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Ripple’s (XRP) Journey in May 2018

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Ripple and Xpring

Ripple focuses on introducing blockchain technology and faster transaction system to various businesses. “Xpring is a new initiative by Ripple that will invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs.” (Ripple official website) The XRP ledger and the digital asset XRP will be utilized by the entrepreneurs to provide solutions to their customers in a new found way.

Ripple (XRP) and Mitsubishi Corporation and MUFG (Mitsubishi UFJ Financial Group)

Mitsubishi had announced that they are going to test the technology of cross-border payment implemented by Ripple. Standard Chartered had made another announcement stating that they will take part in the remittance test. It seems that Ripple has made its mark with many such partnerships with internationally renowned banks and other financial institutions. The announcement comes on time when people are complaining about the taken to do a transaction and the charges implemented in the process. At present, the international money transfer system uses the SWIFT network and the transaction costs are high as it is a multi-layered process involving various banks to reach the recipient address.

The whole process will take place through Ripple (XRP) to support a faster transaction system and reduce the expenses. The objective of Mitsubishi is to incorporate Ripple’s cross-border payment technology in the public sphere such that it can be used for regular use. At the moment, according to the official statement, the transactions will be made using Singaporean dollars. The transaction will start from Thailand and end in Singapore. One of the Mitsubishi subsidiaries will use an Ayuthaya Bank account to send funds to a previously established account owned by Mitsubishi Corporation Affiliate in Standard Chartered.

“The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates.”

  • Gautam Jain, managing director and global head of client access

SEB, MUFG, YES BANK, Cambridge Global Payments, BBVA, and Akbank are just some of the companies with which Ripple had partnered up since 2017 to ensure a safer, faster and less expensive transaction system.

Ripple and Apple Partnership

The point that made Santander and Wilderness Inc. choose Ripple over other cryptocurrencies is that it can also be used to conduct internal transactions within companies that also incorporates “international” and “cross-borders”. As xCurrent or xRapid platforms of Ripple can be easily incorporated into these companies’ ecosystem, the transactions are completed much faster securely and at low costs.

Being a giant in the tech industry, Apple specializes in assembling sophisticated pieces of tech to provide an easy to use and reliable interface. Thus, Apple announcing that it will partner with Ripple for installment record and administration can be beneficial for both the sectors. However, Apple will at the moment only implement Ripple’s technology. If in future, Apple adopts the crypto coin then the clients of the tech giant adopting XRP token will be a huge success for Ripple and will enhance its market presence. Stellar is on the way to give tough competition to Ripple and other cryptocurrencies, therefore, this announcement comes right on time.

Ripple (XRP) Price Analysis

Studying the historical price chart of Ripple (XRP) at coinmarketcap.com, it seems that the crypto coin is experiencing the usual fluctuations of the cryptocurrency market. When the weekly chart is observed, the downtrend is losing its strength as the price seems to be unable to reach below the $0.47, XRP’s lowest in April 2018. This will hopefully start a bull trend. The Twitter announcement of Revolut on 18th May about a ‘BIG’ update in the next week seems to have triggered some instant response from the community and Ripple fans. (The Revolut app allows the users to connect to a bank account where they can hold, buy or exchange cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The value can be converted to 25 fiat currencies.) Also, the partnerships with Mitsubishi and Apple can also be the indicators of bulls taking over the Ripple market gradually. However, according to coinmarketcap.com, at the time of writing, the price of Ripple (XRP) shows $0.675 USD (-3.43%) approximately. A market cap of above $26,481,000,000 USD and volume (24h) of approximately $237,661,000 USD keeps the crypto coin floating at 3rd position. (As of 22nd May 2018)

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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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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