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This is why Ripple (XRP) is not going anywhere anytime soon

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Ripple XRP to stay here

International bank transfers need from two to three days as things stand today. But this could change for good as Ripple‘s tech eliminates financial friction from these kinds of transactions. In a press release published a couple of days ago, Ripple declared their xRapid service underwent a successful pilot run which saves from forty to seventy percent of the cost for financial institutions, compared with traditional ways.

XRP transactions across borders take mere seconds (XRP to fiat currencies take slightly longer). The pilot tested transactions between US and Mexico (one of the biggest remittance markets in the world). It works like this: a US bank sends USD to a gateway which converts it to XRP; then it’s sent to Mexico where another gateway turns it into Pesos). These transactions took about two minutes instead of the usual 2.5-day average.

This shows how digital currencies will play a key role in the near future making things cheaper and quicker for everybody.

Ripple has been getting new partnerships with major banks and financial institutions (think Santander) with a global presence, so more and more big players are adopting Ripple’s tech as a way to do business. A lot of observers think XRP is undervalued right now, as it had a high of $3 per token. But as demand increases, XRP will go up.

xRapid

MoneyGram, Mercury FX, and IDT are among the most important names in money transfers. They have all adopted both Ripple’s xRapid and Ripple’s XRP currency to do business.

Ripple’s xRapid platform allows banks and other financial institutions to minimize costs and improve customer experience. XRP makes things quicker by substituting on-demand liquidity transfer for pre-funded liquidity.

xCurrrent

XCurrent is another Ripple solution that banks are using for global payments. It allows for an instant settlement that can be tracked end to end.

Dilip Rao, who is global head of infrastructure innovation at Ripple, says,

“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers” 

XRP is trading at $.67 right now. The price is under the bearish trend line at $.78. This level acts as resistance for Ripple with crucial support at $.72. The MACD on D1 is in the positive territory; however, it is looking like it is ready to enter the negatives.

Ripple presents itself as “the world’s only enterprise blockchain solution for global payments.” Other institutions in this industry are following suit.

The Society for Worldwide Interbank Financial Telecommunication also known as SWIFT is the main way in which banks all around the world exchange money. It includes more than 10,000 members in 212 countries.

SWIFT’s traditional ways work like this: if an American bank is to send currency to a Mexican bank, then the Mexican bank bus have dollars, and the US bank must have pesos. It’s the same the world over, but not all banks in the world have every currency available. That’s how XRP is useful. It eliminates that factor in the equation, so the transaction is quicker and easier.

As institutional banks and governments adopt XRP, costs and transaction times will go down dramatically.

While Ripple is much quicker, it still relies on intermediaries to exchange XRP into fiat currencies. The XRP team, on this matter, states,

“The portion of the transfer that relies on the XRP Ledger takes two to three seconds, with the additional processing time attributed to movement across the intermediary digital asset exchanges and local payment rails.”

This crypto coin is changing the bank game already. In cryptocurrencies, it’s clear that some will do well and some won’t over the course of this year. XRP is among those that will do very well. Consequently, xRapid and xCurrent are just a couple of reasons out of many that back the fact that Ripple (XRP) is here to stay!

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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 Ezys 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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