Day: May 4, 2021

Here Is Why XRP Volume Has Recover Across Payment Corridors

by NEWSBTC

XRP has picked bullish momentum in the 1-hour chart with a 4.7% increase. Higher timeframes seem equally bullish with the weekly and monthly chart recording a 7.8% and 154% rally, respectively.

Ripple XRP XRPUSDT

XRP price performance has recovered since the start of 2021 when the token experienced a severe correction. The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs for the alleged illegal sale of a security took a toll on the market.

Many exchange platforms expected the worst and delisted the token. Other Ripple deals also were negatively impacted, such as its cooperation with MoneyGram and payment corridors established with payment solution On-Demand Liquidity. These corridors are used for foreign workers to send remittances back to their home countries and other use cases based on the token.

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In consequence, liquidity volumes on these platforms plummeted, but are showing signs of recovery. Monitor Liquidity Index Bot has registered a spike on this metric on 3 out of the 4 payment corridors except for the one set between the then token and PHP (Philippine Peso).

The volume on this payment platform has stayed at relatively high levels with a 1,032,894 traded in the last 24-hours. Not that far from its all-time high (ATH) at 3,435,748 if the metric is placed next to the other corridors.

The Australian payment corridors set with exchange BTC Markets for the token and AUD (Australian Dollar) have been the most affected. In the past 24 hours, the liquidity volume remains negative with 346,326. Far from its ATH at 6,891,996. As the chart below shows, the volume has been reverting its downwards trend since April 29th, 2021.

The corridor established with exchange Bitso for the token and the MXN (Mexican Peso) saw low levels of negative volume. This metric has also been on the rise with 2,556,145 traded in the last 24-hours, but still no close to its all-time high and levels recorded during 2020.

Bitstamp shows the highest levels of volume with a 5,189,350 traded in the past day. The liquidity on this exchange for the pair between the token and EUR (Euro) has surpassed the levels it recorded during November and December 2020, when the SEC’s lawsuit was filed but has a long way to go before reaching its ATH at 14,343,363.

Sentiment Around XRP and The SEC’s Lawsuit Has Changed

Recovery on these platforms coincides with a growing sentiment bullish sentiment for the potential outcome on the legal front. Phemex and other exchanges have already re-listed the token. More could follow in the coming days.

In the meantime, Ripple is gearing up. The payment solution company has hired former U.S. Treasurer Rosie Rio to join their Board of Directors and former CFO at PayNearMe Kristina Campbell to occupy the same position at Ripple. Brad Garlinghouse, CEO of the payment solutions company, said:

Rosie’s experience in the public and private sectors provides an invaluable perspective to Ripple, especially during this time as the industry works to define crypto’s future. (…) We are extremely fortunate to have them on the team as we continue our rapid international growth and to champion for regulatory clarity in the U.S.

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PhoenixDAO: Overview of the Payment System

by CryptoPotato

[Featured Content]

The inception of blockchain-based solutions has made profound changes to the financial sector. While centralized platforms have rapidly gained ground, owing to their first-mover advantage, Satoshi’s original idea behind a peer-to-peer payment system has finally started to take off with the advent of decentralized finance (DeFi).

Today, the total value locked in DeFi has exceeded $50 billion, representing a significant shift away from centralized platforms.

PhoenixDAO is one such platform that is facilitating individualized decentralized transactions.

Overview of PhoenixDAO

PhoenixDAO is a community-led, decentralized platform that is reinventing digital identity across the world by deploying tailor-made solutions. The platform was developed to cater to the specific requirements of modern users while facilitating the Web 3.0 app. It will operate through a Decentralized Autonomous Organization (DAO).

The ecosystem comprises protocols in the areas of identity and authentication. However, to penetrate the world of DeFi, the team has built an exclusive payment system called PhoenixDAO Payments.

PhoenixDAO Payment System – Facilitating Quick Payments

PhoenixDAO Payments is a collection of open-source smart contracts deployed on the Ethereum blockchain. A combination of PhoenixDAO’s Identity management and payment protocol puts anyone implementing it naturally ahead.

An example of this is what Numio is building leveraging PhoenixDAO protocols. The payment solution from Numio is intended to allow users to utilize their debit card (at a future point in time) for making payments at stores and currently facilitates quick and efficient peer-to-peer, peer-to-business, and business-to-business transactions.

PhoenixDAO Payments uses specialized Phoenix Authentication and Identity protocols to secure each payment occurring within its network.

Numio: Phoenix’s First Use Case

Numio is a non-custodial Ethereum-based mobile wallet/app that facilitates quick and inexpensive transfers within ERC-20 tokens. The platform uses zkRollups for instant payments P2P (peer-to-peer) and will support point of sale (PoS) payments.

Recently, the wallet has integrated with PhoenixDAO to add support for PHNX tokens to the platform, both as a means of payment and utility. With this integration, Numio users will be able to transfer PHNX tokens to become eligible for cashback rewards. Additionally, customers paying with PHNX at supported stores will receive a fee discount.

Furthermore, as part of a long coming relationship, Numio has agreed to spend part of the revenue generated from KYC/AML in-app to buy PHNX tokens from the secondary markets, which will then be staked for a full year. The instant rewards from staking the tokens will be donated to the Foundation to support growth.

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Bitcoin Demand Strong As Ever, Says Top On-Chain Analyst – Here’s Why

by Dailyhodl

An emerging crypto analyst is saying that demand for Bitcoin remains strong as ever according to a series of on-chain metrics.

In a tweetstorm, the analyst who goes by Dilution Proof lays out a number of clues signaling that the world’s biggest crypto asset by market cap is seeing a massive influx of buying power.

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Dilution Proof points out that Bitcoin’s monthly close was accompanied by large amounts of exchange withdrawals, indicating that investors with deep pockets are buying BTC.

The analyst also observes that BTC’s value continues to rise amid dropping Bitcoin balance on exchanges, suggesting that the leading crypto asset is being taken off the market and creating a supply crunch.

“So is there still demand for bitcoin then?

Short answer: yes

Slightly longer answer: let’s look at some trends

The declining exchange balances since last year’s COVID-19 market panic is perhaps the most famous one, and overall still is intact.”

Image
Source: Dilution Proof/Glassnode

Dilution Proof adds that exchanges are not the only ones experiencing a sharp reduction in BTC supply.

“A similar pattern can be witnessed at the balances of over the counter (OTC) trading desks. The supply shortage is real; there is a decreasing amount of coins circulating on the market, which means that price must go up to entice HODL’ers to sell.” 

Image
Source: Dilution Proof/Glassnode

The trader notes that Bitcoin has witnessed a drastic decrease in liquid market supply, suggesting that the illiquid BTC, or Bitcoin that is in the hands of long-term HODLers with little to no history to selling, is growing.

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The on-chain analyst is looking at the drastic surge in stablecoin reserves on spot exchanges as well, indicating that traders are on standby with large amounts of capital, waiting for an entry point to place their longs.

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Source: Dilution Proof/CryptoQuant

Dilution proof concludes by asserting that now that BTC has undergone a technical correction, most market cycle metrics are pointing towards more room for growth.

“Compared to 2017, the bull run was intense; some exhaustion was normal

– The market was (over)leveraged, but now less so

– The demand for Bitcoin appears strong as ever

– If this cycle is like the others there is room for growth on most market cycle metrics.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Roman3dArt

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Axie Infinity (AXS) rallies 80% following migration to Ronin sidechain

by Cointelegraph

Nonfungible tokens were one of the hottest sectors of the cryptocurrency market from the start of the year until March but as is the nature of the crypto sector, NFTs cooled off significantly in April as the hype died down and high fees on the Ethereum (ETH) network hampered the ability of buyers and sellers to interact with the protocols. 

The challenge of high fees eventually led some projects like Axie Infinity (AXS) and Smooth Love Potion (SLP) to migrate to other networks or embrace layer 2 solutions as a way to help lower costs. This move, along with a drastic reduction in ETH gas fees in the past two weeks could be part of the reason for the strong rally in AXS and SLP over the past week.

AXS/USDT 4-hour chart. Source: TradingView

Data from and TradingView shows that the price of AXS rallied 83% from a low of $6 on April 25 to a high at $11 on April 29 while the price of SLP skyrocketed more than 1,000% from a low of $0.035 on April 25 to a new record high at $0.396 on May 2.

SLP/USDT 4-hour chart. Source: CoinGecko

Several reasons for the recent price growth of AXS and SLP include the migration to the Ronin sidechain for Ethereum, increases in community adoption and a sponsorship from a well known crypto influencer that helped draw new participants to the community.

Shift to Ronin sidechain lowers fees

The most impactful event for AXS and SLP over the past two weeks was the full launch of Ronin phase 2 which required users of the platform to migrate their Axies, which are the in game characters, along with their AXS, SLP and ETH tokens to the Ronin sidechain in order to continue engaging with the protocol.

Ronin is an Ethereum sidechain that was originally announced in June of 2020 and is designed specifically for the Axie Infinity community to support scaling and a smoother game play experience for a large number of users.

The full migration to Ronin was completed on April 28 and was followed by the 1,000% rally in the price of SLP.

Crypto influencer shines a spotlight on Axie

A second bump for the Axie community came with the May 3 announcement that pseudonymous digital landowner and crypto whale Flying Falcon had donated funds to the “Sponsor-A-Scholar” program set up by Yield Guild Games, an open gaming community. 

The move helped draw attention to the fact that Axie Infinity is more than just a collectible game, but rather a growing community that is capable of supporting its members and generating a steady return on invested assets.

Momentum for the AXS token and the Axie Infinity ecosystem has been building for months in anticipation of the migration to the Ronin sidechain.

According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AXS was elevated in the green zone for a majority of the month of April with the system registering a score of 78 on April 25, around 2 hours before the price increased 82% over the next two days.

Now that the Axie Infinity ecosystem has transitioned to a lower fee environment and the number of daily active users continues to grow, AXS and SLP are two NFT tokens that may continue to rally higher, especially as blockchain gaming becomes a mainstream form of entertainment.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.