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Ripple

Ripple Exec Says XRP Is Equivalent to Oil: ‘We Just Have a Lot of It’

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Ripple Labs’ Chief Marketing Strategist, Cory Johnson, took a bold approach to marketing recently when he compared XRP to oil – while comparing his own firm to Chevron. As per Johnson’s tweet on October 4th:

“Ripple’s relationship to XRP is akin Chevron’s relationship to oil. We have a lot of it, we believe it’s a superior technology and we support its many uses — for billions of reasons. But we don’t have all of it, we don’t control it and we aren’t it.”

XRP as Natural Resource?

Johnson’s decision to equate XRP with a natural resource could be seen as a cynical attempt to divert attention from the constant clamour of centralization which surrounds XRP and Ripple Labs.

There even exists a Ripple Lawsuit Tracker which continually provides updates on Ripple’s ongoing lawsuits – which number five in total at present time.

Ultimately, the comparison to oil falls flat on many levels, not least because oil sourced and produced by Chevron is actually owned by them. The extraction of the natural resource from the ground requires startup capital, drilling licenses, land permits, and everything else that a cryptocurrency journalist isn’t aware of.

How that equates to a pre-mined cryptocurrency apparently ‘gifted’ to Ripple Labs is unclear. Statements like this only serve to turn bystanders into skeptics, and skeptics into paranoids. To be fair, however, one XRP devotee did attempt to extend the metaphor:

“To expand on this analogy a little more, the equivalent of where we are now with XRP, would be (somewhat) similar to oil before cars hit the road. XRP hasn’t even started flowing through the system yet because all of the components are still being positioned.”

XRP Is ‘Contrarian Buy’ Says Fundstrat

Fundstrat released this intriguing report on the same day that Johnson’s tweet went out, detailing a range of differences between the views of institutional investors, and those of the crypto twitter-sphere.

The research team conducted surveys with institutional representatives, and compared them with surveys carried out on Twitter. Among the many conclusions that can be drawn from the report, one is that XRP appears to be the most polarizing cryptocurrency out there. As per the report:

“Clearly the crowd does not like XRP, for multiple known factors (the centralization of XRP, tenuous ties to Ripple, etc) but given the polarization and the fact that 1/3 of institutions consider it “least understood”—it makes us believe this may be a contrarian buy signal.”

While a majority of twitter users chose XRP as their favourite cryptocurrency, there were none who considered XRP their favourite coin out of the institutions surveyed:

“On Twitter, 46% chose XRP as their favorite and 31% said it made “least sense.”—no other token came close.  Even 28% of Institutions also said XRP made the least sense and zero institutions picked it as their favorite token.”

At time of writing XRP continues to slowly bleed out after recent spikes. The coin has recorded 5% losses for Saturday, October 6th – the highest losses in the market cap top-forty.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 89 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Ripple

XRP Price Up 14% In Two Days as Swiss Exchange Launches Crypto ETP

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XRP (XRP) consolidated its newly gained second position in the market cap rankings Saturday, with a 5% valuation spike over twenty-four hours. This compounds the coin’s runaway growth since the recent market dip, from which time XRP has climbed 14% in price.

The price movement comes amid news that the prominent Swedish stock exchange, SIX, is set to launch a crypto-based exchange traded product (ETP). The product will see five major cryptocurrencies exposed to the market, namely, XRP (XRP), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Crypto Exchange Traded Product

While the majority of the investment package will be weighted towards Bitcoin, XRP is well represented with the second highest share. BTC will make up 50% of the product, and XRP will make up 25%. Ethereum takes third spot with around 17%, and BCH and LTC make up the rest with 5% and 3% respectively.

Dubbed the Amun Crypto ETP, it is expected to go live next week, and as chief executive Hany Rashwan told the Financial Times (paywall):

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”

In a nod to a cherished piece of lingo in the crypto-culture, the ETP will be listed under the ticker, HODL.

This comes just a few days after Thomas Zeeb, head of securities and exchanges at SIX, told Reuters that he expects blockchain to completely disrupt the existing model of exchange market, saying:

“The existing system could be completely replaced by the digital exchange in about 10 years. The moment that brokers, banks, insurance companies and big asset managers really see the cost advantages, they’ll move relatively quickly.”

XRP Price Climbing

Since Thursday, XRP gained 14% on its way from $0.435179 up to $0.496730. That was enough to take the market cap to just shy of $20 billion, which is now pulling slowly away from Ethereum’s $17.9 billion.

As was the case during all of XRP’s previous spikes, a significant chunk of the buys came from Asian markets – specifically the XRP/JPY trade, which was the most concentrated pair on Saturday.

Besides the recent surge by Factom (FCT), and a sudden spike by Stratis (STRAT), XRP is the best performer out of the market cap top hundred for Saturday. Almost all coins are down for the previous week, but XRP’s 3% losses are nothing compared to the 13% lost by BTC, the 18-20% lost by ETH and LTC, or the 30% lost by BCH.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 89 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Bitcoin

Bitcoin Price Rebounds After Market Evacuation; XRP Kickstarts Decoupling Process?

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After two days in which $38 billion left the global crypto market cap, anyone who was in doubt over the fragility of the market at large has now been firmly answered.

Two competing theories have arisen over the source of the crash, with many suggesting the ongoing Bitcoin Cash hardfork saga as a possible culprit.

However, the more likely explanation appears to be the closing of Bitcoin future trades on the Chicago Board Options Exchange (CBOE). The same thing happened on the exact same date last year, right before the big bull run, and can be explained by traders selling off BTC just before the closure date (to be bought back later at a cheaper price).

Bitcoin Price Stabilizes…?

Bitcoin actually withstood the worst of the dip for the first few hours on Wednesday, and it originally  looked like we were witnessing an altcoin-only crash.

But eventually BTC got dragged into the mess and sunk 15% down to the $5,358 mark. Since then the price has stabilized at $5,500, and it has been there for six hours at time of writing. However, the previous level of $5,600 was also held for six hours before eventually continuing to plunge, so this may not turn out to be the last of it.

BTC volumes hit six-month highs during the sell-off, reaching $9 billion – a volume not seen since May. Surprisingly, if we exclude the BitMEX derivatives trading, then the highest concentration of BTC trades have come from the BTC/JPY (Japanese yen) pair. The $300 million worth of trades on the Liquid exchange represents 92% of all activity on that platform, and the dominance of Japanese money in BTC’s charts is a rare sight.

The Great Decoupling

Even those who aren’t fans of Ripple and XRP have been noticing the coin’s tendency to move independent of BTC for a while now. There’s an idea circulating that XRP is in the process of decoupling from Bitcoin, and its reaction in the wake of the market wide crash lends credence to the notion.

Following the crash, XRP shot up by 9.4%, as the coin price rose from $0.432724 up to $0.473791. That’s the biggest growth out of all the major altcoins, and it was also enough to send XRP to second place in the market cap rankings, as covered here earlier.

While most other major alts neared September-August lows during the recent dip, XRP is still way above that range, and is already pushing past the $0.45 price which we had gotten used to during October’s stasis.

Like Bitcoin, if we exclude the XRP transaction mining on the ZBG exchange, the most concentrated trade is the XRP/JPY pair on Bitbank.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 89 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Ethereum

Amid the Crypto Selloff, Ethereum and XRP Battle for Second Spot

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A flash crash in the cryptocurrency market on Wednesday saw bitcoin’s total value fall below $100 billion for the first time since October 2017. It also left major altcoins Ethereum and XRP battling for second spot in the market cap rankings after the latter managed to hold up slightly better than its peers.

Battle for Second Spot Intensifies

As has been the case for the last few months, Ethereum is no longer the clear-cut no. 2 cryptocurrency on the basis of overall market cap. Over the last 24 hours, ether has fallen 13.5% to $170, where it was threatening yearly lows.

XRP, meanwhile, has fallen 10.5% over the same span to reach $0.4363.

Earlier today XRP posted a total market capof $18.14 billion, slightly higher than ether’s $18.09 billion, according to CoinMarketCap. This so-called “flippening” was first observed back in September after XRP posted a sudden and dramatic surge on the back of fundamental news and expectations of wider institutional adoption.

Interestingly, at the time of the last flippening, Ethereum’s price was trading comfortably above $220. Earlier in September, ether had experienced multiple large selloffs over concerns that the smart-contract protocol was losing relevance.

A cooling ICO market has also diminished demand for ether in the wider market. The amount raised via initial coin offerings plummeted to a mere $63.2 million in October, the lowest since March 2017 just before the token boom began, according to ICOData.io.

Crypto Downturn Accelerates as Bitcoin Cash Hard Fork Looms

Steep losses in ether and XRP reflect a much wider downturn that is showing little sign of dissipating. The combined crypto market cap fell below $180 billion on Thursday for the first time since October 2017, as traders rushed to liquidate their positions on virtual exchanges. Trade volumes on these platforms reached a high near $25 billion on Thursday.

The sharp selloff can be partially attributed to uncertainty over the upcoming bitcoin cash hard fork, which has the potential to split the BCH community in half. The hard fork process is expected to begin at 16:40 UTC. Craig Steven Wright, the self-styled Satoshi Nakomoto and main backer of bitcoin SV, has threatened to sabotage the chain “if/when DSV… hits the ABC fork”.

Wright has also threatened to tank the bitcoin price should existing miners switch to BCH. In a Wednesday tweet directed at bitcoin miners, Wright said the following:

“If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well… we think BTC market has no room… it tanks.
Think about it. We will sell A Lot!

Consider that….

And, have a nice day

(BTC to 1000 does not phase me)”

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 666 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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