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Why Ripple (XRP) can jump 100x in value and become the world currency
When thinking about investing in Ripple (XRP), the digital coin that runs on the Ripple’s payment blockchain system, traders ought to consider what function Ripple might play over the progression of the next decade. In 2017, when Ripple was a relatively new and emerging (it still is) virtual currency, it managed to grow its value by more than 100x in under one year.
Early 2017, the value of Ripple (XRP) was 0.0064 US dollars per token, while at the end of the same year, Ripple (XRP) was fetching prices around 0.8 US dollars. At the time, many analysts predicted all sought of predictions arguing the price of Ripple might rise to the heights of 9 US dollars in 2018; there is still time for Ripple to clock this target, we should not rule it out as yet.
Most of cryptocurrency experts and analysts believe that Ripple has what it takes not only to reach similar peaks but to also grow further in creating new highs as well. Many still agree that Ripple (XRP) is still an excellent coin to invest.
At the time of writing, Ripple, the third largest virtual currency by market value after Bitcoin and Ethereum, has been growing sturdily in last seven days, poking at 0.48 Us dollar per token. Ripple (XRP) looks like it has broken away from its association with BTC as Bitcoin remains above the 6,600 US dollar rangebound handle.
XRP/BTC is recording a 9.5 percent daily increase and a 3.5 percent increment since the start of Tuesday trading recording gains of over 5 percent. However, from a technical point of view, XRP value has reached a critical resistance, where the likelihood of the emergence of short-term sellers are likely to occur, opening the door to another wave of selling orders. In turn, the upward rise in price might suffer and fail to gather pace from here.
From the long-term viewpoint, the ultimate resistance might come at the 0.560 US dollar mark, which accounts for a 78.6 percent Fibo retracement. The markets need to clear Ripple (XRP) before starting the celebrations for a continuous recovery towards 0.6 US dollars and 0.647 Us dollars, which is believed to be the next Fibo level.
From a short-term viewpoint, considering Ripple is continuously adding new financial institutions as clients and partnering with major institutions, XRP/USD is strongly overbought, meaning there is a high chance of the downside rectification with the final near-term support created by 0.5 US dollars and 0.490 US dollars.
Can Ripple (XRP) become the World Currency?
Ripple continues to prove itself as a virtual currency and a blockchain technology that is worth watching and investing in by facilitating near-instant cross-border transactions across the globe.
Although still near and untested by many in the financial industry on a global level, Ripple has managed to partner with more than 45 central banks in the world allowing them to use their platform in settling debts and making settlements with each other pointing to the fact that Ripple has the potential and might one day become a world currency.
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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 Pxhere.com
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…
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…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…
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