Currency Market
Why is Ripple (XRP) going through the roof?
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%.
XRP is the next Bitcoin. #XRPTheStandard#EOY$500$XRP
— JustAnotherBidenCryptoJoe (@JustAnothrPleeb) November 19, 2018
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
Manufacturing Industry 4.0 company Smart MFG Tech has announced that it is launching its MFG Liquidity Mining Rewards on LINKSWAP today. LINKSWAP is a decentralized, community-governed Decentralized Exchange (DEX) and an AMM platform, which was created by YF Link (YFL). The team at YF Link says it aims to address “the pain points of second-generation AMMs” by offering such features as Reduced Impermanent Loss, RugLock, SlipLock that are not offered by other platforms.
Smart MFG Tech has said that the first integration of the MFG liquidity mining rewards will use the LINKSWAP LP (Liquidity Provider) Rewards service. It will allow LPs to deposit their LP token(s) (UNI-V2) to the participating rewards pool (ETH|MFG) and earn MFG rewards seamlessly. Smart MFG said it will continue to work with the YF Link team to provide support for other pairs and expand services.
LINKSWAP’s Rewards is a liquidity mining service that enables LPs to earn rewards for providing liquidity in a participating pool. YF Link has implemented a custom frontend solution for Smart MFG LP rewards pool on LINKSWAP. This will allow LPs to add liquidity to Smart MFG’s existing ETH|MFG pool on UniSwap v2 and deposit their LP token(s) (UNI-V2) to their LINKSWAP rewards pool (ETH|MFG).
Smart MFG explained how the rewards can be earned:
“LPs get a share of the transaction fees on Uniswap v2. This is calculated by how much liquidity is provided relative to the percentage…
No matter what our goals are, sometimes just getting started can be the most difficult part of building our savings up. When it comes to investing, many of us are wary of parting with our money to generate more financial security in the future. But what if you can build significant savings without even noticing?
That’s the aim of the micro-investing apps that have come to dominate online stores across Android and iOS. Today, more fintech startups are working on delivering refined solutions that encourage minuscule investments at a more frequent rate.
Micro-Investing apps will look to make saving more accessible to young people – many of whom in the UK have little-to-no money tucked away for a rainy day.
However, the prevalence of money-saving technology and the disruptive chaos of the COVID-19 pandemic appears to have prompted a widespread increase in households saving more of their disposable income:
With micro-investing platforms playing a role in bringing UK household savings back up to five-year highs, is it fair to say that little-by-little investing is here to stay? Let’s take a look at how micro-investment platforms could revolutionise how we manage our finances:
What is Micro-Investing
Micro-investing, or sparse change investing, is a relatively new development in fintech. It effectively enables users to put away small amounts of money towards their long, or short, term goals. The idea…
Bridge Mutual, a decentralized platform that allows users to insure stablecoins, has announced that its native BMI token will be launched on Polkastarter tomorrow, January 30. The Polkadot’s decentralized exchange will host an Initial DEX Offering (IDO) for Bridge Mutual.
“Even the most sophisticated digital asset investors are at risk of losing their funds through various malicious and negligent activities in the blockchain ecosystem. With Bridge Mutual, we believe it doesn’t have to be this way. Using Bridge, people can control the risk exposure of their digital asset investments, just as they do with real-world assets. The Bridge Mutual platform allows people to offer and purchase coverage in a decentralized p2p way. We’re excited kickstart the launch of the BMI ecosystem with a launch on Polkastarter and creating a better way of protecting digital assets for users all over the globe,” Bridge Mutual CEO Mike Miglio said in a statement.
Bridge Mutual allows users to buy and sell insurance for smart contracts, stablecoins and crypto exchanges, peer-to-peer. Users can purchase insurance via the Bridge Mutual app and then file a claim if their digital assets are lost after a hack. “When users lock stablecoins in Bridge Mutual’s coverage pools, those funds are reinvested into popular (and safe) yield generating platforms that return yields to coverage providers. When a claim is approved, stablecoins from the coverage pool goes…
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