Monat: April 2022

Although this has been great for the majority of cryptocurrencies, it has not been the case for some coins like Ripple (XRP). It started the day with a 2% drop before assuming the current surge of about 1.96% at the time of writing.

Ripple has had a roller coaster and no wonder the general price change for the month and week seem to be that low while other currencies and making double, triple, and even quadruple price changes.

In this article, we will focus on some of the issues affecting Ripple price.

Why did the XRP price fall?

Although Ripple has been seeing some price gains lately, the gains have in most cases been erased as quickly as they are made. Today, XRP started the day on a drop before turning green with a rise of about 1% by the time of writing.

But what are the factors affecting the price of Ripple’s token, XRP? Why is the price not rising even at a time when investors feel it’s an altcoins’ season? This article tries to explain what could be causing the drop in the XRP price and it has focused on the most recent development, which is the recent withdrawal of 1 billion XRP coins.

Withdrawal of 1 billion XRP funds

Today, Ripple DLT service provider withdrew a staggering 1 billion XRP coins from escrow on the first day of a new month in order to add some of it to the circulating supply.

It is important to note that Ripple has had a routine of withdrawing a lump sum of XRPs from its Escrow account on the first day of each month to inject more coins into circulation.  However, while the move has always had a positive impact on the price of XRP, this month has been different with the process having a negative impact on its market price. Ripple dropped by 2% earlier today immediately after the withdrawal was made.

WhaleStats, the largest crypto fund tracker, confirmed that Ripple withdrawal was carried out in its escrow in two installments of 500 million XRP each. According to reports by WhaleStats and details from Ripple, the withdrawal was carried out in the early morning hours today at an approximate cost of $811.39 million.

Following the news, Ripple’s market capitalization dropped to $39.3 billion losing its 6th position to Solana.

The post Ripple (XRP) price dropped 2% today: why did the XRP price drop? appeared first on Coin Journal.

Celer price has been on the rise since March 13 and it has gained more than 96.8% over the last fourteen days. At the time of writing, Celer (CELR) was trading at $0.07482 down from a daily high of $0.08257 though still in the green with a rise of 9.23% in the last 24 hours.

It has been an incredible week for the majority of the altcoins with some shooting to the moon following some huge announcements. The likes of Bitcoin also saw significant price gains hitting three months high since it plummeted following the Russian invasion of Ukraine in February.

This article focuses on the forces behind the current CELR price rally.

Why is the CELR price rising?

Before getting into what is behind the price surge, it is important to first explain what Celer is.

In a nutshell, Celer, or Celer Network, is a layer-2 scaling solution designed to provide simple, fast, and secure off-chain transactions for smart contracts and payments. Its native token is CELR.

The main reasons why the CELR price is surging are CERL selection as an interoperability layer, inclusion of the new blockchain in its cBridge products, and its support for Conflux eSpace.

• CELR selected as an interoperability layer

Since CELR uses off-chain transaction handling to reduce transaction cost while increasing processing speed, it has been selected as an interoperability layer for BSC Application Sidechain (BAS) on BNB Smart Chain, thus increasing the value of CELR.

• Celer support for Conflux eSpace

The Network has added Conflux eSpace bridging functionality to its protocol to provide users with the choice of blockchain interoperability.

Celer Network announced via a blog post on 29th March that it will start its integration by offering five items as their kick-off support for Conflux eSpace as they prepare to add more assets in the future. Besides, Celer has added over 20 blockchains to its ecosystem.

• Inclusion of the new blockchain in its cBridge products

cBridge, one of the Celer Network’s unique products, has added a new blockchain to aid cross-chain transactions across blockchains. This will allow customers to connect their assets across the Conflux network and Ethereum as well as allow secure connection of two blockchains for crypto assets.

The post Why is Celer (CELR) price rallying? appeared first on Coin Journal.