Connect with us

Ripple

Suspicious XRP Clone Begins Trading on Mercatox

Published

on

It is not uncommon for existing projects to face some competition from imitators in the long run. Bitcoin is a good example, as numerous “versions” of this currency are available on the market today. It now seems the same will be happening to XRP, as XRP Classic has been introduced not that long ago. It would appear the community is not too amused by this development whatsoever.

Be Wary of the XRP Classic Project

Unlike what the name might suggest, it remains to be seen if XRP Classic will effectively be a different spin on the XRP asset most people are familiar with today. Especially the re-use of the XRP logo will create some interesting discussions moving forward. Moreover, it seems this new project is not endorsed by Ripple or the XRP developers, which makes XRP Classic look all the more suspicious.

According to the project’s website, XRP Classic aims to become an industrial solution with a strong focus on decentralization. While that sentence contains a fair few industry buzzwords, achieving such a vision will always be challenging. It also doesn’t necessarily explain why the project is trying to ride the coattails of XRP in this regard, primarily because it seems to target a completely different market.

Based on the information found online, the XRP Classic team is intent on building an auto trading system. It will be compatible with all major cryptocurrency exchanges and forex brokers. The native asset of this project will be an incentive mechanism to improve overall participation in this auto trading system. Users will also receive high-quality trading signals. It is evident all of these promises will make a lot of people wary, which isn’t necessarily a bad thing.

It would also appear the XRP Classic ecosystem will provide access to smart contracts, which is something one wouldn’t necessarily associate with the legitimate digital asset. This is another way of trying to entice investors by investing in something with the XRP name, despite being a completely different and unrelated project. There is also a mention of trading this asset on numerous exchanges already, as Mercatox has opened up XRPC trading for Bitcoin, Ethereum, and TUSD. That decision may backfire on this exchange in the future.

Perhaps the most obvious telltale sign on the XRP Classic website is their list of “partners”. These website links lead nowhere, which seemingly confirms this project has no active partners to speak of. That is not abnormal, as no one knew this project was around until a few days ago. Why anyone would partner with XRP Classic, is a different matter altogether. For now, it may be best to avoid this concept altogether.

It is unclear who is behind the XRP Classic project, as there are no official team members on the website. The WHOIS information for the domain name doesn’t reveal any additional information either. We do know the domain is registered through Namecheap and was created in late October of 2018. The phone number on the website appears to be registered to a landline in Bangladesh, which will make this project seem even shadier than it already is.

It is not uncommon for existing projects to face some competition from imitators in the long run. Bitcoin is a good example, as numerous “versions” of this currency are available on the market today. It now seems the same will be happening to XRP, as XRP Classic has been introduced not that long ago. It would appear the community is not too amused by this development whatsoever.

source:nulltx.

 

Advertisement

Ripple

IBM Continues Major US Banking Institution Probe, Begging the Question: “Is Ripple’s End Near?”

Published

on

As per an all-new Bloomberg report released yesterday, Ripple might be faced with some serious competition since IBM has teamed up with a couple of major US-based banks in order to issue a new set of cryptocurrencies for them. Not only that, but the article also claims that IBM has created its very own remittance system (called ‘World Wire’) that could easily rival Ripple’s current tech offerings such as ‘RippleNet’.

At this point, it is also worth highlighting the fact that the above mentioned IBM initiative will be built atop the “Stellar ecosystem” — one of Ripple’s biggest competitors in the market today.

In regards to all of these developments, IBM’s head of blockchain Jesse Lund recently went on record to state that his company became interested in crypto after JP Morgan decided to release its very own stablecoin. With that being said, Lund did not reveal the names of the “two banks” that IBM has allegedly partnered up with.

More On The Matter

As most of our readers probably remember, earlier this year JP Morgan shocked the global finance arena when it decided to go ahead and launch its very own cryptocurrency called the ‘JPMCoin’. The token’s value has been pegged to that price of USD and will be used by the bank to facilitate its internal transactions as well as reduce its transfer/remittance periods.

On the subject, Jesse went on to add

“We had received interest significant interest in regards to crypto on the heels of the JPM Coin release… It was only after this that the ‘two major banks’ reached out to us”

If all of this wasn’t enough, the IBM executive also revealed that a total of six global banking entities had signed a letter of intent to use the firm’s blockchain network to issue their very own stablecoins. Some of these banks include:

  • Brazil’s Banco Bradesco
  • South Korea’s Bank Busan,
  • Philippines-based RCBC

How Come None Of These Banks Considered Using Ripple’s Native Cross-Border Platforms?

After reading all of the information that has been presented above, it is quite natural that some of you will ask the question

“Why did none of these banks go to Ripple?”

— especially since the company’s primary goal (from the start) has been to help facilitate frictionless remittance payments as well as foster international transfers in a streamlined, hassle-free manner.

In this regard, a spokesperson for Ripple recently went on record to state that “convincing banks to trust a cryptocurrency that is not controlled by them (XRP) is the main issue”. He then added that banks “aren’t ready to relinquish control” and thus there are only a handful of payment providers that are currently making use of XRP to settle their payments and monetary transactions.

Final Take

Even though a bulk of the attention regarding the above mentioned case is being directed towards IBM, we should not overlook the role that Stellar will play in this new movement. As mentioned earlier, IBM’s Blockchain World Wire system will run exclusively on the Stellar blockchain ecosystem. Not only that, it will even make use of Stellar’s native crypto asset ‘Lumens [XLM]’ to settle some of its internal tx’s.

When asked about why his company decided to go with Stellar, Lund explained:

“Personally, I think cryptocurrencies could very well serve as a viable settlement instrument. We’ve started with Lumens, which is the native asset of the Stellar network, but we already have the capacity to introduce other cryptocurrencies that could include Bitcoin or Ether.”

Today’s BTC, BCH, ETH, and XRP Price Prediction: Cryptocurrency Forecast Analysis

Source.bitcoinexchangeguide

Continue Reading

Ripple

XRP Price Remains Bearish as XRP/BTC Drops Below 7,800 Satoshi

Published

on

As the unwelcome bearish momentum returns to all top cryptocurrency markets, most of this morning’s excitement will be wiped out fairly quickly. Although not all of the alternative markets will follow this trend automatically, it appears there is a lot of pressure on the XRP price right now. A drop below $0.31 seems unlikely, albeit one never knows what the future may hold.

XRP Price Trend Shows Bearish Signs

It is not entirely uncommon to see the top markets struggle a bit when the value of Bitcoin dips in the red all of a sudden. While no one knows for sure why this new wave of bearish pressure has materialized, it seems it could turn into a rough ride over the next few hours. XRP is also falling victim to this trend, albeit its losses are still very minimal at this point. Whether or not that will remain the case, is a different matter altogether.

Powered by CoinMarketCap

To put the current market sentiment in perspective, it seems the XRP price has lost 0.85% in USD value and 0.65% in BTC value. Neither of these trends is promising at this time, but it seems unlikely there won’t be any major drops in price. With a current value of $0.3154, or 7,799 Satoshi, no actual damage has been done. The ongoing XRP/BTC downtrend is not exactly promising by any means, but things could always turn around on a dime.

On social media, it would appear there are some interesting discussions pertaining to XRP. It is a bit uncanny how so many people have no idea CoiNGate processes XRP payments on behalf of corporate clients. Moreover, the company confirmed they have at least 5,000 businesses on their list at this time, which is pretty interesting to keep an eye on.  How much XRP the company processes in terms of volume per month, has not been disclosed at this time.

There are also a fair few XRP community members who are not too keen about being associated with “bots”. Todd, for example, is tired of being called a bit simply because he supports XRP. This is one of those types of discussions which won’t lead to any changes, as XRP has been subjected to a lot of opposition for quite some time now. It seems unlikely that will come to change in the near future.

For those who took a peek at the actual price chart, it would appear there is a lot of pressure on XRP across all fronts. Especially XRP/USD may remain very bearish for quite some time to come, especially if Bitcoin were to turn bearish for an extended period of time. It remains to be seen if that will be the case, but the current chart doesn’t bode all that well.

As is always the case in this volatile industry, there is a good chance this momentum will be temporary in nature first and foremost. However, the value of XRP in the next few hours will stand or fall based on what happens to Bitcoin. For now, it is too early to draw any conclusions in this regard, as anything can happen when the markets develop some funny momentum out of the blue.

News Source

Continue Reading

Ripple

XRP Price Remains Bearish as XRP/BTC Drops Below 7,800 Satoshi Price Remains Bearish as XRP/BTC Drops Below 7,800 Satoshi

Published

on

As the unwelcome bearish momentum returns to all top cryptocurrency markets, most of this morning’s excitement will be wiped out fairly quickly. Although not all of the alternative markets will follow this trend automatically, it appears there is a lot of pressure on the XRP price right now. A drop below $0.31 seems unlikely, albeit one never knows what the future may hold.

XRP Price Trend Shows Bearish Signs

It is not entirely uncommon to see the top markets struggle a bit when the value of Bitcoin dips in the red all of a sudden. While no one knows for sure why this new wave of bearish pressure has materialized, it seems it could turn into a rough ride over the next few hours. XRP is also falling victim to this trend, albeit its losses are still very minimal at this point. Whether or not that will remain the case, is a different matter altogether.

XRP (XRP)
0,316306 USD (-0,66%)
0,00007822 BTC
RANK

3

MARKET CAP

$13,18 B USD

VOLUME

$656,85 M USD

Powered by CoinMarketCap

To put the current market sentiment in perspective, it seems the XRP price has lost 0.85% in USD value and 0.65% in BTC value. Neither of these trends is promising at this time, but it seems unlikely there won’t be any major drops in price. With a current value of $0.3154, or 7,799 Satoshi, no actual damage has been done. The ongoing XRP/BTC downtrend is not exactly promising by any means, but things could always turn around on a dime.

On social media, it would appear there are some interesting discussions pertaining to XRP. It is a bit uncanny how so many people have no idea CoiNGate processes XRP payments on behalf of corporate clients. Moreover, the company confirmed they have at least 5,000 businesses on their list at this time, which is pretty interesting to keep an eye on.  How much XRP the company processes in terms of volume per month, has not been disclosed at this time.

Having XRP in my username = i’m a bot. Following anyone who is positive about XRP = i’m a bot. Retweeting and liking tweets about XRP = i’m a bot.
If you believe this then you’re dumber then the idiot who came up with this conspiracy. That b @geoffgolberg
#XRPcommunity#0doubt

For those who took a peek at the actual price chart, it would appear there is a lot of pressure on XRP across all fronts. Especially XRP/USD may remain very bearish for quite some time to come, especially if Bitcoin were to turn bearish for an extended period of time. It remains to be seen if that will be the case, but the current chart doesn’t bode all that well.

View image on Twitter

View image on Twitter

As is always the case in this volatile industry, there is a good chance this momentum will be temporary in nature first and foremost. However, the value of XRP in the next few hours will stand or fall based on what happens to Bitcoin. For now, it is too early to draw any conclusions in this regard, as anything can happen when the markets develop some funny momentum out of the blue.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

 

source:nulltx.

 

Continue Reading
Advertisement
Advertisement
Open

Close