TronWeekly

Crypto World News

You are here: Home / Archives for Ripple XRP

Ripple XRP

8.5 Million XRP Tokens Have Gone Missing Due to Cryptocurrency Scams and Frauds Says xplorer Report

by

Since its inception, cryptocurrency scams and fraud have been prevalent in the industry. Reports also indicated that the number of scams has only increased over the years, making it an important aspect of security briefings.

Now a news report from Xplorer, an XRP data aggregator, stated that the XRP army was responsible for transferring almost 9 million tokens to addresses linked with giveaway scams. The data was shared on Twitter as community members called for a better regulation protocol.

The data aggregator website has shown that stolen funds have been transferred to almost all major cryptocurrency exchanges, with Binance claiming the biggest pie bite. HitBTC came in second while ChangeNOW took third place. Officials in regulatory positions have always claimed that tighter rules would deal with such everpresent problems.

xplorer.com’s official website also tweeted:

“According to our data, XRP accounts associated with these “giveaway” scams are in possession of at least ~5.9M XRP with many funds laundered every day through exchanges and swap services.”

The data that was used to study the effects of scams were from an independent source and everyone should double-check. There is a threat to XRP investors, disguised as well-meaning giveaways and airdrops. The Xplorer website was first created as ‘XRP Forensics‘ and looks to be a way community initiatives can combat fraudulent activity on the XRP ledger.

xplorer officials also noted that they are developing tools to help people who have been victims and to prevent others from making the same mistake. The platform acknowledged that time was the essence of catching criminals, and it was also the industry’s shortcoming. The slow investigations processes usually result in the criminals making away with all the stolen capital.

XRP scams usually litter social media sites like Twitter and streaming platforms like YouTube. Only recently, a lot of videos about the XRP giveaway were posted, where 50 million XRP tokens were promised, but they never came to fruition. Users who fell victim to the scam first sent money to a given address, promising massive returns.

Many members of the cryptocurrency field were not in agreement with the way mainstream companies were handling crypto red flags. YouTube was blamed for being tardy about removing the fake XRP giveaway which caused the view count on the video to go up. An increase of such players also forced the hand of Twitter CEO Jack Dorsey who has made it a priority to filter out fake giveaway announcements from actual news.

Ripple Teams Up With Azimo To Boost Cross Border Gateways; XRP To be Used As ‘Bridge Currency’

by

Ripple and its partnerships have made news multiple times and the cryptocurrency community has regarded the company as a progressive machine. The Brad Garlinghouse led company has not just partnered with other crypto companies but also with mainstream organizations.

New reports have now revealed that Ripple has partnered with Azimo, one of the largest money transfer services in Europe. The biggest highlight was not the partnership, but rather the use of its native cryptocurrency, XRP.

Azimo announced the tie-up on Tuesday, leading many in space to assume that blockchain technology and cryptocurrencies would pave the way for the future. With this move, both Ripple and Azimo are planning to take over the large market for remittances in the United States. Ripple has already invested in services to capture other global remittance markets, namely the MENA region.

Richard Ambrose, the Azimo chief, praised Ripple’s efforts to reduce transaction costs and the efficient way in which the company operates. Ambrose noted that using the On-Demand Liquidity[ ODL] offered by Ripple, Azimo was able to save more than 30 %-50 % of transaction costs everywhere. These cost savings have been made possible in transfers between customers in the Philippines and those in the US / Europe.

Richard Ambrose aligned with Garlinghouse’s claim that XRP existed as a bridge currency to make transactions faster and cheaper. Azimo admitted that he had been following Ripple for quite some time, as the digital asset industry had begun to prove its mettle. In particular, Ripple has made progress in the market for remittances through investments in MoneyGram and organizations in the Middle East.

At the moment, Azimo must pay for the use of Ripple’s transfer technology. Sources close to the company have stated that the payment was small compared to the capital saved during global transfers. Azimo has been interested in seeking ways to reduce transaction costs for developing regions such as Nigeria and wants to expand its services with Ripple’s support. Ambrose added:

“Ripple is like those blind men describing an elephant, who all describe it differently depending on where they stand. For some, it’s a speculative cryptocurrency, for some it’s an enterprise blockchain, and others it’s a financial messaging solution.”

Azimo is not the only company that Ripple has partnered with recently with the Intermex deal being the latest one. Intermex will use the RippleNet to create “faster, transparent cross border remittance services between the US and Mexico.

 

XRP is a Scam, Former Olympic Wrestler Ben Askren Tweets 

by

Nicknamed “Funky”, Ben Askren is an American retired professional mixed martial artist who recently shared his anti-thought on XRP, the third-largest cryptocurrency.

Askren is a former Olympic wrestler who also competed in the Ultimate Fighting Championship (UFC). Despite his sports expertise, Ben fell into a controversial argument against the XRP army by tweeting “XRP is a scam”. While responding to a tweet that tagged him, Askren replied;

As always it is, the tweet gained significant traction shortly, at the time of reporting this, Askren’s ‘XRP-related tweet” is popping up with 1.7K likes and 133 retweets. Also, the responses are a mish-mash of the XRP army and XRP haters. On one side, few comments are backing Askren’s claim, on the other side, others appeared as a strong adamant of XRP.

However, a twitter handle, ‘Yassin M’ who by his Twitter profile seems XRP army member backlashed by noting “XRP is about as a scam as you are a UFC Champion”. More so, another response embraced the way XRP works, it mentioned; “XRP is solving a global problem”. With this, the tweet laid down the significance of XRP by noting the quick settlement of the cross-border transaction of XRP.

On the other hand, Bitcoin believer mocks at the XRP army and quietly acknowledged the claim of Askren. A Twitter handle “John Kwoski” noted that ‘XRP is a scam” and continued;

Not a token meant to be held long term. Bitcoin is the best money in the world.

Echoing the similar concern, Steve Floyd who appeared as the founder and CEO of Fractals, indicators on a candlestick, noted;

A worthless centralized shit token with no utility none the less.

Not a First Time

Although this tweet looks fairly confrontational, certainly this isn’t the first time that Askren dared tweeting something about crypto. Back in October last year, Askren quietly shilled BTC, stating;

Just bought more BTC using eToro was really easy, now all of you Twitter geniuses can tell me Crypto is a scam while my assets go up!

However, few also were skeptical whether Askren really had a bullish view on Bitcoin or was promoting eToro as he specifically tagged eToro in his tweet. This being said, sponsorship wasn’t entirely the crux of the matter, he has been a big advocate of LTC. In fact, his UFC escapade had reportedly linked to Litecoin Foundation and had also been founded shilling LTC when it was traded at $100 during May 2019.

As for XRP, the token price didn’t have any relation with Askren’s anti-XRP tweet. At the time of reporting this, it is currently trading at $0.23 against USD, valuing the total market capitalization of $10,423,825,847. More so, the token is also soaring its value by 2.26 within 24Hrs.

CoinField’s latest development all set to put Ripple’s XRPL in the limelight

by

Ripple and its native cryptocurrency XRP are known in the cryptocurrency space for their ability to rile up their user communities with new announcements. The reaction from the user base has been a testament to the organization’s struggle to make products compatible with ongoing trends and technologies.

The latest update related to Ripple and XRP came when CoinField, the famous Canadian cryptocurrency exchange, revealed that they were working on a new project called Sologenic that will be fully built on the prominent XRP Ledger. Sologenic’s whitepaper stated:

“Sologenic is introducing a sophisticated ecosystem that facilitates users with investing, trading, and on-demand tokenization of assets such as stocks, ETFs, and fiat on top of the XRP Ledger. A tokenized stablecoin of TSLA stock or USD fiat is presented as TSLAƨ or USDƨ, respectively. These stablecoins are tradable and redeemable against XRP and SOLO on both CoinField exchange & XRPL DEX.”

The report from CoinField claimed that the company would initiate 30,000 stock options on the XRPL, which will be skewed for cryptocurrency trading. Bob Ras, the Chief Executive Officer of CoinField, stated that the users would be highly benefitted after merging the traditional financial market with popular digital assets.

The exchange has further added that the commitment is still towards the users and that 50 percent of all transaction fees generated from trades will be burned instantly by sending the native SOLO coins to the gateway’s issuing address. Bob Ras elucidated:

“It’s an ecosystem, merging traditional financial market assets—non-blockchain financial systems—with crypto assets. We offer our customers the ability to tokenize any asset on demand. Users can tokenize over 30,000 stocks and ETFs.”

The latest development on the XRPL is expected to set a precedent when it comes to large cross border transactions and more seamless experience for the users involved. The last week witnessed some essential announcements from Ripple, and the Sologenic update is something that the community is looking forward to. Some users also expect the movement to contribute to an XRP price hike towards the close of 2019.

At press time, XRP was trading for $0.29 with a total market cap of $12.49 billion. The cryptocurrency also held a 24-hour market volume of $1.65 billion after a slight 1.86 percent dip in value during the 24-hour spectrum.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Ripple Price Analysis: Can XRP Reach the Supply Level at $0.30?

by

Key Highlights

  • XRP/USD pair consolidates above the $0.25 demand zone since August 28
  • Ripple bulls failed to break the $0.26 demand zone in the last two weeks
  • If the price rebounds and breaks the $0.26 resistance zone, XRP will reach the $0.30 supply zone

 Ripple (XRP)’s Current Statistics

The current price: $0.25

Market Capitalization: $10,977,415,218

Trading Volume: $845,981,746

Major supply zones: $0.35, $0.40, $0.50

Major demand zones: $0.20, $0.15, $0.10

Ripple (XRP) Price Analysis September 14, 2019

Ripple’s cryptocurrency has continued to consolidate above the $0.25 demand zone after a strong bearish move on August 14. The market had earlier fallen to the low of $0.26 demand zone, but the bears found support at the $0.25 demand zone. The price corrected higher, but it is facing selling pressure at the $0.26 demand zone.

However, if the bulls fail to sustain the XRP price above the $0.26 demand zone, there is a likelihood that the market will be under the control of the bears. In other words, if the bears break the $0.24 or $25 demand zone, Ripple is likely to fall to the low of $0.19 demand zone. Conversely, a rebound at the $0.25 demand zone will push the price to reach the previous high of $0.30 supply zone.

XRPUSD-Daily Chart September 14, 2019

Ripple Technical Indicators Reading

 The crypto’s price is currently resisted by the blue line exponential (12-day EMA) moving average. If the bulls break above the EMAs, the market will reach the $0.30 supply zone. Meanwhile, the blue and red lines are sloping southward, indicating that the price is falling.

At the lower trend line, if the bears break the lower trend line, the price will fall to the 1.272 Fibonacci extension level. Nevertheless, if the bulls break the upper trend line, XRP will commence an upward movement. The Relative Strength Index Period 14 level 37 is indicating that the coin is approaching the oversold region.

Conclusion

The Fibonacci tool drawn indicates that Ripple is likely to continue its downward move. The market is expected to fall and reach the 1.272 Fib extension level. In other words, the XRP/USD pair is likely to reach a low of $0.22 demand zone. The RSI indicator and the exponential moving averages have signaled the downward move of Ripple price.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.