Ripple’ XRP token is off to a terrible start in 2019. Just after Bitcoin managed to conquer the bull territory back, the third largest altcoin by market cap crashed by 16 percent. Following the price movements, we read the analysis in the coming altcoin news below.
The crypto asset is now the worst-performing asset among the top ten cryptocurrencies. While the entire market goes into bull territory again, Ripple’s XRP token started to pull back. It also pulled back during the trading session yesterday and it crashed by 7 percent reaching a price point of $0.03 price mark. The altcoin is continuously underperforming bitcoin but also the entire crypto market.
The crypto market massively improved in the first couple of months of 2019. For example, Bitcoin surged up to 43 percent since the year started. The number one cryptocurrency even managed to outperform most of the stock market. Rather than Ripple (XRP), other cryptocurrencies also performed well. Litecoin for example, increased up to 135 percent since January while EOS increased up to 82 percent. The most popular coin currently, the Binance Coin surged up to 283 percent.
However, Ripple (XRP) failed to join its peers and was left stuck 92 percent lower than its all-time high of $3.84. As the best cryptocurrency news sites wrote, there was a lack of price action behind the digital asset. The company is currently trying to provide international remittance technology for major banks. But despite the efforts, only a few financial institutions are actually using the XRP token for liquidity.
The CEO of Ripple Brad Garlinghouse, was very positive back in the past when he claimed that ‘’dozens of banks will be using Ripple’s xRapid service.’’ So far, there is only one licensed bank to use the xRapid system. The system is not yet ready to change the entire finance industry. Traders are still coming back to the traditional methods since they don’t trust cryptocurrencies as much.
The selling point of Ripple’s XRP token was decreased right after JP Morgan and Facebook entered the crypto industry. The industry was shaken when the new JPM Coin was introduced earlier this year and some analysts believe that this was one of the reasons that lowered down the XRP’s action.
XRP Support Built Around The $0.2830 Level: Will Ripple Rise?
Grin Cryptocurrency Just Executed Its First Hard Fork
“It was planned since way before Grin launched. We would do four hard forks in the first two years, at regular six-month intervals, to introduce new features.”The developer at Grin cryptocurrency was featured in the latest cryptocurrency news for stating that the upgrade did not result in a network split. Rather than that, the Grin network simply halted "in its tracks" which forced users to update their software. The upgrade was completed at 9:45 UTC.
“In a classical fork, the chain can split into two mutually incompatible continuations. … In Grin, there is no way to continue growing the ‘old’ chain since the old code refuses to accept any blocks past the [hard fork] height,” he explained.One of the most integral changes for the Grin cryptocurrency and the Grin network in general today has been a tweak to one of two mining algorithms. As we previously reported in our altcoin news, Grin supports a mining algorithm which is friendly towards both general-purpose computing devices (GPUs) and specialized hardware called ASICs. Another developer at the Grin cryptocurrency and a software engineer at the blockchain startup BlockCypher named Quentin Le Sceller, recently said:
“It’s not really forking ASICs from the network but ensuring that no one is building ASICs for the [GPU-friendly mining algorithm.]”Therefore, the Wednesday update ensures that the playing field remains free of ASICs for the short-term future of the Grin protocol, preventing a monopoly on the Grin mining industry. Many best cryptocurrency news sites report that additional tweaks to the newly implemented mining algorithm will be activated by the Grin cryptocurrency developers in the coming months. Tromp also affirmed that for the second Grin fork, developers will add payment channels to the network.
“[Payment channels are] a way for two parties to perform many off-chain transactions between them,” Tromp concluded. “[It requires] one on-chain transaction at the outset and one settlement at the end.”
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
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- XRP Support Built Around The $0.2830 Level: Will Ripple Rise?
- Grin Cryptocurrency Just Executed Its First Hard Fork
- Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point
- Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
- Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
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