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Famous Crypto Trader and YouTuber Says Ripple (XRP) Is Better than Bitcoin (BTC)

Lele Jima
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Famous Crypto Trader and YouTuber Says Ripple (XRP) Is Better than Bitcoin (BTC)

Armstrong has continued to throw his weight behind XRP despite its massive price dip.

Ben Armstrong, a famous cryptocurrency trader who has a huge following on microblogging platform Twitter and video sharing platform YouTube, has continued promoting XRP despite Ripple’s ongoing lawsuit with the United States Securities and Exchange Commission (SEC).

The popular cryptocurrency influencer took to Twitter today to say that Ripple is a better digital currency than Bitcoin. Armstrong first teased his over 850,000 followers with a tweet, which read:

“Here is a super long and thorough thread explaining one of the most complicated things in crypto to understand: WHAT MAKES #BITCOIN THE GREATEST ASSET IN THE HISTORY OF MANKIND.”

However, he made a comment under the tweet, where he dismissed his previous assertion saying: “Just kidding. It’s not. Everyone knows it’s $XRP. It’s a better #Bitcoin! Thanks for reading.”

Armstrong Bullish on XRP

Despite Armstrong disclosing in his Twitter bio that he is a fan of Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Ripple (XRP), he has always thrown his weight behind Ripple compared to other digital currencies on the list.

Earlier this year, Armstrong made positive predictions about XRP, saying Ripple holders will be rich.

XRP Plunges Amid SEC Lawsuit

Since Armstrong made the comment, the price of XRP has fallen tremendously majorly as the litigation against Ripple continues.

Like other digital currencies, XRP has also been badly affected by unfortunate market events, including rising inflation, the Terra and Celsius Network incidents among others.

At the time of writing, XRP is trading around $0.31, and it ranked as the eighth-largest cryptocurrency with a market capitalization of $15.1 billion.

Interestingly, XRP investors have been holding strong despite the massive collapse of the token, as they expect that a positive outcome in the lawsuit will propel price to the cryptocurrency’s price to rally.

At the moment, legal analysts expect the Ripple lawsuit to end by March next year.

However, with the SEC doing everything it can to protect internal documents related to the June 14, 2018 speech made by its former Director of Corporation Finance William Hinman, attorney John Deaton said the agency may be forced to settle before next year if the court orders it to surrender the document to Ripple.

Binance CZ Condemns the Coindesk Report Alleging TerraForm Labs Owns the Wallet That Triggered $UST Implosion 

Lele Jima
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Binance CZ Condemns the Coindesk Report Alleging TerraForm Labs Owns the Wallet That Triggered $UST Implosion 

The founder of Binance has joined FatMan in condemning the joint report published by Coindesk and Uppsala Security. 

Changpeng “CZ” Zhao, the founder and CEO of world’s largest cryptocurrency exchange Binance, said the Coindesk report that indicted Terra of causing the de-peg of its algorithmic stablecoin TerraUSD ($UST) is false.

CZ, who has always been outspoken about the Terra incident and has slammed the team behind the project on multiple occasions, noted that the address cited in the report does not belong to Terra as claimed by Uppsala Security and Coindesk.

“Based on our analysis, this report is wrong. Not defending Terra, I have criticized them heavily. Just pointing out a mistake. Cunningham’s law. The address in the article does not seem to belong to Terra,” Binance CZ said.

Binance Founder Slams Terra

It is noteworthy that the Binance founder has been vocal about the Terra incident since UST lost its peg to the dollar early last month.

He also slammed the team on multiple occasions about the way it handled the situation by not communicating with its community earlier than expected.

He also criticized the team for the way it designed the Terra project, which he noted was prone to collapse.

However, Binance’s late criticism of Terra after the project’s collapse was meaningless, given that the largest cryptocurrency exchange once promoted Terra as a safe investment weeks before it crashed.

Terra Trolled By Negative Reports

Meanwhile, Terra has not been free from negative reports since the value of its ecosystem tokens crashed massively. Do Kwon, the founder of TerraForm Labs (TFL), has been accused of conducting fraudulent transactions prior to the collapse of the project.

However, the height of Terra’s scrutiny was when Coindesk and Uppsala Security noted in a joint report that the TFL owns the address that caused the de-peg of UST.

The report caused further panic in the Terra community after it went viral. Interestingly, popular Terra whistleblower FatMan slammed the report as false on the grounds that the address does not belong to Terra developers, as claimed by Coindesk and Uppsala Security.

FatMan said the address belongs to a KuCoin hot wallet as opposed to being owned by the TFL team.

“I am disappointed that an outlet as prestigious as CoinDesk Korea would publish this without running basic checks,” FatMan said.

USDD Still De-pegged Despite Tron DAO Reserve Injecting Billions Into It – Is This The End?

Albert Brown
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USDD Still De-pegged Despite Tron DAO Reserve Injecting Billions Into It – Is This The End?

 

Tron’s USDD Stablecoin is still below the desired 1:1 ratio with the USD despite Justin Sun trying to stabilize it.



A few days ago, Tron’s stablecoin, USDD, experienced a tumultuous market shift that caused it to de-peg from the US Dollar. Stablecoins are designed to have a value equal to the USD but in form of crypto to facilitate easier crypto swaps on exchanges. It appears that USDDis failing at this role.

After the de-peg, Tron DAO Reserve moved to try and bring it back up. It withdrew about 2.5 billion TRX from exchanges in a bid to increase the USDD collateral and prevent further price fall of the stablecoin. However, it seems that these efforts haven’t borne any fruits.

At the time of this writing, USDD is valued at around $0.97 – according to data on CoinMarketCap.

usdd depegging from USD

Over 320% Collateralization

Tron DAO Reserve has moved to calm the Tron community as panic grips USDD and TRX holders. Investors are worried that the Tron ecosystem might end up like Terra. A few weeks ago, the Terra ecosystem collapsed, leading to a complete fall of Luna and UST prices to below zero.

In a recent Twitter update, Tron DAO Reserve sought to answer a few hard questions about USDD and how the company plans to solve the problem. Apparently, USDD has over 320% collateralization, which means the coin is still in a safe zone despite the price volatility. Having enough collateral means that it cannot fall to reach a liquidation point.

“Currently, USDD has over 320% collateralization rate with USDC 1,080,000,000 / TRX 10,874,566,176 / BTC 14,040.6 / USDT 140,013,886.”

Things To Go Back To Normal In A Few Days

Going on, Tron DAO Reserve opined that USDD will get back to its normal levels within the next few days. This may be taken to mean that the injected funds and collateral are yet to take effect. So far, Tron has allocated around 5.5 billion TRX to stabilize USDD.

Recent Move

A few hours ago Tron Dao injected another $300M USDC to protect tron and USDD.

After all these efforts the USDD is still depegged. As USDD has a small market cap then Terra USD (UST) so there are chances Tron DAO will be able to maintain its 1:1 peg with the dollar but the most concerning thing is that despite all these efforts Tron stable coin is still almost 4% down and what if Tron DAO stop injecting funds or lacks funds to further support the de-pegging, in such a case the results can be catastrophic.

As Bitcoin Exchange Inflows Rise Cardano Founder Charles Hoskinson Comments: “Stop! He’s Already Dead”

Mark Brennan
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As Bitcoin Exchange Inflows Rise Cardano Founder Charles Hoskinson Comments: “Stop! He’s Already Dead”

Cardano Founder Charles Hoskinson Reacts to Rising Bitcoin Exchange Inflows, Says BTC Is “Already Dead”. The Cardano boss is concerned about the rapid inflow of BTC to exchanges.


Bitcoin investors have been transferring the asset class to other exchanges. Data from Glassnode shows that the 7d moving average of Bitcoin exchange inflow volume hit a 1-month high of 3,335.047 BTC. This shows investors’ extreme lack of interest in the current market situation as many want to sell their Bitcoins and convert their stash into stable coins or cash.

The owners of the BTC intend to swap the top asset class for another cryptocurrency, mainly stablecoin, given the massive decline in value of all digital currencies.

Hoskinson’s Reacts to Rising BTC Exchange Inflow

As reported by Whale Alert, a crypto data analytics platform, large volumes of BTC running into hundreds of millions of dollars have been transferred to the Gemini exchange in the last 24 hours.

Charles Hoskinson, the CEO of Input Output Global, the company responsible for the research and development of the popular blockchain Cardano Responds to the development.

Hoskinson reacted to the massive inflow of Bitcoin to Gemini by sharing a GIF, with the caption “Stop, Stop! He’s already dead.”

Hoskinson Trying to Prevent Further Crypto Price Crash

While the Bitcoin community may consider Hoskinson’s comment as insulting to the top asset class, it is evident that the Cardano exec is only trying to prevent people from offloading their BTC, as the action will also have a negative effect on the prices of other digital currencies.

Hoskinson has been optimistic that the crypto market will rebound despite suffering one of its biggest crashes since its inception.

The Cardano exec, while welcoming new investors to their first cryptocurrency winter, urged them to remain calm as the market looks for a way to overcome the bearish situation.

Investors Reacting to Crypto Price Decline

This week has ushered in many unfavorable developments in the cryptocurrency space that have plunged the prices of all coins and tokens in the market.

Reports of rising inflation and the collapse of significant crypto projects like Terra and Celsius Network are not helping matters, and have continued to have a negative effect on crypto assets’ prices.

Following the downward movement of Bitcoin prices, investors have reacted negatively to the continuing price decline, as many are forced to save themselves from suffering more losses until the market regains stability.

Some investors have converted their Bitcoin holdings to stablecoins, while others have chosen not to do anything as they watch the events unfold.

With Bitcoin still trading around $20,000 and veteran futures trader Peter Brandt predicting the asset class could crash below $13,000, many BTC investors are not prepared to incur more losses, prompting large transfers of the world’s largest cryptocurrency from unknown wallets to exchanges.

Binance CEO Says Industry Growing As “In 2017, We Thought Bitcoin $20K Very high, Today, We Think $20K is Painfully Low”

Mark Brennan
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Binance CEO Says Industry Growing As “In 2017, We Thought Bitcoin $20K Very high, Today, We Think $20K is Painfully Low”

Binance CZ has remained positive about Bitcoin despite the collapse of the crypto market. 


Changpeng “CZ” Zhao, the CEO and founder of the world’s largest cryptocurrency exchange Binance, is optimistic about the recent events in the market despite the massive price crash.

CZ noted in a tweet today that the crypto market is growing despite the recent market collapse. Commenting on Bitcoin’s price, the Binance founder said that during 2017 when the top asset class surged as high as $20,000, many people believed the price was “crazy high.”

Interestingly, fast forward to today when the asset class price is still trading within the 2017 all-time high (ATH), investors are saying something different than the asset price is “painfully low,” CZ said.

“In 2017, we thought 20K was crazy high. Today, we think 20K is painfully low. The industry is growing,” Binance CZ tweeted.

Bitcoin’s Rally Since 2017

It is noteworthy that Bitcoin has come a long way since 2017. The world’s largest cryptocurrency price has soared over 200% since it hit $20,000 toward the end of 2017.

Bitcoin’s massive growth at the time ushered many investors into the crypto market, which also bolstered the asset class to new highs.

In November 2021, Bitcoin hit an all-time high of (ATH) of $69,000, with many expecting the asset to touch $100,000 very soon.

Bitcoin Crashes Amid Unfavorable Developments

Contrary to these bullish expectations, Bitcoin has been badly affected by recent market events that have plunged BTC’s price from its ATH of $69,047 to $20,100.

As widely reported, events such as Russia’s invasion of Ukraine, Terra ecosystem collapse, rising inflation, and the Celsius Network incident, have all contributed to the downward trend of the crypto market.

While many retail traders have reacted emotionally to the crash of Bitcoin, large investors believe people’s reaction to BTC prices at $20,000 shows the nascent industry is growing.

Mike McGlone And Peter Brandt

As reported by TheCryptoBasic Bitcoin market analyst Mike McGlone, consider $20,000 levels as the new $5,000 as a BTC bottom.

Veteran Crypto Trader And Analyst Peter Brandt also believe the $20k Price For Bitcoin Can Provide A Relief Rally.

At press time, Bitcoin is changing hands at $20,640, representing a 2.4% decrease in the last 24 hours.

Ripple Is Teaming Up With FLUF World To Bring XRP Ledger To The Root Network

Mark Brennan
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Ripple Is Teaming Up With FLUF World To Bring XRP Ledger To The Root Network

 

Ripple Is Teaming Up With FLUF World To Bring The XRP Ledger To The Root Network.


 

Ripple is making more inroads to support the adoption of its flagship crypto, XRP. The company is now entering the real of NFTs with a partnership with FLUF.

FLUF World runs The Root Network, a blockchain-based NFT system that focuses on 3-D representations and user experience in the Metaverse, now known as ‘The Open Metaverse.

The Root Network supports web3 and decentralization. Ripple’s XRP will now be used on the network to settle payments. The network supports various other cryptos, but XRP will be adopted as the intermediary currency. Other protocols will also be supported via the EVM (Ethereum Virtual Machine).

According to the press release:

“XRPL will play a critical role in The Root Network by setting the standard for NFT functionality and utilizing XRP as the default digital asset for transaction activity in the network’s multi token gas economy.”

Main Features Of The Open Metaverse

‘The Open Metaverse’ brings together various players in the blockchain industry to create an interoperable architecture that supports Web3 and cross-chain integration. It’s on this vast architecture that The Root Network is built. The Open Metaverse comes with a few important advantages:

First, it eliminates the boundaries that currently exist between various categories of interest to the user and makes the entire setting easier to engage with. Basically, the Metaverse is meant to enhance user experience spanning various categories like finance, social media, and gaming, among others.

Secondly, The Open Metaverse is all about decentralization. Users have control over their transactions and digital assets. The users own all the data, content, and identity attached to them. This is why the introduction of XRP in The Root Network is a big deal for the crypto’s future.

XRP Utility

XRP has many use cases, and now Ripple has added the NFT world as one of the standards within which the coin will operate. In turn, The Root Network will have access to advanced smart contract facilities and the XRP Ledger community.

Monica Long, GM of Ripple said:

”We are thrilled for Ripple to partner with FLUF World on the exciting project of The Open Metaverse. For nearly 10 years, the XRP Ledger has served as the best-in-class capabilities for settlement and liquidity of any tokenized asset, from currencies to collectibles. The partnership is a testament to the robustness of the XRP Ledger to support a metaverse project of this scale,”

Cryptocurrency Analytics Company Nansen Launches Blockchain-based Social Messaging Application 

Lele Jima
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0
Cryptocurrency Analytics Company Nansen Launches Blockchain-based Social Messaging Application 

Nansen shifts its operations from cryptocurrency analytics to a social hub.  


Singapore-based crypto analytics company Nansen recently announced the launch of a new cryptocurrency communications hub for web3 natives.

The communications platform dubbed Nansen Connect will have full blockchain compatibility and analytical access.

According to Nansen, the newly launched communication hub will prioritize behavioral transparency, making users’ blockchain data available, developing accountability, and encouraging community building.

The development marks the beginning of Nansen’s shift from an information company to a web3 social hub.

Features of Nansen Connect

With Nansen Connect, users can log in with their crypto wallet, choose a username based on their labels, send private messages to other users, as well as become a member of different groups based on the value of their crypto holdings.

Interestingly, the Nansen team is planning to roll out other important features to the app, including allowing users to create new groups and enable over-the-counter (OTC) trading, among others.

Nansen chose to add features based on the significance of useful interactions to the growth of the entire cryptocurrency industry.

Commenting on the development, Paul Harwood, Product Manager at Nansen, said in a statement that crypto-related communities will, via the initiative, be able to filter the noise within their own ranks, since it will be easy to recognize high conviction holders, adding:

“Retail investors will have a chance to interact with some of the industry’s biggest whales, allowing them to take part in important conversations, and top performers can form groups of the most profitable people in the world in order to chat strategy.”

Reason for the Initiative

Notably, one of the rationales behind the initiative is to help reduce the high rate of scams in the market, which has wreaked havoc on the global crypto community.

When the service goes live, Nansen users will be allowed to join groups based on their number of cryptocurrency holdings, view ratings of non-fungible token (NFT) collections, and toggle between wallet profiles and chat interfaces.

For the time being, the service will only be available to Nansen subscribers and holders of selected NFTs, including Bored Ape Yacht Club (BAYC) and Moonbirds.

“Identifying human behaviors based on their blockchain footprint is something entirely new for the ecosystem but is essentially what this technology was built for. Nansen Connect will allow the sharing of wallet information, and strategies, and even permit you to view someone’s net worth in real-time,” Harwood said.

Nansen Product Manager said Nansen Connect will not only change the way members of the crypto community interact with one another, but it will also prioritize accountability and strengthen relationships in the space.

Ripio App Confirms Adding Support for Shiba Inu Soon

Zabi
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Ripio App Confirms Adding Support for Shiba Inu Soon

 

Ripio App Would Add Support For Shiba Inu soon.



Ripio App, a bitcoin and digital payments company that provides electronic payment solutions for businesses in Latin America, is preparing to list Shiba Inu on its platform as soon as possible.

In a recent reply to one of the tweets of Shiba Inu Community members, Ripio App admits that the firm falls in love with Shiba Inu Community, and will soon list SHIB.

“It’s coming very soon, maybe we are already loving this community.”

Even, Julieta Schulkin, one of the hosts of Argentian Top FM radio station ‘Urbana Play’ also requested Ripio App to add support for Shiba Inu while hosting one of her programs titled “Mundo Tech” featured on Urbana Play 104.3 FM.

She said: “SHIBArmy is a Giant, so with the permission of RipioApp, we would love to show the entire Shiba Inu ecosystem to the community. SHIB is revolution.”

Ripio App would become the first Argentina-based exchange to list Shiba Inu on its platform. The app has more than 1M registered users. This might trigger other Argentina-based exchanges to list Shiba Inu on their platforms afterward.

John Richmond Wants Shiba Inu’s Community Views On A Possible Collaboration With a Luxury Hotel

Zabi
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John Richmond Wants Shiba Inu’s Community Views On A Possible Collaboration With a Luxury Hotel

 

Shiba Inu’s official IRL business partner, John Richmond, is considering collaborating with a luxury hotel.



In a recent tweet, John Richmond, an Italy-based clothing brand asked the Shiba Inu Community to express their views on collaboration with a luxury hotel, while explaining its importance of it in the following words:

“In the last year’s luxury hotels and fashion brands keep collaborating on furniture endorsements, garments, and exclusive items that you’d actually want to take home with you.”

This type of tweet from the well-renowned clothing brand hints at an upcoming partnership with luxury hotels. However, any types of details are not officially disclosed yet. Despite this, 99% of the community supports the idea in the comment section.

Shiba Inu will see exponential growth in the long-term if the official IRL business partners of SHIB including Welly and John Richmond continue to expand their friendship circle with other well-known brands. Being an official partner, Shiba Inu will definitely gain a lot of public attention in this way, and would definitely succeed in gathering investors’ interest. Shiba Inu seems to have a bright future ahead if the developments continue at this pace.

North England Radio Station ‘Frisk Radio’ Now Accepts Bitcoin, Ethereum, And Cardano As Payment Method

Mark Brennan
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North England Radio Station ‘Frisk Radio’ Now Accepts Bitcoin, Ethereum, And Cardano As Payment Method

 

Frisk Radio now accepts crypto payments.



As reported by RadioToday UK A radio station in the northeast of England is now taking cryptocurrency payments for airtime and sponsorship, despite the continuation of the downward downturn in the bitcoin market.

The decision was undertaken by Frisk Radio, which transmits on DAB throughout Tyneside, in order to provide prospective advertisers with access to a wider variety of payment alternatives. According to the station’s website, it was the first business in the UK to accept payments in Bitcoin, Ethereum, and Cardano.

In addition, the payment amount in each of these cryptocurrencies has been predetermined by Frisk rather than being converted from an amount denominated in pounds sterling.

Technical director Stuart Landreth said that he did not have any worries over the continued depreciation of the value of cryptocurrencies. He also said that despite the current market panic, the fundamentals supporting cryptocurrencies such as Bitcoin, Ethereum, and Cardano are stronger than ever. They will maintain the value of the sponsorship and airtime contracts in the currency that was transferred to them.

If more participants in the supply chain began accepting and making use of cryptocurrencies, it would be a significant leap forward for the sector as a whole. According to Landreth, Frisk is at the front of this effort, and the team will arrive when everything is all set.

The crypto ad payment procedure follows:

Once an agreement has been made, all that remains for the advertiser to do is send the appropriate amount of the cryptocurrency of their choice into the station’s wallet. Complete instructions are supplied, and the process of making the remittance takes no more than a few minutes.

In terms of the crypto market, Bitcoin is back over $21,000—following a momentary nudge towards the $20,000 level— with the whole crypto market worth $900.31 billion at the time of writing.

In spite of many experts speculating that Wednesday’s low was a bottom, others are predicting further volatility. In comparison to its all-time high in November 2021, the price of BTC has dropped by approximately 70%.

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