XRP Gains Ground Against Bitcoin as Active Address Count Remains High
[NEWS BLOG]: XRP Gains Ground Against Bitcoin as Active Address Count Remains High
XRP has seen some wild price action over the past few days and weeks, with investors sending the previously embattled token rocketing by over 300% following its break above the long-held trading range between $0.20 and $0.30.
The selling pressure in the mid-$0.60 region has proven to be quite intense in the past and may continue hampering its price action in the days and weeks ahead as it tries to surmount this.
This breakout isn’t the only thing that helped the crypto rally higher, as the upcoming Spark airdrop was also a catalyst for this push higher.
Because many investors now look favorably upon airdrops due to the success of that conduct by Uniswap, the one being sent to XRP holders in the coming weeks likely helped drum up some serious buying activity.
One analytics firm spoke about this in a recent tweet, explaining that while XRP is gaining some ground against Bitcoin, its price is being driven higher by an influx of daily active wallet addresses interacting with the token and with the network.
This is a sign of fundamental strength that may help boost the cryptocurrency’s price action going forward.
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Ripple-Based Remittance Firm SendFriend Claims to Save Up to 80% in Fees
Blockchain-based money transfer startup SendFriend utilizes Ripple’s technology to save up to 80% in remittance fees, according to a blog post published on Dec. 12.
SendFriend uses Ripple’s xRapid product for cross-border payments, converting between the United States dollar, XRP and Philippine pesos and circumventing the longer process of traditional banking systems.
Philippines-focused remittance platform
SendFriend’s money transfer app aimed at reducing annual remittance fees for cross-border Filipino workers claims to lower such transaction costs by up to 75%. What makes it possible, according to the startup’s CEO, David Lighton, is RippleNet’s On-Demand Liquidity (ODL) technology.
With ODL, RippleNet’s users can utilize digital token XRP to - read more.
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Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy.
Buying Sentiment on Hold
Bitcoin has long enjoyed the status of an offbeat, non-correlated asset that could behave as safe-haven for investors in times of economic crisis. - read more.