XRP Ledger’s sustainable nature is expected to propel XRP transactions to escalate by nearly 1,000% by 2025, according to independent researchers’ predictions.
A new report from independent researchers has come out to suggest that the “green architecture” that XRP Ledger operates on would make XRP transactions to surge almost 1,000% before 2025. XRP Ledger uses EW Zero (open-source tool) which, according to them, will step by step reduce its carbon consumption.
Sustainable nature of XRP Ledger
Climate change occurring now worldwide appears to be unstoppable. By 2030, it is estimated that almost $26 trillion could be saved from various sectors of the economy if sustainable measures to reduce CO2 emissions are adopted. For that reason, investors have constantly been searching for sustainable infrastructure for carrying out cross-border transactions.
Ripple is one of the efficient firms that has proven for a long time to be committed to providing such an infrastructure. It has a sustainable architecture known as the XRP Ledger, which researchers now predict could spur a substantial increase in XRP use. Ripple’s blog post claimed that XRP is inherently green as it was “designed with sustainability in mind”.
In comparison with other major cryptocurrencies, Ripple seems to be doing an excellent job as it pushes for the sustainable orientation of the XRP ledger. Unlike Bitcoin, which requires to be mined to the maximum, XRP needs no additional mining processes that consume energy as it all already in existence.
Ripple recently compared the energy consumption of XRP 1 million transactions with Bitcoin XRP 1 million transactions. It was found out that the one million transactions done with XRP could be able to supply electricity to 79,000 light bulbs on a yearly basis. But for BTC, one million transactions could otherwise be used to supply almost 4.51 billion light bulbs with electric power for one year. Meaning, XRP is 61,000 times more energy-efficient than BTC. Crypto News Flash had even earlier reported that BTC’s energy consumption was equated to Portugal’s energy annual consumption in 2019.
Low-carbon Initiatives to Spur XRP Transactions
By 2030, Ripple aims to achieve a net carbon zero target according to the company’s announcement in another report. To achieve this goal, Ripple is closely working with Energy Web, the Rocky Mountain and its own XRP Ledger Foundation.
The company has also joined the Rocky Mountain Institute’s Center for Climate Aligned Finance initiative. This initiative aims to bring some of the largest financial services providers in the globe together so as to frame a sustainable, low-carbon economy as well as society. In fulfilling its mandate, the conglomeration will rely on emerging financial technologies, like Blockchain, to make decisive actions that positively impact climate in the long-term. The leading asset manager BlackRock, also a part of the initiative is investing more in developing sustainable products.
XRP is a cryptocurrency, a payment protocol, a blockchain, and a company. Its ledger could disrupt traditional cross-border payments brands like MoneyGram and Western Union in the coming future.
XRP’s price, which is strongly linked to BTC, is about USD 0.233994 at the time of writing.
James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
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Following the Bitcoin all-time high on Sunday, December 27, Riot Blockchain stock registered 20% gains on Monday’s trading session. The stock has already appreciated by 13x this year. Apart from BTC, investors of Bitcoin mining companies are making a bomb in the market.
Bitcoin mining giant Riot Blockchain is making all the news in the market at the moment. On Monday, December 28, Riot Blockchain Inc (NASDAQ: RIOT) stock price surged a massive 20% surging past $15.5 levels. One of the biggest milestones with the Monday rally is that the Riot Blockchain has clocked a $1 billion market cap.
The latest price rally comes as Riot Blockchain hints at going aggressively on its Bitcoin mining business. Last week, the Riot Blockchain added new S19 Pro Antimers to its bitcoin mining arsenal. The company announced the purchase of an additional 15,000 Bitcoin (BTC) mining machines from Bitmain. The recent purchase also pushes Riot’s total fleet to 37,640 Next-Generation Bitmain Antminers.
Riot said that the fresh purchase of Antminers will help the mining company to attain a 65% jump in its mining hash-rate. RIOT stock has registered an unprecedented rally this year in 2020. RIOT stock has multiplied by 13x this year registering a 1200% surge so far.
Riot Blockchain has issued nearly 17 million shares since November 2020 with its total outstanding shares going to 67.5 million. It has been a phenomenal journey for Riot ever since it ventured into the Bitcoin mining business in October 2017. With valuations less than $50 million back then, Riot has grown more than 20x in size as of its latest stock price.
RIOT Stock and Shares of Other Bitcoin Mining Companies Profit from BTC Bull Run
The recent Bitcoin (BTC) price rally during Q4 2020 has also pushed the stocks of Bitcoin mining companies to new highs. Earlier on Sunday, December 28, the BTC price hit its all-time high of $28,000 in a massive bull run followed by huge institutional inflows.
Moreover, along with the BTC price rally, the Bitcoin hash-rate has jumped significantly since November 2020. Over the last two months, the BTC hash-rate has surged nearly 30% and is currently at 132 TH/s. The surge in the hash-rate suggests higher mining activity for Bitcoin.
As a result, Bitcoin mining companies have been making massive purchases of the BTC mining machines. In addition to Riot Blockchain, other giants like the Marathon Patent Group have made aggressive purchases over the last few months. Just like RIOT, the Marathon Patent Group (NASDAQ: MARA) has registered a phenomenal rally of 18% on Monday, December 28. MARA stock has multiplied investors’ wealth by 12x in 2020. It means the MARA stock has also given phenomenal 1100% returns year-to-date.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
How low could XRP go? Watch these price levels next
Published
7 Stunden ago
on
Dezember 29, 2020
By
XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading.
The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings.
In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471.
Where will the XRP price go next?
The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges.
On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. Paul Grewal, the chief legal officer at Coinbase, wrote:
“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”
Given the SEC’s recent action against Ripple, all XRP books have been moved to limit only and Coinbase plans to fully suspend trading in XRP on Tuesday, January 19, 2021, at 10 AM PST. Afterwards, users will continue to retain access to their XRP funds. https://t.co/izreZvgHNl
As Cointelegraph previously reported, analysts anticipated Coinbase to suspend XRP trading after the United States Securities and Exchange Commission filed its complaint.
Coinbase plans to undergo an initial public offering, and it is in the firm’s best interest to remain fully compliant with the regulators in the U.S.
Considering the regulatory uncertainty around XRP, traders have emphasized that technical analysis is of less importance in the short term. Scott Melker, a cryptocurrency trader, said:
“A few people have told me that there’s oversold bullish divergence on the $XRP chart. You are doing it wrong. Charts don’t matter here. You cannot trade in a vacuum. Jesus could come down with Biggie and Tupac and put on a concert for Brad Garlinghouse and I still wouldn’t buy.”
In the foreseeable future, XRP has several major support areas it could potentially recover from. However, these are deep support levels on the weekly chart, which shows that it lacks momentum for a major rebound.
The XRP price has fallen by over 60% in merely two weeks, recording one of its steepest two-week drops in history.
What happens next?
Adam Cochran, a partner at Cinneamhain Ventures, was one of the first to break the story that Coinbase had conversations about suspending XRP trading.
Cochran hinted that the SEC are probably looking into more projects and companies than people realize. He said:
“If you thought my scoop on Coinbase delisting/suspending $XRP was insightful, you’re going to love the next scoop I’m working on, this week. Looks like that SEC is far more active than we thought and sniffing around a number of projects and companies!”
In the initial exploit, the attacker liquidated over 11,700 coins on the 1inch decentralized exchange aggregator after inflating the token supply according to data from the Ethereum wallet explorer Nansen. In total, the rogue actor drained more than $5 million from the project as of press time.
Cover Protocol released addressed the incident in a message posted on its Discord group, stating:
“The Blacksmith farming contract has been exploited to mint infinite $COVER tokens. We have restricted minting access to the farming contract in order to stop the attacker. If you are providing liquidity for $COVER token (uniswap or sushiswap) please remove it immediately.”
According to the Cover Protocol team, the issue only affected the token supply with funds held in “claim/noclaim” pools still safe. The project says it is investigating the incident.
The attack caused a massive decline in the COVER token price, falling by more than 97% while also eliciting negative comments from a cross-section of the crypto community on social media. Back in November, Cover was one of the DeFi protocols to merge with Yearn.Finance.
Monday’s incident makes the Cover the latest DeFi project to suffer a malicious exploit in a year ridden with opportunistic profiteering attacks against numerous protocols.
As previously reported by Cointelegraph, the spate of DeFi hacks throughout the year stand out as one of the major disappointments in the crypto space for 2020 with data manipulation deemed as being easy to accomplish on many projects.
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