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Ripple Whale: It Only Takes $20,000 To Become a XRP One-Percenter

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How cryptocurrencies like Bitcoin or XRP are distributed can impact a specific asset’s success, both in terms of trust in the asset, but also how scarcity might affect an asset’s long-term value.

And while XRP is often the target of much distaste surrounding the way the asset was distributed, becoming a Ripple whale and joining the top 1% of all XRP holders doesn’t take a lot of initial capital.

It Costs $20,000 To Become a XRP Whale

Because cryptocurrencies like Bitcoin and XRP are new, emerging technologies that are also financial assets, analysts look at a number of different data points to attempt to determine a fair market value. One such metric that’s often looked at, is the distribution of each asset across wallets, including the percentage breakdown of how many wallets are holding different levels of assets.

One crypto analyst has shared a chart that reveals the average assets held across the top 10% of XRP holders. The data shows that to become a “one-percenter” in XRP – a term coined to show high wealth inequality against the other 99% of the population – one only needs to hold roughly $20,000 in Ripple at today’s prices of 26 cents per XRP token.

The table shows that the top 1% of Ripple accounts hold roughly 69,000 XRP on average. To become a one-percenter in Bitcoin, one would need to hold an account containing 10 BTC or more – or the equivalent of more than $100,000.

To be in the top 0.1% of account holders, one would need to hold over 188,000 XRP, and to earn the highest spot at 0.01% of account holders, it would be over a cool $4.25 million USD for under 16.5M tokens.

Holders Divided Due to Ripple Escrow Selling During Downtrend

The distribution of XRP has been a controversial issue as of late. Much of the XRP supply is held in escrow by Ripple Labs, the company tasked with pushing adoption of the crypto asset. The assets held in escrow are unlocked, then sold on the market to fund important Ripple operations.

However, the regular selling of XRP assets during a downtrend has caused Ripple and CEO Brad Garlinghouse to come under fire by upset holders. Many Ripple holders, despite being “whales” due to holding such a large supply, could be down by as much as 90% if they bought anywhere near the peak of the crypto hype bubble in late 2017, and early 2018.

It’s among the worst-performing altcoins in the top ten crypto assets by market cap, even despite Brad Garlinghouse defending the company saying that Ripple has “decreased” sales by volume quarter over quarter. The continued selling has even prompted a subset of XRP holders to consider forking the asset.

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Brad Garlinghouse Compares Ripple to Amazon, Suggests That Central Banks Could Use XRP

In his long-awaited interview with CNN’s Julia Chatterley, Ripple CEO Brad Garlinghouse boldly drew parallels between his company and e-commerce behemoth Amazon. With the help of this comparison, he explained why central banks could one day start using XRP.

Ripple to follow Amazon’s lead

When Chatterley suggested that Ripple could build a platform that would substitute XRP for a ‘Fed Coin,’ Garlinghouse agreed that it might be the case. 

“Right now, the customers we are focused on are commercial banks, payment providers. We are ceirtanly thinking about other types of customers we can serve.”  

Garlinghouse recalled that Amazon, which is now valued at more than $1 bln, was initially selling books and competing with Barnes & Noble. For Ripple, cross-border payments were the first verticle but he doesn’t rule out that it may branch out into other industry niches. 

“We want to make sure that we are winning in cross-border payments before we do another verticle.”  

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Ripple’s SVP says he is better off with Bitcoin as ‘store of value’

Bitcoin‘s 2020 uptrend has been quite significant. The coin breached the $10k resistance, fell again and has been playing around the same limit for some time now. At the time of writing, BTC was trading at $9,821.79. That said, 2020 is also said to be witnessing the beginning of the Alt season. 

In a recent panel discussion, Michael Carrier of Forge, Rod Hall of Goldman Sachs, Spencer Bogart of Blockchain Capital, Asheesh Birla of Ripple, Diogo Monica of Anchorage shared their thoughts on the dominance of Bitcoin and also discussed as to what else might be in store, two or three years down the line.

Diogo Monica was of the opinion that Bitcoin was very much the dominant coin. However, he did refer to the Altcoin surging and stated,

“We’ve seen Bitcoin ebb and flow in terms of dominance, but it’s stayed pretty up there[…] And then you see other crypto-assets that have different narratives that are tied to them. I think that we can see more than one succeed.”

Michael Carrier of Forge further noted that Bitcoin was thriving at the level currently; he also noted that there was an incipient, repo market that was starting to emerge lately and added that the loan market across the landscape was actively working. He said,

“So fully functional, very sophisticated, commercial and institutional, crypto market is developing right now.”

Asheesh Birla also spoke on the matter and stated that it was important for all coins to find their use case and niche and build that ecosystem accordingly to be of maximum use.

Bogart spoke on the growth in the crypto and blockchain area in recent times and asserted that there were a lot of developments in the space taking place and that it was getting better year by year.

The panel discussed Bitcoin’s transaction costs, scalability, and payment technology. On this, Carrier opined that Lightning Network was in a good place going forward. “It’s a high frequency, low-value transaction technology in the form of lightning,” he noted.

However, Birla stated that he was not very bullish on lightning and noted that though he finds it interesting, he was better off with Bitcoin as a store of value. 

Birla, further commenting on the topic of scalability. He questioned as to why everyone was so busy discussing the scalability so much, that no one even bothered finding the reason behind scaling in the first place. 

He stated,

“Why isn’t there more discussion on why should we scale? Blockchains are melting down. And if we put as much energy into finding real world solutions and less on scalability, this industry will be two to three years ahead.”

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Latest News – Top Headline for Ripple XRP, February 17th, 2020

  • MoneyGram discloses utilizing Real-Time Remittance Tech built on Visa rather than Ripple
  • Ripple XRP Price plunges beneath $0.30 level

Ripple News Update – Prominent remittance giant MoneyGram declared a new service that allows customers to send real-time money, surprisingly, its solution blockchain partner Ripple is not utilized for this purpose. According to MoneyGram, the new service is termed FastSend. It is a service that allows its customers to transfer money in real-time to a designated phone number through a reserved website or mobile application.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3XRP(XRP)$0.2856-6.12%

Ripple Latest Update – going by the official statement from MoneyGram’s Chief Operating Officer, Kamila Chytil, she stated that blockchain is not required for real-time settlement. She added that FastSend utilizes Visa’s Direct Original Credit Transaction to transfer money to bank accounts via a Debit card deposit. Although DLT is not involved, the devoted website and mobile application utilize an open-source cloud-based microservices. Also, Chytil stated that MoneyGram is also assessing other use cases “where blockchain could help solve data privacy and regulatory obligations through distributed ledger technology.”

Ripple XRP Price plunges beneath $0.30 level

XRP USD TradingView – Against the U.S dollar, XRP price declined massively from above $0.3200, it went as far as $0.3000 and it could persist to move downwards in the near term. Currently, XRP price is correcting losses after trading as low as $0.2677. There is two merging bearish trend line establishing with resistance close to $0.2950 and $0.3000 on the hourly chart of the XRP/USD pair.

XRP TradingView – In the previous 3-4 sessions, XRP price encountered a surge in selling pressure beneath $0.3200, due to this, XRP price declined massively beneath the $0.050 and $0.3000 support levels. Also, there was a close beneath the $0.3000 support level and the 100 hourly simple moving average. XRP price is currently down by over 10% and it traded as low as $0.2677. Recently, there was a slight upside correction above the $0.2800 level.

XRP Price Prediction 2020 – Moreover, XRP price recovered above the 23.6% Fib Retracement level of the fresh decline from the $0.3194 high to $0.2677 low. Also, XRP is encountering several resistances on the upside close to $0.2940 and $0.2950. The 50% Fib Retracement level of the new decline from the $0.3194 high to $0.2677 low is also serving as a resistance for the XRP bulls. Hence, the XRP bulls need to gain momentum above the $0.2950 and $0.3000 resistance levels to drive the XRP price back into a bullish zone.

XRP Price Prediction 2020 – Ripple XRP Price Prediction 2020

XRP Price Update – If the XRP bulls fail to gain impetus above $0.2950 level, there is a risk of additional losses. The first major support level is close to the $0.2800 level. If there is a clear break beneath the $0.2800 and $0.2780 level, the XRP bears might target a fresh weekly low beneath $0.2670. If the XRP bulls succeed and XRP price settles above $0.3000, there could be a new surge to its price.

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