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XRP Ledger’s 6-year anniversary celebrated by Bitstamp; XRP community targets further decentralization

Akash Anand

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XRP Ledger's 6 year anniversary celebrated by Bitstamp; XRP community targets further decentralization
Source: Unsplash

On December 21, Bitstamp, one of the leading cryptocurrency exchanges, took to the twitter to celebrate the six-year anniversary of the XRP ledger. Bitstamp’s official handle tweeted:

“CELEBRATING: The XRP ledger is 6 years old today! As both an #XRP exchange and a #Ripple Gateway, we’re joining the #xrpcommunity in celebrating this moment!”

The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers. The ledger is also the home base for XRP, currently the second-largest cryptocurrency on the planet. Post the announcement by Bitstamp, XRP Toolkit, a Twitter user enquired:

“Any plans to act as an EUR gateway for the XRP ledger? Just like you’re doing for USD and BTC.”

To which Bitstamp replied:

“Hey @xrptoolkit, if we decide to integrate this service on our platform we’ll be sure to let our users know! Stay tuned!”

The XRP Ledger was conceptualized with the main idea of bringing the community together ie. anyone with a cryptographic key and internet connection can receive, hold and send XRP to anyone else. It is also noteworthy that just a few days back, statistics had shown that the XRP ledger had garnered some surprising records since its beginning.

The XRP Ledger’s increasing decentralization was also brought into notice when it was found that Ripple controls less than 30% of validator nodes on the Unique Node List [UNL]. The reason why the lower hold by Ripple is because it distributes power to individual validators rather than just XRP’s parent company.

The records show that over the past six years, a total of $1 trillion has been transferred in the form of XRP and more than 900 million XRP transactions had taken place over the ledger. The data was compiled from ‘data.ripple.com’ and also revealed that 43 million ledgers were closed on the XRP ledger.

The XRP ledger was also in the news recently when Brad Garlinghouse, the Chief Executive Officer of Ripple, stated that Bitcoin [BTC] and Ethereum [ETH] were less decentralized than the XRP ledger.



Adding a statement to back it up, Garlinghouse said:

“The XRP ledger is more decentralized to the Bitcoin ledger or the Ether ledger where you have a very small number of miners controlling… Well it passed 50% mining power. So we’re excited about the progress we’re making.”

Garlinghouse further stated:

“I think it’s [ignoring FUD] hard because the ecosystem still has a lot of it but we’re gonna keep doing what we’re doing and I think we’d be very transparent with our strategy with our execution and we’re gonna continue to do that.”



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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Analysis

76205|XRP/USD Price Analysis: Coin stagnates even after massive adoption news

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Source: Pixabay

The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon.

The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair.

1-hour

Source: TradingView

The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260.

The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish.

The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands.

1-day

Source: TradingView

The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027.

The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing.

The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market.

The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal.



Conclusion

The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well.

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XRP

76171|xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts

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xRapid will not 'flip the switch' on the price of XRP say prominent XRP community enthusiasts
Source: Pixabay

XRP, the cryptocurrency closely related with the company Ripple, has been at the center of speculation and arguments, with respect to xRapid and XRP’s price.

There have been a lot of accounts on Twitter promoting the fact that the price of XRP will rise and shoot to the moon, after banks and financial institutions start using xRapid for cross-border payments.

The most famous theory put out by people was the price of XRP hitting $589 by the end of 2018, which didn’t happen.

However, a recent conversation started by prominent XRP enthusiasts, has suggested that xRapid would not massively affect the price of XRP.

Nayer Malik [@sinjunsmyth], a Twitter user, stated,

“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself?”

In response, Galgitron [@galgitron], a prominent XRP enthusiast and a contributor to the XRP community, added that he had “been saying that all along.” In one of his blogs Galgitron stated,

“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics..”

C3|Nik [@C3_Nik] acknowledged the above and replied,



“It was seen like blasphemy to say that xRapid would not move prices that much by itself (e.g. “not the flip-the-switch kind of event”). It is interesting that the people who spread that narrative and misled others still have so many followers. Selling dreams.”

A Twitter user, @Crypt_Megalodon, voiced his opinion, which was different from the others. He tweeted,

“Well when you consider the US money supply being 15 trillion alone, the XRP cap doesn’t worry me. If/when XRP becomes the standard world wide, inflation will be rapid with mass adoption. I agree, with years, but, the value can be prodigious! The cryptoloution has already started.”

Considering the price of XRP at press time was only $0.31, and that there were more than a couple of Ripple customers that had already started using xRapid for cross-border transactions, the increase in the price of XRP due to xRapid seemed highly unlikely.

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