While Bitcoin [BTC] takes the cake as the principled cryptocurrency in the eyes of ardent decentralized currency enthusiasts, XRP vies for the spot of the banking currency of the future. Ripple’s popularity among the world’s top financiers is reflected by its slew of integrations. Now, one of the world’s top exchanges has pegged the second largest altcoin in the market as being the most diversified.
The latest piece of research from Binance’s analysis wing in their series of “Categorizing Cryptoassets” tackles the correlation between top digital assets, on the basis of weekly returns. Ripple’s XRP was found to be the “best diversified,” albeit among cryptos with a market cap over $3 billion, of which there are only seven.
Clusters were predominant among coins with common affinities based on geography, purpose and exchange effect. Coins like Cardano [ADA], Neo [NEO], Qtum [QTUM], OmiseGo [OMG], are common among coin hodlers based in Asia. Similarly, XRP, Basic Attention Token [BAT] and Dogecoin [DOGE] are clustered as they are US-centric.
Monero [XMR], DASH, Stellar Lumens [XLM] and NEM form a payments system cluster, stated the report.
Other clusters form due to exchange listings, citing the recent Coinbase listing of XRP, BAT and Zcash [ZEC], and Hardfork clusters, grouping Bitcoin Cash [BCH], Bitcoin Gold [BTG] and more.
Bitcoin and Ethereum [ETH] exhibited the highest correlation, indicating the individual importance of the largest cryptocurrency and the largest altcoin in the market. The report added that the market and the two leading virtual currencies tend to follow a similar trend.
The weekly return correlation matrix which tracked the correlation between the top-30 digital assets on the basis of 30-day mean market capitalization on 31 March 2019 found XRP, Dogecoin [DOGE], and Tezos [XTZ] to be standing apart from the market. Across a one-year period, these coins exhibited the least correlation.
Binance Research added,
“Ripple is less correlated in the long-term than what our previous analysis suggested across several 3-month time-periods, using daily returns.”
On the flipside, XRP is “highly correlated” with Stellar Lumens, its touted rival in the banking settlements fray, owing to the latter’s recent partnership with IBM. The report references a similarity in objectives as being the prime reason for their price correlation, further highlighting the “cluster” example.
Further, in light of their March 20 report, the correlation drawn out by the current report shows an increase in corresponding price changes. The reason for the same, as per the report, may be “due to the rise of stablecoin volume” and the “increase in pair offerings” across all markets.
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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