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Bithumb resumes services, Ryan Selkis’s FOIL request for XRP II affiliate sales and more

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Crypto News – 15 May

Erik Voorhees on Bitcoin: The Shapeshift CEO is in the news after he claimed that the world’s largest cryptocurrency couldn’t have moved from $0 to its present price, without bubbles

Read more at https://bit.ly/2LKDf4b

Binance research on Bitcoin: The crypto-exchange’s research wing is in the news after a report by Binance claimed that Bitcoin offered far higher returns than traditional assets

Read more at https://bit.ly/2HrSaLq

SEC on Bitcoin ETF proposal: The United States’ Securities and Exchanges Commission continued to prevaricate, postponing a final decision on the Bitcoin ETF proposal to October 2019

Read more at https://bit.ly/2Hmxkyh

New Milestone for Tron: In more good news for the community, Tron [TRX] surpassed $1 billion in 24-hour trading volume after more than a year

Read more at https://bit.ly/2W1JJzL

Cryptopia writes final chapter: The New Zealand-based exchange that was a major target in a January hack, is in the news again after it entered the liquidation phase and appointed Grant Thornton

Read more at https://bit.ly/2HkERxl

Good news for Bitcoin Cash [BCH]: Bitcoin’s [BTC] average transaction fees soared to a 10-month high while Bitcoin Cash [BCH] showed little change

Read more at https://bit.ly/2LLiTrD

Tuur Demeester on crypto-exchanges: The Founder of Adamant Capital is in the news after he claimed that Bitcoin exchanges and custodians were too big to bail and can fail like pre-1914 gold banks

Read more at https://bit.ly/2Hrj0Dr

 

XRP

Tables turn as XRP’s ‘chosen one’ voices concerns about XRPL decentralization

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XRP and Ripple have always been known to have an active community, on and off Twitter, with community members looking forward to the success of its ecosystem. The community seems to be putting up a good front, despite XRP’s price falling steadily. However, while some XRP enthusiasts continue to hang in there, others have lost hope and turned to other cryptos.

The two most notable members of the community are [or were] Dr. T and Tiffany Hayden. While Dr. T has been AWOL for almost half a year now, Hayden seems to be harbouring growing concerns about Ripple and the state of the XRP Ledger. In a tweet thread, Hayden revealed how not a lot of people, including “paying customers,” are running a validator and how this could pose a threat to the ecosystem.

Vaguely speaking, a PoW network like Bitcoin gets more decentralized, with more miners joining the network. Similarly, as a PoC network like XRP gets more decentralized, the more validators it has.

For long, people have said that Ripple controls the network since it owns a lot of validators, something that was briefly true until other people started running validator nodes. Lately, people have been noting that if this continues, XRP and XRP Ledger could face major setbacks in development.

Referring to the validator argument, Hayden tweeted,

“They [validators] have become a central point of failure, IMO. The exact thing we are supposed to be avoiding. No XRPL services with paying customers are running validators like we expected them to. We have to acknowledge this.”

In addition to the above “concern,” there is another growing concern about the beginning of the downfall of XRP, with respect to Xpring. An initiative set up by Ripple with a clear goal to “invest, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs,” Xpring will “use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP to solve its customers’ problems in a transformative way.”

Recently however, the projects that are being invested in by Xpring have started to deviate from XRP, XRP Ledger and ILP, and towards their own goals. While this may be productive to the crypto-ecosystem as a whole, it is definitely not for the XRP ecosystem.

Hayden tweeted,

“It Ripple shutters tonight, the network won’t last long much longer.”

David Schwartz, the genius behind XRP ledger and the man speculated by many to be Satoshi Nakamoto, stepped in to alleviate Hayden’s concerns. Schwartz took a rather neutral stance and stated,

“There isn’t going to be a clear straight line between every Xpring investment and XRP. Some of them are going to be aimed at ILP which we believe indirectly helps XRP and some will be aimed at the crypto ecosystem generally… I would be much more worried if you see us not helping projects that you think could provide value.”

Hayden firmly believes that there aren’t a lot of customers running validators as of now, and that there isn’t any reason to believe that somebody will in the future. Leonardo DiCaprio said it best in the movie Inception,

Source.ambcrypto

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XRP hovers below its December 2018 price; has the bull rally left it behind?

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Numbers and statistics define and explain almost everything we need to know in the financial landscape. For example, 2019 has been collectively accepted as a bullish year for the cryptocurrency market, with a majority of virtual assets boasting incredible growth since the demise of the crypto-winter. However, some of these stats can be slightly misleading.

December 2018 is widely recognized as the low point of the crypto-winter, with all major assets recording major devaluation. In fact, some of these assets fell to levels which were over 90% off from their all-time highs in 2017.

XRP was one such cryptocurrency that dropped down by almost 90 percent in December 2018. While XRP peaked at $3.60 back in the bull run of 2017, its valuation was down to $0.39 the following year.

Fortunately, the crypto-winter ended in April and the market’s resurgence led by Bitcoin and the likes of Litecoin and Binance Coin resuscitated the market. In fact, Bitcoin was at one point up by almost 250 percent this year. However, the same cannot be said for XRP.

Source: Trading View

When the cryptocurrency market began to rally this year, XRP joined in and climbed its way to its yearly high of $0.475. However, since 22 June, the coin has progressively lost valuation and over the last few days, the token has dipped by almost 23 percent.

At press time, XRP was valued at $0.309, a value lower than the lows of December 2018, the height of the crypto-winter. In 2018, XRP’s low was recorded to be a $0.39, which is still 20 percent more than its current valuation. These figures suggest that despite the larger market rally, XRP itself is hardly having a bullish year.

This is a surprising finding since its parent company, Ripple, has been at the heart of changing the face of modern-day finance. With its numerous collaborations, partnerships and initiatives, Ripple’s stock has surged across the world. Unfortunately, this hasn’t translated to XRP’s price.

However, the digital asset was not the only token facing the repercussions of a decline. The likes of Bitcoin Cash, Tron and Stellar Lumens were also down by almost 90 percent from their all-time high at press time, even after recording positive growth in 2019.

Source.ambcrypto

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Has the correlation between XRP/BTC and XRP/USD been severed?

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Most altcoins tend to be correlated with Bitcoin. Sudden price movements will cause smaller altcoins paired with Bitcoin to do the same, which can be a boon and a bane for the project. XRP is no stranger to the correlation game, and is said to be strongly correlated with Bitcoin. However, according to a recent tweet by eToroX, the correlation between XRP/BTC and XRP/USD has been falling.

According to eToroX, the correlation coefficient, which is used to determine the extent of correlation, was at 0.51 in 2017. This correlation has come down to negative 0.63 now. A negative correlation coefficient means that the prices are not correlated anymore, and that XRP/BTC and XRP/USD pairs can move without being affected by the price of BTC.

According to CoinMetrics, the XRP/BTC correlation coefficient is still positive and so is the XRP/USDT correlation. As seen below, XRP/BTC’s Spearman correlation coefficient is 0.7626, a little lower than its all-time high of 0.8502. The Pearson correlation coefficient is also positive, i.e. 0.70. The XRP/USDT Spearman correlation is at 0.3502, while the Pearson correlation coefficient is at 0.30.

Source: CoinMetrics

The XRP community has been eagerly waiting for a spike in XRP’s prices since 2018. However, the price has decided to stay quiet or tumble down. The community continues to wait with bated breath for the next ‘alt season,’ in hopes of the price going higher.

The price of XRP, at press time, was $0.31 and the market cap was at $13 billion, which puts it as the third largest cryptocurrency in the world, in terms of market cap. It is also very close to hitting its support level at $0.27, which has been breached six times in the past year.

News of the falling correlation was greeted positively by many in the community. Twitter user, @Bizhopcrypto, commented,

😉

“This is actually a good representation of XRP’s ability to move independent of BTC in a sense…Although price action is moving south currently, we need that same correlation once XRP moves north as well  #decouple”

Source.ambcrypto

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