Things are not looking all that great for the top cryptocurrencies right now. With Bitcoin losing a fair bit of value yet again, it is only normal all other cryptocurrencies follow suit. For XRP, the current momentum is very different compared to what users have seen over the past few weeks. Right now, a dip to $0.45 or even lower is very likely.
XRP Price Continues to Struggle
It is evident things are looking rather worrisome in the world of cryptocurrencies, tokens, and assets. This is not entirely surprising, as bearish pressure has loomed overhead for quite some time now. A further dip is not something the markets need right now, yet it seems the bearish pressure remains inevitable throughout 2018. For XRP, that means all of the recent gains have been wiped out completely.
The most recent XRP uptrend saw the value of this asset soar to $0.62. Although it seemed that trend would remain in place for some time to come, the downtrend materialized fairly quickly after. A second push was cut short at the $0.6 level, and has been rejected as well. This does not bode well for XRP’s value throughout the final quarter of 2018, albeit nothing has been set in stone just yet.
It would appear there is one major contributing factor to this particular XRP price dip. Binance, the world’s leading cryptocurrency exchange, has performed maintenance on its XRP wallet. That means both deposits and withdrawals were not accessible, and the trading ground to a halt as well. The maintenance now seems to be over. Not a positive sign for this asset, as it will only fuel further speculation and lead to more negative price pressure.
What's going on? Could this be #xRapid integration? Could this be BG123 prediction?
Or could this just be maintenance and we will be up and running in a few hours?
— BlueNET Crypto (@BlueNETGaming) October 10, 2018
There is also a recent study by BitMex which seems to condemn XRP for its centralized and “terribly flawed” approach. Research like this should not be dismissed, albeit it shows there is still a lot of bias toward Ripple and their native ecosystem as well. One also has to keep in mind Ripple – and by extension, XRP – are not taking the traditional cryptocurrency approach whatsoever
— CryptoStorm (@CryptoStorm369) October 10, 2018
To counter that latest argument, XRP Research Center recently shared an updated infographic regarding the recent development. It shows things are looking very good for xRapid, as well as XRP. Although there is still a long way to go prior to bringing this technology and asset to market in a significant manner. Positive developments seemingly do not influence the price in a spectacular manner at this time.
Due to recent news and some initiatives, which inclusion was pending, I updated the #XRP ecosystem infographic image to include:
— XRP Research Center (@XrpCenter) August 19, 2018
Despite the current 3.2% decline in USD value and 2% loss over Bitcoin, things are not looking terrible for Ripple’s XRP. Its overall trading volume is a bit low, but that is primarily because of Binance’s maintenance, by the look of things. As Bitbank and Bithumb are currently the biggest markets for XRP trading, it will be interesting to see how things evolve moving forward.
Ravencoin [RVN] sees a massive volume surge of 61,929% after Binance listing
The sleeping giant Ravencoin [RVN] has surged significantly with its seven-day volume increasing as much as 61,929%, with a 24-hour volume change at 55% This comes after the coin pumped 257% post its listing on Binance.
Ravencoin seems to be doing well in this everlasting bear market when compared to other altcoins. The price of the coin on October 11, was at $0.014 with a 24-hour volume at $237,252. After the official announcement on Binance blog post, the price shot up to $0.02 in the next day with the price reaching as high as $0.05.
The volume, however, has shot up from $184,000 to a whopping $116 million as on October 22, which is a humongous increase of 61,929%. This is by far the best gains the bear market has seen ever since the fall of bitcoin.
The CEO of Binance, Changpeng Zhao tweeted out the listing saying that the project had no ICO and built up by a team of humble people. Acknowledging the humble community behind the lesser-known project, CZ allowed the project to be listed without any listing fees. The coin was listed on the exchange on October 12, 2018. Notably, Binance holds the #1 spot among exchanges for highest trading volume.Source: ambcrypto
The Ravencoin project is an open source Bitcoin fork launched in January 2018 that focuses on the creation of digital assets on its Proof-of-Work blockchain. The project is a true open source project with no pre-mine, no ICO, no masternodes, and is focused on building a useful technology with a strong community.
Ravencoin (RVN) Continues Surge, Up 200% Since Binance News
RVN Explodes In Value, Up 200% Following Binance Listing
Just days after revamping Binance’s unique listing fee policy, on October 11th, Changpeng Zhao (CZ), the world-renowned CEO of the Binance project, unexpectedly revealed that his platform would be adding Ravencoin (RVN). With hints of a vested interest, Zhao noted that the lesser-known project had no ICO and was built-up by a dedicated community full of humble individuals.
As such, in an apparent nod to the honest Ravencoin team, the prominent CEO decided that the project’s native digital asset could be listed on Binance, the world’s largest crypto platform, without putting forward a listing fee (donation).
Following the release of this surprising development for the project, which was forked off of Bitcoin in January 2018, RVN saw a colossal surge in buying pressure. Some blamed this influx of hype on the kind words CZ said regarding the project, but still, the bottom line is that Ravencoin saw a strong move to the upside.
Preceding CZ’s tweets regarding the project, the crypto asset was worth $0.014 a pop and was seeing close-to-zero volume on the exchanges it was supported on. But, once the tweet quickly circulated through the cryptocurrency community, the altcoin saw a 1000% increase in volume, catalyzing an immediate 20% spike to $0.017. In the days that followed, Ravencoin saw continually growing volume figures, but the price of RVN remained relatively steady. However, as investors awoke on Tuesday, it became apparent that another price surge was in the cards, as RVN moved from $0.018 to $0.033 on Thursday afternoon.
Due to the fact that this second surge was seemingly a residual run-up following RVN’s Binancelisting, the asset pulled back to $0.0279 on Saturday morning. But, earlier today, on Sunday, the team behind the project revealed that its mainnet “for the protocol asset layer” was slated to go live on October 31st, 2018, a mere 10 days away.
The mainnet for the protocol asset layer will be released on October 31, 2018. This is the one year anniversary of the Ravencoin founding and the 10 year anniversary of Bitcoin.
The network has been live since January 3 which is the anniversary of the Bitcoin network launch.
— Ravencoin (@Ravencoin) October 21, 2018
This bullish news saw RVN undergo its third surge in the past month, with volumes reaching their near all-time highs as the altcoin moved to $0.0415, a tad shy of its all-time high, which was set in March of this year. At the time of writing, RVN has slightly scaled back to $0.0407, but the digital asset is still posting a gain of 33.15% in the past 24 hours.
But… What Is The Ravencoin Project?Evidently, Binance’s sudden listing of RVN caught many off-guard, as a majority of investors in this nascent industry have likely only heard minuscule tidbits of information about the project on obscure Twitter threads
.In short, Ravencoin is a blockchain project that was built on top of the original Bitcoin codebase that is aiming to revolutionize how assets are transferred from party-to-party. According to the project’s whitepaper,
Ravencoin is an anti-ASIC decentralized platform that will create a “full asset aware protocol level system,” which will allow users of the blockchain to issue assets, like how Ethereum developers can issue ERC-20 ICO tokens,
for example.While this isn’t a new innovation by any means, the team behind this ambitious project seems to have taken a novel approach to token-centric blockchains.
The whitepaper notes:Assets created on the Raven protocol have several advantages: they are easier to use, tightly integrated with a native coin, and secured with fair POW mining and open source code not run by a centralized organization.
Crypto Exchange Binance Adds Compliance Tools from Chainalysis
Binance, the biggest cryptocurrency exchange by trading volume, is working with crypto compliance and investigation software provider Chainalysis to implement a new global compliance solution, the companies announced Wednesday.
As part of the partnership, Chainalysis will provide access to its “Know Your Transaction” compliance software, enabling the exchange to monitor cryptocurrency transactions in real-time, according to a press release. In particular, the tool will look for potentially criminal or otherwise illicit activity.
Binance’s chief financial officer, Wei Zhou, told CoinDesk that he hopes the move will “inspire” the crypto industry to take anti-money laundering and anti-terrorism financing measures seriously.
“The ultimate goal of our partnership with Chainalysis is to create an environment in blockchain where everyone feels safe,” he said, explaining, “We believe the fight against money laundering to be collaborative and pro-active.”
While the firm has already invested in know-your-customer (KYC) and anti-money laundering (AML) measures, and hired compliance professionals, he said:”Criminals are always looking to loopholes in the system, so we are continuously on the lookout for new technologies and methods to combat money laundering and malicious actors.”
Chainalysis’ system works by using a combination of pattern recognition, proprietary algorithms and different open-source resources to process cryptocurrency services. If suspicious activity is detected during a transaction, the software will generate an alert.
The tool can also help cryptocurrency companies to ease the process of opening bank accounts, due to its compliance with relevant KYC and AML laws, according to the release.
Chainalysis co-founder and COO Jonathan Levin told CoinDesk that cryptocurrency market participants “must develop greater trust in the data and technology underlying our ecosystem” in order for the overall space to advance.
“By working with industry leaders like Binance, we’re able to mold the foundation for credible and robust markets in all jurisdictions,” he said.