Source for BlockChain News

Category archive

ripple coin mining

Ripple (XRP) Popularity Remains Despite the Price Slump in 2019

by
Ripple

Ripple

Over the past years, Ripple (XRP) has grown into one of the world’s top cryptocurrencies and has firmly established itself as the third biggest crypto in the world in terms of market capitalization. That being said, XRP has been one of the worst-performing cryptos this year, despite the fact that almost the entire market has been in the middle of a major bull run for most of the year. Among the top 10 tokens in circulation at the moment, eight have been able to post highly impressive gains so far this year. However, in the case of Ripple, it has been a year to forget so far as the token has lost as much as 20% in its value year-to-date.

Among Worst Performing

It is objectively clear that XRP is currently one of the worst-performing cryptocurrencies among the large-cap ones this year and experts believe that the reason behind this has to do with Ripple, the company that holds around 75% of the tokens. According to data collected by Coin Metrics, Ripple has been selling XRP tokens at a much quicker rate than before, and that has possibly beaten down the price of the token considerably. That being said, Ripple clarified on Friday that it does not believe its actions have had an effect on the price of the token.

>> Ethereum Classic (ETC) Suddenly Rockets 30% in a Week But Why?

On the other hand, the co-founder of Ripple, who is no longer with the company anymore, Jed McCaleb is apparently dumping half a million tokens on a daily basis. Such intense selling pressure is sure to have an effect on the price of the token, and that is what seems to be happening with XRP right now.

A co-founder of Multicoin Capital, a cryptocurrency hedge fund, stated that the company has raised its rate of selling considerably over the course of the past three quarters and investors are only now realizing what Ripple has been up to.

Featured image: DepositPhotos © adriantoday

If You Liked This Article Click To Share

Ripple to Enhance Transparency in XRP Volume Reporting

by
Ripple

Ripple

According to a Bitwise report, there is foul play in the crypto industry because it is unregulated, which makes exchanges culpable to manipulation as some even inflate their trading volumes. The Bitwise researchers have discovered that up to 95% of trading volumes are fraudulent. This is where Ripple steps in.

Ripple Working to Enhance Accuracy

The crypto firm is working with reliable partners in the industry to understand the scale and scope of the problem and evaluate its XRP volume reporting. Going into Q2 2019, the company is likely to take a cautious approach in reporting XRP sales. The aim is to enhance transparency, and based on these proposals, the target XRP sales for the quarter are likely to decline to below ten basis points

In a blog post on June 3, Ripple discussed how the industry can do better in terms of accurate reporting. The blog cites various industry reports, including the recent Bitwise report to the SEC, the report by Data Accountability & Transparency Alliance, and one by Blockchain Institute. All these reports cite inaccuracy in reporting as the main problem the cryptocurrency industry is facing as some companies exaggerate their volumes.

Inaccurate Reporting May Hurt the Industry

Ripple further explains in the blog post why it is choosing to act now. The cryptocurrency firm states that it believes in trust and transparency, without which there cannot be mainstream adoption of cryptocurrencies or blockchain technology. Ripple further asserts that for an emerging market that is seeking mainstream adoption, transparency and trust are essential components.

>> Facebook Coin: Platform will Announce Cryptocurrency in June

There is already skepticism regarding cryptocurrencies because of their unregulated nature and the allegations of inaccurate reporting will deepen the problem; therefore working on improving accuracy in reporting will be beneficial to the whole industry. Ripple is currently looking at the bigger picture, and by instituting changes, it is trying to ensure there is longevity in the crypto market.

XRP is down 4.9% in the last 24 hours, and more losses should be expected. With these developments, bears will have a field day, and the resulting sell-off might see XRP lose $0.34.

Featured image: DepositPhotos © adriantoday

If You Liked This Article Click To Share

Ripple’s XRP Outperformed in Q2 2019 as the Token Seeks More Transparency

by
Ripple

Ripple

The crypto winter kept cryptocurrency markets in the grip for almost two years until sometime this year, but in this period of grey, one asset stood out. Ripple’s XRP continued to perform well within expectations.

XRP’s Strong Performance in Q2

Ripple has indicated that XRP sales in the first and second quarters of 2019 have increased, which furthers asserts XRP’s immunity to the wild fluctuations in the cryptocurrency industry. Despite the company having large hoards of XRP, they have been restricting sales for the most part. Even still, in Q2 2019, the company managed to sell more than $250 million worth of XRP. Ripple has indicated that it will further reduce future XRP sales.

The last 18 months have been interesting for cryptocurrencies, assets, and tokens. There have been discussions about the possibility of having fake trading volumes, confusion of market information, as well as improper supply calculations by CoinMarketCap.

As a result of the issues arising from data provided by CoinMarketCap, Ripple has now shifted to CryptoCompare for information as the XRP benchmark as a way of addressing the problem of fake trading volumes. It appears this is a jab at CoinMarketCap, but more likely, Ripple is simply seeking transparency in providing market volume information.

>> Ethereum (ETH) Falls 86% Relative to Bitcoin Since the 2017 Build-Up

The Disparity in Data on Trading Volume

Statistics indicated that there is a huge disparity between CoinMarketCap and CryptoComapre that cannot be overlooked, especially regarding total XRP trading volume and total sales as a proportion of the trading volume. This further asserts that the data provided in Q1 2019 from CoinMarketCap might have been misleading by a huge margin, although that has not been confirmed officially.

XRP is being held in the escrow system and in the quarter, around 3 billion XRP was made available for sale, but 2.1 billion was reinvested in locked contracts. Most crypto tokens suffer from price devaluation, but it appears like XRP is immune to the fluctuation.

Featured image: DepositPhotos © adriantoday

If You Liked This Article Click To Share

Ripple (XRP) Gains Regulatory Clarity in the UK

by
Ripple

Ripple

While cryptocurrencies may have initially started with a revolutionary idea about decentralized financial systems, most cryptos are now looking for ways to enter the mainstream. However, for that to happen, there needs to be regulatory clarity, and once it is achieved, then regulated cryptocurrencies can manage to attract investments from institutional investors.

Over the past months, the regulatory bodies in the United States have expressed skepticism towards cryptocurrencies at large and even the President urged Facebook to apply for a bank license if it wanted to launch its cryptocurrency Libra.

Bullish for Ripple

However, it seems that across the pond in the United Kingdom, things are far more welcoming for cryptos. It has now emerged that in addition to Bitcoin and Ethereum, Ripple (XRP) has got regulatory clarify from the concerned body in the UK.

The Financial Conduct Authority is now in charge of the whole process, and according to reports, it has been revealed that Ripple’s XRP is going to be classified as a utility token. It goes without saying that this would be a significant development for the crypto sphere since the classification of a security token could spell doomsday for the cryptocurrency in question. The news has been revealed by the Head of Government Relations at Ripple Michelle Bond.

>> Bitcoin Price Tumbles 6% on Economic Growth Uncertainty

In the last published report by the Financial Conduct Authority, the British regulator classified XRP as a utility token. It is important to note that had it been declared a security token, then the token would have come under more regulatory scrutiny and that would definitely have resulted in a sell-off from the current holders.

XRP has long been the crypto with the third-biggest market cap, and over the course of the past few years, Ripple has struck up important partnerships by way of which the crypto was tested. It will be interesting to see how the price of XRP reacts to this significant piece of news.

Featured image: DepositPhotos © adriantoday

If You Liked This Article Click To Share

Ripple Makes Last Ditch Attempt to Dismiss Securities Lawsuit

by
Ripple

Ripple

Ripple has filed a final motion to dismiss a lawsuit alleging that it held an unauthorized securities sale of its XRP tokens, arguing that the plaintiffs failed to meet a legal deadline for filing the suit.

The crypto company has reiterated its stance that XRP tokens are not a security and, therefore, not held to SEC regulations regarding offerings and has labeled the case against it as “self-defeating.” In addition to this argument, Ripple also says that the case was brought to court after the statute of repose, which states that claims must be made within three years of a security being offered to the public, had expired; therefore, making the case inadmissible.

Ripple first began selling XRP in 2013, meaning any case brought after the three-year statute of repose should be dismissed; however, the plaintiffs argue that the sale of XRP was ongoing at the time the lawsuit was filed in 2018. “The Court’s passing reference to the statute of repose running ‘from the defendant’s last culpable act (the offering of the securities),’ … does not upend the ‘first-offered’ rule,” the filing said, referencing a number of other court cases that supported this argument.

It is reportedly Ripple’s last attempt to have the case dismissed before a scheduled hearing in mid-January. Ripple had previously moved to have the case dismissed back in September, arguing that there were “multiple, independent grounds” for dismissal and that a court “need not resolve whether XRP is a security or currency,” but this argument was waved away by the presiding judge.

>> Ethereum Gets Solid Support from Ernst & Young: What to Expect

At the time of that attempted dismissal, crypto-focused lawyer Jake Chervinsky was critical of Ripple’s defense, saying, “They make twelve separate arguments for dismissal of the plaintiff’s claims. Not a single one squarely addresses whether XRP is an unregistered security.” Ripple will return to the Northern District of California on January 15, 2020.

Featured Image: DepositPhotos © Tolikoff

If You Liked This Article Click To Share

Ripple Signs Major Agreement with Major National Bank

by
Ripple

Ripple

In 2019, XRP did not have a particularly great year despite the bull run in many cryptocurrencies, and much of the blame for this was laid at the door of Ripple. However, the company has made a range of important deals in recent times, and it signed another one on Tuesday.

Ripple for Remittances

The company signed an agreement with another big-ticket customer, and this time it is the National Bank of Egypt. The San Francisco-based blockchain company holds the highest number of XRP tokens, and many have blamed its previous actions for the depressed price. However, the story is definitely changing now.

The company revealed yesterday that it has signed a cooperation agreement with the bank. According to the terms of the agreement, Ripple is going to provide the National Bank of Egypt with more options for incoming remittances. In other words, it will give the bank another option for helping Egyptians to send money home from across the world.

It has also emerged that, by way of this new deal with Ripple, the National Bank of Egypt will become the first bank in the African nation to use blockchain technology. That being said, many will be waiting to see the sort of influence it has on the XRP price—if any.

>> Libra Vice-Chair Unconcerned By High Profile Departures

It is a significant deal for the blockchain company since the National Bank of Egypt is one of the best-regarded financial institutions in Egypt and in Africa. In addition to that, it will also open up the Egyptian, North African, and Middle Eastern markets for the blockchain company. If all goes well for Ripple with this partnership, then it could lead to bigger deals with other banks, and that is possibly one of the things that many XRP investors look forward to.

Last but not least, it has also been announced that the bank is going to use Ripple’s RippleNet to make the remittances.

Featured image: DepositPhotos © 

If You Liked This Article Click To Share

Ripple (XRP) | $26 Million Moved to Co-Founder Jed McCaleb

by
Ripple

Ripple

Ripple, the company that holds the highest number of XRP tokens, has been in the news for the wrong reasons over the past few weeks. Analysts and members of the XRP community have been quite vocal about the way in which the company has gone about dumping large quantities of its holding at regular intervals.

Many believe that the periodic selling of XRP tokens at large volumes has led to the poor performance of the token. XRP, which is the third biggest cryptocurrency by market capitalization, has been one of the worst performers in the market so far, and Ripple’s actions are being blamed for that.

Another Major Development

In a new development, it has emerged that the company sent XRP tokens worth $26 million to the Chief Executive Officer of Stellar, Jed McCaleb.

Now, a transfer of that nature to Jed McCaleb is always going to be controversial since he used to be the Chief Technology Officer at Ripple and over the past months, he has been responsible for dumping hundreds of thousands of XRP on a daily basis. The detail was found by a Twitter account that tracks big transfers of XRP being done by the company, and it was revealed that Ripple had transferred as many as 100,000,000 XRP tokens to McCaleb on September 7.

>> Bakkt is All Set to Introduce Bitcoin Futures in September

The company has a fraught history with McCaleb. The current Stellar CEO owned as many as $1 billion worth of XRP tokens back in 2017. After he left the company, Ripple enacted lawsuits in order to stop him from dumping his tokens quickly, and that created bad blood between the two.

While large transfers are now quite common with regards to XRP, it is important to note that the value of the token has not moved much and has largely underperformed in comparison to the market so far. CEO Brad Garlinghouse has stated that the token sales are done in order to finance a range of blockchain projects.

Featured image: DepositPhotos © akulamatiau

If You Liked This Article Click To Share

Ripple Announces Notable Investment in XRP Projects

by
Ripple

Ripple

Ripple’s XRP is the world’s third-biggest cryptocurrency in terms of market capitalization, and over the past few years, the company has been engaged in extensive deal-making in order to make the cryptocurrency go mainstream in a big way.

The company has also built up a wide range of products in its ecosystem that seeks to make the usage of XRP more prevalent in the global economy, and one of those products is Xpring. The Xpring initiative is aimed at building what is called the ‘internet of value’ and making the participants in the ecosystem use XRP more. Xpring has bagged a whole range of projects over the past months, and in a new development, it has emerged that it has contributed as much as $500 million across a range of 20 companies.

Significant for Ripple

The amount invested in any particular company varies wildly and is a reflection of what Xpring feels about that company’s promise. For instance, it has invested as much as $100 million in Forte, which is a gaming platform. Other notable recipients of Xpring’s investments were Robot Ventures, which is regarded as a ‘crypto scout’ fund, and security company Securitize, among others. These are highly strategic moves from Ripple to display with a range of companies how the usage of XRP can help all kinds of businesses, and it goes without saying that it is a strategy that could work.

>> Bitcoin (BTC) to Gain More Strength Above $12k Mark

Ripple believes that, in the years to come, its Xpring strategy can eventually lead to the wider usage of the XRP Ledger and Interledger projects in a wide variety of businesses. Xpring hopes to bring the comforts of decentralized finance to businesses. If a majority of these companies do end up finding the usage of XRP to be beneficial, then it would certainly be a great development for the XRP ecosystem as a whole.

Featured image: DepositPhotos © rastudio

If You Liked This Article Click To Share

XRP Could Upswing Despite Growing Uncertainties Around the Token

by
XRP

XRP

Controversy continues to surround Ripple’s XRP token, and the company’s incentivizing of partners to start using its cross-border payment solution has flooded the crypto’s market supply. However, despite all this uncertainty surrounding XRP, one analyst thinks that the cryptocurrency is bound for a huge upswing.

Ripple Paid Moneygram to Use Its Cross-Border Remittance Service

Over the past week, Ripple has made headlines regarding a number of events directly linked to its native token, XRP. For instance, on February 26, Moneygram reported that payments from Ripple in the last two quarters of 2019 totaled $11.3 million. Asheesh Birla, a spokesperson from the distributed ledger startup, indicated that the two companies are developing new infrastructure. According to Asheesh, the payments were being used in funding the effort and work of market development.

Some prominent figures in the cryptocurrency industry have insinuated that these cash injections might be for Ripple to use Moneygram’s cross-border remittance services. Moneygram may have confirmed this through its filing, indicating that the payments were for the increasing liquidity of XRP in the markets. The filing indicates that Ripple compensated Moneygram for developing liquidity and bringing it to forex markets through the ODL platform and for providing reliable forex trading.

Ripple is a company that depends on selling XRP to be profitable, and therefore it will continue selling the token, adding to the over $1,220 million worth of XRP the company has sold since 2016.

>> Telegram ICO Investors Included Russian Oligarch and Ex-Minister

XRP Ready for an Upswing

Analyst Dave The Wave recently indicated that there is a possibility that XRP is forming an inverse head-and-shoulders trend on its one-day chart. He says this technical formation is seen as the most consistent trend reversal pattern.

Currently, XRP seems to be creating a right shoulder of a bull run, which is an indication that a pullback to the neckline is imminent. Therefore, a bullish impulse will enable XRP to close at around $0.33, which is above the neckline and could trigger an upswing of around 47%.

Featured image: DepositPhotos © adriantoday

If You Liked This Article Click To Share

Ripple’s Brad Garlinghouse Clamps Down on XRP FUD

by
Ripple

Ripple

Ripple’s CEO, Brad Garlinghouse, has taken to Twitter in an attempt to clarify Ripple’s decision to sell XRP. Investments in the token have been dwindling, as many feel Ripple’s decision to continue selling its XRP is driving the price of the token down.

Garlinghouse has previously explained that funds from the selling of XRP are funneled back into the company, using the money raised to develop various projects within Ripple. However, with the token now embroiled in a class-action lawsuit, investors have more reason than ever to steer clear from XRP. Thousands of investors have accused Ripple of selling them XRP as an unregistered securities offering, and are seeking refunds after suffering losses from their XRP investments.

In a recent thread on Twitter, the CEO explains that “questionable sources” have been “spreading FUD about XRP and Ripple” regarding the XRP sales. Recently, a petition has been doing the rounds asking Ripple to end its continued selling of XRP, accusing the company of dumping billions of dollars worth of XRP on the market, driving the token’s value down. At the time of writing, the petition has received almost 2,500 signatures.

In response, Brad Garlinghouse stated that “XRP sales are about helping expand XRP’s utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte.” He added that, in reality, Ripple has actually been decreasing its sales by volume, and the inflation rate of the circulating XRP supply is lower than that of Bitcoin and Ethereum.

>> Bitcoin Drops Below $10,000 USD in Sudden Swing

Garlinghouse also attempted to clarify XRP’s classification as an asset. He stated that the token isn’t a security asset, adding that the UK’s Financial Conduct Authority (FCA) has said as much. Earlier this month, the FCA compared XRP to Ether, stating:

“Tokens may have mixed features that may overlap or change over time. For example, Ether can be used as a means of ‘payment’ (exchange token) on the Ethereum platform, and can also be used to run applications (utility token). XRP has similar features.”

The consensus among analysts is that XRP passes the Howey Test, which classifies the token as a security.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © BiancoBlue

If You Liked This Article Click To Share

1 2 3 5
Go to Top