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XRP Price: Binance Wallet Maintenance and BitMEX Research Cause Brief Dip

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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.

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

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.

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.

 

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Binance DEX Gaining traction as TomoChain unveils trading competition

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Binance’s decentralized exchange, Binance DEX, recently launched to much hype with a non-custodial integration of TrustWallet. Since then, the exchange has undergone a flurry of listings, from stablecoins to analogous tokens of public blockchains via its BEP standardized token contracts for Binance Chain.

Binance DEX is already considerably outpacing other DEXs in volume, attracting a normalized trading volume over $5 million in the last 24 hours. Couple that with more than 1.27 million monthly web visits, according to SimilarWeb, and it is evident that Binance’s DEX push is paying dividends so far.

The rise of Binance DEX has also come with a series of projects launching on the exchange, with Binance even announcing pegged tokens on its network, such as BTCB using the BEP-2 protocol standard that has been adopted by several projects.

In particular, TomoChain, the scalable public blockchain, has produced a bridge protocol using Binance’s BEP-2 standard to allow cross-chain swaps between the native TOMO token and TOMOB – the Binance DEX analog of TOMO. And the TomoChain team is moving forward with a trading competition following the success of their pegged listing.

TomoChain team in the blog announcement shared details,

“To celebrate the event of the BEP-2 TOMO token [TOMOB] listing on Binance DEX, TomoChain is rolling out a TOMOB trading competition on Binance.org — with up to 30,000 TOMOB and 300 BNB to be airdropped.”

The Trading Competition and TomoChain’s Financial DApp Emergence

The trading competition, which will commence on July 12th at 0:00 UTC, is a bid to reward the early users of the TOMOB token on Binance DEX, where a minimum of 2,000 TOMOB is required for eligibility. The top 5 traders throughout the entire competition will be rewarded with 60 BNB each.

Outside of the listing on Binance DEX, TomoChain has been gaining traction in DApp development and users, particularly in gaming and financial areas.

The project is set to begin the final stages of its International Gaming DAppathon, which has seen more than 1,500 developers from around the world participate, creating more than 10 games. Similarly, DApp.com’s recently unveiled Q2 DApp Report shed a spotlight on TomoChain’s prominence as a public blockchain for facilitating financial DApps.

According to the report, over 60 percent of TomoChain DApp users tapped financial applications, with finance DApps accounting for over 70 percent of the transaction volume throughout Q2.

The report also shared,

“Most of the DApp users were driven by TomoMaster, the governance DApp for TomoChain.”

And specifically referencing the financial DApp usage, the report continued,

“There is a huge difference compared to the other blockchains where gambling and high-risk DApps took huge place at the early stage.”

Backed by the largest spot trading exchange in the cryptocurrency market, which recently rolled out margin trading, Binance DEX is poised to continue its growth as a non-custodial favorite among investors.

Its BEP standardized token contract has proved a valuable resource for project listings on the platform, and networks like TomoChain have presented some diligent technology [i.e., their bridge protocol] congruent with providing more liquidity to its users.

Source.ambcrypto

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Binance Prepares To Block US Customers – Former Ripple Exec Get Behind The Wheel Of Binance U.S.

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Back in June, we were reporting that the Binanceplatform has been gearing up to ban the citizens in the US from trading on the platform.

On the other hand, it’s been revealed that the platform promises much wider crypto trading opportunities later.

The whole panic began when Binance revealed that some restrictions would be introduced for the US citizens and they will be banned from trading on Binance.com.

September 12th will be the last day when Binance serves US customers

Binance marked in September 12th as the last day that it will serve US customers.

From then on, users from the 50 stated will no longer be able to trade on Binance.com but they will still be allowed to withdraw their digital assets.

Binance teamed up with a company called BAM Trading Services which will operate its new trading platform that’s dedicated to the US market.

The new platform is called Binance.US, but so far, Binance CEO Changpeng Zhao said that no launch date had been set.

It’s also not clear which digital coins will be offered on the new exchange.

“We definitely hope it will be within the three months timeline and we are working very hard together with our partner on that. But the truth is, there is some uncertainty. We don’t control everything. But I think three months is generally a reasonable amount of time to get an exchange up and running.”

BAM Trading Services hires Ripple former executive

BAM has appointed Ripple’s former head of XRP institutional liquidity, Catherine Coley, as its CEO.

Coley’s primary role is to manage the launch of the new digital asset marketplace.

The Crypto community on Twitter celebrated the news and said that this is huge for everybody.

People are also rooting for XRP as you will see in Alex Cobb’s tweet below:

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Binance Might Launch a Korean Subsidiary Soon

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According to a recent report, Mr Feng Xindeng Zhao who is the head of the global crypto exchange Binance has revealed that very soon, the firm might be launching a Korean subsidiary.

He said:

“We do not know the details related to the establishment of the Korean branch,” Zhao told reporters at the block in a press release on the 16th, “We are working with local partners, but we do not know the details.”

Initially, a global representative of Binance stated that the news was gainsaying.

He said:

“I do not plan to establish any office in Korea,” “We have been discussing cooperation with BxB (a blockchain FinTech company), but we have not made any specific decisions,” he added.

He further stated that:
“We have not decided whether or not to establish a Korean subsidiary.”

Recently, there have been several discussions regarding the launching of a new branch in several location. ‘Binance LLC’ was registered as an establishment of a domestic corporation with a co-representative of Binance Kang Ji- ho as director.

Although, there has not been any reaction from the Chief Executive Officer of Binance Changpeng Zhao who is usually very active on social media giant Twitter reporting every new development in the exchange, he previously mentioned at the Blockchain Partners Summit in Seoul on July 2018 that there is a possibility that the exchange will be expanding to Korea. He further noted the importance of the South Korean market and how the exchange will help grow its digital assets industry.

Another spokesperson from Binance reportedly said that the question of launching a local branch in South Korea is “not the case” to date.

Meanwhile, major global exchange Huobi has officially announced plans to expand operations to Turkey, where 20% of residents are reportedly in possession of a form of crypto.

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