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Stellar (XLM) and Ripple’s XRP no more the safe havens in the crypto storm

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The last couple of weeks have seen every single cryptocurrency lose a lot of value, starting with Bitcoin, and there is no end in sight. It’s been nothing short of carnage. But amidst this mayhem, two digital assets held fast. Granted, they lost value too. But their red numbers were written in single digits while every other token down by double digits. We’re talking about Stellar Lumen’s XLM and Ripple’s XRP.

Stellar Lumens (XLM)

It may seem a paradox, but you can make progress even in a market that is going down, and that’s what XLM has achieved. It briefly knocked Bitcoin Cash out of the 4th place by market capitalization. While it didn’t stay there definitely, this is a sign of things to come.

Bitcoin Cash’s hard fork created a hashing war, and it provided airdrops for community members. And yet, it’s gone down from $630 (before the fork) to around $160, currently. This is probably because many users that received coins from the airdrops are now squaring their Bitcoin Cash positions as the market is dominated by sellers.

As things stand, both EOS and Stellar Lumens have market capitalizations that are in the same zone as Bitcoin Cash. The difference between all three of them has been that XLM dropped at a much smaller rate. About two days ago you could have thought it would overtake them in the following days. This is exactly what happened between XRP and Ethereum, and now XRP is a solid second place by market capitalization.

But that’s not the case now. Stellar as gown down even more than EOS and Bitcoin Cash in the last 24 hours as it’s in red by 24%. In the current turmoil, XLM doesn’t really need to grow to be a safe haven. It just needs to keep dropping a lot more slowly than similar assets, which is precisely what’s been happening about 30 hours ago or so (but not now).

XRP

As we mentioned before, even in the recent mess, XRP managed a degree of success by becoming the world’s second-largest digital asset by market capitalization, overcoming the legendary Ethereum. It now outranks it by about four billion dollars, so it looks pretty safe in its new second place.

Then there’s the good news. TransferGo announced it would adopt Ripple’s xRapid platform to create a remittance corridor between Europe and India. This platform is fueled by XRP transfers, which creates demand and trade volume for the token.

Additionally, Ripple’s Asian partner, SBI, announced it would use Ripple’s technology to ensure security in credit card operations in Japan. And Mitsubishi also announced that it would use Ripple to settle payments between Japan and its Brazilian partners.

Ripple’s XRP has held fast because it’s proved to have myriad use cases in the traditional financial sector. Those banks who are using Ripple’s platforms and coin are settling international payments in minutes, at the cost of a fraction of a cent, thus giving their costumers better, safer, cheaper service. According to American Express, XRP is saving them around 70% of the costs involved in sending money overseas.

XRP has also managed to build a robust community that will go all the way to hell and back for the currency and the ideas it upholds. But even though it has been holding the grounds quite well, that case has changed now as the cryptocurrency is down by even more than Ethereum. XRP trades in red by 17.51% in the last 24 hours (ETH is down by 15.41%).

Good things happen even in bad markets, and they teach us a lesson. Let’s try and learn from the current bullish run: XLM and XRP are here to stay, and they’re very solid.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 Pixabay.

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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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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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