Connect with us

Altcoins

Why no XRP rally after Ripple Swell?

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

Last month, September proved to be an incredible one for Ripple (XRP), mainly because of investors jumped in after the company hinted the launch of xRapid, its product that will use XRP token.

With xRapid, there is an excellent probability that big financial firms could be using XRP for global finance settlements directly. This single potential made Ripple’s XRP price go up by more than 100% last month.

What xRapid will do is play a role of a bridge between different currencies worldwide, allowing banks and payment providers to process cross-border remittances at a lower fee as well as high-speed. Let’s recall that the Ripple CEO, Mr. Garlinghouse claimed that dozens of banks would be making use of xRapid when 2018 ends, earlier this year.

With Swell happening where speakers like the former US president Bill Clinton had to speak alongside some positive announcements expected to-be made by the blockchain firm, it was anticipated that XRP price would surge.

Here we are, Swell is over (by the way not over officially as its second day is still in progress), but we didn’t witness any rally for Ripple (XRP) yet. That has made many starting to wonder why? Well, first up, that’s a valid question. Secondly, some good news was break yesterday on Swell too, but still, the XRP price didn’t respond well.

Ripple Labs, the firm that’s on the back of Ripple, revealed three US-based financial firms have signed up to their xRapid service. The alliance will help those companies to carry out global transactions within a couple of minutes only. That’s an impressive boost considering the fact that existing remittance system, SWIFT takes at least two days to make that possible.

Two out of three companies who have signed up for xRapid are payment providers and go by the names of Caullix and MercuryFX respectively. The third firm is Catalyst Corporate Credit Union, a corporative financial company.

Even though XRP had a nice bull ride last month, its price is still down by about 80% from the peak price token saw after the colossal bull run last year. The cryptocurrency touched $3 mark last year while it entered 2017 with a price of $0.006 per token.

Understandably, all eyes were on Ripple for its annual conference, Swell, mainly because of its star speakers like Gene Sperling and Bill Clinton, and anticipation of some big announcements. Both of those things have happened without failing even by an inch; the former US president took to the stage (and he praised the potential of blockchain a lot) as well as xRapid was made available for commercial use at full.

Relax. No matter how volatile the crypto markets are, you cannot expect to skyrocket your profits from XRP only because Ripple has been putting efforts in driving the adoption of xRapid lately. It takes time for adoption to start picking traction, everyone needs to understand that.

Now, what all the Ripple (XRP) holders need to do is wait for the xRapid adoption to spread (it will spread like the fire, potentially). As of now, only three companies have Opted for the service; there are hundreds of banks worldwide that are on SWIFT technology as yet.

Just imagine if only top 15 or 20 banks join the xRapid army, where would the XRP price go after such real-life consumption?

A way above than its current value, for sure. And that’s more likely to happen as more countries like Nigeria, Sri Lanka, and the likes start realizing that xRapid can save them 30-40% on remittance fees as well as make people send/receive payments within a couple of minutes instead of days.

For the global insights every crypto trader must have, apply for Elite membership!

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.

Photo by Xavier Pinos on Unsplash

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

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

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Elite