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XRP Third on the Charts but Still No Idea on Future

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XRP has a market cap that is third behind the behemoths Ethereum and Bitcoin. That should make it a force to be reckoned with. The problem is that no really knows what kind of force it exerts. Ethereum is positioning itself as the answer to the world’s need for decentralized apps (and more besides). Bitcoin is mentioned in every article in mainstream media as having the potential for everything under the sun. XRP is mentioned as… well… the third largest cryptocurrency.

XRP reaches impasse

While many other coins are profiting from the current market and inching ever upwards toward a full-on bull rush, XRP is just sitting there floundering. When you’re number three by market cap and can’t take advantage of a superb time in the market, what can you do?

Supporters of XRP are irritated by this impasse that XRP has reach despite remaining largely positive for the future. Some have taken to Twitter to offer their guidance and one of the wittier tweeters said that XRP was like finding oil and then not knowing what to do with it.

Use it, lose it or hodl for a better price?

The key issue is that many still think that cryptocurrencies are more like assets and less like currencies. One user who replied to the above tweet said something that many will feel echoes their views of cryptocurrency.

Namely, the idea is that cryptocurrencies aren’t really meant to be used as a method of payment. They are there to be traded, to accrue value over a certain period and to be sold when the time is right. He backs up his views with a comparison between BTC (widely considered a successful cryptocurrency) and XRP. BTC has made people rich, still has no real-world use and people love it. It is doing well now that the overall market is doing well (though it could be the market is doing well because of Bitcoin to be fair) whereas XRP is the opposite of that.

Twitter has been lit up with people talking about the relative merits of XRP and many in the community feel that those without XRP simply do not realize its potential. The pathfinding feature, the ledger or anything else at all.

The doubters simply ask “What is it good for?” and leave it at that. It is always a difficult discussion when people have such diametrically opposing viewpoints. Many originally believed that cryptocurrencies would replace fiat for transactions in the real world. However, this is further off than ever before as cryptocurrencies have become assets that grow in value far too quickly to be used as tender.

A currency, at least according to modern theory, needs to depreciate in order to be of value as a currency. That is so people will not save more than is strictly necessary for their largest purchases. The economic system we have today is because of the depreciating currency. It would take a revolutionary step to change that sort of thinking.

Then again, as another user called Kieran Kelly has already said, it could just be a delayed reaction. That particular user’s opinion is that XRP’s price rise is being delayed as it usually turns out to be true. XRP pumps hardest even if it pumps last might not be words to live by, but they could yet give some people hope that their XRP will be worth more in the future.

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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 Jhonis Martins from Pexels

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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