Ripple (XRP), the third biggest digital currency continues to gain momentum globally along with a growing valuation and popularity. While the ever talked about Bitcoin is already known internationally taking the lions share of media coverage in regards to cryptocurrency, it is prudent we do not forget the other virtual currencies that are also on the rise, trying to compete for the top slot.
Ripple is one of the virtual currencies trying to dethrone Bitcoin; it is a currency exchange, remittance system as well as a real-time gross settlement system or RTGS all at the same time. Ripple which is also known as Ripple Transaction Protocol, shortened RTXP, is built upon a consensus ledger, a distributed open source internet protocol, and a native virtual currency known as XRP.
Developed in 2004 by a code pro and web designer, Ryan Fugger in Vancouver, British Columbia, Ripple was officially released in 2012 and has ever since enabled secure, near instant, low cost international financial transactions of any magnitude with no chargebacks.
For its principle, Ripple (XRP) is based on a shared, open ledger or database, using a consensus procedure that allows payments, remittance, and exchanges in a distributed process. Ripple Labs Inc. which was formerly known as Opencoin Inc. are the brains behind the development of Ripple.
Slow but steady growth
Ripple prices have gone through many highs and lows over the past few months. At the beginning of this year, Ripple started off on a high note with an incredible peak hitting an all-time high of about $3 in the whole process.
Since then, the currency has been going through significant slowdowns recording price falling to a low of $0.46 over the months. Despite the disheartening trend experienced, it appears the much-awaited recovery is finally here with us.
At the time of writing, the past 24 hours has seen the price value of Ripple (XRP) shotting up by an impressive 5% after months of stagnation. Ripple (XRP) has exploded, and the upsurge rally is all set to take the currency’s value to a more lucrative height.
Yesterday, Ripple Labs’ day began on a good footing with a valuation of $0.5 and a close at $0.63. XRP’s market capitalization also, shot up, as it went from an approximate $19.8 billion to $24.7 billion recording close to a $5 billion improvement in 24 hours.
The week-long period has been quite optimistic for the virtual currency as XRP was on a stagnant trend that boomed just like last two days. At the beginning of the week, Ripple prices were $0.475 where it picked up momentum to reach and close the week at $0.63. Ripple (XRP) market cap too went up adding $6 billion in its capitalization, from $18.6 billion to over $24 billion.
Going by what many market experts are saying and predicting, Ripple will continue with this positive growth pace until it hits the $0.8 mark.
As expected in the cryptocurrency industry, Ripple might experience some resistance on the way, but as to when that resistance is going to be experienced remains a mystery. Until then, the virtual currency is showing signs of moving even further from the projected price of 0.8 US dollar to even reach the 1 US dollar mark soon.
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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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
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…