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Huobi OTC Global Users Can Share New Prize Pools Worth 20,000 XRP

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Viraj Shah

Huobi announced yesterday that it is starting new Prize Pools between October 22 and October 30 with 20,000 XRP to be won in prizes. Two airdrop prize pools will be awarding 10,000 XRP each. It will be used exclusively for new Huobi OTC users.

First-time Users Get a Boost

According to Huobi, two pools will be providing 20,000 XRP in prizes to users. In Airdrop Prize Pool 1 “Users who successfully complete one transaction (buy/sell) for the first time on Huobi OTC” will stand to win a share of the total prize. In Airdrop Prize Pool 2:

“MAKERS who successfully trade with any New Huobi OTC Users* will be eligible for a share in Airdrop Prize Pool 2. The more the New Huobi OTC users you trade with, the more shares in Airdrop Prize Pool 2 you will get.”

There is no restriction on the number of shares that a maker can receive.

Makers do not pay any trading fee for Bitcoin, Ethereum and Tether on the

platform. However, a fee of 0.2 percent is payable for trading in EOS and HT. The offer will be available to all users except those living in China or doing trades in CNY. Makers will have to complete ID verification and must keep sufficient digital assets in their accounts before creating any advertisements.

Huobi’s Strides Into OTC Markets

The OTC global exchange recently listed four stablecoins on its platform including Paxos Standard Token (PAX), TrueUSD (TUSD), USDCoin (USDC) and Gemini Dollar (GUSD). All the coins were made available from October 19 on Huobi Global. They have also introduced a stablecoin solution called HUSD.

Stablecoins offer lesser price volatility compared to other cryptocurrencies. They are pegged to a fiat currency. In the case of Tether, Gemini Dollar and Pax, the base currency is US Dollar, which is a relatively stable fiat. The issuers of stablecoins claim that each of their coins is issued against a reserve of US Dollars. A new coin is issued only when the company has sufficient USD in its secure vaults. The new HUSD stablecoin solution helps remove the risks of holding one single stablecoin.

Source: blokt 

Ripple

XRP Flips Key Resistance Into Support: Can Bulls Push Prices Higher?

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XRP May Soon Explode Against Bitcoin, Analyses Show

Over the past few weeks, all cryptocurrencies — from Bitcoin, Ethereum and XRP to Digibyte, Waves, and Electroneum — have surged higher, gaining dozens of percent apiece as buying pressure has washed over the cryptocurrency market.

Altcoins have interestingly taken the front seat in this recent surge, seemingly denying a trend of Bitcoin-first price action over the past year.

This market price action, per CNN-featured cryptocurrency analyst Luke Martin, has allowed XRP’s pair against Bitcoin (XRP/BTC) to retake a key support level, which it has sustained for five days in a row. This pivot purportedly is “bullish,” meaning Martin is “expecting outperformance.”

It isn’t only Luke Martin that has pointed out the XRP/BTC trading pair is looking primed to break upwards.

Per previous reports from Ethereum World News, Michael Van De Poppe, contributor to CoinTelegraph and a trader at the Amsterdam Stock Exchange, revealed in a TradingView post published Wednesday that he expects for XRP/BTC to soon explode 170% higher.

He noted that the pair is on the verge of breaking out of a downtrend that has constrained prices since the start of 2019, before adding that XRP has held a very important historical support level against Bitcoin, suggesting bullish strength.

Poppe’s chart also pointed out that the recent price action is eerily reminiscent of an XRP/BTC break out in 2018, suggesting that a surge of dozens of percent can be had if history repeats itself.

XRP/USD Performance a Different Story

Although the prospects for XRP/BTC are looking positive per the above analyses, the outlook for the cryptocurrency’s performance against the dollar is looking harrowing.

A trader recently said on Twitter that it is “difficult for me to be bullish on Ripple right now.”

Backing his assertion, he looked to a chart of XRP against the U.S. dollar on a monthly basis. The trader depicted that despite the recent 35% surge off local bottoms, prices not seen in years, the cryptocurrency remains decisively below a key resistance that has been absolutely essential for the asset’s past two to three years of price history.

What’s more, it was actually rejected at the resistance level, suggesting the macro bear trend for XRP remains intact.

It is important to note that even if the cryptocurrency falls against the dollar, it can still rally against the dollar.

Photo by KaLisa Veer on Unsplash



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Ripple’s On-Demand Liquidity Services Grew Six-Fold Last Quarter

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Ripple Insights has published its quarterly markets report, which reveals that the company and its XRP token experienced mixed growth in 2019.

Ripple’s On-Demand Liquidity (ODL) services, which facilitate cross-border settlements, saw noticeable growth. These services handled 550% more value in Q4 of 2019 than they did in Q3. In raw transactions, those services saw a 290% increase in activity.

This growth is reportedly due to greater adoption. In less than a year, over 24 financial companies signed on for ODL, including Viamericas, FlashFX and Interbank Peru.

Ripple’s most notable client may be MoneyGram, which began to use Ripple’s services last August. This partnership has been particularly successful in Mexico, a market where MoneyGram is moving 10% of its volume through ODL.

Fewer Exchange Sales

Despite growing demand for ODL, Ripple sold relatively little the XRP token in Q4. Though this was partially due to a change in its measurements, Ripple also cut back its sales deliberately in order to act as “disciplined, responsible stakeholders.”

The company paused programmatic sales entirely in Q4, causing sales in that category to fall to zero. In a separate category, Ripple executed over-the-counter (OTC) sales with a “few strategic partners,” but significantly

reduced those sales as well.

Via Ripple Insights

The end result is that Ripple sold just $13 million XRP tokens over the course of Q4. This represents a five-fold decrease from Q4, when it sold $66 million worth of XRP.

Additionally, XRP’s daily trading volumes fell to $187 million in Q4. By contrast, the token’s daily volume in Q3 was $198 million, and its daily volume in Q2 was $430 million.

Token Supply and Demand

At first glance, these trends suggest that XRP is no longer highly sought after. However, Ripple seems to be releasing its XRP token into circulation in a calculated way.

It’s not yet clear if this strategy will affect prices positively. In the short term, XRP lost about 23% of its market value during the last quarter of 2019. By comparison, Bitcoin only lost about 14% of its market value during the same period.

It is possible that XRP token prices may not be a concern in the future: Ripple CTO David Schwartz recently proposed an XRP-backed stablecoin to help users avoid volatility.

In the meantime, practical applications targeted at consumers may drive up demand for the token. This week, the popular payment processor BitPay integrated XRP payments, allowing merchants to accept the cryptocurrency.

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Ripple Chief Says Billion-Dollar Crypto Startup Will Launch IPO But Timeline Is Uncertain

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Ripple CEO Brad Garlinghouse says it’s only a matter of time before the San Francisco payments startup goes public.

At the World Economic Forum’s annual meetup in Davos, Switzerland, Garlinghouse told a panel he expects crypto initial public offerings to pop up over the next year, and Ripple will be on the “leading side” of a new phase for the cryptocurrency industry at large.

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… It’s a natural evolution for our company.”

Ripple recently raised $200 million in a Series C funding round that valued the company at $10 billion.

Garlinghouse also talked about the leading cryptocurrency, Bitcoin (BTC), and the third-largest coin by market cap, XRP.

Ripple owns more than half of the total supply of XRP, and although Garlinghouse says he believes Bitcoin has a bright future as a store

of value, he touted the speed and efficiency of XRP.

“I’m bullish on BTC as a store of value, but not for payments. You don’t want to use BTC at Starbucks b/c by the time you get your coffee, it’ll be cold…

We’re here at Davos where climate change is a big topic. One-percent of global energy consumption is Bitcoin mining – that is stunning. Running a validator on the XRP Ledger is like running a light bulb.”

According to an online tool from the University of Cambridge, the Bitcoin network currently represents about 0.39% of the world’s total electricity consumption.

Square Crypto, which is owned by Twitter and Square CEO Jack Dorsey, recently announced plans to release a developer kit for the Lightning Network, which runs on top of the Bitcoin network. The scaling solution is designed to address skeptics like Garlinghouse by making Bitcoin transactions faster, cheaper and more energy efficient – good enough for a cup of joe.

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