Bitcoin’s resilient bullish rally over the past two weeks lifted the prices of almost all altcoins, owing to the domino effect that the king coin had on the collective market. However, XRP failed to post any consistent improvement in valuation, settling for meager single-digit rises over the past week. On May 14, the tables turned as XRP was pumping by over 20%, while registering a significant market cap of $16.32 billion, at press time.
Though many factors contributed to the sudden surge, the crypto-community attributed the hike to a major development announced by Coinbase, one of the leading crypto-exchanges in the United States. After three months of its launch, XRP was finally made available to trade for New York users on May 13. This meant that investors could now buy, sell, convert, send, receive, or store XRP without any hindrance or restriction.
Coinbase made the announcement via Twitter,
Though XRP was launched on Coinbase in February 2019, users from the state of New York were restricted from trading the cryptocurrency due to issues over destination tags which were necessary to make XRP transfers. Along with New York users, Coinbase users from the United Kingdom have also been restricted from trading the cryptocurrency.
Apart from the development from Coinbase, another reason which was attributed to XRP’s double-digit rally was the cryptocurrency being listed as an exchange-traded note on a German stock exchange, Börse Stuttgart.
The XRP community was thrilled by the news, with Reddit and Twitter buzzing with activity following the announcement. A Twitter user, @Naturallypaid_, said,
“I LIVE IN NYC , YOU KNOW HOW LONG I WAITED FOR THIS TO HAPPEN …. BOOOOOOOOOOMMMM. READY TO STACK MY BAGS MORE NOW !!!!”
A Reddit user, ripplemesilly, said,
“We have a bitcoin rally that pulled a few coins up including xrp, and then now they announce this… Feels like it was intended at this particular time.”
Some Reddit users started speculating the launch of XRP access in the UK. LondonLexus said,
“When UK? It’s A right royal pain in the a*se that we still have to buy other coins and then transfer to another exchange and then convert to XRP. Muckers!”
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Ripple CTO dismisses Coin Metrics report saying it was a ‘timeline issue’, Tron [TRX] futures to soon start trading on OKEx platform and more
Crypto News – 18 May – Ripple CTO dismisses Coin Metrics report saying it was a ‘timeline issue’, Tron [TRX] futures to soon start trading on OKEx platform and more
— AMBCrypto (@CryptoAmb) 18 May 2019
Daily Crypto News – May 18
1) XRP-backed stablecoin: Kava Labs is developing a stablecoin, USDX, backed by XRP on a Cosmos Zone, which dynamically maintains stability to USD with decentralized mechanisms.
Read more at https://bit.ly/2HE7xAv
2) BitMEX insurance funds: While some panicked when Bitcoin crashed suddenly, others remained calm and assessed the situation. It was noticed that there was a huge sell order on Bitstamp, which pushed the price of Bitcoin by ~20% in a few minutes.
Read more at https://bit.ly/2VNgUaK
3) USDC do not exceed balance of US dollars: News revolving around the USD Coin [USDC] had taken a negative connotation when Coinbase CEO Brian Armstrong was called out for shilling the cryptocurrency. As a way to put any fears or speculations to bed, Grant Thornton LLP, an independent accounting firm released the latest attestation report on US dollar reserves backing USDC.
Read more at https://bit.ly/2Ej5dxM
4) SatoshiPay launches Solar Wallet: SatoshiPay has been working closely and designing micro-payment apps for the Stellar Network. Earlier this year, the micro-payment solution company launched ‘Solar wallet’, a stellar network-based and user-friendly desktop wallet. The Solar Wallet has proved to be user-friendly and easy-to-use and can securely manage funds.
Read more at https://bit.ly/2HrJ6HH
5) Blockstream CSO on Bitcoin: Samson Mow, Blockstream’s Chief Strategy Officer appeared in the latest Keiser Report discussion featuring Max Keiser. Talking about the satellite, Mow said that the purpose of Blockstream satellite was to provide redundancy for the Bitcoin [BTC] network.
Read more at https://bit.ly/2VvuQkY
6) HitBTC is insolvent, claim customers: According to a series of tweets by CryptoMedication, from Zerononcense, cryptocurrency analytics and research firm, the exchange is “insolvent”. The Twitter handler exclaimed his surprise that the exchange was “still in operation” as they had only 350,000 BTCs after their liquidation.
Read more at https://bit.ly/2JtlOTK
7) Weiss Ratings on Bitcoin’s price movement: Weiss Ratings, the crypto-specific rankings company, which, at times has rubbed the cryptocurrency industry the wrong way on predictions, suggested an absence of “manipulation” and termed the fiasco as a “normal market correction”.
Read more at https://bit.ly/2JrYtlE
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