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Ripple (XRP) Price Goes Down by 90%

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Ripple

Recent price correction has been hard on a lot of cryptos. However, while most of them are showing signs of recovery, Ripple (XRP) continues to struggle in the red.

Ripple (XRP) losses reach 90%

After days of price drops, a lot of cryptos have seemingly entered another period of recovery, however brief it may turn out to be. However, while the majority of the top 20 cryptos got a well-deserved break, Ripple (XRP) doesn’t seem to be so lucky, and it actually continues to remain quite weak. XRP/USD is down by 0.50% in the previous 24 hours, which might mean that Ripple is only late, and the price correction seems to be slowing down.

However, the correction has been extremely hard on Ripple, and its extended nature took up to 90% of the crypto’s value. This puts XRP among the worst-performing coins of the year, and that is saying a lot considering how bad this year has been for cryptos, in general.

Ripple’ trading volume is down to a little over $188 million, which is a new low for this coin. However, the number of the coin’s supporters still remains the same, and a lot of them remain positive regarding the coin’s future. For now, however, that future will have to wait, as Ripple has yet to go through with the process of price correction.

Experts claim that Ripple’s price will continue to drop until the coin finds a bottom or the lowest possible worth that it can have. While all of this seems to be pretty bad for Ripple, many actually see it as a positive progress. While the price is going down, this is seen as an opportunity to see what Ripple’s bottom is like. In the long run, the coin’s price can easily jump back up, as seen with numerous other coins times and times again. After all, Ripple cannot reach new heights without first exploring its deepest lows.

The good thing is that Ripple holders are still holding on to their coins, even as price continues to drop. It is believed that these investors still hold XRP in high regard and that they believe that the coin will pull its own weight when the time comes. After all, XRP’s behavior has been proven to follow a certain cycle, and when the time comes and its price spikes up again, many are confident that it might even go as high as $5 per coin.

Ripple has had some big setbacks

Ripple has suffered a lot of setbacks recently, even if this year has been quite successful in other aspects. One of its biggest disappointments was the fact that Coinbase decided to add Ethereum Classic (ETC) instead of XRP, as everyone expected. And while Ripple’s partnership with Western Union was originally seen as a big deal, the company’s CEO stated that the use of Ripple’s products is not making almost any difference.

Despite all of these setbacks, Ripple managed to remain relevant and to keep its supporters. Recently, it also received support from Madonna, as well as Bill Clinton. However, while Ripple (the company) received a significant amount of credibility thanks to this support, Ripple (the cryptocurrency) did not really benefit from the support at all. Many believe that this won’t happen until Ripple’s products become the main method of sending money for a significant financial institution, or institutions.

Fundamentally speaking, Ripple might be appearing uncertain. However, this is clearly not the case if we take a look at technical details. For example, XRP/BTC tells a completely different story, especially now when Ripple’s price against Bitcoin has completed its correction. The next few weeks are expected to see Ripple rise against Bitcoin, but there is still a question of how will this affect the XRP/USD situation.

Many believe that Ripple will soon find its bottom and that this will be followed by the largest price spike that XRP has experienced so far. While there are still positive developments regarding the coin, and it is known to be moving in cycles, it is everyone’s hope that the things will move for the better sooner, rather than later.

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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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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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