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XRP Third on the Charts but Still No Idea on Future

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XRP

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.

https://twitter.com/LfmVanillaWoW/status/1119248373813370883

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.

https://twitter.com/AnankeChronos/status/1119856145412317184

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

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Livepeer Price is Soaring: Here’s Why it Will Recoil Soon

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Livepeer

Livepeer price drifted upwards on Friday as investors moved to video-focused tokens. LPT price soared to a high of $10.3, the highest point since November 8 of this year. It has jumped by more than 164% from the lowest point in December. 

What is Livepeer? 

Video is a major industry that is currently dominated by large centralized platforms like Vimeo and YouTube. These platforms work well because of the vast amount of money the companies have invested in video infrastructure. 

However, some industry players believe that the industry is ripe for disruption using the blockchain technology. Some of the leading players disrupting the video industry is Livepeer and Theta Network. Instead of relying on centralized servers, these networks rely on thousands of distributed servers.

The network works in a relatively simple approach. The video broadcaster comes up with a video content and then distributes through a distributed network. 

Livepeer has been used to build several decentralized video platforms in the industry like Xeenom, Bonfire, Kavarii, and LiveSpace among others. For example, Lenstube is a decentralized and open-source video-sharing social media platform while The Lot Radio is an independent online radio that streams on a 24/7 basis.

However, there are concerns whether Livepeer and similar platforms are needed in the first place since centralized ones like YouTube, Rumble, and Vimeo work just…

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Solana Price Forms Triple-Top as DeFi and NFT Volume Soars

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Solana price has formed a bearish chart pattern as Solana’s ecosystem makes a stunning comeback. SOL/USD was trading at $24 on Friday evening, which was a few points below the year-to-date high of $26.50. It has soared by more than 206% from the lowest level in 2022.

Solana DeFi volume rebounds

Solana TVL

Solana, once a popular blockchain, came under intensure in November, following the collapse of FTX and Alameda Research. In addition to FTX Token, it was the most exposed cryptocurrency in FTX since the company was one of its key funders.

FTX and Alameda also had a major role in Serum, then the biggest DeFi protocol in the ecosystem. Serum made it possible for investors to earn yield in Solana. Serum collapsed because its public key was controlled by FTX. 

In the aftermath of this collapse, Solana saw its total value locked (TVL) plunge from more than $12 billion to less than $400 million. Serum, which had a TVL of more than $1 billion has collapsed. And in its place, the developers are working on a new product known as OpenBook. However, it has not gained much traction as its TVL stands at $4…

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Ethereum Price Outlook as the DXY Index Crash Continues

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Cryptocurrency prices remained in an upbeat tone on Thursday as the US dollar index continued its bearish move. Bitcoin, the biggest cryptocurrency in the world, rose to $23,165, the highest level in months. Similarly, Ethereum has risen by more than 4% in the past 24 hours while BNB Coin and XRP surged to $307 and $0.41, respectively. 

US dollar index retreats

Cryptocurrencies have an inverse relationship with the US dollar index. For example, the DXY, which looks at the performance of the greenback vs other currencies, soared to a 20-year high of $115 in 2022. As that happened, cryptocurrencies like Bitcoin plunged during the year.

The foundation of this relationship is the Federal Reserve. In most periods, the US dollar index tends to rise when the Fed is extremely hawkish and vice versa. And it was extremely hawkish in 2022 as it hiked interest rates by more than 400 basis points. 

Therefore, while the Fed has remained hawkish recently, the US dollar has dropped because of what the data is saying. Data published recently showed that America’s inflation is easing. The closely watched consumer price index dropped to 6.5% in December while core inflation fell to 5.7%. 

At the same time, other parts of the economy are showing that the American economy is indeed recoiling. Retail sales dropped sharply in December while many…

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