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XRP is not Centralized it is Decentralized

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Ripple insights recently published a blog post which tried to differentiate between facts & fiction, thus debunking XRP Ledger Misconceptions.

Way back in 2017, Brad Garlinghouse clarifiedRipple is not centralized. To be clear, if Ripple disappeared today XRP would continue to function. To me that’s the most important measure of whether something is decentralized.  They made their decentralization strategy very clear in 2017. The decentralization process started off with the inception of the XRP Ledger and it has been continuing ever since.

In a centralized blockchain, a single authority does the act of governing the entire network, further controls validation, controls updates to the ledger, and creates a single point of failure (which theoretically leaves the entire network vulnerable to an attack).

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The XRPL has been delivering powerful utility to its developers on a public, decentralized blockchain. The validation occurs through a consensus process where the independent nodes are managed by a wide range of participants and not by a singular controlling entity.

The amendments to the XRPL is proposed by any participant in the ecosystem and it requires 80% quorum approval for two consecutive weeks by the validator community. The sooner the transactions are confirmed it cannot be reversed nor altered.

Ripple is one of the contributor to the network; however, only one contributor among many. Reportedly, “As of writing, Ripple run around 5% of the approximately 900 nodes on the XRP Ledger, and six of the approximately 150 validator nodes. Ripple follows the same protocols and its rights are the same as those of any other contributor.”

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No single authority will be able to add XRP to the ledger.  Thus, the myth that a single authority can make unilateral changes to the fundamental, underlying code, leaving the ledger open to hackers who will be able to create new XRP is a myth.

When a malicious actor tries to add unauthorized XRP to the ledger, the Consensus protocol ensures that no single authority will be able to execute this.

There have been more than 66 million ledgers successfully closed since the XRP Ledger has been first conceived with 100 billion XRP that has been created at the inception of the Ledger, and no additional XRP has ever been added into the system.

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Transaction fees are applied on the XRP Ledger just like any other public blockchain. However, they are very low when compared to other block chains.

Ripple insights clarifies stating, unlike other blockchains, however, the fee is neither returned to a central authority or paid as a reward to validators or any other party. It is, in fact, irreversibly destroyed. Because fees rise in-step with the load on the network, this protects the network from spam, malicious behavior and DDoS attacks.

The XRP transactions are settled instantaneously in 3 to 5 seconds.

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Ripple Price Analysis: A Bullish Reversal From The $0.88 Support Hints At A 35% Gain In The Upcoming Trading Session

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The XRP coin is currently in a short-term sideways trend. The coin price has recently rejected from the overhead resistance of this range and has plunged back to the bottom support of 0.88. However, The technical chart and indicators suggest a positive turn for them coin

Key technical points:

  • The XRP coin price action forms a consolidation range in the daily chart.
  • The 200-day EMA line is providing constant dynamic strong support to the coin price.
  • The intraday trading volume of the XRP coin is $1.5 Billion, indicating a 70.25% gain.
TradingView Chart

Source- XRP/USD chart by Tradingview

The XRP coin price consolidates within a range as it resonates within the $1.40 and $.088 mark, as shown in the price chart. However, despite multiple breaches, the support zone near the $1 mark acts as a crucial support zone, and the breakout above it can be an excellent entry opportunity for traders.

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The 200-day EMA coincides with the $1 support zone providing multiple factors to bring a bullish reversal. However, the price is below the 50-day EMA, which is falling to give a bearish crossover with the 200 days EMA. 

The Relative Strength Index(44) continues to move in a downtrend after facing rejection within the overbought zone. Nonetheless, the recovery in the slope from the oversold territory brings bullish indications.

XRP/USD Chart In The 4-hour Time Frame

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TradingView Chart

Source- XRP/USD chart by Tradingview

The falling XRP prices show huge potential for a bull run as it breaks above the resistance trendline of the falling channel in the 4-hour chart. Hence, once the prices are stable above the $1 mark, we can observe the price jump to the $1.40 mark. 

However, traders need to be careful with the pivot points showcasing resistance levels at the $1.06 and $1.16 mark. Moreover, on the flip side, the support levels are at the $0.97 and $0.87 mark.

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Ripple’s Latest Crypto Service for Financial Companies to Allow XRP Trading

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Amid the ongoing XRP lawsuit, Ripple took a bold step by launching a crypto product, called the Liquidity Hub, which will allow financial service firms to offer the buying and selling option for cryptocurrencies. According to CNBC, Ripple noted that cryptocurrencies like, the OG Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash, and the most controversial  XRP will be presented as offerings to enterprises.

Set to launch by 2022, the Liquidity Hub aims to facilitate access to crypto via manifold sources such as, market makers, exchanges, and over-the-counter trading desks, with Coinme, a U.S. based Bitcoin Exchange and ATM operator, as its first client. Furthermore, the Liquidity Hub plans on adding Non-Fungible Tokens (NFTs) to the list of its asset offerings.

“We have a long history of working with financial institutions, crypto exchanges, brokerages and market makers, which our enterprise customers can now directly benefit from…We’re planning to support a variety of assets and have plans to expand to more tokenized assets like NFTs in the future.”, Asheesh Birla, the general manager of RippleNet, a financial messaging service used for cross-border payments, told CNBC.

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Ripple Remains Confident of its Crypto Product, Despite the Lawsuit

Birla defined Liquidity Hub as an “aggregator for various liquidity venues and individual assets, the way that Google Flights is for airlines and flights.” Additionally, another feature provided by the Liquidity Hub will be the facilitation of lines of credit through XRP to prevent its client enterprises from having to pre-fund accounts to use Ripple’s latest crypto service. Nevertheless, it is impossible to turn a blind eye to the historic XRP lawsuit, where Ripple appears to be on the ‘readily agreeing to a settlement’ end. However, Ripple claims that despite the lawsuit, the company’s global traction has not experienced any drop whatsoever.

 “Companies doing this today have to park working capital at an exchange while waiting for funds from weekend activity to be deposited in a bank account…We started offering this as part of ODL and it’s one of our most sought after features…Despite headwinds in the U.S. with the SEC, our traction with customers globally hasn’t slowed down”, said Birla.

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XRP Whales Are Moving $24 Million Worth of Tokens from Exchanges Amid 6% Rally

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XRP whales are continuously moving their funds away from exchanges amid accelerated cryptocurrency market rally

Following the recovery on the cryptocurrency market, XRP whales are joining the global outflows trend and moving their funds away from centralized exchanges like Bithumb and FTX. 

Transactions on chain

According to the Whale Alert transaction tracker, two transactions have appeared on the XRP blockchain: the latest transaction was made from the FTX exchange to an unknown wallet and was worth $14 million XRP coins. The first transaction appeared one hour before the FTX withdrawal and was worth $10 million.

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According to data from the tracker, the Bithumb wallet transaction is being made to another wallet labeled with the exchange’s name. It’s most likely tied to the fact that in order to withdraw funds, Bithumb uses multiple hot wallets rather than one large address.

The FTX transaction, on the other hand, is being made to the wallet of a completely different HitBTC exchange. The wallet of the exchange holds 26 million XRP and is most likely being used as another hot wallet for placing orders.

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XRP short-term rally

Both transactions have been made during the short-term rally present on the XRP trading pairs. Currently, Ripple is trading in a short uptrend and remains at 6% growth since the last week.

Ripple was one of the victims of the global cryptocurrency market correction that led to the retrace of all the major cryptocurrencies, including Bitcoin and the larger altcoins. After a recovery on most of the traditional markets, the cryptocurrency market followed with an average 10% recovery.

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