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Why is Ripple (XRP) going through the roof?

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XRP

The cryptocurrency market has been under the bear’s hug since last December 17th, and every single asset has felt it severely at some point (Ripple’s XRP hasn’t been the exception). The crypto verse has lost more than 75% in total value over the last ten months. Take Bitcoin. It has gone down to the 5k region a couple of times this year.

And yet, there are a handful of tokens that have been gaining ground against the current and are trading in the green. Ripple’s XRP is the prime example. XRP has been growing steadily for the last month and, over the previous few days, it’s displaced Ethereum as the world’s second’s biggest altcoin by market capitalization.

XRP had already beaten Ethereum twice for the second spot over the last two weeks. The grass (and trading numbers) look way greener for XRP than they look for Ethereum, which is why one is dropping, and the other one has appreciated by almost 10%.

Last Saturday was dramatic. The cryptocurrency market usually turns bearish on weekends and, yet, it was a bullish day for XRP. It opened at $0.472323 and went up to $0.496730 (a local high). And, while it dropped below the opening price to reach $0.466813, it closed at $0.491654. That brought XRP close to its next resistance level.

That level then got broken as it traded at $0.502975 (and went in the green) until before today (Monday, November 19, 2018) morning. Even though it’s currently trading in the red (again alongside the most of the coins), still, don’t miss the signs: the bulls are in for XRP.

Ethereum keeps falling down as Ripple’s trading volume keeps growing. A factor behind that growth is Bitbank, a Japanese exchange that is now offering trading pairs between Ripple’s XRP and the Japanese Yen (XRP/JYP). This pair alone has created 124.67 Million in additional trade, on top of the previous $829.92 Million XRP had already. And this is making XRP’s market capitalization swell very quickly which is why it’s taken over Ethereum’s former second spot.

Ripple explodes

Many crypto observers were, and still are, skeptics about Ripple’s XRP’s success. They think these are the usual results you can always expect from pure speculative pressure in which a specific token gets a lot of support for a short period only to fall back down a little bit later on.

XRP is proving them wrong one day at the time. In a rare gesture, Ran Neuner (of CNBC’s fame) has strongly suggested to traders to drop Bitcoin and Bitcoin Cash (because of the current hashing war happening between them) and go for Ripple’s XRP 100%.

Some players have even started to wonder if XRP is the next Bitcoin. That is still a very doubtful proposition for this month, but in five years anything could happen.

Going back to the article’s initial question: What is driving XRP up? Simple answer: it’s becoming useful. Ripple has stopped ignoring retail and practical use cases for end-users, and, at the same time, it’s kept recruiting new partners in the traditional financial system so that the token is becoming usable for both big and small players, inside and out the cryptosphere.

In this way, it’s creating additional demand and trading volume for the coin (the Japanese example cited above is nothing short of dramatic) and increasing its value.

This article is not about financial advice but perspective. We’re not going to recommend for you to drop all your BTC and get XRP instead. But if you are a crypto enthusiast, XRP is a digital asset you should be watching, and, if you can, acquiring.

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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 Violetta/PixaBay

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Currency Market

How PayPal Sparked The Next Crypto Gold Rush

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Bitcoin

The astounding thing about the world of cryptocurrencies is how fast things can move when there’s a catalyst for change. For Bitcoin, the world’s most famous cryptocurrency looked set to spend the final months of 2020 taking a back seat to the rapidly developing DeFi landscape. One PayPal announcement later and it’s closing in on its all-time high value

The 2020 crypto gold rush was sparked into life on October 21st when payment giant PayPal announced that they would be accommodating cryptocurrencies like Bitcoin, Ethereum, Litecoin and Bitcoin Cash – allowing its network of 286 million users to buy and sell cryptocurrency. The coins could then be used to make purchases from the 26 million sellers that accept PayPal, the organization announced. 

The notion of 286 million users suddenly gaining access to cryptocurrencies has prompted some enthusiasts and investors to believe that the world of crypto is on the precipice of arriving into mainstream usage. 

Bitcoin Price

(Image: CoinGecko)

As the chart above shows, in the 30 days that followed the PayPal announcement, the price of Bitcoin has climbed by an astonishing 53%. Continue Reading

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