Following the conclusion of the Swell 2018 conference and the diminishing excitement that was revolving around xRapid, Ripple (XRP) has managed to return to the 0.52 US dollar level. According to some experts and analysts, the depreciation of price is seen as a concerted manipulation by the mother company, however, even after its recent surge, Ripple (XRP) still displays limited chances of rising to the 0.76 US dollar mark in the short run.
However, Ripple (XRP) still tops the list of the one of the best performing digital asset in the market in the past month, surging upwards from lows of 0.30 US dollars and managing to maintain parts of the gains. On the other hand, the digital coin was met with a lot of skepticism yet again reviving the debate that XRP is not critical to the operations of the Ripple payment network.
In the past 24-hours, Ripple (XRP) gradually depreciated from around 0.56 US dollars to 0.52 US dollars as of now, concluding the day’s trade volumes to about 877 million US dollars. The digital asset is extremely active on one of Japan’s famous cryptocurrency exchange, Bitbank, where more than 124 million US dollars’ worth of trading is located, against the Japanese yen.
Currently, Ripple (XRP) is standing at the third position in the list of most significant virtual currencies regarding Market Cap. At the time of writing, CoinMarketCap reports that Ripple (XRP) is trading at about 0.519 US dollars (-2.27 percent) with a market cap of 20.7 billion US dollars.
According to Binance, today’s high for Ripple’s default cryptocurrency, XRP, was at 0.57107 US dollars while its day’s low was at about 0.51 US dollars (XRP/USD Pair). Still, on the Binance platform, XRP’s performance is up by 0.15 percent from last week. Currently, Binance is among the leading crypto exchanges in the world that are assisting XRP in replacing Bitcoin in gaining the interest of Japanese traders and investors.
Ripple (XRP) highest rated virtual coin on Binance
Ripple’s XRP has been nominated as the best virtual money to send and receive funds between exchanges by users, thanks to the speed and cost of transactions related to the virtual currency.
As you might know by now, Ripple (XRP) can settle cross-border settlements in less than 4 seconds with fees running up to about 0.00001 XRP’s per transaction. Considering that Ripple’s default currency, XRP is a settlement and liquidity digital asset, it can be used for settlements of unrelated currencies such as commodities and fiat currencies.
Binance Ratings have availed the information after the exchange incorporated the XRP/USD pair on their platform.
Other digital currencies that were competing against Ripple (XRP) are the likes of Bitcoin, Cardano, Ethereum, Litecoin, Zcash among other cryptocurrencies.
On the ratings, Ethereum and Cardano managed to garner 4.5 stars out of 5 stars while Bitcoin received 4 out of 5. AdToken was the least voted currency with two stars out of five. AdToken is a virtual currency of the AdChain project that incorporates a sequence of interoperable open protocols based on the public Ethereum blockchain.
Brief Ripple Profile
Ripple’ XRP is undeniably one of the most significant digital assets in the crypto market today. Launched on 2nd February 2013, XRP has its total supply of digital coinage standing at about 100 billion coins with its circulating supply believed to be over 39 billion coins.
As stated earlier, XRP’s market capitalization stands just above 20 billion US dollars currently, with each coin exchanging at 0.519 US dollars. It is only Bitcoin and Ethereum that beats Ripple in the race of being the most relevant cryptocurrency in the market and with its introduction into the Binance platform and its high rankings by users there; only positive outcomes can be expected.
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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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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…