Ripple’s XRP has had a fantastic year. It’s one of the few digital assets that are reporting growth in a market that is still decidedly bearish. Not to forget its latest spike in the price. This should not surprise anybody at all, as it was last year’s most profitable coin, even taking into account the spectacular bullish run Bitcoin had in December.
Among the reasons bolstering XRP’s strong position in the market are the strategic partnerships the project keeps securing and announcing (MoneyGram would be the latest one), as well as an unprecedented effort to complement XRP’s usefulness in international transactions with braking it into retail use in the mainstream.
And there’s even more good news from both within and without Ripple. Not too long ago, the Apple and Google app stores approved a new app called TipBot which supports Ripple as a means of payment for end users. Also, over the last month, Ripple released xRapid, which is expected to become its killer app, and a Q3 financial report in which everything looked just peachy.
Ripple’s mission is to work with banks, remittance services, and financial institutions so that its blockchain technology can, once and for all, get rid (or, at least, complement) of the obsolete SWIFT system. SWIFT remains the way in which the banks of the world settle international payments. It’s expensive, slow, and prone to errors.
The way in which Ripple has been growing and developing lately prompted a report done by Lennard Neo Picolo Research. In this work, the researchers estimate that XRP’s intrinsic value is of $1.75 as things stand right now. Which means it’s undervalued by 280%, roughly.
What is the timeline for the target price of 1.75 shown in upper right hand corner?
— Daniel Joseph (@stlghostrider) October 31, 2018
But there’s still work to be done. The Ripple network needs further decentralization (something that’s made them unpopular at times in the cryptosphere), and while it has indeed been making progress in that front, there’s still a lot more to be done.
Let’s talk a bit more about Tip Bot. It’s an app created by Wietse Wind, who also happens to be an XRP developer. Using Tip Bot and Coil, the St. Jude Children’s Research Hospital was donated 21,000 XRP in the space of four months. The goal remains to reach 25,000 XRP.
CoinField, the Canadian cryptocurrency exchange has chosen XRP to be its main base currency, and it has twenty available trading pairs against it. The Canadian company decided to do this because of XRP quick transactions, modest fees, and solid reliability. In Babak Bob Ras, the firm’s CEO’s words:
“In a very short amount of time, XRP has proven itself to be one of the most reliable and most cost-efficient blockchain networks in the industry.”
CoinField also allows for exchanges in several other fiat and cryptocurrencies such as the Canadian Dollar, Japanese Yen, British Pound, Euro, and US Dollar.
XRP’s market capitalization is currently at 21 billion USD, which means it’s only 1 billion behind Ethereum and it’s pressing hard to become the second most significant digital asset. In fact, the cryptocurrency did that today for a while (again). As we write this article, it’s trading in green numbers at $0.534.
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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 Flickr
Why Blockchain Projects Keep Failing
If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.
So, What’s the Problem?
For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.
What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.
Project Success Starts at the Team Level
The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.
Unfortunately, this mentality isn’t just…
STEEMIT Running Out Of STEAM?
Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.
If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…
The Three Biggest Problems with Crypto
In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?
However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:
Who hasn’t been scammed at least once?
The crypto community is overrun with scammers taking advantage of inexperienced and naive users. What’s more, scams don’t only occur on an individual level.…
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