. That’s one reason.

And then there are the numerous partnerships Ripple has been able to secure.

Keep in mind that Ripple designed its technology and its cryptocurrency to be a means to carry out international transactions. 

No, Ripple doesn’t really want only the Amazon or Alibaba to start accepting XRP payments, not at all. What Ripple aimed for from the very beginning was to create a cryptocurrency that banks, remittance services, and other financial institutions could use to settle transactions across borders.

The thing is: they’re actually doing it. During the last Consensus conference (a crypto event organized and sponsored by CoinDesk), Ripple’s Chief Cryptographer made a live demo of an international transaction (100 USD transferred from the US to Mexico) that was completely settled, receipt and all, in two minutes only and at a ridiculous cost (about 1/10,000 of a cent).

If you’re not impressed yet, it’s because you’ve never tried an international transfer. Those things usually take a lot of red tapes, they are very error-prone, and they’re never settled in fewer than three days.

Ripple’s tech results are so impressive that they’ve persuaded seventy-four of the world’s biggest banks to join the Ripplenet, and use it to carry out all their international transactions. This creates demand for XRP because all the transfer fees must be paid in XRP.

Among Ripple’s current biggest partners are Banco Santander (substantial global presence all through the world, and it’s thought to be the best bank in the world in current times), Oman’s BankDhofar, Japan’s SBI holdings and Western Union among other giants.

Ripple’s XRP is a crypto coin that is already making itself useful in the real world, and some of the world’s biggest banks are creating demand for it as they do business.

That’s why, despite market fluctuations, Ripple is still going strong (potential wise on the whole) in the crypto world, and even though it is currently in the red alongside the whole market, the coin will more likely bounce back to green-bag shortly (quicker than the big guns).

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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 Pxhere.com

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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