The rally in the crypto-market undergoes as Bitcoin is only a few hundred dollars away from hitting its all time high. Bitcoin dominance is dropping drastically since November 18 providing enough space and volumes for the boost of altcoins. This week only Bitcoin dominance is down to 3.35%.
Bitcoin and XRP are not the only currencies whose price has shown such performance. Other altcoins like Ethereum (ETH), Chainlink (LINK) are on a steady rise as well.
Bitcoin crossed $18,000 as it points towards an all-time high of $20,000. The last time Bitcoin traded a $20,000 was in December 2017. Altcoins have started following BTC on its way to new record levels.
In a massive rally, XRP has moved past all technical barriers to hits its new 2020-high above $0.70 surging more than 100% in less than a week’s time.
Amid the growing concerns about relocating its corporate headquarters due to regulatory concerns, Ripple Labs has filed a new trademark PayString.
Ripple has so far purchased around $45 million worth of XRP with more assurance from the company executives that they may continue to purchase more to support a healthy market.
In Q3 2020, Ripple pulled in $35.84 million in total XRP sales. This is more than a $3 million increase over the $32.55 million made in Q2.
Cred unofficially indicated that it filed for bankruptcy protection “to maximize the value of its platform for its creditors”.
Ledger customers are now facing a significant increase in phishing attempts after a major leak of email and private information affected them in early 2020.
The driver of the crypto market known as uncertainty backed another popular altcoin’s growth. While the dollar index is falling drastically, global major commodities and fiat and cryptocurrencies traded against the US Dollar were able to close in green for the past week.
Ripple token or XRP is an independent digital asset, native to the Ripple Consensus Ledger. Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency (XRP).
Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.