Connect with us

Altcoins

Why is xRapid not bringing XRP price up?

Published

on

Ripple XRP

Have you ever heard about Adam Smith? Have you read his book “The Wealth of Nations? You should. This is the guy who invented Economics. He invented the idea that markets find a way to regulate themselves through supply and demand. But one thing Smith never said was that markets were rational. They’re not. Rumors, fear, momentary impulse govern them, and this is what happens with the crypto markets right now, especially with Ripple’s XRP.

Let’s review XRP’s price recent history briefly

Ripple’s yearly Swell conference started last Monday and, on the two previous weeks, the price went up. Nobody knew anything, but this is an example of speculative investors buying into rumors, trying to get into the action early before anybody else does. What happened next?

Well, Swell happened next and, while it was supposed to be a low key conference, it turned out a big announcement. Namely, that xRapid is, at last on production stage, with three partners who are already using it to settle their international money transfers.

Those were great news. And what happened next? XRP’s price went down. Let’s dig a little deeper.

Cryptocurrencies, like any other commodities or resources, can grow in value because of two reasons: they can either be useful, or speculators could be interested in them. This is Economics 101. At this point, very few crypto-coins are helpful in the real world. That means that their value is dictated by speculative pressure, mainly.

Ripple is in a transient period. It is turning into a project (and a token) that is becoming useful in the real world because banks, remittance services, and financial institutions are slowly (but surely) adopting both the platform and the coin. But the process is only beginning so speculative pressure is still very strong and it’s holding the token’s value back.

So if xRapid is finally in production, then why is the token’s price going down?

Because it’s started with three users only, which are not very big at that. But if things work well for them, other banks (bigger banks) will also adopt xRapid (Banco Santander already has another of Ripple’s platforms in production), and that will create a much bigger demand for XRP. Not because of trade in exchanges but because it’s a useful coin that solves problems for real people.

The one thing you need to know about XRP’s value is this: it’s not a sprint race; it’s a Marathon. But Ripple technology and the token have proven to be helpful for many businesses the world over so they are sure to gain more users.

And with more users, there will be a higher trade volume that will drive the coin’s price up because of usefulness, and not because of sheer speculation. Keep in mind that even Stellar Lumens and LiteCoin have seen Ripple’s project and followed suit, because they know that taking a cryptocurrency mainstream is the one thing that can make it valuable in the market, bypassing speculative measures.

This is not a time to be fooled by what’s happened this last week (XRP is down by more than 6% even during the previous 24 hours). It’s instead a time to think long-term, and there are many good long-term bets in the cryptosphere. Tron, Stellar, Bitcoin (surprise!), Cardano and a few others, but among them, there is Ripple.

Don’t worry about the current market. As I stated before, it’s irrational. Be rational and outdo the market. Not this week. Just think long-term. Is the market terrible right now? No, it’s not awful. It’s cheap. It’s probably the right time to buy. But don’t take our word. Do your own research, reach your own conclusions and never put in the crypto market money that you can’t afford to lose.

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.

Image courtesy of Flickr

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

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…

Continue Reading

Altcoins

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

Published

on

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…

Continue Reading

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

Published

on

Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

Continue Reading

Press Release