Chinese crypto billionaire slams NEO, Tron (TRX), EOS and others

The cryptocurrency world has woken up today with a bitter taste in the mouth after audio was leaked with some of the strongest declarations about crypto that someone has ever done. The attestation comes from Li Xiaolai, a very reputed figure in the Asian cryptosphere for participating in projects such as the promotion of Qtum, and the creation of Bitfund.online, a bitcoin faucet website that also integrates a game and provides free Bitcoins every 3 minutes.

Xiaolai it is also known for being a crypto investor himself. As per the estimates, he has a net worth of 3.5 billion US dollars, which categorize him as one of the wealthiest persons in the crypto world.

Concerning the declarations, Xiaolai has already raised his voice confirming the integrity of the leaked audio. Nevertheless, when it comes to the content itself, the investor has not said anything yet, a fact that has made a large part of the community, especially from China, feeling confused and concerned.

Tron and Binance a fraud, NEO is worthless and Qtum just garbage

Xiaolai leaked anti-crypto video is in the Chinese language, but if you translate that into English, the asseverations on the audio can are as follows:

  • All of the successful ICO campaigns are basically constructed with the creation of a pool of followers and an aggressive publicity exposition.
  • The primary factor to launch a crypto is to have followers, so if anyone desires to have a crypto on the market, the first thing they need to do is to become a celebrity.
  • Most of the popular tokens and exchanges are just scams.
  • NEO is a worthless project.
  • The two major scammers in the cryptosphere are without a doubt the CEOs of Binance and Tron (TRX). The success behind Binance relies mostly on the absence of other exchanges after the banning activity in September 2017, and Justin Sun (Tron CEO) only creates a hype on his social media by manipulating its followers.
  • Litecoin is a stupid coin that actually doesn’t differentiate that much from Bitcoin, there’s nothing different on the token and that’s something, Charlie Lee, CEO of the token is aware of.
  • Qtum is a valueless coin, after working in the promotion of the token for six months I can assure that the token is nothing but a scam.
  • During a bearish run, it’s impossible to gain money, the best thing to do is to create a hype and build a group of followers, once the market starts to go up you can use your followers to make a profit.

After the declarations of the crypto millionaire, many investors of the community are actually concerned. Even when some of the comments seem to be just hateful and mean, it makes sense that the market is built on foundations of speculation and manipulation, and that is precisely what we can see happening with tokens such as Tron (TRX) or EOS.

Many of the investors actually put their money on a coin without actually understanding why do they do it, so this, in fact, could be a good milestone to put ourselves together and understand better the market before placing our bets on a coin.

Of course, different experts have their very own perceptions even if they are in the same industry, what exactly is the situation in this case. Also, till now we only have leaked audio, Li Xiaolai has not attested that those are his final thoughts about Tron, EOS, Neo, and others. We are going keep a close eye on this story as it develops and will keep updating the information here. Stay tuned.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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DigiByte Price Analysis: DGB Playing Out In Spades

Last week, we brought readers of Global Coin Report to the attention of DigiByte (DGB), where we noted, DGB appears to have potentially found its footing, at least in the short-term and in the process, is feeling some much-welcomed love in the form of price appreciation.

Although it’s premature to declare that either DGB or the vast landscape of cryptocurrencies are completely out of the woods just yet, nevertheless, the recent day’s action in DGB may be foreshadowing what’s to come for the entire space in the weeks ahead with DigiByte setting the tone.”

We also went on to state, “from a short-term perspective, while DGB requires additional work, it has recaptured the .023 level, which acted as potential short-term support (now turned resistance) on the way down, which is a positive development.

In addition, if DGB can hodl the .023 figure in the days ahead and or better yet, put in some side-ways grind and consolidate the recent move into higher ground via forming a potential right shoulder of an inverted Head-and-Shoulders (H&S) formation, we may have the making’s of something to look forward to in the weeks ahead, should such development indeed materialize”, which now appears to be playing-out in Spades as we can witness from the daily Chart below:

When viewing the recent action of DGB above, things are working as we suspected last week with DigiByte consolidating the recent move higher via some side-ways grind and now finds itself trading comfortably above its 20 SMA (yellow line) and flirting with its 50 SMA (blue line), which continues to suggest a favorable technical posture from a short-term perspective.

While additional work remains in order for DGB to reach our referenced short-term price objective at .04 (60% move from initiation) derived from the measured move, it certainly appears that we’re on the right path and things are playing out in spades – so long as DGB is capable of exhibiting its recent relative strength.

Thus, moving forward, both investors/traders may want to utilize the following levels as a guide as well as providing further evidence/clues with respect to direction.

If, at any time in the days ahead, DGB is capable of clearing the .034 level, such development, should it materialize, would likely set the stage for a run for the roses at our referenced .04 price objective, which just so happens to coincide with the 200 SMA, resulting in a 60% move in the past week.

With respect to the potential short-term support, both investors/traders may want to utilize the .025 level from a trading point of view, while the .02-.021 should provide for longer-term investor support.

Nevertheless, the action in DGB continues to follow our script from last week to a ‘T’ and now we just wait to register the points on the scoreboard should DGB find itself touching down at the .04 level in the days/weeks ahead.

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Best Time to Buy TRON (TRX) – Here is Why

TRON (TRX) has been one of the cryptos that the entire Internet has been talking about for months now. Still, it remains extremely undervalued, even with all of the success that it has experienced recently, especially in June of this year. This might change soon, and now might actually be the best time to buy TRX. Here is why.

About TRON

Before we get into why buying TRX is the best thing to do now, let’s first quickly reflect on the coin itself.

TRON is a cryptocurrency belonging to TRON ecosystem, with a strong focus on decentralization of the internet. Its goal is to create a free system that would concentrate on online entertainment, and it plans to do so through the use of blockchain technology. Basically, through the use of TRON, users would be free to store, publish, as well as own data without difficulties.

So, TRON applies blockchain technology to improve the current content creation environment that is available through the internet system, which is currently centralized. However, instead of the content going through various centralized information distributors, it would be decentralized, and thus free for creators to organize it and use it as they see fit.

TRON’s concept is pretty similar to that of Ethereum, and it provides its users to create dApps and smart contracts on top of it. TRX’s role in this would be to serve as a gas-type asset, which would emphasize on the functionality of these applications.

With that in mind, let’s see why TRON has a bright future ahead of it, and more importantly – a soon-to-come increase in price.

Why TRON’s price might soon go high

Currently, TRON is extremely undervalued, with its price being at $0.036550 as per CoinMarketCap. Its price went down at the beginning of the year, just like that of pretty much every other crypto. However, there are three reasons why TRON is bound to reach greatness once again, which is not something that every digital coin may expect.

The first one includes the team behind it, and more importantly, the man behind it all – Justin Sun. Sun has proven to be one of the most capable people in the crypto world and has even been profiled in Asia’s 30 Under 30. As part of his studies, he learned under Jack Ma, the chairman of Alibaba, and has even been suggested as one of the handful of future billionaires by Forbes.

His influence is extremely large, and he even has over 446,000 Twitter followers which are following his every update on a daily basis.

This leads us to the second reason why TRON is a safe investment, which is its community. TRON is one of the most popular coins today. It is held by over 426,000 people, which made this coin reach over 60 countries around the world.

Its community is enormous, and not that many cryptos can claim to have as much support as TRX has. With a community like that, TRON is definitely getting the much-needed attention that allows cryptocurrency to not only survive the difficult times but to also prosper as soon as the conditions are right.

Finally, there is the third reason why TRON can be trusted, and that is its operational development. TRON is one of the most updated coins around today. The team behind it consists of over 80 individuals, and it continues to grow.

The list of companies that have entered some sort of partnership with this cryptocurrency continues to grow on a daily basis. Not to mention that TRX has finally launched its MainNet, and has even started the process of token migration. Through this process, TRX coins are finally leaving Ethereum’s network, and are going to their native blockchain.

Finally, TRON has recently purchased BitTorrent, which was not done on a whim, but instead, the coin plans to implement BitTorrent’s technology and improve its own.

TRON has also been listed by numerous exchanges even before the launch of its MainNet. However, the real increase came before the token migration, with many new exchanges offering their support and entering a partnership with this crypto.

Obviously, TRON has done a lot recently. Because of all this progress, it is very unlikely that its price won’t soon start to change for the better. Similarly to what has happened to early Bitcoin and Ethereum holders, those who purchase TRX while it is still cheap might make quite a profit once this crypto finally gets to the price that it deserves. Of course, the crypto market is anything but reliable, and large changes for better or for worse are a part of its daily routine. However, all this information indicates that TRON has a very bright future ahead of it, and such an opportunity should definitely not be missed.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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NEO (NEO) Won’t Remain this Cheap for Much Longer

NEO is one of the cryptocurrencies with the largest potential to become a representative of the third generation of cryptos. As such, it would be expected that its price would be high enough to top all other coins, and to maybe rival even Bitcoin and Ethereum. This is currently not the case. However, this situation might change soon enough.

About NEO

As you probably already know, NEO is one of the most popular cryptos of the third generation. Its community is huge, and a lot of people have chosen NEO before any other coin, and for good reason.

NEO is a crypto that was created as an improved version of Ethereum (ETH). It has recognized many of Ethereum’s problems, and it has been working hard to fix them and to set a new standard on what crypto is supposed to be like.

It has a large community, and is one of the digital coins with the strongest foothold in the far east, considering that it is the favorite digital coin in China. This is extremely important for NEO since China is usually not very supportive of cryptocurrencies.

Considering that they seem to like NEO and that it shares a lot of similarities to Ethereum, NEO has become known as Chinese Ethereum. The coin has entered a lot of partnerships so far and has had more than decent success in its four years of existence.

And yet, despite a stable situation like that, NEO is still pretty underpriced, with its value being at $37.88 per coin. Many have been wondering why that is, and how is it possible that NEO cannot rise back to the top as it did in December 2017. Back then, this coin managed to hit $160 per token, and NEO enthusiasts are patiently waiting for the old price to come back. Well, as it turns out, they might not have to wait for long.

Why this is the best time to buy NEO

NEO’s price has mostly been going down ever since this year began, with only one large spike that occurred in mid-May. However, there are some indications that this coin can do a lot better.

The low price is something that a lot of great cryptocurrencies share these days, and there might be a reason for it. According to some experts, this reason is closely connected to the psychology behind the purchase of cryptos.

To explain this, we will have to briefly check the history of Bitcoin (BTC) and Ethereum (ETH), the two largest cryptos to date. Both of them were very cheap at the beginning of their careers. Those who discovered them back in the day, and recognized their potential, saw that the time to buy cryptos is when their value is low. That way, people have purchased multiple coins for a single dollar. And, when the prices skyrocketed into hundreds or even thousands of dollars per coin, those people became millionaires overnight.

Now, BTC and ETH are well-established coins, with their potential being known to everyone. However, coins like NEO, EOS, Ripple, and alike are still fighting to prove that they can be just as successful. By having a low price, they are allowing their users to join in, and not miss out on another opportunity to make a large profit through a small initial investment.

After all, buying a lot of BTC or ETH these days is not exactly an option for most individual investors. Even if their prices did go up, there would not be much profit when it comes to small amounts of these coins. However, investing in an underpriced coin, even in NEO which is relatively expensive when compared to many other coins within the top 20, can still make a large return.

The fact is that it is only a matter of time before the crypto market picks up the pace once more. When that happens, the prices are expected to skyrocket again. The time will tell which crypto will walk in Bitcoin’s and Ethereum’s footsteps, and become the main coin of the third wave. However, a lot of people believe that NEO is the right way to go.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin Price Analysis – Three Times A Charm?

After finding its footing last week at the 5700 level, Bitcoin price has since started to exhibit some momentum/mojo and has begun to show some life in the past week of trade. While the overall trend remains lower, which both investors/traders need to be cognizant of such conditions, as well as further work required in order for BTC to right the ship and repair the technical damage inflicted over the past six months, nonetheless, the recent action is a start and certainly welcome for those longer-term HODL’ers.

While Bitcoin Cash (BCH); Ethereum (ETH) and LiteCoin (LTC) continue to struggle with their 20 day moving average and have been unable to overcome the hurdle thus far, BTC has not only managed to recapture its 20 SMA but, has now been capable of four consecutive closes above its 20 SMA and is presently working on its fifth if it can complete the job in today’s session, which from a short-term technical perspective, would be a favorable development.

Furthermore, when observing the daily Chart of BTC below, we can see that it appears that Bitcoin is once again in the process of forming a potential inverted Head-and-Shoulders (H&S) formation. Although additional work is required in the development process, it is something that both investors/traders may want to monitor in the days ahead for further clues.

As we can witness from the daily chart above, not only is BTC in the process of yet another potential inverted H&S formation, yet we can also see that on two (2) prior occasions in both 1Q as well as 2Q, where on both attempts at completing the formation, BTC was rejected (dark blue and light blue horizontal lines) and subsequently rode the slippery slope to lower depths.

Thus, will this recent formation for BTC be three times a charm via its completion?

With the jury remaining in deliberations and having yet to deliver its verdict, both investors/traders may want to pay particular attention to the following levels moving forward as a guide as well as providing additional evidence/clues with regards to short-term direction.

If, at any time in the days/weeks ahead, BTC can go ‘top-side’ of the 6900 level and ‘stick’, such development, should it materialize, would likely set the stage for greener pastures with a potential objective from the measured move of 7800-8000 zone.

On the flip-side, the 20 SMA (yellow line), presently located at 6388 as of this writing, provides potential short-term support and perhaps more importantly, the 6190 level. Should 6190 ‘give way’ at any point in the not too distant future, such would likely suggest another failure and void the developing inverted H&S formation currently in progress.

Needless to say, risk management remains priority number one, as always, while we await further cards from the deck to be revealed.

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Do the Technicals Make a Fresh Case for NEO and XRP Exposure?

The landscape that defines the cryptocurrency complex, in a very broad sense, according to our research, is that of a late-stage bear market.

Think of the NASDAQ in 2002. We may well be seeing a whole bunch of low-hanging fruit all over the place right now in crypto. And, as market veterans will attest, the charts always lead the way at major turning points. That’s why it may really pay to keep a keen eye on the evolution of major technical patterns over coming weeks.

Today, with that in mind, we take a close look at NEO and XRP.

NEO

Chart courtesy of tradingview.com

The NEO chart could be working through the initial stages of a classic inflection. Crucially, this coin recently broke below its early April lows to precisely test the support level that defined its launching pad (at about $33) before the massive run we saw in December and January.

As you can see in the chart above, that launch back in early December was defined by a base with support at a shallow but rising 50-day simple moving average.

At this point, following a trigger at severely oversold levels for the 14-day RSI measure, NEO bounced off of that supportive shelf, shooting over 75% higher in several days to run into resistance at a now declining 50-day simple moving average.

Note that volume in NEO has sharply risen doing this rebound as well, which is common at key inflections following long and drawn out corrective periods such as we have seen over recent months.

The path forward from here, if we are carving out a potential inflection point on a larger time frame, would likely be next marked by a pivot at a level above its late June lows, creating an initial “higher-low” to serve as a catalyst for FOMO and chasing by traders on a subsequent breakout in NEO above that same 50-day moving average later this month.

Ripple (XRP)

Chart courtesy of tradingview.com

For traders focused on ripple, the drama is almost exclusively surrounding how XRP manages to handle its most recent test of key support in the zone that defined a powerful base formed back in early April.

The key level is really a wide crayon-stroke zone with its heart at $0.45. The action in this coin toward the end of June slightly violated that level, where buyers appear to have stepped back in to push XRP back up to test the $0.50 level once again.

It should also be noted that a Fibonacci retracement scale placed around the range defined by the breakout last fall into the upper bound defined by the April/May highs also logs a confluence of support at the key 61.8% level right around this same important zone at $0.45.

If XRP manages to firmly hold and reestablish itself back above the $.50 level, and particularly if it does so on rising volume unrelated to a specific news event or headline, we would begin to feel a great deal more conviction about the near-term prospects for this coin just based on technicals alone.

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Ethereum Classic is Sporting Green: ETC/USD Technical Analysis

At the time of writing, all the top-20 ranked crypto coins were sporting a bearish trend. The only exception being Ethereum Classic, ETC/USD pair (as of 6th July 2018). The movement of ETC/USD, over past 72 hours, ETC has surpassed two major moving averages, the 55-day and 100-day moving average, and is continuing on the upward trend.

Ethereum Classic (ETC) is Going Up!

Chart courtesy of tradingview.com

Analysis of Price

  • High: $17.646 USD
  • Low: $17.305 USD
  • Major Resistance Level: $17.500 USD
  • Hourly MACD: Placed heavily in the Bullish Zone

As can be observed from the chart, at the time of writing, ETC/USD pair was sporting $17.646 USD (2.02%). The low, at the time of writing, shows $17.305 USD. If observed from the month of March, the price action of the said pair had been showing largely a bearish trend, like most other cryptocurrencies at that time. The Q1 of 2018 had seen massive bearish trends due to hacks of some cryptocurrency exchanges like Coincheck, and regulations brought in by several countries.

The CoinRail hack (occurred on 10th June) shows a sharp drop from low $14.922 USD on 9th June to low $12.731 USD on 10th June. The effect could also be observed among other top-ranked cryptocurrencies.

The green candles are indicating a buy momentum and the trend may follow for some time. The price may go down if there is news about another crypto exchange hack or if weaknesses are discovered by the investigative firms. Currently, the investigative firms are constantly keeping an eye on the exchanges, how they administrate, protect data, and handle any potential threats.

Coming back to the charts, the ETC/USD pair can currently be showing an uptrend as Coinbase has already announced that Ethereum Classic is going to be on the list. The listing is bound to generate some interest among the crypto enthusiasts and investors. Thus, one can expect it to have a major impact on the price action of the pair. As of now, as it is still uncertain when the listing will go live, the speculations are generating a little interest and pushing it towards Buy. The trend may continue if all goes well. Ethereum Classic is certainly exposed to volatility as the price of the pair continues to move around the 17.500 mark.

What is to be observed at the moment is whether the ETC/USD pair will break the 18.000 level and move closer to the $20 USD. From current observations, the price movement of ETC/USD is sporting the green quite strongly.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Hurry up. Golden Ripple (XRP) investment opportunity window closes shortly

The month of July is a significant one, and it might also be the month when the window of opportunity (in terms of huge returns) in the crypto market closes. Taking a look at the crypto market, the market has been bearish with lots of dips. However, three basic factors have been holding the crypto market back for the past few months. Here I’ll discuss why the month of July would be a crucial month for cryptocurrencies, especially Ripple’s XRP.

Custody issue

Coinbase has finally solved one of the biggest issues that institutional investors face. The problem of custody – which means where and how big institutions can store their cryptos without the fear of their funds being stolen by hackers such as instances with exchanges that have been hacked by cyber thieves.

Coinbase has found a solution termed Coinbase Custody: a service that helps to store Institutional funds. On June 2, 2018, Coinbase said this on its official Twitter page:

It is important to know that the exchange platform aims to be the most trusted crypto exchange in the world. Additionally, another aim of Coinbase Custody is to make sure that the storage of funds and investments are readily available for every financial institution out there. The exchange’s new service will have a storage mechanism for its clients’ digital assets (cryptos).

The problem of custody has been on for quite some time in the crypto market. Lots of institutional investors are bothered on where their cryptos can be stored. However, the Coinbase’s CEO, Brian Armstrong stated the most crucial problem that eligible institutions face with cryptos is security. With this problem solved, the window of opportunity (concerning huge returns) of major cryptos (including XRP) will close this month, July 2018.

The regulatory environment

We do know the debate on whether XRP is a security or not. Well, lots of investors are scared if they will call XRP a security. It is important to know that Thailand skipped the big debate on whether cryptocurrencies are securities or not.

The country skipped this debate due to the fact they want cryptocurrencies in the country to boom. One fantastic thing that Thailand did was placing Ripple (XRP) with other major cryptos such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar, and Ethereum classic, as standards for ICOs and trades to pair with.

Thailand’s move indicates that most governments are preparing to back away from holding cryptocurrencies.

If you look at the top 5 cryptocurrencies today, most of them are based in the US. One crypto that is working closing with the US government is Ripple, and they are making sure that the US government check their activities to make sure that nothing goes wrong.

Regulatory policies by the US government may not harm Ripple due to the close check and updates Ripple has been offering to make sure the US government remains at the top to other governments like China. It is safe to say that Ripple (XRP) is a cryptocurrency that can make the US government stay on ‘top of its game’ to other countries.

Why is that so, China banned cryptocurrency, but recently, they are set to lift the ban. The country knows that the use of cryptos is worldwide and modern technologies are being used in the crypto market. With that in mind, the Chinese government won’t want to be left behind in remaining competitive with the US government and other governments.

Utility issues on the edge to get resolved

The crypto market is also faced with utility issues, and they are lots of questions concerning if digital currencies are going to be used by banks or financial institutions. In fact, this is the biggest of all the issues stated here. What’s the essence of a digital asset if it can’t be used?

A crypto coin like Ripple (XRP) has excellent potential, and one day, just because of this single reason (let other Ripple blockchain pros be on the side), its price will be way more than what it is today. Ripple (XRP) has lots of exciting plans for their products and xRapid – a product that uses XRP will go into production very shortly, according to Brad Galinghouse. It is also important to know that xRapid and xCurrent are Ripple’s software and these software use XRP for liquidity.

Utility issues not only applies to Ripple (XRP) alone, but to other digital currencies. This is due to the fact if digital currencies are used continually, lots of good things will occur and the transactions of funds will be much easier for banks, Amazon, and similar platforms because of the blockchain technology. Ripple has the potential to be the first company to be used by the Financial industry for cross-border transactions.

Final Words

Ripple (XRP) is a futuristic blockchain that sets its aim on long-term goals. The cryptocurrency is almost on the cusp for a breakout, and as a result, the window of golden opportunities (mega returns) might close very soon. As it stands now, it is an excellent time to invest your money in Ripple (XRP). Not just for Ripple, the month of July could be the turning point for all major cryptocurrencies. Let’s wait and hope for the best.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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