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XRP News: Ripple takes over Ethereum’s 2nd largest coin spot for a short span

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XRP News
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XRP news puts Ripple at the center of the attention

Recent XRP news has brought every crypto investor around the world to the edge of their seat as the coin suddenly grew so much that it managed to take over Ethereum’s place as the second largest crypto.

Ripple had held the spot only briefly before Ethereum took it back. However, XRP did not surrender so quickly, and the coin actually re-took the second spot again, before being pushed back to the third place for the second time in a timeframe of seven days.

All of this was a result of a sudden surge in Ripple’s price, which has seen the coin rise for more than 100% in a matter of days. Numerous theories appeared in an attempt to explain this behavior. Many now believe that banks and other financial institutions are preparing to adopt Ripple’s technology for making faster cross-border money transactions.

In the meanwhile, Ripple’s XRP (the digital asset of Ripple company) has seemingly settled back in the third spot, although its current market cap is nearing that of Ethereum once again. At the time of writing, the total market cap of XRP stands at $21.3 billion, while Ethereum’s is only one billion larger, currently being at $22.3 billion. Of course, neither of the two is even close to Bitcoin (BTC), which remains the number one coin with a total market cap of $112.7 billion, according to CoinMarketCap.com.

2018 was a tough year for cryptocurrencies

Ethereum has had a nasty year, similarly to every other crypto, due to a constant bearish market. Even so, the coin has suffered additional damage because it was oversold. A lot of speculation claims that this has happened because of numerous altcoins that were created on its own network.

Since January, the coin’s price went down by around 84%, and its current price is only $214.76 per coin. This is a significant change when compared to its January price of $1,400 per coin. Ripple has experienced significant losses as well, dropping from $3.71 to only $0.54, Still, considering that it started at only $0.006 back in 2017, even its current price is a significant improvement.

Still, it would seem that these recent events did not completely drain all the strength out of Ripple since the coin had surged once again only hours ago. This time, the surge was sparked by Coinbase’s recent announcement that it plans to consider additional cryptos for its list of offered coins.

Can Ripple hit $1 by the end of the year?

Soon after the announcement, the different XRP news started spreading and claiming that Ripple might be among the next group of coins that Coinbase will consider. While there is no guarantee that this is true, even the possibility of it was seemingly enough to spark a new wave of excitement.

The excitement was also increased further by the recent price prediction given by deVere Group’s CEO and founder, Nigel Green. Green stated that he believes that Ripple will still reach $1 before 2018 ends, and $2 by the end of 2019.

Ripple has done significant things to secure its future as a coin that will be used for mainstream payments, and this also includes the development of its xRapid product. In fact, many are speculating that the product is nearing its completion and that it might see an official launch in the following days.

It is also worth noting that Ripple is among the oldest coins today, that was created as far back as in 2012. This alone sets it apart from most of the market, as it belongs to a much older generation of cryptocurrencies.

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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.

Photo by Ralph Blvmberg on Unsplash

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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