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Category: Ripple

XRP Price Prediction: XRP Struggles At $1.1 As The SEC Denies Ripple To Documents In Lawsuit

XRP price struggles to sustain around $1.1 amid bearish calls that risk another drop to $0.92. The US SEC maintains that the DPP protects its internal documents, and therefore Ripple has no right to request access. Ripple is dancing around $1 after plunging from a September high of $1.4 and testing support at $0.92. The

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An Introduction To Stellar And XLM: Mission, Control, And Consensus

This project is an enigma. On the one hand, Stellar is not for profit, it doesn’t have owners or shareholders, and strives to be somewhat decentralized. On the other, Stellar is a compliance-focused protocol, and its directors often meet with shadowy organizations like the World Economic Forum. According to their website, the protocol seeks “to unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered.” Fine, but, at what cost? Related Reading | Stellar To Power VISA’s New Partnership, XLM Begins Breakout According to the legend, Stellar is a Ripple fork. However, as you’ll see below, that’s not exactly true. Founder of the infamous Mt. Gox cryptocurrency exchange and co-founder of Ripple, Jed McCaleb, launched Stellar in 2014. Joyce Kim, a lawyer, was his partner in the venture. Stripe financed the initial operation. The native currency of the whole Stelar ecosystem is called Lumen or XLM. Stellar’s Mission And Approach The recently appointed CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon, was recently interviewed by “The vision is big: Stellar and SDF hope to unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered,” she told them. On its website, Stellar justifies its existence by telling us. “The way the global financial establishment is structured today, people are born into an economy just like they’re born into a political system. Stellar is a way out: it lets people participate in a worldwide, stable, financial network regardless of where they live.” The controversial aspect is Stellar’s approach. It’s completely opposed to the cryptocurrency ethos. The company wants to build a bridge between the traditional banking system and the cryptocurrency space, but by following the traditional banking system’s rusty rules. “The software has always been intended to enhance rather than undermine or replace the existing financial system.”  In other words, Stellar aims to provide a platform with which all financial actors can interact without any friction. All financial actors that are properly identified and approved by the legacy system, that is.  What Is The Stellar Consensus Protocol? As a consensus mechanism, Stellar doesn’t use Proof-Of-Work or Proof-Of-Stake. It uses its own Stellar Consensus Protocol (SCP.) For a formal definition, let’s quote the paper that Stellar presented at the Symposium on Operating Systems Principles. How did Stellar solve the Byzantine general problem? “With SCP, each institution specifies other institutions with which to remain in agreement; through the global interconnectedness of the financial system, the whole network then agrees on atomic transactions spanning arbitrary institutions, with no solvency or exchange-rate risk from intermediary asset issuers or market makers.” And, what does the Stellar Consensus Protocol accomplish exactly? “SCP lets Stellar atomically commit irreversible transactions across arbitrary participants who don’t know about or trust each other. That in turn guarantees new entrants access to the same markets as established players, makes it secure to get the best available exchange rates even from untrusted market makers, and dramatically reduces payment latency.” For the system to function, Stellar relies on Federated Byzantine Agreements. For a description of what those do, let’s quote Bit2meAcademy: “For the FBAs to function properly, participants must wait for the majority to reach a consensus. In this way, participants know which transactions are most relevant before starting to settle them. So when the majority of the network takes a position, the network accepts the transaction and makes it unfeasible to roll it back for an attacker. In other words, the Stellar Consensus Protocol tends towards centralization and just ignores most of the problems that Proof-Of-Work solves. It does use significantly less energy, though. XLM price chart for 09/04/2021 on Bitfinex | Source: XLM/USD on Key Characteristics Of The Stellar Blockchain Almost all of the Stellar validators are corporate entities of some sort. Or are maintained by the  Stellar Development Foundation. However, “anyone can install the Stellar software and join the consensus process.” Each Stellar Lumen account must have a minimum of XLM in them. This minimum balance protects the network from spam accounts. The Stellar Lumen’s mission is to pay for gas to conduct operations inside the Stellar ecosystem. The Stellar ecosystem was not designed for direct payments. The idea is to provide a platform to serve as an intermediary in currency exchange. The system “doesn’t privilege any particular currency.” The code is open source and auditable by anyone. “The Foundation helps maintain Stellar’s codebase, supports the technical and business communities around Stellar,” great! “And is a speaking partner to regulators and institutions,” ow. Stellar recently signed a partnership with “crypto-asset risk management solutions” firm Elliptic. That means, “Elliptic’s monitoring, compliance, and analysis software now incorporates support for XLM, the native asset of Stellar.” Ow. With the recent protocol 13 update, Stellar allows “fine-grained control of asset authorization.” This means the issuer of an asset can deauthorize accounts and don’t let them use the asset. This means, more control and permissions. The Lumens had an inflation rate of 1% per year. In September 2019, Stellar removed inflation of Lumens. Also, the Stellar Development Foundation burned 55B of their Lumens.  So, Is Stellar a Ripple Fork? In its FAQ, Stellar goes back to its origins: “The old Stellar network launched in July 2014. The node software (stellard) was a modified fork of the Ripple node software (rippled). The ledger was completely new and contained no history from Ripple’s network.” Related Reading | Stellar To Introduce AMM Functionality, What This Means For Its Ecosystem So, the software was originally based on Ripple’s, but the ledger was brand new. Nevertheless, in 2015, when they released the Stellar Consensus Protocol, they re-wrote the software from scratch. From that point onwards, Stellar doesn’t share any code with Ripple. Featured Image by Nicole Avagliano on Unsplash – Charts by TradingView
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Reports Show 45% Surge In Stock And Cryptocurrency Sign-Ups Across Rural Areas In India

The high jump in new registrations is on 45% increase, equivalent to 70 million compared to the previous year. The BSE stock exchange revealed this information was in their data. There had been an increasing number of users, mostly young investors in remote locations across India last year. According to the Economic Times report, these investors seek to buy and trade stocks and cryptocurrencies. Related Reading | Total Cryptocurrency Market Cap Value Surges Across $1.9 Trillion Setting A New Record The Times report states that Wealth management and Cryptocurrency platforms attract new users due to strong market performance. The success can also be attributed to increased awareness and targeted ads-the report added. Report From BSE Stock Exchange Data The report from the BSE stock exchange data revealed that the increase in new user sign-ups had reached 45%. This equals 70 million when rated with the figure of the previous year. BSE stock exchange can be referred to as either the BSE Limited or the Bombay Stock Exchange. It’s an Indian stock exchange located on Dalal Street in Mumbai and was established in 1875.  BSE stock exchange is the oldest stock exchange in South Asia and the tenth oldest in the world. As of August 23, new user registrations in Uttar Pradesh had an approximately 60% increase. In addition, the states of  Assam, Madhya Pradesh, Odisha, Bihar also recorded a significant increase from the prior year. The report reveals that CoinSwitch Kuber increased 135% in monthly growth from non-metro cities from last June. CoinSwitch Kuber is an app-based cryptocurrency exchange platform peculiar to the Indian market for retail investors. It’s a mobile application and supports trade in over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Dash. India’s Cryptocurrency Exchange Records Massive Growth However, India’s CoinDCX grew by 48.7 times in new user registrations from the scarcely populated cities in India. This figure represents the growth rate of new user sign-ups for the past six months. CoinDCX is India’s largest and safest cryptocurrency exchange. It provides a trading platform for buying and selling Bitcoin and other cryptocurrencies with ease. The exchange had raised $90 million (6.7 billion rupees) from investors during a funding round, giving it over $1 billion value. Related Reading | FTX Bags Naming Rights Of Cal Memorial Stadium For $17.5M To Display Their Brand According to a CoinDesk report in July, Eduardo Saverin’s B Capital Group led the funding round. However, the funding came out lower than the initial target of $10 million to $20 million. Other investors in the round are Polychain Capital, Coinbase, Jump Capital, and India is among the high populated country in the world. It has about 1.33 billion occupants. This makes it the second to China with 1.39 billion inhabitants, as revealed by the U.S. Census Bureau data. Featured Image From Pixabay
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Ripple, Cardano Price Analysis: August 24, 2021

Based on the overall technical picture, Ripple could drop further to test support at $1 in the near term. Cardano falters at $3 as correction revisits $2.7 support; more losses could follow if the MACD flashes a sell signal. The trading mid this week has been marred by considerable losses across the board. Bitcoin is

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XRP Regains $1.25 Key Support, Analyst Predicts XRP Could Rally 2300% After This Level

XRP, the sixth-largest cryptocurrency by market cap regained $1.25 support after falling to a daily low of $1.22. The altcoin is currently looking to break past the immediate resistance of $1.35 breaching which $1.50 could be the next level. The altcoin is currently down by 3% from its daily high of $1.30, but the price

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XRP Needs to Break This Resistance to Set Eyes on New ATH

XRP, the sixth-largest cryptocurrency by market cap is currently trading at $1.13 down by 2% over the past 24-hours. The price of the altcoin retraced from the new three-month high of $1.35 and currently looking to break past the immediate resistance at $1.19. The altcoin looks set to test its new three-year high of $1.96

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XRP Price Surges by 30%, Here’s Why it Could Surge 300% More

XRP price registered a massive bullish spike on August 11, rising nearly 30% for the day and broke past the key resistance of $1. The sixth-largest cryptocurrency has nearly doubled from its last month’s low of $0.514 as its market cap reached $45 billion. XRP registered a new monthly high of $1.09 before retracing below

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XRP Price Analysis: Ripple Explodes To 3-Month High Testing $1 As Altcoins Surge

XRP price extends the bullish leg, stepping above $1 for the first time since May. Ripple’s ongoing breakout seems unstoppable, especially if bulls hold firmly to $1. Ripple has been one of the best-performing cryptocurrencies in almost three weeks. The international money transfer token currently trades 96% higher than the low in May and July.

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XRP breaches $40B Market Cap As GME Remittance Join Forces With RippleNet

XRP witnessed a major retail demand on Wednesday after RippleNet officially announced its partnership with South Korea based money transfer company, Global Money Express aka GME Remittance. As posted by the firms, the partnership is anticipated to bolster cross-border transactions across the region. Reportedly, this partnership is established via SBI Ripple Asia, a joint venture

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XRP is Headed for a 20% Surge After Breaking This Key Resistance

XRP, the fifth-largest cryptocurrency finally broke out of the long-held price zone. It broke the key resistance of $0.77 and currently trading at $0.794 with an 8.56% rise. The altcoin is now set for a 20% upward again if it manages to hold onto its gain. The altcoin registered a new monthly high and finally

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Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead?

Payment’s solution company Ripple revealed the launch of a new corridor between Japan and the Philippines. This is the company’s first On-Demand Liquidity (ODL), a payment solution leveraging token XRP, in Japan. The corridor has been launched in collaboration with SBI Remit, one of the country’s most prominent money transfer provided, according to Ripple, and the leading mobile wallet for the Philippines, The payment solution will connect the wallet with the digital exchange platform SBI VC Trade on RippleNet. Thus, people from these countries can use this Ripple payment channel to benefit from fast, low-cost, and cross-border money transactions. Consumers in Japan can eliminate the need for pre-funding transactions and cut their costs to send money from this country to the Philippines. Therefore, consumers and entities in Japan can access a tool to access capital with a fast and low-cost bridge between the countries and potentially drive the expansion of their payments business, Ripple added in a press release. Brad Garlinghouse, CEO at Ripple, celebrated the launch of the new corridor: Hugely excited about our newest ODL corridor — Japan is one of our largest markets. With regulatory clarity and innovative partners like SBI, the region is ready for a crypto-enabled future. General Manager of RippleNet at Ripple, Asheesh Birla, called this partnership a major milestone in what is the company’s “largest markets”. Birla added: We are excited to partner with forward looking companies like SBI that see the value in blockchain technology and to support them in preparing for a crypto-enabled future. Ripple To Improved Payment Rails Between Philippines and Japan The payment corridor and the expansion of the cooperation between SBI and Ripple seek to become an alternative in Japan. The country has one of the highest cross-border payment fees, according to data provided by the World Bank, with a 10.5% average cost of sending remittances. In contrast, it cost citizens in Canada, France, the United States, Italy, and others, around a 5.92% fee to send remittances. In addition, Japan is experiencing two potential long-term growth trends with the surge in cross-border e-commerce and the Filipino diaspora, Ripple claims. Further data provided by the payments company indicates that the Philippines sent over $1.8 billion in 2020 alone. Thus, they project a rise in the demand for cost-efficient, high-frequency, and cross-border payments. The Representative Director of SBI Remit, Nobuo Ando said: We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation (…). The payments solutions company recently published its Q2 XRP Markets report. Monica Long, General Manager of RippleX, claimed that this period saw “4 of the highest volume days for XRP ever recorded” with new liquidity and other products. At the time of writing, XRP trades at $0,70 with a 23% profit in the daily chart and a 13.1% profit in the past week. With many more use cases leveraging XRP, the token seems poised to increase its demand and adoption creating more potential catalyzers for future appreciation.
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Ripple Price Skyrockets To $0.75 But Uptrend In Jeopardy As Investors Sell The News

Ripple price ascended to $0.75 on Wednesday as an On-Demand Liquidity corridor debuted between Japan and the Philippines. A correction is underway, with the price sliding back $0.7. Ripple remarkably broke out mid-week, flying the bullish flag high above the crypto horizon. The news reverberated across the market that the blockchain company would launch a

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XRP Price Spikes 20% in the Wake of Ripple’s new ODL Corridor Launch

Xrp, the sixth-largest cryptocurrency by market cap registered a 20% price rise over the past couple of hours. The price boost has helped the altcoin to break out of month-long slumber and record a new monthly high of $0.7518. The current price boost is believed to be influenced by the latest announcement from Ripple. The

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Breaking: Ripple Launches First On-Demand Liquidity (ODL) Corridor in Japan

Ripple, the blockchain firm behind XRP cryptocurrency is expanding its popular on-demand liquidity (ODL) services in the Asia Pacific region with the launch of the first-ever live ODL in Japan, the firm announced today. Japan is Ripple’s biggest market for remittance business and its RippleNet technology is quite popular in the region. The ODL services

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XRP Price Prediction: Ripple Rolls Down The Runway Preparing For Ultimate Takeoff To $1

XRP price recoiled from support $0.52, clearing the path toward $0.6. A break above the month-long descending trendline rejuvenates the bulls’ effort for gains heading to $1. Ripple has gained some ground since the selloff earlier this week. The cross-border money transfer token lost a considerable amount of its value, whereby the bearish leg extended

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