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Ripple (XRP) Sudden Spike Is Just What the Crypto Market Needs

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Ripple

Cryptocurrency trading can be a hassle to many, especially traders who have invested their entire fortune in cryptocurrencies like Bitcoin, Ripple, Ethereum and the others. While it’s true that the volatile nature of the crypto-market is also the cause for high returns, the overall market situation may appear discouraging to some traders. The majority of the world’s cryptocurrencies have faced such a crisis from the beginning of the year, mainly due to a combination of factors that have driven away some investors.

However, the situation is starting to improve drastically due to Ripple’s recent spike in value, propelling the Cryptocurrency to the very top once again. At the time of writing, Ripple has a total market cap of $25,162,686,285 USD with a total circulating supply of 39,122,794,968 XRP Tokens. It is currently valued at a high of $0.645033 USD as of 13/04/2018.

Ripple’s Recent Market Performance:

Ripple is having one of its best performing weeks this year, adding another $62 Billion to its combined market value. This morning (13/04), it has achieved a total market value of an excess of $131 Billion, as reported by coinmarketcap. The main gains can be attributed to price movements which occurred overnight, as did Bitcoin’s value. This means Ripple has gained just under 16% from the same time the day before.

Reasons behind Ripple Sudden Spike:

Crypto analysts and industry experts all agree that the main reason behind Ripple’s spike is a variety of factors, spearheaded by Bitcoin’s recent surge in price.

However, the Ripple development team has been working tirelessly to drive the entire system forward for an easier integration of cryptocurrencies into the mainstream. Hence, Ripple’s own contributions cannot be undermined, which we will discuss below.

  1. Blockchain Capital Investment: Blockchain Capital announced in March about an apparent funding, where they secured $150 Million dollars for both its IV LP fund and its Parallel Fund IV. It was then revealed that Ripple was behind the funding, investing a total of $25 million worth of tokens to the company. The company’s goal is to help blockchain start-ups as an incubator while exploring use cases for its in-house XRP ledger and interledger protocol. The interest of investors has been sky high and has fuelled the positive sentiments around Ripple.
  2. The Santander news: Ripple’s price movements really picked up just after Santander’s recent announcement. The Spanish banking giant recently revealed that it is launching a brand new retail app for international payments, based on Ripple’s famed blockchain technology. This piece of news had an immense impact on Ripple’s price almost immediately, with the value jumping from a high of $ 0.548455 on April 11th to $ 0.644518 on April 12th. Santander has been implementing xCurrent, enterprise blockchain software based on Ripple. Since Santander is a powerhouse in the Spanish economy, investor sentiment was at an all-time high, which in turn fuelled Ripple’s drastic price change.

Final Thoughts

Ripple together with Ethereum and Bitcoin has always been known as the top three, having an enormous influence on the overall Cryptocurrency market. In an environment where volatility is determined by market sentiment, Ripple’s recent developments would only further expand its value. Apart from the Santander deal, Ripple has been in talks with several banks worldwide, including a consortium of 60 Japanese banks who are in talks to develop a similar app based on Ripple’s technology. Ripple’s primary focus on integrating with banks and other financial institutions is thus welcome news for the community, which is hoping on extending its influence and adaption worldwide. With over 1600+ Cryptocurrencies in existence today, Ripple takes the top spot in spearheading the Cryptocurrency revolution.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up for our free newsletter!

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 Adam via Flickr

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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