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XRP mainstream reach swells as it secures listing on new Turkey exchange

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XRP

Undoubtedly, Ripple is one of the widely-loved blockchain projects in the world today and this due to its numerous adoptions, listings, and utility. Continuing with its mainstream adoption rush, Ripple’s XRP has made it to the highly-awaited newly-launched crypto-exchange platform of Turkey, Coinzo.

The exchange went live just a couple of days ago and decided to add XRP to the list of digital assets available to be traded on its platform. The breaking news came through a tweet by a member of Ripple community, @LeoHadjiiloizou. Tweet reads:

Turkey is taking more interests in cryptocurrency, and with most of its exchanges indulging cryptocurrencies, we may see a big boom in the crypto sphere over there.

Coinzo is a new cryptocurrency exchange ready to grow in the crypto world. It currently has six digital assets available for trading including BTC, ETH, XRP, EOS, HOT, and GAS. The crypto-exchange itself said in a tweet:

The crypto currency exchange Coinzo is online, offering Global services as standard! #kriptopara #BTC #ETH #XRP #EOS #NEO #Holochain #CNZ $BTC $ETH $XRP $EOS $NEO $HOT $CNZ.” 

Coinzo also highlighted the available trading pairs on its official Twitter page, the platform notes,

Pairs that you can process in Coinzo/try/try/try/try/try/// #kriptopara $BTC $ETH $XRP $NEO $EOS $HOT #NEO #BTC #EOS #BTC #XRP #BTC #ETH #BTC #bitcoin #coinzo.”

Ripple’s XRP, on the other hand, is the third biggest cryptocurrency with a market capitalization of about $20 billion (19.9 B at the time of press, to be more specific). The blockchain was created by its progenitors: Chris Larsen, Jed McCaleb and Arthur Britto in 2012. Its token, XRP, was also established at that time.

Subsequently, Ripple’s XRP ledger is an open-source technology that was created a year later. The XRP ledger supports faster payments and decentralized exchange of other cryptocurrencies. It is important to know that through this ledger, XRP payments can be settled within a few seconds with a less amount of energy, and it can handle up to 1,500 transactions per second due to its scalability capabilities.

Furthermore, Ripple’s XRP is not just any cryptocurrency, because it aims to solve real-life problems. The cryptocurrency is poised to change the way cross-border payments are done across the world today.

Coming back to XRP listing on newly-launched Turkish exchange Coinzo, Ripple community have expressed their happiness concerning the event as it would raise the interest of Turkish investors towards Ripple’s ecosystem.

XRP Price Analysis

At the time of writing, alongside all other significant coins, XRP is in the red and trading at $0.497. In the last 24 hours, the XRP/USD trading pair is faced with the $0.49 resistance level. It is however probable that if the bull momentum moves the price above the current resistance level, then the price of XRP hit $0.62 soon. At that price, gains can be achieved, because, at $0.62, a price rally upward is inevitable.

Also, XRP’s high SMA and RSI level clearly show overbought and this indicates a short-term bull trend. If the price of XRP goes below its current SMA level, then we may see a bearish trend against our predictions.

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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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Currency Market

12 Peers Capital Markets Purchases DigitalBits XDB Token

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12 Peers Capital Markets , a broker-dealer and capital markets firm has announced its support for DigitalBits, a blockchain protocol focused on consumer digital assets such as loyalty points, rewards, and branded stablecoins.  The traditional market brokerage firm has purchased the DigitalBits XDB token, after recently announcing “a new found investment thesis focused on identifying blockchain projects that improve efficiencies across global markets,” it said in today’s announcement.

DigitalBits is an enterprise-grade blockchain protocol for supporting consumer digital assets, specifically branded currencies.  The company believes that branded currencies play an integral role in driving consumer behavior, but many of these programs are dated by today’s technological standards.  “These limitations have stifled value transfer, resulting in the accumulation of large amounts of idle capital – in 2017 US corporations held in excess of $100 billion in unused points liability,” the DigitalBits experts explain.  

The DigitalBits blockchain supports tokenization of existing and new consumer digital assets.  The XDB Foundation, which was formed earlier this year, is a neutral agnostic non-profit organization to enhance the DigitalBits blockchain and ecosystem, engage partnerships and building a robust ecosystem for users. Commenting on the 12 Peers Capital Market announcement, XDB Foundation’s Managing Director Michael Gord said that it is great to see traditional firms show interest in blockchain technology. …

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Currency Market

AllianceBlock Completes TGE, Lists ALBT Token on Uniswap

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Big day for the Dutch-based AllianceBlock project today. After more than two years in development, the stealth mode is finally off.  AllianceBlock announced its completion of the Token Generation Event (TGE) . The newly generated AllianceBlock token (ALBT) was also instantly available on Uniswap – an automated liquidity protocol that has been gaining traction recently. Unlike centralized and most decentralized exchanges that match buy and sell orders to determine prices and execute trades, Uniswap uses a simple math equation and token pools, plus ETH to execute trades.

AllianceBlock Uniswap
 

Just weeks ago AllianceBlock reported wrapping up its private sale, which was 1,200% oversubscribed and helped raise $0.5 million. The next step for AllianceBlock is coding the platform and expanding the ecosystem.  The team is gearing up for the mainnet launch, which is set for the second quarter of 2021. The AllianceBlock platform is based on the Prometheus Protocol, which is a multi-layered architecture designed to solve some of the biggest problems of the traditional finance (TradFi) industry while funneling potentially trillions of dollars of traditional capital into the DeFi industry, the company says.

AllianceBlock is raising the bar high – it is building a “globally compliant decentralized capital market” by utilizing a blend of several decentralized technologies. To help bridge traditional markets and DeFi, the company is focusing on three cornerstone issues — compliance, security, and user experience, which are…

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Could The Rise of Yearn Finance Harm the Long Term Viability of Bitcoin?

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Cryptocurrency

Even in the highly unpredictable world of crypto, 2020 has made for an exceptionally volatile year so far. 

The summer months have been punctuated the unprecedented rise of the decentralized finance (DeFi) movement followed by heavy falls across the cryptocurrency landscape. 

The jewel in the crown of DeFi, yearn.finance, was catapulted to values upwards of $38,300, and a market cap of over $1.1 billion just months after its launch. Backed by advanced and practical DeFi applications like smart contracts and blockchain-based insurance, DeFi tokens like YFI are supported by exciting and tangible technology.

Given their advanced frameworks, could this mean that the DeFi boom for yEarn and its counterparts will harm the long term viability of more speculative traditional cryptocurrencies like Bitcoin? Or could the world’s oldest and most famous cryptocurrency push back against the brave new world of decentralized finance?

Why Yearn.Finance is Different

YFI is certainly a cryptocurrency with a difference. Writing for Forbes, Joseph Young has attributed the rise of Yearn.Finance to four major components: a unique supply, an active community, a respected developer, and innovative products. 

Significantly, yearn.finance developer, Andrew Cronje, rebranded and relaunched yearn.finance with a suite of new and cutting-edge products. He also released YFI with no premine, a significantly limited supply of just 30,000 tokens, and no founder reward. 

These factors made the…

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