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Ripple

Ripple [XRP]’s new symbol gets growing support from the community

Aman Swami

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Ripple[XRP] new symbol gets growing support from the community
Source: Pixabay

Over the past month, the internet has watched and listened as a grassroots movement to create an XRP symbol has taken shape within the XRP community.

In tweets, forums, and blogs, members underscored that Ripple is just one entity using XRP to solve real business problems around the world, and in this way, using Ripple’s name or logomark to represent the full breadth and depth of the XRP ecosystem doesn’t make sense.

The community also highlighted that this usage is incorrect, as both Ripple and its logomark only represent their private, for-profit company, and are protected elements of their brand. The community wants a symbol free of corporate trademarks that might one day be included in the Unicode Standard, like Bitcoin’s ‘Ƀ’.

Not only does Ripple agree that the time has never been better for XRP to get its own visual identity — one that captures the digital asset’s utility, speed, and independence — but they also want to show their support by leveraging their design and legal teams to propose an option.

The new XRP symbol they are proposing exemplifies the unique attributes that differentiate XRP from other digital assets. Its ‘x’ refers, in part, to XRP’s role in efficiently moving money across borders. An ‘x’ also mathematically suggests a multiplier effect — where entities are building on one another to create something bigger — the same way the community drives innovation with XRP and the XRP Ledger.

Up and down arrows represent sending and receiving — a value exchange, like the two sides of completing a transaction, and the possibility of increased connectivity across different entities. The organic shape of its curves is suggestive of the human form — a nod to the community that supports XRP and its ecosystem.

Most importantly, no one entity or business holds legal rights to this new symbol, and it is simple to draw, allowing for easy adoption by anyone.

As innovators build on the XRP Ledger and develop new use cases for XRP, this XRP symbol is now available for people’s use.

Ripple urges interested people to download their proposed symbol. They are also encouraging people to review the Github repository that hosts a wide variety of community-driven designs.



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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.

Bitcoin

Bitcoin’s divisibility and transportability make it much more flexible than digital gold

Priya

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Bitcoin's divisibility and transportability make it much more flexible than digital gold
Source: Unsplash

Andreas Antonopoulos, the author of Mastering Bitcoin and a Bitcoin proponent, spoke about Bitcoin as a digital currency and whether it would be limited to being just that, in his latest Q&A session on Youtube.

The author was asked about the possibility of Bitcoin becoming the world’s reserve currency, a digital gold and whether other cryptocurrencies would be used as a day-to-day currency. To which, he said:

“I don’t know. I think it would surprise me, actually, if Bitcoin could only fit into the niche of ‘digital gold.’ Bitcoin has characteristics of divisibility and transportability that make it… much more flexible than digital gold.”

Antonopoulos stated that gold is not a good medium of exchanges, because of the difficulty related to verifying whether it is real. He also stated that the store of value is “heavy to carry”, adding that the more one tries to make it fungible and divides it into smaller pieces, the harder it gets to verify its authenticity. According to him, verifying gold in larger amounts, which are stamped by reputable third parties, is easier.

“Then the cost of storing and securing gold is so high that it is better done in a custodial manner, where you put it in a vault and have professionals guarding it. You [are left] with a little paper certificate [of ownership], which have other problems like hypothecation. [All of this] makes it difficult to use [gold] directly as a medium of exchange.”

This was followed by the author remarking that these problems are not prevalent in Bitcoin, even though there is “greater complexity” when it comes to securing the cryptocurrency. He went on to say that this would cause some pressure towards third-party custodians, however, if that pressure is going to be lesser in comparison to the current system, it would still be a “more decentralized future”.

“The ability to transport bitcoin very quickly, in very small amounts [or very large amounts], [including] with second-layer networks that are even faster [and smaller] at the level of microtransactions”

Moreover, the Bitcoin proponent thinks that Bitcoin could be a “very effective” medium of exchange and store of value, adding that the volatility would decrease through use and volume, wherein the currency would not be witnessing a major price fluctuation making it “less speculative in nature”.

“That doesn’t mean there won’t be other coins which [are used] for everyday currency. I think there will be [others]. I don’t think Bitcoin will be just digital gold. It may become a world reserve currency, but I think the concept of a unitary world reserve currency [would] no longer be relevant.”

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Altcoins

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
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The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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