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Ripple’s XRP Eyes Relief Price Rally; Here’s Why

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XRP was rising on Tuesday as investors flew out of the bitcoin market amid growing uncertainties regarding its safe-haven status.

The Ripple blockchain’s native asset climbed 1.73 percent to $0.00455 on BitFinex exchange. That brought its week-to-date gains up by more than 2.5 percent, providing one of the first signs of a relief price rally after months. XRP’s moves appeared the same against bitcoin, wherein the asset surged by as much as 4.49 percent against the benchmark cryptocurrency.

xrp, bitcoin

Ripple’s XRP looking to switch interim bias in favor of bulls | Image credits: TradingView.com

The surge occurred as market analysts awaited a plunge in the bitcoin dominance, triggered by fears that the cryptocurrency is not behaving like a safe-haven asset. As covered by NewsBTC earlier, Bitcoin remained cautious as drones attacked two Saudi Arabian crude oil production facilities on Saturday. The attack dwindled the world’s oil supply by 5 percent, sending the global stock market, including the benchmark S&P 500, down. As the equity markets plunged, long-time haven assets such as Gold, Treasuries, and the Japanese Yen surged. But bitcoin didn’t.

The mum approach prompted bitcoin traders to hedge into the altcoin market. In the last 48 hours, Ethereum climbed by as much as 6.72 percent against the US dollar – and 7.69 percent against bitcoin. The ETH/BTC instrument, as of now, is registering its four-day winning streak. The sentiment also breathed life into the XRP market, which, as renowned analyst Mohit Sorout noted, was trading in oversold territory for three months straight.

The Bitazu Capital partner said he now expects “a relief rally” in the XRP market.

Intraday Hedging

But XRP’s

interim upside action could live short, after all. The Next Web reports that Ripple’s core investor base is not happy with the way the blockchain project is developing. They think the San Francisco company is dumping XRP tokens, which has even led some disappointed ones to start a petition on Change.org, titled “Stop Ripple Dumping.”

“The only logical explanation is that Ripple is dumping on us. And not small amounts either – literally, billions. We have seen the reports of them disclosing this, so it’s a fact,” the petition reads. Over 3,500 signatories have shown support.

The petitioner cites Ripple’s financial reports as evidence. The Q2/2019 report shows that the firm sold $106.87 million and $144.64 million worth of XRP in direct institutional sales and programmatic sales, respectively. Meanwhile, the Q1/2019 data brings a similar picture – Ripple sold $890 million worth of XRP to fund institutions and support exchanges.

Meanwhile, the XRP/BTC instrument plunged by more than 70 percent.

Technical analysts, nevertheless, see XRP breaking out of its downtrend – against both the dollar and bitcoin. However, with Bakkt launching the first physically-settled bitcoin futures contracts next week, altcoins could see speculators driving back to the king cryptocurrency.

Bitcoin was down 0.65 percent against the dollar at the time of this writing.

Source: newsbtc

Ripple

Twitter Blocks XRP Payments Platform Amid Rumors of Bitcoin (BTC) Integration

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Twitter has blocked the popular XRP Tip Bot, which allows users to send XRP to one another by tweeting a string of commands. The platform is designed to give users an easy way to reward one another and support content creators.

The social media giant says @xrptipbot violated Twitter’s rules. When the account holder asked for clarity on the citation, Twitter responded that the account will not be restored.

“Hello, It has come to our attention that your Twitter account is in violation of the Twitter Rules, specifically the policy on Impersonation. Impersonation is pretending to be another entity in order to deceive, and is strictly prohibited. This account has been suspended and will not be restored.”

The XRP Tip Bot launched in October of

2018 and is owned by Wietse Wind, the founder of Ripple-backed XRPL Labs. According to a real-time tracker, a total of 861,315 payments totaling 2,177,155 XRP have been sent through the platform since its inception.

Twitter’s decision to ban the account comes amid reports that the tech company may implement a tipping platform of its own as well as rumors that it will integrate Bitcoin.

In February of last year, Twitter and Square CEO Jack Dorsey said he “loves the idea” of giving users on Twitter the ability to tip with BTC.



Square Crypto, a subsidiary of the payments company Square, recently announced the release of a software development kit for Lightning – a Bitcoin scaling solution designed to increase the speed and lower the cost of sending BTC.

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Ripple CEO Hints at IPO, Says More Crypto Firms Will Go Public in 2020

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Ripple CEO Brad Garlinghouse predicts that initial public offerings (IPOs) will become more prevalent in the cryptocurrency and blockchain space in 2020.

Speaking at the World Economic Forum in Davos yesterday, Jan. 23, Garlinghouse reportedly hinted that Ripple would itself be one of those firms to seek a public flotation:

“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.”

“Natural evolution”

An IPO refers to the process of offering the shares of a private corporation to the public in a new stock issuance. For this reason, it is sometimes referred to as “going public,” or as “floating” corporate shares to the wider market.

The cryptocurrency industry has to date focused its energies on initial coin offerings (ICO), which evolved as an alternative issuance model for still-young, innovative firms

that spared them many of the cumbersome legal and regulatory processes involved in a traditional IPO.

Yet as the space matures — and arguably, in the wake of the post-boom ICO rout, which saw many offerings exposed as either outright fraudulent or simply unsuccessful — some firms are now seeking to build confidence with mainstream investors by way of public listings on traditional stock exchanges, with all of the red tape and financial disclosures that implies.

This is a trend that Garlinghouse appears to believe will consolidate itself in the near future, even as some of the industry’s largest players have thus far struggled to meet the stringent requirements of an IPO. 

As an alternative to adopting a traditional flotation model, major crypto firms such as Blockstack have instead chosen to pursue compliant token sales, with the approval of the United States Securities and Exchange Commission.

Silvergate Bank — a California-based commercial bank focused on digital currency businesses — went public with an IPO on the New York Stock Exchange in Nov. 2019.

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Ripple Reports Selling Just $13M of XRP Last Quarter

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Ripple’s XRP sales fell dramatically in the last quarter of 2019 – at least partly due to change in how the company sells its store of the third-largest cryptocurrency by market capitalization, the company said Wednesday.

XRP sales in Q4 dropped 80 percent from the $66.24 million sold in Q3 to just over $13 million, according to Ripple’s XRP Markets Report. The drop is at least partly attributable to a total suspension in programmatic sales, which accounted for $16.1 million the previous quarter. Over-the-counter (OTC) trades also dropped 74 percent quarter on quarter (QoQ).

“In Q3 2019, Ripple further reduced XRP sales and paused programmatic sales. Ripple maintained this approach throughout the entirety of Q4,” the market report reads. Ripple said OTC trades had remained focused in providing liquidity and utility to partners in “strategic regions,” which included Asia, Europe,

the Middle East and Africa.

Ripple announced in June it would adopt a more “conservative approach” to quarterly XRP sales to address concerns of misreported volumes from cryptocurrency exchanges. This came into effect soon after the company sold $251 million worth of XRP tokens in Q3.

Programmatic sales were made directly to exchanges and used to make up the majority of XRP sales figures, accounting for $144.6 million in Q2 2019.

Ripple also said in Wednesday’s report its On-Demand Liquidity (ODL) tool, which uses XRP as a bridge currency for cross-border payments, had proven to be successful with clients. The dollar value of XRP transacted through ODL increased 650 percent between Q3 and Q4, with transaction volumes increasing 390 percent QoQ.

Excluding the billion tokens released at the beginning of January, the company’s escrow accounts currently hold approximately 48.9 billion XRP tokens.

UPDATE (Jan. 24, 09:03 UTC): A previous version of this article said quarterly XRP sales had dropped by 75 percent. This has since been corrected.


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