The crypto market, in general, has been seeing a rapid recovery for months now, especially when it comes to top coins. Bitcoin has already surpassed the levels it was seeing before the November 2018 market crash, with the current price of $6.852 at the time of writing.
However, the same is not true for XRP, the third largest cryptocurrency, which is still trading below its largest support. While its price did try to test the resistance at $0.312 several times in the past weeks, the coin saw a rejection each time it approached it. Combine this with the fact that XRP’s price against the USD is trading within a descending triangle, and it is easy to understand why many investors are worried.
Is XRP about to start spiraling down?
XRP is a massive coin, despite the fact that its price is low. As such, it has a major impact on the market, and if it were to go down, it is likely that it would take a large portion of the market with it. As mentioned, Bitcoin itself is advancing rapidly. However, historically, such massive uptrends often lead to just as massive potential downtrends.
As things are now, many expect it to come once BTC hits $7,000. However, many are looking for other unfortunate events that might trigger a massive sell-off. Experts have been warning that events such as a large exchange hack would likely do the trick, but as the world’s largest exchange, Binance, announced that it was hit by hackers several days ago — the prices simply ignored the event.
While this is good news, it is not the only event that might trigger a downfall, as many expect the US SEC to soon release some news, perhaps regarding the legal status of some currencies. Meanwhile, XRP’s recent actions also might act as a catalyst, as the project released 1 billion coins from escrow only recently.
In other words, the market is very, very vulnerable now, and even the slightest negative event might trigger a price drop. With that in mind, XRP is likely the first one to start falling. Despite the fact that it is the third largest coin, it was never fully accepted by the crypto community, and whenever there is a sign of weakness — the community is quick to abandon it.
XRP dropping against BTC
Considering the recent performance of its price, a large decline is expected to arrive at any moment. There were already some signs of an upcoming drop, such as XRP correction against BTC. While the coin is growing against the USD by 1.74%, it is dropping against BTC by 6.20%, which is quite a serious decline. XRP is being oversold against BTC, and it has been for weeks now. Not only that, but it was noticed that XRP is dropping massively against BTC when the prices decline, but it does not grow as much during periods of growth.
XRP continues to remain uncertain, which led to a lot of investors being confused about it, and what to do with it. Meanwhile, the questions of its legal status and potential future only add to the confusion, as the coin saw new competition in JPM coin and other similar projects. With that in mind, it is unlikely that XRP will see a sudden bullish reversal, and many expect it to continue to drop as BTC keeps growing.
While many coins aim to decouple from Bitcoin, such as Binance Coin (BNB), in XRP’s case, that means going down. This does not come as a surprise, considering that many in the crypto community see this coin as an imposter and an enemy. Even so, it spells bad news for XRP, and the coin’s future remains questionable.
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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.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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.
NFTs are already being actively traded in markets globally. For…
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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%.
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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.”
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