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As Ripple’s Market Cap Crosses $120 Billion, Investors Seek Exchanges That Support XRP

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The value of Ripple briefly crossed $3 a token Wednesday, triggering a renewed sense of urgency among traders to tap into one of the fastest-growing altcoins on the market.

XRP/USD Price Levels

Ripple’s XRP token reached an all-time high of $3.20 early Wednesday, giving it a total market cap of nearly $123 billion. It remains second only to bitcoin among active cryptocurrencies, having recently overtaken Ethereum.

At the time of writing, XRP/USD was up 4% at $2.86. The pair has gained more than 128% over the last five days, and is up over 9,400% compared to a year ago.

Ripple’s trade volumes continue to soar, with total transactions exceeding $7.2 billion on Wednesday. That’s equivalent to 477,260 units of bitcoin. Activity remains heavily concentrated on the Korean peninsula, with the won on one side of nearly half of total trade volumes. Bitfinex processed the second-most Ripple deals, with the XRP/USD pair accounting for roughly 8.5% of the market’s daily turnover.

Other exchanges on the forefront of the XRP market include Binance, Coinone and Poloniex, according to CoinMarketCap.

XRP in Hot Demand

The fear of missing out, or FOMO, has unleashed the masses on global cryptocurrency exchanges, with traders rushing to buy XRP and other digital tokens amid the frenzy. Exchanges have demonstrated an inability to cope with such large volumes, with the likes of Bittrex, Bitfinex and CEX.io putting a temporary halt on new user accounts. Bitstamp is still accepting users, but is taking weeks to process identity verification.

It is unclear when new account signups will become available again, although Bittrex has announced that registration would resume by Jan. 15. Meanwhile, the U.K.-based CEX.io says it is still trying to deal with the “enormous” backlog of new users registered on its platform.

Coinbase continues to onboard new clientele, but does not currently offer XRP tokens. If industry sources are correct, that may soon change, as the San Francisco-based platform looks to support new cryptos. Coinbase is highly selective about which coins get included on its GDAX exchange. Currently, the platform supports only bitcoin, Ethereum, Litecoin and bitcoin cash.

Ripple’s official website lists Bistamp, Kraken, Gatehub, Coinone, Bitso, Coincheck, Korbit, Qryptos, Bitbank, Bitsane, BTC Markets, LiteBit, Bitcoin Co Ltd. and BItcoin.co.id as exchanges that support the digital currency.

XRP has gone through the stratosphere over the past month on broad institutional support for the XRP protocol. Ripple is sometimes referred to as the bankers’ cryptocurrency for its ability to streamline cross-border payments.

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 462 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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  1. mvppvm_07

    January 4, 2018 at 3:53 am

    Prediction: Stellar will get bought out by a mainstream wall street titan. In 2018. Jed McCaleb, founder and former XRP co-founder, is a serial entrepreneur whose consecutive financial successes can propel him to initiate another go-round with the Crypto 2.0 if he relinquishes his hold on Stellar.
    Why not Ripple? Vision of utility. The Brad Garlinghouse crew’s concepts differ from McCaleb’s to the point that they’ve already accepted VC capital early in order to build for the long haul.

    Exchanges will do well to either offer, utilize or incorporate both into their business models. Both companies can accomplish that which most exchanges need: streamlined, low-cost management of cross-payment, cross-border systems.

    Disclosure: I own both assets.

    • douglash

      January 4, 2018 at 8:38 am

      Interesting prediction mvppvm. Lots to think about there. If I were to make one it would be that Stellar will soon follow Ripple’s meteoric rise as crypto neophytes come to understand how very similar they are and that XLM may actually be the better of the two. People will chase XRP’s moonshot with Stellar. The fact that it’s on fewer exchanges is holding it back a bit, but not for long.

      Disclaimer – I own both too.

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Stellar Lumens Update: Acquisitions and Retirement Accounts

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Stellar Lumens is in the headlines this week amid reports that it is negotiating to acquire a high-profile startup by the name of Chain. Meanwhile, a bitcoin IRA that lets users buy cryptocurrency for retirement added XLM to its list of available assets, potentially raising the investment appeal of the Stellar protocol.

Stellar Eyes Chain Acquisition

Fortune reported Wednesday that Stellar has been in talks to buy the San Francisco-based blockchain startup for $500 million. Citing anonymous sources, the report said the payment would be made in XLM, the seventh-largest cryptocurrency by market capitalization. No cash or equity will be part of the sale, which has yet to be finalized.

Although Stellar’s plan for Chain is not yet known, its interest in the startup is tied to its team of talented blockchain developers. Stellar founder and crypto trailblazer Jed McCaleb has a keen eye for talent, having founded Mt. Gox, eDonkey and Ripple XRP.

Chain develops enterprise-grade blockchain solutions, including ledger products that allow businesses to transfer funds in token format. The company raised over $43 million in venture funding from high-profile investors including Visa, Nasdaq, Citi Ventures and Blockchain Capital.

It is not entirely clear how the purchase would impact XLM’s market value. For current investors, the main concern is a wholesale dump of Lumens by Chain’s backers in the event that the sale actually takes place.

At a current price-per-coin of less than $0.23, the Chain acquisition would translate to roughly 219.3 million XLM. There are roughly 18.7 billion Lumens in circulation, giving the currency a total market cap of $4.3 billion.

Stellar for Retirement

The BitcoinIRA retirement platform has announced the addition of both Stellar Lumens and Zcash to its available list of cryptocurrencies, giving investors the ability to diversify their crypto holdings for retirement.

“[W]e’re excited to meet the high demand for both Stellar Lumens and Zcash in the marketplace by making these coins available to customers looking to diversify their retirement portfolios,” said Chris Kline, BitcoinIRA’s Chief Operating Officer.

In addition to Lumens and Zcash, the BitcoinIRA platform allows retirement planners to access bitcoin, Ethereum, Ripple, Litecoin, bitcoin cash and Ethereum Classic.

Crypto IRAs fall under a much broader category of assets called digital IRAs, which are self-directed retirement accounts. Cryptocurrencies are recognized by the IRS as property, which allows for their inclusion in retirement accounts. Self-directed IRAs have unique tax benefits that can help investors maximize their digital currency holdings.

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 462 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Three Reasons XRP Is Not a Security: Ripple’s Garlinghouse

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Ripple CEO Brad Garlinghouse was a featured panelist at the CB Insights Future of Fintech conference in New York today. Chief among the themes in the discussion was XRP, the No. 3 cryptocurrency based on market capitalization in which Ripple owns the majority of tokens.

While the No. 1 and No. 2 digital currencies, bitcoin and Ethereum, respectively, were cleared from being regulated as securities, Wall Street regulators have yet to make a call on XRP.

“I think it’s really clear XRP is not a security,” Garlinghouse said in the session.

There is a misconception in the cryptocurrency community that Ripple controls XRP. In fact, XRP is a decentralized digital currency that Ripple uses in its cross-border payments product xRapid. They could just as easily use bitcoin except “ bitcoin transactions on average are 45 minutes in and 45 minutes out. So XRP is uniquely positioned to solve the cross-border liquidity problem,” Garlinghouse said. 

He went on to outline a trio of reasons why XRP should never be identified as a security.

  1. “If Ripple as a company shut down tomorrow, the XRP ledger would continue to operate.”  
  2. “If you buy XRP, you’re not buying shares of Ripple.” As a holder of XRP, you’re not entitled to dividends or equity. Even though Ripple owns more than half of XRP, it doesn’t give them control of the currency, he said, comparing it to the dynamic between Saudi Arabia and oil. “Saudi Arabia owns a lot of oil, but they do not have control of oil.” 
  3. Utility. “XRP is solving a problem. There’s no security in a utility,” he said, adding that he “looks forward to the SEC clarifying some things.

Crypto Exchanges

Garlinghouse was diplomatic about cryptocurrency exchanges like Coinbase that have yet to add XRP to their trading platforms. In recent weeks, Coinbase announced that it would begin supporting Ethereum Classic (ETC), while many in the cryptocurrency community have been wondering when the U.S.-based exchange will add support for XRP.

“XRP is listed on 75 exchanges around the world. It has expanding liquidity … The consumer speculator is not our target market. Our target market is financial institutions that we can solve big problems for,” Garlinghouse noted.

Crypto Rivalry?

Yesterday Ethereum Co-Founder and ConsenSys Founder Joseph Lubin, who was included among the panelists, took a swipe at rival coin XRP, suggesting it is “massively overvalued.” The same question was posed to Garlinghouse during his session about Lubin’s ConsenSys. Garlinghouse took the high road, saying he was “excited” about them, adding they’re “underrated.”

XRP is the third largest cryptocurrency, boasting a market cap of $21 billion compared to more than $53 billion for Ethereum and $115 billion for bitcoin. Garlinghouse’s outlook is that at least one bank will be using it by year-end.

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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4.5 stars on average, based on 16 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Calm Prevails in Crypto World as Bitcoin Runs Up Against Resistance

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Cryptocurrencies resumed their rangebound trading Thursday, as bitcoin’s relief rally showed signs of stalling while Ethereum and the major altcoins were held to break-even.

Market Update

The combined value of all coins and tokens in circulation is $287 billion, virtually unchanged from the overnight hours.

Bitcoin touched a session high of $6,790.25 but was unable to extend its rally past $6,800. The bulls have been rejected at this level on at least three occasions since Tuesday, a sign the relief rally was losing steam.

The largest cryptocurrency by market cap bottomed around $6,133 on June 13. At the time, the short-term technical indicators supported a further breakdown in price, with $5,900 seen as the next likely target.

Ethereum prices were up a mere 1% Thursday to $534. ETH/USD values reached an earlier high of $542.74, which was not unlike the high from Tuesday.

The major altcoins ranked between nos. 3 and 10 by market cap were virtually unchanged compared with 24 hours ago.

Digital currency prices have shown remarkable progress in terms of stability, as total market values fluctuated within a $4 billion range through the overnight session. Twenty-four hour trade volumes have held just above $12 billion, according to CoinMarketCap.

Bithumb fell to the no. 9 spot based on total volume after the exchange shut down deposits and withdrawals in the wake of a $31 million cyber heist. The exchange has processed $181 million worth of cryptocurrency trades since early Wednesday, which is roughly half of the previous day’s turnover.

In Search of Direction

While cryptocurrencies have exhibited rare price stability over the past nine days, it is too premature to conclude that the bears have relinquished control of the market. The total market is down a whopping 38% from the April swing high and volumes have declined by more than half over that period.

With the exception of the recent attacks on South Korean exchanges, the latest crypto headlines have been mostly positive. If they can be summed up in one theme, it would likely be the growing institutional interest in cryptocurrency.

The San Francisco-based Coinbase exchange has been leading in that capacity by announcing the arrival of crypto custodial services. Goldman Sachs-backed Circle and BitGo are also in negotiation with regulators about launching similar services. Meanwhile, Wall Street custodians JPMorgan Chase & Co and Bank of New York Mellon Corp are reportedly working on custody services that could facilitate digital currency transactions.

While promising, these developments alone won’t be enough to generate the next crypto bull market. For institutional capital to be the driving force of the next major market uptrend, actual custodial services and not merely the promise of them must be deployed.

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 462 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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