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Ripple Surges Over 20% | Months of Underperformance Over?

The past few weeks have been disheartening for Ripple (XRP) investors who have been watching as  Bitcoin and other cryptocurrencies continue to surge as XRP continues to experience a spell of sideways trading at $0.30.

Ripple Breaches $0.40 Mark

It seems the disappointed may be over as Ripple has finally managed to break out of the lower trading range by surging over 20% to above $0.40 mark. XRP is currently trading at $0.42, up 30% over the past 24 hours. Ripple has a market capitalization of $4.90 billion.

Before surging today, Ripple has underperformed for quite some time on the crypto market as it remained rooted in an indelible trading range of $0.30 to $0.34 that seemed hard to break away from despite the tailwinds caused by the upward surge of Bitcoin that has dragged other crypto to decent gains.

Despite its lackluster performance over the past few months, yesterday XRP underwent an incredible surge of buying pressure which pushed its price to near year-to-date high in the $0.40 region where it established some resistance level.

Currently, Ripple is proving a  promising altcoin as most altcoins are drifting lower and lower in their price range. Bitcoin seems to be establishing a resistance level of $8,000 gaining more and more distance. Some altcoins have dropped substantially; Litecoin is down 0.8%, and Bitcoin Cash is down 0.70%. Ethereum is up about 6%.

Bullish News Fuelled XRP’s Surge

The recent upward movement of Ripple has been fuelled by an influx of bullish news surrounding the cryptocurrency. One such news story that preceded the surge was the Coinbase announcement that indicated that New York traders could now buy XRP on the Coinbase Exchange platform. Many investors saw this as a bullish sign while some even believed this was a sign of an impending institutional adoption of cryptocurrencies.

It is, however, unclear whether Ripple will manage to maintain the solid foothold in the $0.40 region or the surge will be fleeting and it will back to the $0.30 region.

Featured Image: Depositphotos/  akulamatiau

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Mainstream adoption

Cryptocurrency Mainstream Adoption | Is Ebay the Answer?

Are we on the verge of mainstream adoption for digital currencies? The list of companies accepting payment in Bitcoin is steadily growing and now one of the biggest e-commerce sites is hinting at joining that list. Global e-retailing giant, Ebay, has stirred rumors via its latest promotional adverts.

Let’s check this out.

Mainstream Adoption – Ebay to Support Digital Assets?

At the Consensus conference in New York, Ebay’s banners suggested the company is about to enter the cryptocurrency space.

In a photo leaked on Telegram channel @PatronsOfTheMoon, the two banners read the following:

“Virtual Currency. it’s happening on Ebay”.

And:

“Reach 179 million active buyers in the world’s largest marketplace”

The photos have caused a stir, because if eBay is readying support for virtual currencies then it would be a major breakthrough for mainstream adoption. Bitcoin would be opened up to a network of potentially 180 million buyers.

Captured by @PatronsOfTheMoon

But don’t get too excited just yet. The company has yet to confirm that the posters are legitimate and hasn’t made any official statement regarding its cryptocurrency plans.

Other Mainstream Adoption

Ebay isn’t the only major brand hinting at mainstream adoption. Elsewhere, a new initiative is aiming to make big name retailers such as Crate and Barrel, Nordstrom, and Amazon’s Whole Foods, accept Bitcoin and three other types of digital currency.

The initiative comes from a partnership between payments startup, Flexa, and Gemini crypto-exchange. The pair have created a cryptocurrency payments app called Spedn.

The app is already active and works by “piggy-backing on the digital scanners that many big retailers use to accept phone-based payments from their apps and from digital wallets like Apple Pay”.

>>uBUCK Technologies Announces Strategic Partnership With U.S. Prepaid Platform PreWay

The partnership has asked various major retailers to “configure their scanners to recognize payments” from the Spedn app. Then a customer simply pays with the app and the merchant will receive a real-time payment in the form of the customers choosing—either cryptocurreny of dollars.

The app holds support for Bitcoin, Bitcoin Cash, Ethereum and, the Gemini Dollar stablecoin. Currently, the app is still under experiment by the retailers that are using it. As such, it remains to be seen if it will be a success.

The volatility of Bitcoin and the risk of hacking, has always been a major issue that has culled mainstream involvement. But might Spedn work? What do you think? Is mainstream adoption on the horizon?

Featured Image: Deposit Photos/hello.artmagination.com

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crypto regulations

France’s Crypto Regulations | Finance Minister Wants Whole EU Adoption

This week, some are focusing on the recent fire that broke out in Notre-Dame cathedral, while others are looking at Bruno Le Maire, the French Finance Minister. According to Le Maire, EU member states should implement the same crypto regulations the French parliament approved last week.

Here’s what we know.

French Crypto Regulations are Key, According to Le Maire

Last week, France’s parliament approved a law called the Pacte (Action Plan for Business Change) law, which pertains to cryptocurrencies. The law also deals with other business plans. According to Reuters, the new law will attract crypto traders to the Western European country. It will do so by giving these traders recognition and taxing their profits in return. The goal of this new law is to create a market in Paris, says Reuters.

Other sources say that at a blockchain event in Paris, Le Maire told those who attended that he plans to “propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience.” He also reportedly said that the French model “is the right one.”

Will EU Member States Bite?

It will be interesting to see if EU member states decide to listen to Le Maire and adopt French crypto regulations. After all, cryptocurrencies are either banned or unregulated in most parts of the world.

>> SBI Delists Bitcoin Cash: Keeps Support for Bitcoin Sv

If Le Maire were to propose this (like he said he would), the relationship countries have with cryptocurrencies may change.

Takeaway

While there are places in the world that are regulating digital currencies in their own ways—Malaysia just regulated them back in January—it will be interesting to see if the European Union develops one stance on cryptocurrencies, based on French crypto regulations.

As we approach the month of May, be sure to keep updated with this story, as it will likely impact a handful of crypto traders.

Featured image: DepositPhotos © PromesaStudio

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Tron VibraVid

TRON VibraVid | John McAfee Gets Behind TRON’s Upcoming Platform

The cryptocurrency world is noticing TRON. The blockchain network is developing a host of new legitimate platforms on its protocol. Now, notorious crypto enthusiast, John McAfee, loves one of the latest: TRON’s VibraVid platform.

TRON’s VibraVid and Further Protocol Developments

One of TRON’s most anticipated projects is BitTorrent Speed (expected in Q2 according to the website). Its purpose, as detailed on the website, is to reward “BitTorrent users with BitTorrent (BTT) in exchange for seeding and bandwidth, enabling faster downloads.”

The bandwidth sharing application is expected to lure millions of new people to the blockchain industry.

BTT, the token behind the application, is listing on dozens of exchanges at the same time that TRON’s dApp projects continue to grow.

Enhancing the entire TRON network, then, is an upcoming hardfork, which is expected to enhance the security and overall performance of TRON.

John McAfee and TRON VibraVid

As stated, John McAfee has taken notice of TRON’s developments, but one venture has caught his eye in particular.

The crypto bull expressed his adoration for the TRON VibraVid platform, saying “I do love this” in a Twitter response to the platform’s team.

VibraVid

VibraVid is an upcoming decentralized content sharing platform, “a decentralized answer to the industry giants like YouTube.” Powered by BeatzCoin (BTZC), the platform gives content creators a way to upload, market, and sell their content to fans or users. BTZC tokens are exchanged between artists and consumers directly, for the use of digital content. The idea is that the entire platform will act as a hub for artists such as musicians, who can control and monetize their works.

>> Facebook Coin Rumors Continue to Circulate: What’s the Truth?

Clearly, John McAfee gets behind artists controlling their own assets on these types of sharing platforms.

TRON is the 9th largest cryptocurrency by market cap. At the time of writing, TRX is trading at $0.023 USD per coin according to CoinMarketCap.

Are you a fan of TRON? Do you think TRON’s VibraVid platform will be successful?

Featured Image: DepositPhotos © hello.artmagination.com

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Assembly Bill 953

Assembly Bill 953 | New Legislation Combines Weed and Stablecoins

Lawmakers in California have introduced a new bill geared towards cannabis companies. Assembly Bill 953 was introduced on February 21st. This new piece of legislation would allow cannabis-related businesses to pay taxes and fees in digital currency—more specifically, in stablecoins.

Assembly Bill 953

If passed, Assembly Bill 953 would allow all California-based tax offices (state, city, and county) to accept stablecoins as a form of payment. Cannabis companies would be able to pay their cultivation taxes with stablecoins. At this time, a specific stablecoin has not been identified, and it remains unknown if all forms of stablecoins will be accepted.

Assembly Bill 953 wouldn’t go into effect until January 1st, 2020, if it is approved at all.

Currently, the state of California imposes a 15% state excise tax on cannabis and cannabis products. Often, cannabis companies owe a large tax amount at the start of each year.

Another issue many cannabis businesses have run into is securing simple financing services from banks. There are a few states that have legalized the use of recreational cannabis, but it is deemed illegal under federal law. Most banks are secured by the Federal Deposit Insurance Corporation (FDIC) and won’t finance ‘illegal’ activity.

>> TRON VibraVid: John McAfee Gets Behind TRON’s Upcoming Platform

Due to this, cannabis companies hold hundreds of thousands of dollars in cash at any given time. Assembly Bill 953 is not geared towards boosting cryptocurrency or the legitimacy of stablecoins, but more to reduce the vast majority of cash that gets flooded into the tax offices across the state.

California’s State Treasurer, Fina Ma, recently testified in front of the US House Committee regarding the amounts of cash collected. Ma said:

“Duffel bags and sometimes suitcases of cash would arrive quarterly at some of our designated offices and some business owners had to drive 350 miles to pay their taxes.”

It remains unknown at this time when Assembly Bill 953 could be approved.

Featured Image: Pixabay

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