The crypto world is currently facing an uncertain situation as a result of XRP value. Many fans of the digital currency are arguing that the worth should be higher than what it now. A poll taken by Twitter this year showed that 80% of the participants want XRP to be higher than Ethereum. The participant preferred the digital currency to occupy the second largest position against what experts thought. Since XRP has not offered much to improve its reputation, the participant’s reaction was surprising indeed.
From what we have seen so far, one question to ask is, why does the cryptocurrency have many supporters? The simple answer is that Ripple focuses on offering remittance services to its fans more than other digital currency. The company offers many products of which one known as xRapid a cross-border payment service impress many supporters.
Why Fans expect an increase in value
Weiss Ratings did not hide the fact that their agency is not supporting Ripple. However, they admitted that the global payment platforms which the cryptocurrency created are commendable. This commendation proves that Ripple has been impactful in that area of blockchain tech application. Also, the players in the community have seen these achievements as well. Therefore, it is not a surprise that they expect an improvement in the market cap and price of XRP
Many people have raised arguments about Ripple’s position. Some believe that digital currency should be number two instead of Ethereum. Others are saying that XRP should be above Bitcoin on the ladder and take over the first position. Also, there are some who argue that the CoinMarketCap are usually wrong in their market cap calculations.
So, the two questions to ask are if CoinMarketCap gives a wrong market cap by placing XRP at $13billion while Forbes places it at $30,000. Secondly, if the Coin Market is wrong in their calculations, why does the cryptocurrency remain stagnant not minding the number of fans?
Reason for the stagnation
To answer the second question, the reason for not increasing lies in the operations of Ripple & XRP. This digital currency is a “pump and dump” asset. As a result, it will not surge to the level fans expect because of its short life span. Experts argue that the company focus more on pumping XRP price and lags in innovation. As a result, the digital currency does not have a long-term focus. Also, the so-called customers of Ripple are not into paying but are more into advertising it. So, critics state that this kind of operational tactics will not improve the XRP value.
Apart from the two reasons given above, the 200 institutional clients Ripple claims to have is a lie. According to one writer, even the partners of Ripple such as SendFriend is a fake company. The proof is that some websites of these companies have only signup pages.
Although the fans of the cryptocurrency claim that the customers are companies who provide remittance services, we don’t know yet. However, the ongoing arguments lead to yet another question which we should ask ourselves. Is the market cap calculations for XRP wrong or is it the faulty system that is causing the stunted growth?
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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.
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.
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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.”
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