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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XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“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!”
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