Towards the end of last week, we took an objective look at the action we were seeing in the cryptocurrency markets and tried to pick out a few coins that we felt had the biggest potential for turnaround once the markets recovered.
As anyone who caught our coverage will already be aware, one of our top picks (and the one that we suggested was probably the most secure coin outside of the majors) was Ripple (XRP).
Our thesis was relatively simple.
Ripple had tanked in line with wider markets but, unlike many of its competitor coins and peers in this space, the company behind the currency had been pushing forward from an operational perspective and was making some real headway in terms of enterprise-level adoption of its flagship technology.
In turn, we suggested that this divergence (between the company’s operational developments and the price of XRP, its representative token) represented a real opportunity to pick up some cheap coins in anticipation of the gap closing out.
And as it turns out, we were spot on.
At the time of our coverage, XRP had dipped as low as $0.63 a piece. Remember, this is a coin that was trading in excess of $3 just a few weeks ago.
Then, late on Friday, this news hit.
For those that didn’t catch the news, Santander announced in its quarterly review that the company would be rolling out a mobile device application this year that will support free, instant cross-border transactions for its users in Spain, Brazil, the U.K. and Poland.
And the technology on which the application rests?
Ripple’s xCurrent, of course.
Ripple chief executive Brad Garlinghouse announced the move to his followers on Twitter, noting that the app will be released this quarter, and Santander followed up the announcement with a dedicated section in its quarterly presentation, with a spokesperson saying:
“We plan to launch this in the next few months, and we can confirm on the record that we plan to use xCurrent in the project.”
There’s no denying it – this is a really big deal for Ripple. Indeed, it’s a big deal for the cryptocurrency space as a whole. For the first time, an incumbent in the financial sector has taken a blockchain based technology and bundled it into a use case that’s aimed at the general public, as opposed to being aimed at another financial institution.
To put this another way, Ripple has finally been able to bridge the gap between the bleeding edge of blockchain technology and the mainstream general public.
So where do things go from here?
Well, this is one example of Ripple’s pilot programs coming to fruition. That is, making the jump from pilot program to commercial application. With a large number of these programs ongoing, this latest news reinforces the suggestion that there’s real value in the ongoing programs and that they will likely bridge through to commercial use once the programs in question complete.
It’s important to note that XRP won’t play a role in the Santander application – at least not initially – but this isn’t too much of a big deal. It’s a major vindication of the company’s ability to score big-name partners and, for us, is a strong signal that Ripple remains one of the top recovery plays in the market right now.
We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!
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.
Image courtesy of Ripple
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
Hodium Presents a Compelling Opportunity for Outsized Investment Returns
I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018. It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants. Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse. The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.
As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha. In that regard, it’s similar to traditional financial markets. I can remember trading during my high school days. It was the late 90s and right in the middle of the dot.com boom. Eventually, however, the euphoria fades away and reality hits hard. Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.
Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques. The professionals employed by hedge funds are the best of the best and have spent years honing their craft. That is why they’re able to make the millions of dollars that they normally…
Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry
Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.
Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.
Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.
Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.
Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…