Connect with us

Blogs

Why Ripple (XRP) is not able to shine at full as yet

Published

on

Ripple XRP
READ LATER - DOWNLOAD THIS POST AS PDF

For many of the crypto enthusiasts Ripple (XRP) is one of the tokens that results harsher to read and understand, which is, in fact, one of the major concerns for the third largest cryptocurrency of the market.

Truth be told, even when the coin has managed to stay in the third position of the charts, the decrease in value is more than evident, even being valued now at a price of $0.43484, which means the price is five to six times lower compared to the beginning of the year.

Nevertheless, this is actually the lesser of the major problems that the cryptocurrency is facing as of now. For starters, Ripple Labs is dealing at the moment with a couple of class action lawsuits made by a user who accuses the company of not following the laws of security made by the US government, a fact that without a doubt has raised a lot of comments around the purposes of the token, and additionally, has augmented the opinions of the likely classification of the coin as a security due to its centralization status.

Like this, it seems more than clear that Ripple is not going through its best time, but if we take a closer look on the asset, one may asseverate that the most disturbing affair is that the token seems to be somehow directionless and stuck. Let’s see the main reasoning behind this.

Ripple’s greatest problem of them all

It is not a secret to anybody that Ripple is one of the tokens on the market that has developed the best relationships with the financial industry, and this has led the entire community to believe that via Ripple they will find the link between traditional currencies and virtual coins.

However, nothing’s far from reality than this, in fact, we don’t need to be that analytical to realize that even when Ripple has managed to partner with at least 100 bank entities from all around the world, this relationships center on the products xCurrent, and xVia, solutions designed to improve cross-border payments separately from the XRP token.

In this sense, the only product that carries the XRP token is xRapid, but as of now, it continues out of the picture when it comes to negotiating with a partner, and that is precisely one of the leading critics that Ripple receives. It has been speculated that the company plans to create a bridge between the three solutions at a point, and that convincing a partner to migrate from one solution to another it would be actually an easy thing to do, but the truth is, this is only a matter of conjectures.

Another problem that Ripple needs to solve to find a direction to sail is to come clean with its purpose and the way this matches (or not) with being a cryptocurrency.

For instance, Ripple’s primary target is to solve cross-border remittances and payments in a more efficient way than SWIFT does, but in order to create a solution of this kind, there’s no other outlet than becoming a fully decentralized cryptocurrency, which is, in fact, the latest concern of the community.

As a matter of fact, Ripple protocols rely on antiquated systems that crypto users are trying to surpass by using virtual coins, so as it just seems the picture is just not that clear. Ripple (XRP) has got the potential to revolutionize the financial system as it wants, but the company still need to work hard and get out of the hot water.

To obtain the results and position that Ripple deserves, it must not just settle with just keep scoring partnerships with more banks (who mainly utilize xVia and xCurrent, and not XRP) and just arrange a Snoop Dog alike throwdown occasionally. The company needs to go beyond (and get clear), and it can do it, but at the moment, things are just not looking that good for Ripple compared to how the cryptocurrency is putting all things together correctly.

For the latest cryptocurrency news, join our Telegram!

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

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

Continue Reading

Elite