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Why no XRP rally after Ripple Swell?

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Ripple

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.

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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.

Photo by Xavier Pinos on Unsplash

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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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