Connect with us

Blogs

XRP Captures 50% of India Crypto Market

Published

on

XRP
READ LATER - DOWNLOAD THIS POST AS PDF

Ripple’s strategy for advancing XRP in the global crypto market seems to be starting in India. Its representative recently talked about this and explained what Ripple is trying to achieve.

Ripple owns half of India’s crypto market

Asheesh Birla, Ripple’s Senior Vice President of Product has talked about Ripple’s recent acquisition of a large number of market shares in India. Birla explained this on a panel at Wharton School of Business and stated that the plan is to eventually root in the economy on a global scale.

According to Birla, Ripple currently owns about 60% of the total supply of XRP tokens. The company’s next goal is to try and convince banks and financial institutions of India to open their doors to RippleNet. Doing so will allow them to connect to over 70 other banks and financial institutions from around the world, that have already entered into a partnership with Ripple. The only condition is that the banks of India will have to use Ripple’s tech for payment processing.

If successful, Ripple will effectively gain up to two billion users, and the question of whether Ripple can even handle that many customers arose. He continued to explain that the plan, at first, was to approach the three biggest banks in India. This move would effectively bring Ripple around 80% market share. However, the realization that within five years, over a billion people will become phone-banked in this country, Ripple decided to start targeting telecommunication companies and mobile phone providers.

This allows Ripple to tap into around 50% of India’s market. This is the percentage that has either already joined Ripple, or is expected to do so soon enough.

Stepping stone for reaching world marketplace

Ripple’s newest actions brought it a lot of success, and they are currently making more than one deal per week. Birla stated that this is a dramatic advancement and that Ripple is selling its products to banks left and right. According to Birla, the current trend is to disrupt the banks. However, Ripple has decided to take a different road and has instead started working with them.

The Ripple (XRP) community blog pointed out that the situation in India might not be as good as everyone is expecting, especially when it comes to regulations. The RBI (Reserve Bank of India) has especially led a turmoil when it comes to this issue.

However, it would seem that Birla’s recent talk has changed the author’s mind about the situation. Not only is the author not worried, but has even turned bullish regarding the reach and advancement of the RippleNet. All in all, this might represent a historic moment for Ripple, and cryptos in general. A lot of work has yet to be done, but Ripple is definitely on its way to dominating the world market.

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 Pexels

Bitcoin

Importance of Bitcoin ETFs and Bakkt for the Crypto Space

Published

on

Bakkt
READ LATER - DOWNLOAD THIS POST AS PDF

It is no secret that 2018 was a very bad year for cryptocurrencies, at least when it comes to prices and market cap. However, in its brighter moments, this year managed to set the stage for some very important events that are expected to make 2019 very successful and profitable. Two things have attracted the most attention, both of which were expected to occur in 2018, only to be moved for early 2019. Those two are Bitcoin ETF decision by the US SEC, and the launch of Bakkt.

What are Bakkt and Bitcoin ETFs and why are they important?

Let’s start with Bakkt first. Bakkt Exchange is a business that is set to launch at the very beginning of 2019. It is a cryptocurrency platform that is set to offer a large number of services, including things such as warehousing and trading. However, there is another thing that makes Bakkt special, and that is the fact that the exchange itself is a product of the same company that has created the New York Stock Exchange.

In addition, Bakkt will be supported by some very influential names, such as Microsoft, BCG, and even Starbucks, to name a few. Furthermore, Bakkt will support crypto-to-fiat conversions. Starbucks will actually be one of the companies that have volunteered to help test the system, as users will be able to convert crypto to USD that can then be used in Starbucks.

Bakkt exchange…

Continue Reading

Blogs

4 Best-Performing Cryptocurrencies in the Current Bear Market

Published

on

cryptocurrencies
READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrencies have been experiencing a strong return of the bearish trend for weeks now, and only now does it show signs of weakening. However, experts believe that the situation will not repair itself so easily and that prices will remain low for a certain period.

However, when bear market strikes, the sentiment gets most bearish when the trend reaches the bottom. Everyone starts selling, and while short sellers can make a profit in this situation, analysts usually warn that the sale will only knock the prices down even further. Since most of the crypto-related news is already negative at this point, such predictions often make sense.

However, there is still one thing to keep in mind, which is the fact that when downtrend enters a capitulation, that often signals that a new bottom has been found. That is the perfect time to actually go against the bearish trend, and start buying. It is also a good opportunity to abandon the coins that seem too risky, and do not seem to have that bright of a future ahead of them.

Bitcoin has dropped by 87% from its all-time high, which it hit back in January. However, the rest of the market dropped with it, and it never lost its dominance, which still remains above 50% of the total market cap. In other words, while its price may have sunk to lows that were not seen for a while now, it…

Continue Reading

Blogs

Will The Stock Market’s Bearish Outlook Affect The Cryptocurrency Market?

Published

on

cryptocurrency market
READ LATER - DOWNLOAD THIS POST AS PDF

About 3 months ago I was reviewing what was happening in other markets as the cryptocurrency market kept falling. So I opened up TradingView and what I saw was something so incredible I had to look a second time, I thought I had opened up the BTC/USD chart but it had not yet fallen. I was a bit confused, but I realized my TradingView opened to the DOW, at the time it was looking extremely euphoric and then upon a little more research I saw it was in the longest bull since its conception.  I instantly wanted to see does this just apply to the Dow Jones or does it also apply to the likes of the Russel, S&P500, Nasdaq, Vanguard and then I even looked at the housing market. What I saw I am honestly going to say baffled me, what was there before me was a perfect opportunity, I knew that soon the stock market would fall and started letting people know about hedging.

Last year for many was a huge learning experience and even if many lost money, they learned about financial markets for the first time and may have bought their first ever investments. This was a huge plus for many people who were labeled noobs or noob investors. Why you may ask? Well, the simple answer is that noobs tried investing for the…

Continue Reading

Elite