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  • Important Ripple (XRP) Developments, Bitcoin (BTC) Volatility, Solana (SOL) Rollercoaster: Bits Recap Nov 17

    Important Ripple (XRP) Developments, Bitcoin (BTC) Volatility, Solana (SOL) Rollercoaster: Bits Recap Nov 17

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    TL;DR

    • Bitcoin’s Fluctuations: Bitcoin (BTC) experienced volatility, oscillating between $35,000 and $38,000, influenced by US SEC actions on crypto ETFs. Despite a recent drop, BTC has surged over 120% since the year’s start.
    • Ripple and XRP Updates: Ripple is progressing in its SEC lawsuit, with significant partial court victories. XRP has been relisted on CEX.io and other exchanges, maintaining its prominence in the crypto sector.
    • Solana’s (SOL) Price Increase: Solana’s SOL saw a substantial rise, peaking near $70, a 170% monthly gain, fueled by the crypto market’s upswing and institutional interest, including Coinbase’s listing of SOL futures.

    BTC’s Price Swings

    Bitcoin (BTC) has experienced enhanced volatility in the past few days, with its valuation hovering between $35,000 and $38,000. It reached its peak yesterday (November 16) following the US SEC’s latest delay on certain crypto ETFs.

    Specifically, America’s securities regulator postponed action on Grayscale’s application to introduce an Ether futures ETF and Hashdex’s intention to convert its existing Bitcoin futures ETF into a spot fund.

    And while the primary digital asset and almost the entire market were flashing green, it all changed several hours ago when BTC plunged by 5% to approximately $35,500. It later managed to reclaim some ground, climbing to its current level of around $36,500 (per CoinGecko’s data).

    Despite the considerable ups and downs, BTC has performed quite well since the beginning of the year. Its price has surged by over 120%, with numerous experts predicting a further rally in the following months based on bullish factors such as the upcoming halving.

    Those curious to check some of the top predictions coming from prominent figures could do so in the dedicated video below:

    What’s New Around Ripple (XRP)

    Ripple and its native token – XRP – remain a top-trending topic in the world of crypto, mainly due to the never-ending saga with the US SEC. Most recently, Judge Analisa Torres set a schedule for remedies-related discovery and briefing. Both organizations are required to complete the necessary procedures before February 12, 2024.

    Ripple appears to have the upper hand in the legal battle against its enemy, having won three partial court wins so far. The grand trial between the entities in the spring of 2024 should determine the outcome of the lawsuit and possibly resonate across the entire cryptocurrency space.

    Besides the aforementioned update, XRP was relisted on CEX.io, one of the oldest cryptocurrency exchanges. Many other trading venues, including Kraken and Coinbase, have also added support for Ripple’s coin following the company’s successful campaign against the SEC. 

    SOL Pulls Away After a Massive Rally

    Last but not least, we will touch upon Solana’s native cryptocurrency – SOL – and its impressive price performance lately. On November 16, it spiked to almost $70, a mark unseen since May 2022. The token charted a whopping 170% gain on a monthly basis before entering into a correction in the past few hours. 

    Currently, SOL is worth around $60, and it will be interesting to follow whether bulls would step in again and trigger another uptrend for the asset in the following days.

    SOL Price
    SOL Price, Source: CoinGecko

    Some of the main factors contributing to the coin’s rally might have been the recent green wave in the entire crypto market, the increasing interest from institutional investors, Coinbase’s decision to list SOL perpetual futures and others.

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    Dimitar Dzhondzhorov

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  • XRP mooned and tanked because of a fake BlackRock filing—but it’s still up almost 30% over the last month

    XRP mooned and tanked because of a fake BlackRock filing—but it’s still up almost 30% over the last month

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    One of the oldest cryptocurrencies and one of the largest by market cap, XRP may be considered less mainstream than, say, Bitcoin or even the altcoin Solana, but its dedicated fans, dubbed the XRP Army, fervently advocate for the token—in both good times and bad.

    And on Monday, many of them suffered whiplash.

    A report by The Block of a BlackRock-backed XRP fund triggered a nearly 13% price spike before it was determined to be based on a falsified document. The fake filing, for a supposed “iShares XRP Trust,” was found on Delaware’s state website for listing investment trusts that are incorporated by the state. But, as confirmed by Bloomberg, BlackRock didn’t create the filing, and as of Tuesday it remained unclear how it was created and posted.

    Almost immediately after the news was debunked, XRP shed those gains, and on Tuesday was trading at about 64 cents, down less than 3% over 24 hours, according to CoinGecko.

    It’s the second time in less than a month that a fake announcement, amplified by Crypto Twitter, fueled a massive rally: CoinTelegraph posted an announcement on X, formerly Twitter, claiming that the SEC had approved BlackRock’s application to create a spot Bitcoin ETF. The news was quickly debunked, but it still pushed Bitcoin above the $30,000 mark.

    Each is reminiscent of an instance from 2021 when a fake press release claiming Walmart would begin accepting Litecoin shot the little-known crypto token up 33% before the company cleared things up.

    Despite Monday’s false start, XRP is still up almost 30% over the last 30 days and more than 67% year over year, according to CoinGecko.

    Recent positive news for Ripple, the company associated with the token, has helped lift its price. Earlier this year, the firm notched a victory against the SEC after a judge ruled XRP was not a security in all instances. The SEC later dropped charges it had filed against two Ripple executives, CEO Brad Garlinghouse and executive chairman and cofounder Chris Larsen.

    Any further developments, such as an appeal by either Ripple or the SEC, are likely far away. Crypto-focused attorney Fred Rispoli said in a post on X that a ruling on an appeal would have “no chance” of being approved until 2026.

    Still, some investors are hopeful that a settlement between Ripple and the regulator could come sooner and push XRP’s price up further. Others have speculated that the fake BlackRock filing was merely posted early and it could still materialize, although there is no evidence to support such a claim.

    For now, investors in XRP and other cryptocurrencies alike are closely watching the SEC’s impending approval of a spot Bitcoin ETF, which Bloomberg analysts say has a 90% chance by early January.

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    Marco Quiroz-Gutierrez

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  • Ripple’s XRP to continue bullish momentum, analyst predicts

    Ripple’s XRP to continue bullish momentum, analyst predicts

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    XRP, the cryptocurrency associated with Ripple, has been witnessing an upward price surge and market sentiment.

    So far this month, XRP has risen by over 37%. Analysts are now predicting further increases for the asset in the near term, buoyed by positive developments, including its legal victory against the U.S. Securities and Exchange Commission (SEC).

    XRP price analysis

    Analysts are observing a positive trajectory for XRP, aligning with the broader crypto market trends. The token is aiming to breach the $1 mark in its pursuit of a new all-time high. 

    According to ProSignalsFx, a crypto analyst on TradingView, XRP is currently trading in an uptrend along a rising support line, setting the stage for a potential further upward move. This anticipation rests on the token’s ability to retest the support line, crucial for sustaining the bullish trend.

    Ripple’s XRP Ledger is on the brink of a significant upgrade, backed by an overwhelming 80% consensus among validators. This update aims to address obscured order books and enhance the overall functionality of XRPL. Users with the older Ripple software, like v1.11.0, have been directed to update their system. 

    Supreme Court showdown looms

    Ripple CEO Brad Garlinghouse, recently announced Ripple’s intent to escalate its case against the SEC to the Supreme Court. Garlinghouse revealed that his firm had been offered an out-of-court settlement, which was subsequently withdrawn, a move he perceives as biased. This withdrawal signifies Ripple’s perceived upper hand in the ongoing legal dispute over XRP’s classification as a security.

    Garlinghouse’s stance reflects a belief that Ripple has a strong position, asserting that the SEC should contribute to the resolution rather than antagonize the process.

    XRP price analysis

    Presently, XRP is valued at $0.654, representing an over 35% price surge in the last 30 days, per data from CoinGecko.

    XRP price | Source: CoinGecko

    The cryptocurrency holds a market cap of over $35 billion with a circulating supply of 53 billion XRP. Notably, XRP’s future prospects are interlinked with the wider movements within the crypto market.

    XRP is experiencing positive growth, aligning with the general market trend. However, uncertainties persist, primarily surrounding the outcome of the legal battle with the SEC. 


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    Ogwu Osaemezu Emmanuel

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  • Ripple’s XRPL solution readies for significant upgrade

    Ripple’s XRPL solution readies for significant upgrade

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    Ripple’s XRP Ledger (XRPL) is rolling out an upgrade as part of a two-week activation countdown, with backing from over 80% of validators.

    The amendment aims to reduce obscured order books, improving XRPL’s overall functionality.

    XRPL introduces fixReducedOffersV1

    XRPL is gearing up for new features, and users on the Ripple v1.11.0 or earlier versions are urged to update their software, particularly for the critical fixReducedOffersV1 addressing DEX issues. For the upgrade to get executed, an 80% consensus must be reached within a 14-day period.

    According to the XRPL v1.12.0 update, fixReducedOffersV1 upgrade’s goal is to reduce obscured order books caused by reduced offers, thereby improving the overall functionality of the XRPL.

    This amendment also allows protocol changes with 80% validator support within two weeks, prompting users to upgrade for continued engagement. From the taker’s standpoint, fixReducedOffersV1 can enhance exchange rates on DEXs, making reduced offers more appealing.

    Without these amendments, reduced offers may have unfavorable rates, hindering decentralized brokerage platforms on XRPL. 

    In September, XRPL rolled out version 1.12.0, featuring significant additions like fixReducedOffersV1. This update not only addressed bugs but also made amendments to the Automated Market Maker (AMM) and Clawback functions. Users were urged to update by Sept. 20 to ensure a smooth experience and participate in the voting process for new amendments like XLS-30.

    The XRPL version 1.12.0 is a substantial milestone in the evolution of the XRP Ledger. With key features, amendments, and security enhancements, it solidifies its standing as a prominent decentralized public blockchain.

    The XRPL has seen substantial improvements both internally and externally, fostering a positive outlook. The successful security audit of the Xahau sidechain further enhances XRPL’s prospects.

    The XRPL EVM sidechain update

    At the recently concluded Apex 2023 conference, discussions centered around the EVM sidechain update for XRPL, signaling ongoing developments and enhancements within the XRPL ecosystem.

    The XRP Ledger Foundation shared updates, providing insights into the progress and future direction of XRPL, notably the EVM sidechain update. 

    Discussions delved into the development phases of this sidechain, highlighting phase two, which introduces a permissionless EVM sidechain and bridge with a unique design for developers seeking cross-chain interoperability. 

    The XRPL community, actively engaged in the conversations, demonstrated a keen interest in testing the EVM sidechain on the XRPL Devnet, emphasizing the collaborative and innovative nature of the XRPL ecosystem.


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    Ogwu Osaemezu Emmanuel

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  • Want To Get Into XRP? Crypto Analyst Reveals The Ideal Price

    Want To Get Into XRP? Crypto Analyst Reveals The Ideal Price

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    As the market continues to rally, many begin to feel that they have missed the chance to get in early on their favorite altcoins, including XRP. However, a prominent crypto analyst has provided hope to those still looking to get in on the token as he talks of the possibility of a correction and the ideal price to accumulate the crypto token. 

    The Right Time To Be A “Buyer”

    In a post shared on his X (formerly Twitter) platform, the CEO and founder of MN Trading, Michaël van de Poppe, acknowledged how the price of XRP has been rallying in recent times. He further went on to hint at the fact that XRP has always corrected whenever it experienced such rallies. The one that he pinpointed was when the token corrected from $0.93 to $0.45 before its resurgence.

    As such, his belief seems to be that the XRP will dip once again. This time, he stated that an ideal time to be a buyer will be if XRP is able to correct to around $0.54. 

    However, many in the XRP community will be hoping that XRP continues to rally from henceforth, especially considering that it just recently hit the $0.7 price mark. The technical and fundamental analysis surrounding the XRP ecosystem seems to be bullish, with many predicting more upward trend from the $0.7 mark.

    In a recent X post, renowned crypto analyst Egrag, who had predicted that a god candle was coming for XRP, mentioned that that XRP just witnessed an “exciting development.” This is because the 21 Exponential Moving Average (EMA) has crossed over the 55 MA. According to him, this “bullish crossover” historically signifies the beginning of “significant price explosions.”

    
Source: X

    To consolidate this development, he stated how XRP closing above the $51.3 billion Fib 0.702 level was critical as it could be the “watershed moment for our victory.”

    XRP Fundamentals Are Also Bullish 

    The Ripple Swell Conference 2023 is currently ongoing, and the event has lived up to the hype following Ripple’s latest announcements. Apart from the rebranding of its payment service as Ripple Payments, the crypto company also announced how its partner Onafriq will begin utilizing its payment service. This move would see Ripple open up the cross-border payments structure across three continents: Africa, Europe, and Australia. 

    The crypto company is also expected to make more announcements before the conference comes to a close on November 9. Ripple isn’t resting on its laurels, as the company feels more confident than ever to keep expanding. By extension, this will increase the utility of the XRP token, which is an important piece in its Ripple Payments service. 

    XRP price chart from Tradingview.com

    Token price readies to retest $0.7 | Source: XRPUSD on Tradingview.com

    Featured image from Decrypt, chart from Tradingview.com

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    Scott Matherson

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  • Ripple CEO Declares Intent To Bring XRP Battle To Supreme Court

    Ripple CEO Declares Intent To Bring XRP Battle To Supreme Court

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    In a recent speech at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse addressed the company’s regulatory hurdles. He expressed his views on the cryptocurrency landscape in the United States. 

    Ripple CEO Warns Of US Risking Market Share Loss

    According to a Fortune Magazine report, Garlinghouse acknowledged during his speech that despite Ripple’s success in court against the SEC, some US banks must be more cautious about engaging meaningfully with cryptocurrencies. 

    Garlinghouse attributed this reluctance to the perception that the US government and the Office of the Comptroller of the Currency (OCC) are “hostile to the crypto industry.” 

    While Ripple’s court victory in July was seen as a positive development, Garlinghouse believes that the SEC’s overall approach, coupled with Chairman Gary Gensler’s characterization of crypto as the “Wild West,” is hindering the industry’s growth in the US.

    Garlinghouse emphasized that while the US has hostility towards crypto, other countries actively welcome crypto companies and investments by providing clear regulatory policies. 

    As a result, the US risks losing its market share and failing to capitalize on its early advantage in the crypto space. Garlinghouse expressed his belief that the US can still become a leader in the industry but highlighted the urgency for clear and constructive regulatory frameworks to be established.

    CEO Vows To Escalate Legal Battle With SEC To Supreme Court

    Given the challenges faced in the US, Garlinghouse announced that Ripple would continue to expand its operations in other countries. He revealed that 80% of Ripple’s hiring in the current year will be conducted outside of the US, reflecting the company’s need to operate in more favorable regulatory environments. 

    Garlinghouse emphasized the importance of creating a hospitable environment for innovation and growth, suggesting that the current hostility in the US hinders Ripple’s ability to operate effectively within the country.

    During the conference, Garlinghouse expressed his willingness to escalate Ripple’s legal battle with the SEC to the Supreme Court. 

    Garlinghouse stated that Ripple is prepared to pursue legal avenues until a resolution is reached. This firm stance underscores Ripple’s commitment to addressing regulatory uncertainties surrounding XRP.

    Brad Garlinghouse’s remarks at the DC Fintech Week conference shed light on the ongoing regulatory challenges faced by Ripple and the wider cryptocurrency industry in the United States. 

    Despite recent court victories, Ripple encounters obstacles due to perceived hostility and a lack of clear policy guidance. Garlinghouse’s readiness to escalate the legal battle to the Supreme Court demonstrates Ripple’s determination to seek a resolution and establish a constructive regulatory framework.

    As Ripple expands its operations globally, the hope remains that the US will adopt more welcoming and supportive regulations to foster innovation and maintain its competitive edge in the evolving cryptocurrency landscape.

    XRP’s sideways price action over the past hours on the daily chart. Source: XRPUSDT on TradingView.com

    As of the current market update, XRP is trading at $0.6902, indicating sideways price movement over the past 24 hours. However, in the fourteen-day timeframe, the token has experienced a notable gain of 13%. 

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Ripple Partners Onafriq to Boost Financial Inclusion in Africa

    Ripple Partners Onafriq to Boost Financial Inclusion in Africa

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    Ripple is partnering with payments fintech Onafriq, formerly known as MFS Africa, to facilitate digital asset-enabled cross-border payments connecting Africa to several new markets, such as the Gulf Cooperation Council (GCC), the UK, and Australia.

    The collaboration is expected to introduce quicker, more effective, and economical global money transfers to Africa, with the potential to expedite financial inclusion throughout the continent.

    Ripple x Onafriq

    As part of the deal, Onafriq will leverage Ripple Payments – Ripple’s crypto-enabled payments technology – to establish three new payment corridors between Africa and the rest of the world.

    This would allow customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to conduct speedy and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s pan-African network, which include – Botswana, Egypt, Morocco, South Africa, Tanzania, Togo, Uganda, Zambia, and Zimbabwe, among others.

    Onafriq aims to eliminate the traditional challenges linked to cross-border payments. This includes extended processing times, unreliable transactions, and high expenses. This collaboration is introducing quicker, more effective, and economical global money transfers to Africa, with the potential to expedite financial inclusion throughout the continent.

    Ripple’s senior vice president of global customer success, Aaron Sears, stated,

    “For a number of years, Ripple has supported crypto-enabled, cross-border payments to individuals and businesses, and we are particularly excited to expand the reach of our solution into Africa thanks to our Onfriq partnership. Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe.”

    Onafriq, previously operating under the name MFS Africa until early November, rebranded due to its acquisition of Global Technology Partners, a U.S. mobile payment software developer, in June 2022. The company also entered into a partnership with Western Union for cross-border transactions earlier this year.

    Partnerships, IPO Rumors and More

    In the recent weeks, Ripple has scored important deals. The blockchain company recently teamed up with Kuwait Finance House (KFH) to introduce immediate cross-border payment services. KFH commended Ripple’s proficiency in this field, generating optimism that this partnership would bring economic advantages to the Middle Eastern nation.

    The National Bank of Georgia (NBG) selected Ripple to oversee its central bank digital currency (CBDC) initiatives earlier this month. Additionally, it also extended its presence into the Middle East, with the Dubai Financial Services Authority (DFSA) granting approval for the use of XRP within the Dubai International Financial Centre (DIFC).

    As for the possibility of going public, it has been reported that Ripple CEO Brad Garlinghouse has contemplated the idea of an initial public offering (IPO) outside of the United States. However, there is no exact schedule provided for the move. Experts argue that, due to the ongoing legal dispute with the SEC, such a step is currently unfeasible.

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  • Traders on This Exchange are Extremely Bullish on Ripple (XRP): Do They Know Something?

    Traders on This Exchange are Extremely Bullish on Ripple (XRP): Do They Know Something?

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    TL;DR

    • Ripple’s XRP has seen a recent price increase, leading to a positive shift in investor sentiment, with over $355 million in futures and 91% of traders taking long positions on Bitrue.
    • Analysts provide varied forecasts, with predictions of a continued uptrend with potential to reach $1.05 if it maintains above the $0.66 level, while others speculate a surge to $14 in the near term.
    • Outlier predictions include a highly skeptical claim of XRP reaching $500 in the coming years, requiring an improbable market cap surge above $250 trillion.

    The XRP Army Seems Quite Optimistic

    Ripple’s native token – XRP – has been on an uptrend lately, with its valuation briefly surging above $0.73 (per CoinGecko’s data) a few days ago. The price rally appears to have affected investors’ general sentiment toward the coin.

    The popular cryptocurrency exchange – Bitrue – announced on X (Twitter) that futures traders currently hold over $355 million worth of the asset. Moreover, 91% of those individuals have opened long XRP/USDT positions.

    Several analysts, including Dark Defender, have forecasted that XRP’s great performance could continue in the following weeks. As CryptoPotato reported, the X user maintained the coin has a chance to soar to as high as $1.05, assuming it stays above the $0.66 resistance level.

    Those curious to find out how high XRP could go in the last quarter of the ongoing year could take a look at our video below:

    Can XRP Go ‘Parabolic?’

    Other analysts have laid out much more bullish predictions. For example, the X user Cryptoinsightuk suggested that XRP could explode to as high as $14 in approximately a month:

    “We currently have some space to push before we hit the overbought area (in this time price would have to rise), so we could presume overbought may occur around $0.90-$1.00. This could be our launchpad, and it would need to come soon… In the coming week or so. If we get this price action and history repeats, it would put XRP price between $10-14 dollars within 4/5 weeks.”

    Shannon Thorp has been even more optimistic, claiming that XRP could skyrocket to the ridiculous $500 per coin in the next few years. It is worth mentioning that the asset’s market capitalization should surge above $250 trillion for this to happen, making the forecast highly implausible.

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    Dimitar Dzhondzhorov

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  • Swell News: Ripple Unveils XRP Product Rebrand, New Partners

    Swell News: Ripple Unveils XRP Product Rebrand, New Partners

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    The Ripple Swell Conference 2023 has barely started and the first major news has already been released. The fintech company has announced the rebrand of its flagship product RippleNet and the expansion of its partnership with leading payments fintech Onafriq, previously MFS Africa.

    RippleNet Becomes Ripple Payments

    On the first day of the Swell conference, the company announced the transformation of its flagship product, RippleNet, now rebranded as Ripple Payments. This marks a significant shift in the fintech’s strategy to enhance blockchain-enabled cross-border payments and foster enterprise crypto adoption.

    In an official press release, the company highlighted key updates to its rebranded product. The expansion of Ripple’s global network now encompasses more than 70 crypto and traditional payout markets, signifying a broadened scope for enterprise-grade cross-border payment solutions. Furthermore, Ripple has fortified its regulatory compliance with over 30 licenses, including a MAS Major Payments Institution license and Money Transmitter Licenses across the US.

    Monica Long, President at Ripple, emphasized the importance of blockchain and digital currency applications in overcoming the financial industry’s challenges with antiquated technologies. Prior to her speech at the Swell conference, she said, “Crypto utility starts with payments, and for the last decade, Ripple’s focused on key components of infrastructure (liquidity, off ramps, tokenization, custody, & compliance) required for enterprise-grade payments. Today, we’re unveiling an end-to-end solution for just that.”

    Long further elaborated on the evolution of the company’s product offerings, explaining the accessibility and efficiency of their solutions. “This is an evolution of our product, where our customers can tap into crypto utility without having to be an expert in using this technology. A single onboarding experience, with Ripple managing the end-to-end flow to move value at any time, as fast and low-cost as possible.”

    An integral part of the rebranding is the integration with the XRP Ledger’s native decentralized exchange (XRPL DEX), aiming to enhance product performance. This integration is expected to lower the barriers to entering new markets by tapping into global liquidity options, the press release states.

    “Ripple has led the way in addressing key components of crypto financial infrastructure, including liquidity, off ramps, tokenization, custody, and compliance. Bringing these elements together within Ripple Payments for an intuitive end-to-end enterprise experience is the natural next step to make crypto’s benefits accessible for any business,” Long remarked.

    RocketFuel, an early adopter of the new product, lauded the rebranding for its effectiveness in global service delivery. CEO Peter Jensen stated, “Ripple Payments supports our products, allowing us to serve our customers globally in a dramatically more effective way than the legacy financial system.”

    Onafriq Opens Up New Payment Corridors

    Ripple’s partnership with Onafriq, initially announced in November 2022 as an alliance with MFS Africa, has now taken a significant leap forward. This progression is marked by the establishment of three new payment corridors, facilitating streamlined and cost-effective remittance and business payments between Africa and several international markets.

    The updated partnership enables customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to make transactions with recipients in 27 countries across Onafriq’s expansive pan-African network.

    Aaron Sears, SVP of Global Customer Success, emphasized the impact of this expansion:

    Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe.

    Onafriq aims to tackle the longstanding challenges of cross-border payments, such as extended transfer times and high costs. By addressing these issues, the partnership between both companies aspires to accelerate financial inclusion across Africa, a continent that has seen a rapid rise in mobile money adoption and digital financial services.

    Dare Okoudjou, Founder & CEO of Onafriq, reinforced the strategic importance of this collaboration in advancing their mission. Okoudjou stated, “Our mission is to make borders matter less when it comes to payment within, to, and from Africa. We are advancing this mission through our partnership with Ripple, which is already enabling new types of connections with fintechs such as PayAngel, Pyppl and Zazi Transfer.”

    Remarkably, the significance of this partnership extends beyond the immediate benefits of enhanced payment systems. Onafriq, boasting the largest mobile money footprint across Africa, connects over 500 million mobile wallets in 40 countries and operates across more than 1300 payment corridors on the continent. This comprehensive network makes Onafriq an important player in the field of regional interoperability and cross-border payments.

    At press time, XRP traded at $0.6804.

    XRP price, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from X, chart from TradingView.com

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    Jake Simmons

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  • Ripple (XRP) Price Turbulence, Bitcoin (BTC) Developments, Shiba Inu (SHIB) Burn Rate: Bits Recap Nov 8

    Ripple (XRP) Price Turbulence, Bitcoin (BTC) Developments, Shiba Inu (SHIB) Burn Rate: Bits Recap Nov 8

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    TL;DR

    • XRP’s price increased to $0.73, its highest in three months, potentially due to Ripple’s new partnerships and positive progress in its SEC lawsuit, with speculation of a bull run if Ripple wins the case.
    • Bitcoin reached a price of $36,000, the highest in 18 months, with the BTC Fear and Greed Index indicating “Greed” for 16 consecutive days, suggesting high investor interest and optimism.
    • Shiba Inu burned over 173 million tokens, resulting in a 20,000% increase in the burn rate, potentially increasing its value, with developments in the Shibarium layer-2 solution aiming to enhance its position in the memecoin market.

    XRP Price Rally

    One of the trendiest crypto assets in the entire market – XRP – has been on a tear lately, with its valuation spiking to significant heights. Earlier this week, the coin surpassed $0.73 (per CoinGecko) for the first time in over three months. It later slightly descended and is currently worth around $0.68.

    The impressive price performance could be attributed to the numerous deals Ripple (the blockchain enterprise behind XRP) has inked recently. Recall that it teamed up with Kuwait Finance House for cross-border payments and was selected by the National Bank of Georgia for a digital currency project.

    Another factor playing a role in XRP’s rally could be Ripple’s steady march toward a decisive win against its big enemy – the US Securities and Exchange Commission (SEC). The firm has so far secured three vital partial wins, whereas a grand trial next spring is expected to determine the outcome of the lengthy legal battle.

    Some analysts believe XRP could enter a real bull run, assuming Ripple emerges victorious. Those curious to see how the asset might perform in the short term could take a look at our video below:

    ‘Greed’ Among BTC Investors

    Bitcoin (BTC) has also been among the best-performing cryptocurrencies in the past several weeks. Its price soared to $36,000 last week, a figure last seen 18 months ago.

    As such, it is no wonder that the popular BTC Fear and Greed Index entered into “Greed” territory. In fact, the metric has stayed in that zone for the last 16 consecutive days, which was last observed in November 2021, when the asset reached an all-time high of almost $70,000.

    Those willing to find out what might have caused BTC’s most recent price rally could do so by watching our dedicated video:

    The Massive Shiba Inu Burn

    Last but not least, we will touch upon the popular memecoin – Shiba Inu. Yesterday (November 7), the project witnessed over 173 million assets removed from circulation, representing an almost 20,000% burn rate increase compared to the day before.

    The burning program aims to reduce the overall supply of SHIB and potentially make the coin more scarce and valuable. Another element that could trigger a price increase is the further development of the layer-2 blockchain solution – Shibarium. The network aims to elevate Shiba Inu as a leader in the memecoin realm by improving speed and lowering transaction costs. Those curious to learn more on the matter could click on the clip below:

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  • Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important

    Crypto Analyst Says XRP Price Has Entered Markup Phase, Why This Is Important

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    The XRP price is still in an incredibly bullish position despite the recent pullback and the general sentiment in the community matches this bullishness. One crypto analyst explains the current trend as the altcoin having entered what is referred to as a “markup phase.”

    XRP Price Leaves Accumulation To Markup Phase

    Crypto analyst and trade The Signalyst took to TradingView to share an interesting phase that the XRP price had entered. Using a chart, the crypto analyst outlined where the altcoin’s price had been in the past, where it is now, and where it is headed using distinct terms.

    The first phase outlined in the chart is the markdown phase which took place after the price surge following Ripple’s first victory over the United States Securities and Exchange Commission (SEC) in July. This markdown phase saw the price go from as high as $0.9 to as low as $0.45 when all was said and done.

    What came after the markdown phase was complete was the accumulation phase. Here, the XRP price traded in a pretty tight range, offering an opportunity for investors to buy as many coins as possible. During this phase, the price never crossed above $0.55.

    Source: TradingView.com

    Next came the markup phase which is where the XRP price is currently residing. This markup phase is when the price starts to recover. “After breaking above the 0.55 level mentioned in my previous idea, XRP exited the accumulation phase and entered the markup phase,” the analyst said.

    This markup phase is important in the fact that it possesses the strength for the XRP price to continue to grow. However, like with any rally, it faces a good measure of resistance from bears who continue to try to pull the price down.

    XRP price chart from Tradingview.com (Markup phase)
    XRP recovers above $0.68 | Source: XRPUSD on Tradingview.com

    The most important level for bulls to break in this markup phase, according to the analyst, is $0.7345, from which the price has already been rejected once on Monday. The Signalyst believes that if this level is broken, then bulls can maintain control of the price. The chart suggests a rise as high as $0.8 following a break of this resistance; an event that would cement XRP’s bull rally.

    “Meanwhile, XRP could still face rejection at the resistance, which can be confirmed on lower timeframes,” the analyst warned. “In this scenario, a correction towards the 0.55 support level would be anticipated.”

    Despite the drawdown, the XRP price is still showing bullishness and a high level of interest from investors. Its daily trading volume is up 32% in the last day, breaking above $3.3 billion. Its price is currently sitting at $0.69, up 1.63% and 21% on the daily and weekly charts, respectively.

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  • XRP Price Rises Above $0.68 To Outperform All Crypto Large Caps, Here’s Why | Bitcoinist.com

    XRP Price Rises Above $0.68 To Outperform All Crypto Large Caps, Here’s Why | Bitcoinist.com

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    The XRP price has been on a massive tear, rising over 10% on the last day to cross the $0.68 level. Its gains now put it in front of other crypto large caps such as Bitcoin and Ethereum. As this outperformance grows, there are factors that have been driving it and these factors could indeed provide more fuel for it to continue.

    Rise In Daily Transactions Could Be Driving The XRP Price

    Over the weekend, XRP saw some interesting metrics that could point to why the price has been rallying lately. One of these has been the rise in the number of transactions being carried out on the XRP Ledger.

    According to the data available on BitInfoCharts, there has been a marked rise in the number of XRP transactions being carried out on a daily basis. The figure had dropped below the 1 million daily mark toward the end of October. However, November came with good tidings.

    Daily transaction count crosses 1 million | Source: BitInfoCharts

    By November 1, XRP daily transactions were back above 1 million and there was a jump above 1.1 million on November 5. What this suggests is an increase in interest among participants of the blockchain, which is likely one of the factors driving the price.

    Ripple Lawsuit Coming To A Natural End

    After securing multiple victories against the United States Securities and Exchange Commission (SEC) this year, Ripple is likely moving toward the end of a very bitter and long battle with the regulator. A potential settlement has been circulating the airways with the SEC wanting $770 million. But legal experts have said they expect this figure to be lowered.

    Pro-XRP attorney John Deaton talked about the possibility that Ripple ends up paying $20 million and that this would mean a 99.9% victory for Ripple. Another pro-XRP lawyer Jeremy Hogan also chimed in to share that the settlement figure between the two parties will likely end up being “something much less.”

    While both the SEC and Ripple are yet to comment on a possible settlement figure, the talks signal an end to a lawsuit that has adversely affected the XRP price over the years. As such, community members expect a conclusion to give the XRP price room to grow.

    A Possible IPO

    A possible Ripple IPO is still very much dominating conversations in the community given the implications of such a move. Pundits anticipate that going public will send Ripple’s valuation to cross $100 billion and expectations are that the XRP price will follow the same growth trajectory.

    There are some who believe that an IPO will eventually be bad for the XRP price. However, crypto expert Panos Mourkas believes such a move would actually increase the awareness of Ripple and any asset associated with it, such as the XRP token. “And remember: Ripple is one company, while XRP is a universal digital asset with multiple use cases & unlimited potential,” Mourkas argues.

    XRP price chart from Tradingview.com (Ripple)

    XRP sitting above $0.68 | Source: XRPUSD on Tradingview.com

    Featured image from AMB Crypto, chart from Tradingview.com

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    Scott Matherson

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  • XRP And Shiba Inu Rally Is Not Over According To This Indicator

    XRP And Shiba Inu Rally Is Not Over According To This Indicator

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    The crypto industry saw a spectacular run in October, as a few cryptocurrencies like Bitcoin and Solana registered new yearly highs. However, the entire market seems to be taking a breather after this action-packed October that saw Bitcoin, XRP, and Shiba Inu lead impressive rallies. 

    On-chain data, particularly from the crypto analytics platform Santiment, showed October ended on a somehow bearish note. But history from this particular metric suggests that the rally might not be over. 

    XRP And Shiba Inu Rally Not Over

    The first few days of November appear to be devoid of significant crypto price movement, with the exception of occasional whale transfers. At the time of writing, XRP and SHIB are down by 1% and 2%, respectively, in a 24-hour timeframe. Bitcoin and Ethereum are also down by 2.51% and 1.93% respectively. Some crypto experts attribute this decline to traders taking profit, while others think the crypto market has returned to its normalcy of bearish sentiment.

    Popular crypto analytics platform Santiment predicted this sentiment a few days ago. According to Santiment, the Bullish Vs Bearish Sentiment Keyword turned towards a bearish ratio at the end of October. The metric, which tracks various keyword mentions like “buy,” “sell,” “buying,” “selling,” “topped,” and “bottom” on social media, spent the bulk of October on the bullish end of its range.

    The firm quickly pointed out that previous instances of higher ratios of bearish keywords had preceded gains in the market caps of popular cryptocurrencies. Aside from Bitcoin, on-chain metrics and fundamental analysis point to a continued rally for XRP and SHIB. These two cryptocurrencies, in particular, have dominated social mentions in the past few months, according to this indicator.

    Altcoins Still Poised For Growth

    On the fundamental side, XRP has done extremely well, especially as trading resumed on various crypto exchanges. XRP is up by 32% since the beginning of the year, and various analysts have pointed to another price surge. 

    A look into XRP’s price action shows a series of higher low formations since October 30, indicating waning pressure from the bears. XRP is now trading at $0.6036, and the bulls could make another attempt to break over the latest higher high of $0.62 if the price stays above $0.60.

    SHIB has also had a similar path, with updates to its ecosystem like Shibarium contributing to various price surges. SHIB’s price momentum has slowed down at the time of writing, but planned updates to the Shina Inu ecosystem could lead to another price rally soon. 

    At the same time, on-chain signals point to more bullish than bearish. SHIB whales have resumed large transfers to private wallets, as shown by data from Whale Alerts. SHIB is trading at $0.000007788 at the time of writing.

    Despite the entire market cap being down by 2.24% in the past day, data from Coinmarketcap points to greed on the Fear & Greed Index.

    SHIB holding steady above $0.000007 | Source: SHIBUSD on Tradingview.com

    Featured image from Medium, chart from Tradingview.com

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    Scott Matherson

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  • Ripple (XRP) Will Continue Expanding in This Country: CEO Brad Garlinghouse Confirms

    Ripple (XRP) Will Continue Expanding in This Country: CEO Brad Garlinghouse Confirms

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    TL;DR

    • DFSA approves XRP for use in Dubai International Financial Center, joining other accepted cryptocurrencies like BTC and ETH.
    • Ripple’s CEO commends Dubai’s regulatory environment and indicates Ripple’s commitment to expand in the region.
    • Ripple records legal victories against the U.S. SEC and an increase in XRP holdings by major investors.

    The Dubai Financial Services Authority (DFSA) has approved XRP, the native cryptocurrency of the Ripple ecosystem, for use by local virtual asset services in the Dubai International Financial Center (DIFC).

    According to a press release, licensed crypto firms and businesses within the DIFC can now incorporate XRP into their virtual asset services.

    DFSA Lists XRP

    Ripple disclosed that XRP is the first crypto asset to be approved by the DFSA since the regulator started receiving external applications. The asset has now joined bitcoin (BTC), ether (ETH), and Litecoin (LTC), which the DFSA previously approved.

    Brad Garlinghouse, CEO of Ripple, said:

    “Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation. It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth.”

    With XRP’s listing in Dubai, new regional payments and use cases may be unlocked for the XRP Ledger. Ripple said Dubai’s innovation-forward regulations and reputation as the leading global financial center propelled the decision to choose the DIFC for its Middle East and North Africa headquarters in 2020. Over time, the MENA region has amassed and now holds roughly 20% of Ripple’s customers.

    “Ripple will continue to double down on its presence in Dubai, and we look forward to continuing to work closely with regulators to realize crypto’s full potential,” Garlinghouse added.

    Ripple Records Significant Wins

    While the United Arab Emirates continues its mission to become one of the most innovative jurisdictions offering regulatory clarity and guidance for licensed firms through DFSA’s crypto regime, Ripple and XRP have witnessed significant wins recently.

    Ripple has won two partial victories against the United States Securities and Exchange Commission in July and October. A federal judge ruled that the programmatic sales of XRP did not constitute a security or an offer of an investment contract in July, while U.S. magistrates dismissed the regulator’s wish to appeal the initial decision in October, as well as all charges brought against Garlinghouse and the company’s executive chairman Chris Larsen.

    Meanwhile, XRP recently hit an all-time high in an important metric: a record count of over 277,000 sharks and whales.

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  • Ripple And National Bank Of Georgia Join Forces For Digital Lari Pilot | Bitcoinist.com

    Ripple And National Bank Of Georgia Join Forces For Digital Lari Pilot | Bitcoinist.com

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    In a recent development, Ripple has been selected by the National Bank of Georgia (NBG) as the official technology partner for its Digital Lari (GEL) pilot project. 

    The collaboration aims to explore the potential benefits and use cases of Ripple’s Central Bank Digital Currency (CBDC) platform for the public sector, businesses, and retail users. 

    Ripple’s expertise and commitment to the project’s success were key factors in its selection, as announced by the NBG.

    NBG And Ripple Forge Path To Digitalization

    According to the announcement, the National Bank of Georgia chose Ripple after a “rigorous selection process” involving nine shortlisted companies. 

    Ripple stated that the company’s “deep understanding” of the project’s objectives, extensive experience in real-life pilot deployments, and comprehensive CBDC solution, were instrumental in securing the partnership. 

    As announced, the platform provides a holistic end-to-end solution that enables central banks and financial institutions to “seamlessly” mint, manage, transact, and redeem CBDCs. 

    With the selection phase completed, the NBG is set to commence the pilot stage, testing the Ripple CBDC platform in a live environment to evaluate select use cases. 

    Per the announcement, the partnership also aligns with Ripple’s broader strategy of driving innovation and efficiency in blockchain-based transactions

    Ripple’s partnership with the National Bank of Georgia adds to its growing portfolio of CBDC pilots with governments and central banks worldwide. The company has already announced pilot programs with countries such as Bhutan, Palau, Montenegro, Colombia, and Hong Kong, and is in discussions with over 20 other countries. 

    Ripple’s Valuation Soars To $15 Billion

    Central Bank Digital Currencies provide digital versions of fiat currencies, eliminating concerns over price volatility as their values remain fixed. 

    China and India have launched CBDC pilots. China’s CBDC pilot is one of the most successful, with over 260 million wallets in use.

    Given these developments, Ripple’s valuation reached over $15 billion in 2023, and its partnership with multiple governments for CBDC pilots demonstrates its influence on this matter.

    Overall, Ripple’s partnership with the National Bank of Georgia for the Digital Lari pilot project marks an important milestone in the adoption of blockchain technology in the public sector. 

    Through the utilization of the company’s CBDC platform, the NBG aims to evaluate the practical applications and benefits of digital currency for stakeholders. 

    XRP’s price surge on the daily chart. Source: XRPUSDT on TradingView.com

    As of the current update, XRP has reclaimed the $0.600 level and is currently trading at $0.6112, reflecting a 1.3% increase in the past hour. The maintenance of this level as support is crucial for XRP bulls to anticipate additional gains and to restore previously lost levels.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Why is the Ripple (XRP) Price Up Today?

    Why is the Ripple (XRP) Price Up Today?

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    TL;DR

    • Ripple’s XRP price surged to $0.62, potentially due to successive legal victories against the SEC, including a partial win in July and dismissal of charges against Ripple executives.
    • The positive sentiment around Ripple is bolstered by expectations of a near-complete win in the ongoing legal battle, with a decisive trial set for April 2024.
    • The general crypto market is experiencing an upswing, with leading assets like BTC, SOL, DOT, and AVAX all showing significant gains alongside XRP.

    Ripple Marching Towards a Decisive Victory

    Ripple’s native token – XRP – spiked to almost $0.62 (per CoinGecko’s data) a few hours ago, tapping its highest level since mid-August. Its positive price performance could be based on the company’s winning streak against its big enemy – the US Securities and Exchange (SEC).

    Ripple secured its first partial victory in July when a Federal Judge determined that the firm’s programmatic sales from years ago did not constitute an offer of investment contracts. XRP reacted with a rapid increase above $0.85 but descended to approximately $0.50 in the following days. 

    The Ripple community cheered two more times in October – when the US magistrates dismissed the SEC’s intention to appeal the initial ruling and when CEO Brad Garlinghouse and Executive Chairman – Chris Larsen – were cleared of all charges brought by the watchdog.

    Multiple analysts and experts believe the organization is one step away from a final victory in the lengthy battle that has been ongoing since December 2020. A trial set for April 2024 should determine the outcome of the dispute.

    The Market Flashes Green

    XRP’s price increase coincides with an overall market surge, with most leading digital assets charting substantial gains. Bitcoin (BTC) briefly touched the $36K mark, while Solana (SOL), Polkadot (DOT), Avalanche (AVAX), and Aave (AAVE) are also performing quite well.

    Those willing to check whether XRP has a chance of a further rally in the remaining months of the year could take a look at the video below:

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  • XRP Hits $0.6 In Unstoppable Surge: How High Can It Go This November?

    XRP Hits $0.6 In Unstoppable Surge: How High Can It Go This November?

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    XRP, the native cryptocurrency of the Ripple network, reached a significant milestone as it soared to the crucial psychological level of $0.60, marking its highest value since the mid-August market crash. 

    In financial terms, psychological levels are key price points where traders and investors have historically shown heightened interest, often leading to increased buying or selling pressure.

    Crossing this mark after a prolonged period of market volatility signals a potential shift in sentiment for XRP enthusiasts, who have eagerly awaited a resurgence in the coin’s value.

    Related Reading: Solana Bull Run Could Smash Through $40 Barrier This Week – Here’s How

    XRP’s Remarkable Rebound

    According to the latest data from CoinGecko, XRP was trading at $0.606379, reflecting a notable 2.7% gain over the past 24 hours. Over the course of the week, the digital asset witnessed an impressive seven-day rally of 9.2%, solidifying its upward trajectory and instilling confidence in the cryptocurrency market.

    This upward momentum, while significant in itself, has also sparked a flurry of activity among XRP whales, who have long been regarded as influential players capable of shaping the market’s direction.

    Recent data from the crypto analytics platform Whale Alert shed light on a substantial transaction involving a major XRP whale. The data revealed that an anonymous entity had transferred a staggering 412,890,441 XRP tokens, valued at approximately $248,922,341, from one wallet to another. Such large-scale movements by influential holders can often trigger a domino effect, leading to increased interest from smaller investors and, in turn, contributing to further price fluctuations.

    Key Milestones And Challenges For XRP

    In parallel to these developments, Ripple, the company behind XRP, published its comprehensive market report for the third quarter, highlighting several key achievements of the cryptocurrency during the period. Notably, the report indicated a significant uptick in the number of new wallets, recording a remarkable surge of nearly 12% to reach a total of 157,936. 

    Moreover, the document emphasized the robustness of the XRP trading volume, consistently surpassing the $1 million mark throughout July and August, with certain days witnessing an impressive trading volume range of $20 million to $30 million.

    However, amidst these positive indicators, the report also pointed to a slight downturn in the overall transaction count, registering a decrease of over 8% compared to the previous quarter. This decline, while not entirely alarming, underscores the need for continued market analysis and strategic measures to maintain a steady growth trajectory for XRP.

    As Ripple and its native coin XRP continue to make significant strides, market observers remain vigilant, analyzing various factors that could impact the cryptocurrency’s trajectory in the coming months.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Freepik

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    Christian Encila

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  • Ripple Partner’s Staggering XRP Holdings Revealed, Do They Know Something You Don’t?

    Ripple Partner’s Staggering XRP Holdings Revealed, Do They Know Something You Don’t?

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    In a recent development, the crypto holdings of Ripple’s most recent partner, Uphold, have been highlighted as further evidence that the Web3 financial platform is very bullish on the Ripple ecosystem and the utility token XRP, which is used to facilitate transactions on Ripple Payments (formerly known as ODL). 

    Uphold’s Largest Crypto Holding

    In a post on his X (formerly Twitter) platform, pro-XRP legal expert John Deaton quoted a report that stated that XRP made up Uphold’s largest crypto holding. The platform is said to hold $1.25 billion worth of the token in customer funds. This is more impressive as Uphold’s customers only hold $168 million worth of Bitcoin on the platform.    

    Deaton could not hold back his surprise at these figures as it meant that there were almost 10 times more XRP on the platform in comparison to BTC. As to the reason why Uphold may have such a large XRP holding, YouTuber Matt stated that it could be from the platform getting all the businesses from their competitors when they delisted the token. 

    Major crypto exchanges, including the second largest crypto exchange by trading volume, Coinbase, delisted the XRP token after the Securities and Exchange Commission (SEC) filed a lawsuit against the company and its executives back in 2020.

    While agreeing with Matt’s comment, Deaton also mentioned how XRP contributed to Uphold’s growth, noting that the token represented “62%” of the company’s trading fees for over two years. He further mentioned how Uphold only had five million users when he signed up on the platform, but now, it boasts 30 million users. 

    XRP On The Platform Set To Increase

    The XRP holdings on the platform are expected to increase with the newly forged partnership between Ripple and Uphold. As part of the partnership, Uphold will provide its infrastructure to be used in furtherance of the Ripple Payments service, which focuses on cross-border transactions. 

    Uphold will further provide Ripple with the liquidity needed to process these transactions. To achieve this, Uphold has stated that it won’t use its existing customers’ XRP holdings but will instead use its “expertise” to source XRP on the open market. 

    Uphold has, over time, shown to be a firm believer in Ripple’s vision, and many in the XRP community seem to be very supportive of the partnership, with some highlighting how Uphold stuck by the token through “thick and thin.”

    At the time of writing, XRP is trading at around $0.57, up over 2% in the last 24 hours, according to data from CoinMarketCap.

    Token price surges pasts $0.6 | Source: XRPUSD on Tradingview.com 

    Featured image from Shutterstock, chart from Tradingview.com

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    Scott Matherson

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  • Ethereum Whistleblower Shares Bullish Expectations For XRP Price

    Ethereum Whistleblower Shares Bullish Expectations For XRP Price

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    Steven Nerayoff, one of the earliest advisors for Ethereum, has added his two cents to discussions regarding XRP price. Many predictions have come in recent months on XRP’s future price trajectory.

    Most of these predictions have been bullish, although some more than others. In a recent discussion on social media, Nerayoff mentioned that XRP “has no price ceiling” it can get to due to its unique use case.

    He also stressed the significance of Ripple’s foothold in a “network effects” model on XRP, stating that the cryptocurrency has the potential to become a reserve currency.

    Nerayoff: XRP Has No Price Ceiling

    XRP has garnered a strong supporter ecosystem in the past few years amidst the tussle between Ripple, the company behind the cryptocurrency’s creation, and the SEC. One of these supporters is Steven Nerayoff, who has in the past claimed that the SEC was corrupt in its dealings with Ethereum. 

    Nerayoff’s recent stance on XRP came as a response to another XRP enthusiast asking for his opinion on whether XRP could spike above $10 possibly up to $100. 

    In his reply, Nerayoff noted that XRP could surpass the $100 price point as it has no price ceiling if Ripple can win in a “network effects” model. 

    Nerayoff admitted that it is difficult to provide a simple response. Predicting any crypto’s price is challenging, but Nerayoff is confident in XRP’s long-term potential. 

    Cryptocurrency market cap currently at $1.2 trillion. Chart: TradingView.com

    He made this exclamation while drawing parallels between the cryptocurrency and the US dollar. Like the US dollar, XRP’s price could become irrelevant in the coming future, as investors would be focused on its necessity.

    XRP was designed by Ripple to facilitate lightning-fast, low-cost payments across borders. As more banks and payment providers adopt Ripple’s solutions, demand for XRP will skyrocket.

    This would see XRP potentially taking the role of a global reserve currency “in part or whole.” He also suggested that Ripple may be unfairly targeted because of this potential, referencing the ongoing lawsuit with the SEC.

    XRP Price Outlook

    Nerayoff isn’t the first to make claims about XRP becoming a reserve currency. At the time of writing, XRP is trading at $0.546, up by 5.85% in a 7-day timeframe and 61.25% since the beginning of the year. A recent prediction from crypto analyst ERGAG CRYPTO indicates an XRP price rally of 40 times from its current level to $27 in the subsequent bull run.

    According to a report by on-chain analytics firm Messari, DEX volume on the XRP Ledger increased by 390% last quarter. 

    Featured image from Shutterstock

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    Scott Matherson

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  • Former Ripple (XRP) CTO, 7000 BTC in a Hardware Wallet and Their Potential Recovery: The Story

    Former Ripple (XRP) CTO, 7000 BTC in a Hardware Wallet and Their Potential Recovery: The Story

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    In September, a Seattle startup lab of white hat hackers sent proof to a senior writer at WIRED Magazine that they could crack the IronKey S200 thumb drive containing 7002 Bitcoins.

    But former Ripple CTO Stefan Thomas incredibly refused an offer by the Seattle startup, named Unciphered, to access the USB drive for him.

    Fmr. Ripple CTO Getting Closer to His 7002 Bitcoins

    Thomas told WIRED that he had already hired another team to work on the problem for him.

    The former Ripple Labs chief wants to give them a fair shake at retrieving the 7002 Bitcoins before hiring another company. He mentioned they might subcontract the Seattle firm if they can’t get a workable solution together.

    The cybersecurity firm that cracked IronKey S200 is not revealing its method. They did, however, produce three randomly generated passphrase terms for the memory stick without it being revealed to them.

    They say it only took 200 trillion tries using a high-performance computer to get three correct passphrase terms. It could be a chilling preview of how quantum computers could disrupt cryptocurrencies like Bitcoin and Ripple.

    The Perils of DIY Banking with Bitcoin

    It’s not only due to his experience working with Ripple Labs but also his personal experience with locking up 7002 Bitcoin on a thumb drive since 2011 that qualifies Thomas to offer a critical review of the “be your own bank” narrative that goes along with Bitcoin:

    “This whole idea of being your own bank – let me put it this way: Do you make your own shoes? The reason we have banks is that we don’t want to deal with all those things that banks do.”

    Ripple is a blockchain-based digital payments platform and currency exchange service used by financial institutions worldwide. Bitcoin is the originator of hash-based blockchains to quickly settle payments and operates on an open, peer-to-peer network.

    Ripple was trading at $0.55 at the time of writing. Bitcoin traded at $34,000.

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