The reality is that it’s not too comforting right now being an XRP or Tron price bull. While we saw the two cryptocurrencies bounce off the lows, it just doesn’t feel like we are in the clear yet. As we watch Ethereum weaken, one gets the sense that we are going down to test the lows again.
Yesterday, almost $2.3 billion worth of Ripple exchanging hands between wallets yesterday. This is about 13% of the total XRP coins in circulation. Obviously, this size of a move has spooked the markets and we are seeing XRP sell-off on the back of this news.
We believe that the biggest overhang on the XRP price has been concerns over centralization and the control by Ripple Labs and its founders. When Ripple peaked around $3.85, Ripple founder Chris Larsen saw his net worth surpass that of Facebook founder Mark Zuckerberg. This concern has been exacerbated by the fact that Coinbase has not added XRP to its coin offerings. Lastly, the Morgan Creek crypto fund did not add XRP due to concerns on their level of centralization.
While the crypto community is currently focused on the negatives affecting XRP (For those that argue this fact, guys were are in a bear market. XRP has been going down and down. The market is focused on the negatives and not the positives. Don’t shoot the messenger.), there are some positives. For one, the cost to move $2.3 billion XRP was less than a cent, which beats any transaction involving Bitcoin or fiat. Second, Ripple is continuing towards innovation and those that have a long-term view, will be well-rewarded. Each pullback should be viewed as an opportunity to accumulate a position and HODL.
Tron has made a nice move up off the lows as a lot of positives have been happening for Tron. I know many in the Tron community are despondent over the price, but from Justin Sun’s Twitter feed, a lot is happening behind the scenes. First up, Tron just burned 670,045,551.1449388 ERC20 TRX tokens. This is roughly $16.75 million, which is no small number. Second, Justin Sun just announced the launch of Tron’s Virtual machine via his Twitter handle, saying:
Blockchain The Global Ecosystem, #TRON to the future. #TRON virtual machine launch event. #TRX $TRX #TVM
— Justin Sun (@justinsuntron) August 30, 2018
Regarding the Tron price, the market looks weak again. While the market rallied off the lows, there wasn’t the moon or Lambo type moves like we witnessed earlier this year back in April and May. This move was more like a dead cat bounce. With the market weakening again, smart players should pick their spots for accumulation.
With so many alts have raised money in ETH, a weak Ethereum price REKTs havoc on the entire altcoin market. This includes XRP and Tron. As crypto players get out of ETH and alts, they buy Bitcoin, which further depresses the altcoin market. At this point, the only course of action is to HODL. Unfortunately, it doesn’t look like this bear market is over and we will have to continue weathering the storm. As always, we will be updating our readers daily here at Global Coin Report with the latest updates and market changes.
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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. This author is long Bitcoin and Ethereum.
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Charts courtesy of tradingview.com
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…