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Ripple (XRP) is successfully freeing its arm from Bitcoin, here is why

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Like most of the virtual coins and altcoins, Ripple has been recording slight price losses throughout the last seven days. Although putting a spirited run, Ripple’s prices failed to break the resistance level of 0.47 US dollars throughout the week, leading to its prices falling and revolving around 0.46 and 0.45 US dollars. Currently, XRP/USD is testing the 23 percent Fib level support taken between the highs and lows of 0.52 and 0.42 US dollar support levels respectively.

During the price depreciation, the price value broke below a connecting price surge line with support at 0.46 US dollars on the hourly chart of the Ripple US dollar pair. The XRP/USD pair settled below about the $0.46 support mark and the 100 hourly simple moving average.

Regarding the Fib retracement level, the pair settled at 61.8 percent from the 0.4375 US dollar low to the high of 0.47 US dollars. However, the 0.45 US dollar support level acted as a barricade for traders especially sellers. At present, Ripple’s value is exchanging in a small range near the 0.45 price level, an increment from the previous support level of about 0.452 US dollars.

Over the years, Ripple has partnered and signed deals with influential financial players in the market gaining global recognition and appreciation for its growth. At present, Ripple has over 100 financial institutions and settlement providers on its portfolio of partners. Many other institutions and firms continue to show interest in adopting Ripple’s (XRP) unique blockchain technology and solutions, thus positioning the digital coin on the advantageous ground.

However, according to research and market analysis, the price value of Ripple (XRP) does not reflect the growth in adoption that the virtual currency currently enjoys. The challenge has always been Bitcoin’s (BTC) influence in the cryptocurrency markets that Ripple is a member.

For instance, Ripple’s (XRP) major exchanges are usually carried out by Bitcoin which unfortunately depreciates the value of XRP, in spite of having great and promising broadcasts ever since it started partnering with other major financial players in the financial industry. According to the words of Ripple (XRP) founder and CEO, Brad Garlinghouse, while speaking to CNBC:

“There is a very high correlation between the price value of Ripple (XRP) and Bitcoin even though these two virtual currencies are independent and open-sourced blockchain technologies.”

However, this connection between Ripple and Bitcoin is going to cease. Bitcoin pairing is gradually falling with exchange listings gradually changing their ways of crypto trading leaning more towards altcoin-fiat pairing. As this emerging trend continues to gain momentum, more and more exchanges are following these footsteps creating a major blow to Bitcoin’s dominance as the cryptocurrency of choice for crypto-to-crypto pairing.

On the other hand, the future looks uncertain for Bitcoin following one of the leading digital currency exchanges, Bittrex, revealing that it is focused on the introduction of fiat-crypto pairing issuing a problematic situation for the number one cryptocurrency in the world.

Bittrex is a major player and link in the cryptocurrency sphere as it has a wide customer base of over 3 million globally with a big percentage coming from the US, who are the largest beneficiaries of this progress at the moment.

The news of Ripple (XRP) disconnecting itself from Bitcoin is not the new one. This has been in the pipeline for a while, but present SBI holding activities have propelled this divorce. SBI Holdings intends to launch its very own Virtual Currency trading network that is going to incorporate Ripple as the only virtual currency on the platform’s website.

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

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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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