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Ripple (XRP) holds tight above $0.49, can it get back to $1 finally?

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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.

Image courtesy of Pxhere.com

Blogs

Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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