Connect with us

Blockchain

A Look At The Likely Fate Of Ripple And XRP In The Crypto Market

Republished by Plato

Published

on

A Look At The Likely Fate Of Ripple And XRP In The Crypto Market

Advertisement &  & 

The lawsuit slammed against Ripple has had a major effect on the token and its position in the crypto-market. Every ardent observer of the market understands its competitiveness, and with the way Ripple and XRP are positioned, it is likely that the token may lose momentum and potentially battle erasure for the next few months.

Following the lawsuit documented in a press release from the SEC in December 2020, XRP suffered a quick sweep in price. The 30% decrease that soon followed saw XRP retest previous support as it quickly fell off-balance from its $0.7680 November high. As momentum fell, XRP bulls continued to struggle between the $0.2650 levels, while the market feared for a further decline.

The mass delisting of the token from leading exchange platforms took the story from bad to worse as investors collectively withdrew their remaining tokens. Market sentiments are split between analysts who remained vocal about their support for the SEC’s decision, while the rest of the market anticipates a much-needed recovery. 

However, the race to the end of the tunnel is still a hectic one, as Ripple has also lost its spot as the 4th most valued cryptocurrency to Polkadot’s DOT. Although XRP is still amongst the top five, it is still at risk of losing that position, for the first time since 2013. With a loss of more than $5 billion in market cap, recorded since the announcement of the suit, XRP may no longer be an industry favorite. Altcoins are usually a slippery slope for investors, who are very concerned about their value and longevity.

Here today and gone tomorrow is a reoccurring pattern with many altcoins, as such investors are fond of securing their funds in assets that make up the top five. With XRP being at risk of falling down this ladder, coupled with Ripple’s cofounder Jed McCaleb selling XRP tokens worth millions of dollars in his usual fashion, it is unclear where the market is headed. In the midst of this chaos, it is worth noting that XRP recently surged by 15% following a swift bullish trend that sent prices above the $0.3000 levels.

Advertisement &  & 
A Look At The Likely Fate Of Ripple And XRP In The Crypto Market
XRPUSD Chart By TradingView

Outperforming Bitcoin and Ethereum in the last 48hours, more potential gains could’ve sent the asset to the $0.4000 levels but the bears managed to hinder this price movement, and at press time, XRP has made a downward correction to $0.26. The future of Ripple now depends on the outcome of the initial pretrial conference scheduled by the Southern District Court for the 22nd of February. For the meantime, XRP is faced with a task to maintain its market position or continue losing market credibility 


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/a-look-at-the-likely-fate-of-ripple-and-xrp-in-the-crypto-market/

Blockchain

Former London Stock Exchange Group CEO Urges UK Government to Explore Cryptocurrencies

Republished by Plato

Published

on

The former CEO of the London Stock Exchange Group, Xavier Rolet, has advised the UK government to look into cryptocurrencies and SPACs to minimize the adverse impact of Brexit. In a recent report, Rolet claimed that the UK has trailed behind other countries in both aspects.

The UK Should Turn To Crypto And SPACs?

Born in France, Rolet is a businessman and the Chief Executive Officer of the London-based credit-focused asset management firm CQS. Before assuming this position, though, he served as the CEO of the London Stock Exchange Group and was named as one of the 100 best CEOs in the world in 2017 by the Harvard Business Review.

In a report cited by Bloomberg, Rolet touched upon the potential consequences to the UK economy following the withdrawal from the European Union and the European Atomic Energy Community, better known as Brexit.

The executive believes that the UK has two viable options to consider if it wants to minimize the risks and help the nation flourish.

In the first one, he urged the government to “promptly consider the SPAC revolution.” Also referred to as “blank check companies,” these special purpose acquisition companies (SPAC) operate as shell corporations listed on a stock exchange with the idea of buying out a private company, thus making it public. Ultimately, this strategy eliminates the need to go through a traditional initial public offering (IPO).

While the US has seen significant adoption in the past year with a 10x increase in the raised funds compared to 2019’s results, the UK regulators have halted their progress on the London markets.

Rolet’s second advice involved digital assets as he noted that “all relevant UK government agencies should be resourced to thoroughly understand cryptocurrencies.”

With proper regulations, the crypto ecosystem could “place London and the UK at the center of a reputable and safe financial market.”

The UK’s Regulatory Approach To Cryptocurrencies

While UK’s regulators have hindered SPACs’ progress within the country, the nation’s financial watchdog, the FCA, has also been rather harsh against the cryptocurrency industry.

As of the start of this year, the Financial Conduct Authority banned crypto derivatives and exchange-traded notes (ETNs) to retail customers.

Additionally, the watchdog has issued several warnings to investors that they could lose all their funds if allocated in digital assets.

The regulator also announced that all UK-based digital asset businesses need to be registered with it but extended the deadline for applications to July 9th, 2021.

Featured Image Courtesy of TheGuardian

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/former-london-stock-exchange-group-ceo-urges-uk-government-to-explore-cryptocurrencies/

Continue Reading

Blockchain

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

Republished by Plato

Published

on

Decentralized finance and the numerous platforms offering investment services have been the talk of the cryptocurrency sector for several months and this has resulted in investors capturing spectacular gains for some of the top DeFi tokens like Uniswap (UNI) and AAVE. 

The fast-moving prices and 1,000% APY on staked tokens elicited cheers from investors when the market was going up, but the recent selling pressure seen as Bitcoin price dropped below $45,000 shows that the highest fliers are often the quickest to fall as traders rush to exit their positions and lock in their gains.

Daily cryptocurrency market performance. Source: Coin360

On Feb. 22 Bitcoin (BTC) price entered a sharp corrective phase which saw the top digital asset pullback by more than 20% from its all-time high of $58,274. As this occurred, the majority altcoins also saw double-digit corrections and DeFi tokens like PancakeSwap (CAKE) fell as much as 55%. 

Total value locked in DeFi shows resilience

The total value locked in DeFi platforms also took a hit as Bitcoin and altcoins corrected. Data from DeFi Llama shows the combined TVL of all DeFi platforms fell from $64.89 billion to $54.22 billion on Feb. 24. Cointelegraph also reported that this week’s correction led to the second-largest day of DeFi loan liquidations in history. 

Total value locked in DeFi. Source: Defi Llama

The decline in TVL is a result of decreasing token values rather than protocol outflows, indicating that token holders remain committed to the continued expansion of decentralized finance and that the current yields are still incentivizing investors to rem engaged.

Market analysis indicates that despite the recent $5.8 billion Bitcoin and altcoin liquidation, bulls remain optimistic and see this price pullback as a sign of a healthy market.

The same goes for the DeFi sector, which has been in a strong uptrend since the start of the year. Increasing DEX volume as well as a rising TVL show that DeFi is still in the early stages of growth, and while pullbacks are to be expected, the overall trend is positive as institutional and retail investors increasingly gain exposure to this emerging asset class.

Source: https://cointelegraph.com/news/traders-remain-bullish-even-as-defi-s-tvl-falls-to-54-4-billion

Continue Reading

Blockchain

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

Republished by Plato

Published

on

ZelaaPayAE (ZPAE), a Dubai-based blockchain payment network focused on the Gulf region, has announced the deployment of 100 XPOS Handy (point-of-sale terminals) and 10,000 XPASS cards from partner Pundi X, a cryptocurrency payment platform.

“Pundi X has the technology to empower merchants across the world to deploy easy-to-use blockchain solutions. We’re excited to bring it to the UAE market.”
– Sahil Arora, ZPAE CEO

XPOS devices enable cryptocurrency transactions on the blockchain from anywhere….from trendy cafes in Seoul, South Korea, to pubs in New Hampshire, USA. Similarly, the XPASS card makes it easy for customers to pay with their crypto-assets.

“Any corner of the world where XPOS is, that’s a place where seamless transactions can take place. Both ZPAE and Pundi X essentially want the same things; making the blockchain accessible.”
– Zac Cheah, Pundi X’s CEO and Co-Founder

ZelaaPayAE (ZPAE) was founded with the aim of unlocking the power of cryptocurrency in the Middle East. The ZPAE token trades on numerous exchanges such as CoinTiger, JustSwap, Bilaxy, and others. The company is engaged in introducing a number of decentralized finance products in the UAE.

Source: Pundi X

Source: https://www.cryptoninjas.net/2021/02/24/zelaapayae-deploys-pundi-xs-merchant-crypto-payment-solutions-for-uae/

Continue Reading
Blockchain2 days ago

Ankr adds Eth2 futures (fETH) to its staking system

Blockchain4 days ago

Are Bitcoin’s long-term hodlers entering the seller’s market?

Blockchain4 days ago

Elon Musk Explains to Peter Schiff What Money Is

Blockchain3 days ago

Litecoin, Cosmos, Tezos Price Analysis: 21 February

Blockchain3 days ago

Ripple now registered as a Wyoming business

Blockchain3 days ago

Former BoE, BoC Governor Mark Carney joins Stripe board of directors

Blockchain3 days ago

A Review of BTCGOSU — Reviewer of Crypto Casinos

Blockchain3 days ago

Kraken Daily Market Report for February 21 2021

Blockchain3 days ago

DeFi Protocol Primitive Finance Self Hacks to Prevent Exploit

Blockchain2 days ago

Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold

Blockchain3 days ago

Is Ethereum heading to another ATH?

Blockchain3 days ago

The Many Theories Of Elon Musk Being Satoshi Nakamoto

Blockchain2 days ago

NFT Platform Ethernity to Launch IDO on Polkastarter

Blockchain2 days ago

Long Blockchain Corp has officially been delisted by SEC

Blockchain4 days ago

3 key factors that propelled Ethereum to $2,000 for the first time ever

Blockchain3 days ago

Banks will be required to work with crypto, e-money and CBDCs to survive

Blockchain4 days ago

Bitcoin Payments Make 20% of the Revenue of a UK Private Jet Company

Blockchain3 days ago

Today 11:40 am EST: First Bitcoin Elite NFT Art Drop

Blockchain2 days ago

MoneyGram suspends Ripple partnership, citing SEC lawsuit

Blockchain4 days ago

Kraken Daily Market Report for February 20 2021

Trending