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Reasons behind Ripple’s XRP recent price slump

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The cryptocurrency markets continue to record dismal performances, with the market recording losses of over $8.5 billion US dollars over the last couple of days. Currently, the total virtual currency market cap stands at about $220 billion, a lousy figure compared to the roughly $231 billion US dollars verified a couple of days ago.

The crypto market also lost over $1 billion worth of trading volumes within last two days. Just a couple of days ago, the trading volume was $15.5 billion, but the crypto community is ending today’s trade volumes at $12 billion. There is a correlation between the markets trade volume downward movement with Bitcoin’s price drop. Even after a slight recovery yesterday, Bitcoin is currently trading at $6,461 US dollars.

Ripple (XRP) Price Analysis

For some time now, the prices of Ripple’s XRP have been fetching below one dollar (in fact, the coin is below 50 cents for quite some time now), a price that is far much lower than the digital coin’s all-time high price of $3 US dollars per token. As one of the top five virtual currencies as per market capitalization, Ripple (XRP) is still showing signs of resistance and progress even with the current market price dip.

Many companies and financial institutions are looking into partnering with the digital coin with some already closing exciting agreements. Such moves have managed to make Ripple become one of the top blockchain technologies in the market right now to be adopted and accepted enormously. For instance, Ripple’s xCurrent technology has been incorporated by many financial institutions in their operations around the world.

Over the past 24-hours, Ripple (XRP) prices fell by almost 3 percent (again). At a time like now yesterday, XRP was exchanging at $0.32 after depreciating from its previous price value of $0.37.

Today, Ripple (XRP) has further dropped to $0.33. Alongside the drop in price value, the virtual currency has recorded a fall in trade volume over the past one day. The trading volume yesterday was $360 million but today’s trade volume stands at $325 million.

According to a press release by Rosen Law Firm, a reputable investor law firm, Ripple Labs and its default virtual currency, XRP is under investigation for unusual market behavior. Rosen Law Firm is looking into Ripple’s activities to see whether they violated any federal regulations in regards to the sale of XRP coins. Despite the warnings from Rosen Law Firm, Ripple Labs continues to fight the ongoing market slump by trying to stabilize and avoid any further price depreciation.

Reasons Behind Ripple’s Market Slump

There are no substantial reasons why Ripple is performing the way it is performing. Neutral observers say that it’s going down because of the lawsuits the company has been facing one after another and the fact that XRP is utilized only in one product of Ripple. That mean even if Ripple rises as a company, it will have little effect on XRP price unless the adoption of the Ripple product that uses XRP (xRapid) increases.

Some other crypto observers claim Ripple’s dismal performance, and that of the entire market is highly influenced by the US Securities and Exchange Commission’s move to postpone the decision-making process on whether to incorporate another application to develop a Bitcoin ETF or exchange-traded fund.

This explanation explains Bitcoin’s fall in price and as we all know by now when Bitcoin takes a hit most of the other cryptocurrencies usually tend to follow suit. Today’s correction was nasty, Ripple (XRP) and Ethereum suffered brutally with a majority of other digital tokens recording heavy losses.

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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 Pixabay.com

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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