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Ripple (XRP): Rough Patch, Selloffs, and Ups and Downs

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Ripple

Ripple, otherwise known as XRP, has had a rough patch this year, especially during the beginning of February of 2018. During that time Ripple traded from 0.58$ to over 3$ per one coin, changing its price rapidly – although not in favor of investors who had bought this coin when it was worth a lot more. That is how selloffs occurred; trying to patch up the “holes” thanks to the rough patch Ripple is going through. What is next with XRP and will this coin manage to bounce off?

Do we remember what Ripple is?

The main idea behind Ripple is very simple, yet demanding – make fast transactions and save money by cutting off the third parties. That is how this digital token was made to support the decentralized network called RippleNet. Within this decentralized network based on blockchains, you can make fast, cost-effective transactions with full encryption, guaranteed safety and without having to pay large fees or wait for your payments to get processed. Since global payments outside decentralized blockchain based networks usually take between 3 and 5 days to get processed with over trillion dollars paid in fees annually, Ripple coin and RippleNet are offering scalable and flexible experience within their network to enable fast and safe transactions.

That is how Ripple has several memberships within their network to answer the demands of different parties’ needs. That is how you can sign up for xCurrent in case you are operating as a bank and use all the perks this protocol has to offer. xCurrent is made to enable easy processing of payments for bank’s customers, offering an improved experience in terms of making global transactions.

In case you want to sign up as a provider, you can use xRapid, which enables on-demand liquidity for all providers. There is also a planned protocol for transactions in case you are signing up as a business owner. In that case, you can sign up for xVia – a protocol that would enable you to make easy, fast and safe payments within the network of RippleNet.

You might think that since Ripple is focused on providing fast payments within a decentralized community would be enough for this token to thrive, but that is obviously not the case.

How Come Ripple is Extensively Dropping Low?

Although Ripple managed to pull off being traded at 3$ per one coin, this digital token seems to have no luck at all as XRP is now being dealt at 1$ per one coin.

After the latest decrease that almost went up to as low as -8%, the final price for Ripple is humbly set at 1.04$ per one unit. February is not doing any good for this coin, and neither did January 2018 as Ripple managed to lose 30% of its value over the 24 hour period exactly one month ago, on January 11th.

But, how come Ripple is going so low? Is there a reason?

Although this digital coin is ranked as the 3rd top coin on global coin ranking list, its price is not speaking in its favor. So, what many people are trying to get to the bottom of is the story behind this massive drop in price.

Apparently, the case with losing the 30% of the total market capitalization in XRP tokens has to do everything with the data exclusion from the part of South Korea. It seems that in South Korea all crypto values have the price of 30% of premium value, which is connected with the 30% of the decrease in XRP’s price.

People got confused as they didn’t know what was going on, so they started to sell off their XRP tokens, consequently lowering its price per unit.

The case of extensive decrease would probably be very odd if it weren’t for all top 20 currencies trading in the red. Ripple is not the only digital token suffering from frequent decreases, as Ethereum, LiteCoin, Bitcoin and the rest of top 20 digital coins are also experiencing turbulent changes, constantly dropping.

Is Ripple Still Worth Buying?

This might be your best shot at purchasing the 3rd largest crypto coin at a very affordable price of only 1.04$ per one coin. If more people were to see this potential, the price would probably jump with an increase or a series of increases that could bring Ripple back to life. Although this digital token is trading in red for some time now, investors should not lose their hope but embrace the opportunity to get in before the next big move higher.

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 coinmarketcap.com

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. One of the ways to have a successful…

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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…

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