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XRP and Stellar (XLM) Updates

Most of the cryptocurrency market is trading in the red this morning, but the movement is trending upwards, and coins are beginning to flip green. Stellar (XLM) is just at the cusp of making the transition to positive market gains, but XRP, the coin created by Ripple, is falling far behind.

Let’s take a closer look at the projects surrounding these cryptocurrencies and their latest movement.

XRP

Ripple and XRP are often confused with one another. Ripple Labs is a blockchain-based global fin-tech company seeking to aid financial institutions with their proprietary payment platforms. XRP is a digital currency, independent of the company, that powers Ripple’s xRapid product. Ripple owns a large majority of the digital token.

Earlier this week, Ripple held its annual Swell conference, but instead of Toronto, it was held in San Francisco.

The event kicked off with a Q&A with former US President Bill Clinton, and Day One concluded with a concert by the Counting Crows. Despite the positive two-day event, XRP hasn’t seen any boost in its price.

>> xRapid Expands into Commercial Production

Stellar (XLM)

Earlier in September, the Stellar Foundation announced a new subsidiary of its company called Interstellar. Interstellar is a combination of two former subsidiaries named Lightyear and Chain and will employ 60 individuals. It is headquartered in both San Francisco and New York City. Stellar’s Founder, Jed McCaleb, will take over as CTO and Adam Ludwin will take over as CEO.

The Interstellar team manages StellarX, the newly released peer-to-peer asset trading marketplace.

StellarX was launched last week and currently holds the most popular cryptocurrencies on its platform. The platform is completely free to use, as in they do not charge a fee for trades. StellarX has a real fiat onramp, and if you have a US bank account, you can deposit USD directly into the app, via ACH.

>> StellarX is Here!

XRP and XLM Price Movement

According to CoinMarketCap, XRP is currently trading at $0.516 a coin, down -3.26% in 24 hours. XRP remains the third largest cryptocurrency by its total market cap. Stellar (XLM) is currently trading at $0.243 a coin, down -0.48%. Stellar remains just below EOS as the sixth largest cryptocurrency.

Featured Image: Depositphotos/© pookpiik

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Cryptos in Red | Ethereum (ETH), Ripple (XRP), and Stellar (XLM)

Well is anyone truly surprised that last week’s crypto bull-run is over? There are cryptos in red today across the board. About 95% of the coinmarketcap.com’s top 100 list to be more precise, but we’re interested in the real losers. The top dog’s who are also today’s top losers, including Ethereum (ETH), Stellar (XLM), and Ripple (XRP).

Let’s check in with these cryptos in red.

Cryptos in Red: Ethereum (ETH)

Saturday saw Ethereum reach a high of $251.20. But it has been downhill from there. In the past 24-hours, ETH has made a further 10.32% drop. It is now practically at the same level it was before it began climbing last week. No exact catalyst is driving ETH price today, more than likely this fall is the “must come down” part of the phrase that starts with “What goes up…

Cryptos in Red: Ripple (XRP)

It was inevitable that Ripple would not be able to maintain such highs.

Let’s recap last week: last week, Ripple doubled its value in a 48-hour period. It hit a height it had never hit before—$0.69, which meant the coin had grown over 100%. The reason for the XRP price explosion could be attributed to Ripple Lab’s unveiling that its xRapid project could debut within a month. This seemed to spur on a rally. Importantly it had a knock-on effect on the market; cryptos were green across the board.

But alas, our biggest gainer then is our biggest loser now. XRP has lost 14.43% in the last 24-hours. However, if it can level off sooner rather than later, the coin will still have gained overall this month. Let’s hope investors keep hodling.

Cryptos in Red: Stellar (XLM)

Stellar tends to follow closely behind Ripple trends. Today is no different. The coin is currently down 10.71% and appears to be losing more. It did grow exponentially last week keeping closely by Ripple’s side so can it pare any of these losses?

>> Cryptocurrency in India: Supreme Court to Hear Final Petitions Against the RBI Bitcoin Ban

Back in March, Stellar announced it would be implementing the Lightning protocol this December. According to the team, it is still on track for that deadline, and this news should excite investors. The Lightning protocol is deemed to be the best long-term solution for scalability on its network. Stellar wants to improve the user’s experience in terms of speed, throughput, and privacy/security.

It seems like crypto is playing a cruel trick sometimes. It seems inevitable that when cryptos go green, there will soon be cryptos in red.

Featured Image: Depositphotos/© Paulpaladin

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Stellar (XLM) Embraced by Visa-Backed Blockchain Company

The Stellar Foundation is a non-profit blockchain project that built the Stellar network. The Stellar ecosystem holds the digital token Stellar (XLM), or Stellar lumens.

The for-profit subsidiary of the Stellar Foundation, Lightyear, purchased Chain for around $40 million. As part of the all-cash deal, all of Chain’s existing investors, such as Citi Ventures, Visa, and Nasdaq will all receive a return on their initial investment, Chain’s co-founder, Adam Ludwin, told Forbes.

“All of the clients that we have now have effectively shifted from using a traditional database model to using a tokens model, issuing assets on a local environment,” said Ludwin, who is CEO of the newly formed Interstellar. “By partnering with Stellar you can fire an asset to another institution.”

Interstellar

Lightyear and Chain will both be retired, and Interstellar will employ 60 individuals. Interstellar will headquarter in both San Francisco and New York City. Ludwin will be taking over as CEO of Interstellar and Stellar’s founder, Jed McCaleb, will become CTO of Interstellar.

Ludwin told Forbes that StellarX, the trading service created on the Stellar blockchain, will also move under the Interstellar umbrella. StellarX is anticipated to launch in just a few weeks.

StellarX states that it is a free, fast, and user-friendly peer-to-peer marketplace. Its website claims that it will hold every asset class imaginable such as cryptocurrencies, bonds, fiat, and commodities. StellarX is currently taking email addresses and will email individuals when the product is made available to the public.

Visa, Nasdaq, and Citi

Last year, Visa announced that it launched the first phase of its B2B payment network that was powered by Chain. Nasdaq and Citi also announced last year separate joint projects that focused on cross-border payments using Chain.

>> Vitalik Buterin Told Bloomberg that Crypto Won’t See “1,000-Times Growth” Again

The reason for the acquisition Ludwin said was because Chain was unable to bring new customers together without a public network. The company thought about making its own public blockchain but then ultimately turned to Stellar. Ludwin said that Chain and Stellar have equal but opposite problems and this merger can solve them both together.

Stellar (XLM)

Stellar (XLM) is currently selling for $0.189410, which puts the coin down 3.76% in the past 24 hours.

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EOS and Stellar (XLM) Progress

Most of the cryptocurrency market is in the red today, as Bitcoin (BTC) has just fallen below the $7,000 mark. But today, we’re focusing on EOS and Stellar (XLM), and their latest project updates and price.

EOS

The first EOS Global Hackathon took place in Hong Kong back in mid-June. There was a total of 80 teams that participated in the event from around the world, and $144,000 USD was awarded.

The second EOS Hackathon took place in Sydney, Australia over this weekend.

Block.one just announced that over 200 contestants participated in the second Hackathon and they also had more than 50 teams compete. The event had 26 consecutive hours of programming, and the theme of the event was ‘Hack the Outback.’

The top three prize winners from both the first and second event will compete in the Grand Finale Pitch Competition that Block.one will hold in December.

At press time, EOS is currently trading at $6.46 a coin, down -5.34%. It seems that the results of the second event to build dApps on the EOS network didn’t boost the price of the cryptocurrency.

The next EOS Global Hackathon will take place on September 22nd in London.

>> First Global Hackathon Results

Stellar (XLM)

The hasn’t been any big breaking news on the Stellar project lately. Yesterday, however, the Stellar team broadcasted their monthly roundup.

The Stellar team is currently accepting submissions for its 7th Stellar Build Challenge. Another thing the team announced is that the Shariyah Review Bureau (SRB) reviewed the Stellar network and has promulgated guidelines that enable Sharia-compliant applications of Stellar tech to reach Islamic financial institutions.

There were many other smaller announcements on the July monthly roundup, and you can read them here.

At press time, XLM is currently trading at $0.230 a coin, down -1.54%.

>> Crypto Daily News: Barclays Denies Cryptocurrency Projects and Ethereum Classic (ETC) Launching on Coinbase Pro

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New Stablecoin Stronghold | Has IBM Support For Blockchain Payments

Fintech startup Stronghold has created a new stablecoin token dubbed the ‘Stronghold USD’ and it has received support from IBM. The token is launched on the Stellar network.

Stronghold is the first ever stablecoin to use the Stellar network and is reportedly backed by the US dollar at a 1:1 price ratio.

IBM and Stellar

IBM has been using the Stellar network since 2017 for cross-border payments and has now adopted the new stablecoin to enhance this process.

According to IBM’s senior vice president of global industries, platforms, and blockchain, Bridget van Kralingen, the new token represents a “tremendous opportunity” to improve blockchain payments currently undertaken by IBM.

IBM had been using Stellar’s native token, the Lumen (XLM) to facilitate fiat currencies by exchanging existing fiat’s into XLM for making transactions on the blockchain. One problem though is that this system is exposed both to intra-fiat exchange rates and volatile cryptocurrency rates.

However, using the Stronghold token eliminates the variables of the exchange rates and will play a big role in improving costs. This is because its worth remains stable no matter how the crypto market changes as it is backed by the dollar. Unlike regular cryptocurrencies which are backed by pure speculation as opposed to a tangible asset determining the price. These coins can be easily manipulated on a moment-by-moment basis by news or opinion.

Other Stablecoins

Van Kralingen also said that other stablecoin projects “pegged to national fiat currencies other than the U.S. dollar” would also be of value for IBM’s blockchain integration.

Malta-based Stasis only recently launched its own stablecoin backed by the euro on a 1:1 rate.

>>Coinbase Gets Approval to List Coins That are Securities

Tether is also one of the more famous, albeit controversial, stablecoins on the market. It too claims to be backed by the US dollar at a 1:1 ratio.

Stablecoins have been gaining increasing traction as they may be one of the key ways to protect coins from the volatility of cryptocurrency markets. Price volatility is one of the major concerns for vendors about adopting these assets, as the value is forever changing.

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