Developers of the XRP Ledger (XRPL) have introduced a fresh idea for a cross-chain bridge that they claim will increase the usefulness of the blockchain. The GitHub request was uploaded by Ripple software engineer Mayukha Vadari, who also shared a link to it on Twitter.
Ripple’s vice president of strategy and operations recently stated that a new cross-chain bridge proposal might “substantially increase” the possible use cases for the XRP Ledger, the native network of the $XRP coin. The suggestion was shared on Twitter after being posted on GitHub by Mayukha Vadari, a software developer with Ripple. It describes how a blockchain bridge may be built.
Vadari clarifies that a bridge does not transfer assets between ledgers. In its place, assets are locked on one ledger (the “locking chain”) and represented as wrapped assets on a different chain (the “issuing chain”). A box filled with an endless number of wrapped objects is a useful visual to keep in mind.
A wrapped asset will be released onto the issuing chain when an asset from the locking chain is placed within a box. One of the current locking chain assets will be put back onto the locking chain when a wrapped asset from the issuing chain is placed back into the box. There is no other method to put or remove assets from the box. Keep in mind that the box cannot run out of wrapped assets— it has an infinite supply. The idea “would dramatically extend possible use cases for XRPL,” according to Emi Yoshikawa, vice president of strategy and operations at Ripple.
As of this writing, the price of XRP is $0.387. The market cap of the sixth-ranked cryptocurrency asset has decreased over the last day by around 1.5% and over the last week by more than 3%. XRP has similarly lost more than 88.5% of its value after reaching an all-time high of $3.40 in January 2018.
As the blockchain ecosystem has expanded and varied, cross-chain bridges have gained importance. Decentralized apps (dApps) now have more options thanks to the ability to transfer assets and data between multiple blockchains, which also presents the new potential for traders and investors. Developers may use cross-chain bridges to take advantage of the distinctive properties of various blockchains, which is one of their main advantages. A blockchain may be speedier and more scalable in one case while having greater privacy features in another.
Developers may combine these characteristics to build more robust and adaptable apps by linking various blockchains through a bridge, which will also make it easier for consumers to move their assets across chains and improve interoperability. Yet there are certain concerns associated with cross-chain bridges as well.
It can be difficult to move assets across blockchains, and there’s always a chance that the bridge code has flaws or other security holes. Moreover, there may be further centralization problems if outside witnesses are used to confirming cross-chain transactions. Cross-chain bridge protocol flaws have become a “high-security issue,” according to Chainalysis’s report from the previous year.
The XRP Ledger allows native NFTs because of the XLS-20 standard, according to Ripple’s chief technical officer David Schwartz, as reported by CryptoGlobe late last year. The construction of NFTs on the XRPL is made highly compact and efficient by the XLS-20 standard, limiting any adverse influence on the XRP Ledger’s performance and preventing congestion at scale, according to the specification. The standard has already been activated on the mainnet, according to Ripple’s CTO, and presents a significant milestone for developers and builders employing the XRPL for their NFT projects and apps.
The bearish position of the crypto market creates chaotic consequences among crypto investors. The rate of the top cryptos is falling increasingly. The last couple of months is a remarkable phase for the crypto market ever. The top two cryptos, Bitcoin and Ethereum price fall hit the market cap separately. Even Polygon network’s crypto Matic was decreasing its rate accordingly. Though the sellers’ pressure makes a big concern for crypto investors.
But this week was quite promising for crypto members. It is forecasted about the bull run. The temporary increasing price has indicated the upcoming progress in the crypto market cap. Polygon (Matic) price rose nearly 6% in the last 24 hours. Which is a green signal for the native investors.
Other Crypto Overview :
The top two currencies, Bitcoin and Ethereum, have continuous ups and downs that make the investors hold for a long period. Though the increasing rate of this week is making the situation in progress. As of the time of writing this post, Bitcoin is running at $23474.80. It is 1.40% at an increasing rate. On the other hand, Ethereum’s current price is $1637.49 and the increasing rate is 3.92%.
Noteworthy, the global cryptocurrency market is increasing by 4.8% to 1.12 trillion itself.
Polygon Overview :
The native crypto network Polygon’s crypto Matic is doing very well in the crypto market cap. According to reports, in the last 7 days, Polygon (Matic) price has increased around 71%. As of now, Polygon crypto is ranked 12 in the market.
In the last 24 hours, Polygon (Matic) price has risen nearly 6%. Which creates a massive crowd among the crypto investors. The exchange status of this crypto leaves a remarkable footprint.
Why Does Polygon Perform Well?
During this falling market, Polygon did its job better than the other networks. During this bear market, Polygon was able to perform well with some pre-planned strategies. During the price decrease, Polygon managed to retain its key support levels very well. After that, the price was increasing again.
Moreover, the partnership with Coca-cola and Disney in Spring and Summer 2022 makes the network perform well with unexpected increasing prices. Also, the layer 2 scaling solution is one of the considerable reasons behind it.
Polygon Current Status :
As of the writing time, Polygon’s volume is around $1.4B. Its price is now $0.903413. Polygon’s current market cap is $7.2B along with an 8.0B Matic circulating supply, which is 80% of the total. The market activity is in a bearish position, which is 78% buying and 22% selling graph. The typical hold time according to this network is 103 days. Above all, the price change in the last 24 hours is +5.14%. The 7 days price change is +28.87%.
Experts’ Prediction On Polygon :
Government Capital :
According to Government Capital, Polygon might trade for over $3.7 per coin by 2023. Even go up to $20 within 5 years. Which indicates a bull run for long-term investors.
WalletInvestor predicted that Polygon’s price will be reduced as low as possible. It would fall to $0.035 by July 2023. According to WalletInvestor, Polygon might be a bad choice for upcoming years.
According to TradingBeasts, Polygon can reach up to $1.17 by December 2022. It would be stagnant at $0.9 for the whole of 2023. In 2024, it will again rise to $1.5. Which indicates a low to high rate in the long run.
Digital Coin Price :
Digital Coin Price predicted that in 2023, Polygon will reach a minimum of up to 0.93 and a maximum of $1.15.
The massive fall of the crypto market hits crypto investors. The first-ranking cryptos like Bitcoin, and Ethereum float in the ups and downs of the graph. Still, the valuable resistance phase has not occurred. Though the Bitcoin bull Michael Saylor’s comment on the Ethereum blockchain has raised a temporary relief among investors. This is the time when buyers can take their planned move. Price falls, which means the supply is high but demand is less. In this circumstance, sellers are expected to stagnate their movement in the Crypto market. But the selling pressure does match the expected graph according to the situation.
Still, sellers are dominating the crypto market even in this massive fall down. The high reducing price rate and stable seller activity leave the market a big concern.
Why Does Elon Musk Sell Crypto With A Huge Loss?
In the context of crypto, Elon Musk’s shocking step must be a considerable matter. Musk’s Dogecoin is sold with a million-dollar loss knowing the consequences! Whole social media contains only one question, why does Elon Musk sell his coin with a huge loss?
Initially, Musk stated that Tesla had not sold a single Dogecoin. Letter the announcement hits the market. It was officially announced that 75% holding of Tesla’s Bitcoin is sold.
In January 2021, Elon Musk has purchased Bitcoin at 1.5 billion US dollars. Whereas on June 2022, Musk sold it at 936 million US dollars. Which refers to a massive loss for Tesla.
It is reported that Elon Musk was forced to sell the holdings to avoid the loss of over 800 million dollars in Q2 of 2022.
Though Elon Musk did not make the price fall responsible for his selling. Rather he blamed the covid19 lockdown situation in China which raised the uncertain value of the amount.
Talking about Bitcoin, it is seen that Bitcoin is retesting one very important level of support. The market was running very critical resistance. The dumb money is already out of the market.
Asian Investors Tend To Sell More :
In the context of the investor’s demography, a massive population is from an Asian country, especially from India! More than 10 crore investors are from India. Which is approximately 7% of the population of the country itself. After India, countries like the USA, Russia, and Nigeria take the position of higher investors.
It is reported that Asian investors ars selling more than buying even in this price-fall market! Selling indicates that the price would increase sooner. Though according to several reports, the crypto price rate is expected to drop more. Then why are the sellers dominating the crypto market still?
To analyze the strategy, it should be discussed the value of different countries’ currencies. As the maximum number of investors are from India, then Indian rupees or INR’s value might be the main reason.
Cryptos are exchanged with Tether (USDT). 1 Tether (USDT) equals $1. But during the exchange in other currencies such as INR, the rate might differ. The average calculation shows that cryptos are 2 to 3 lakhs more expensive during purchasing for Indian investors than for US investors. It means buying is costly but selling will be profitable.
In this price fall market, selling pressure is still there for the anticipation of more falling. Bulk investors are from Asian countries. The country’s currency value is less than the USD. So for these Asian investors, this is a good time to sell. As it is anticipated that the price might fall more.
The price fall market is now a remarkable concern of crypto investors. Where demand slows down and price falls. Though the selling pressure becomes another concern of the crypto world.
Since the emergence of the new digital currency market in the financial sector, there have been quite a new reformation and regulations that have been introduced all around the globe. Like all aspects of the financial system, the cryptocurrency market has also been subjected to various highs and lows in its career graph in its attempt to establish a hold in the market. Various kind of cryptocurrencies has been introduced in the market out of which some have faced a downward trend whereas some have achieved international acclaim and have been adopted by various organizations as well. After having somewhat of a low year, Binance, which is knowns as a crypto exchanging platform has established its presence in France.
Take a look at the Binance system
After having somewhat of a low year, Binance, which is knowns as a crypto exchanging platform has established its presence in France. It was a nice and pleasant change after a year of being exposed to certain regulations and scrutinies that made it go through a tough time. It has collaborated with the finance system in France and has even decided to invest a sum of 100 million dollars as an aid to the cryptocurrency market as well as the blockchain system in France.
Certain steps are to be taken under this new system in France to support the start-ups that are emerging. In this, a new research office is to be established in France which is supposed to associate itself with an incubator program that is going to extend its help to the said start-ups.
What are the aims of this collaboration?
As reported by the authorities and experts of the crypto market, this initiative has been taken to introduce a whole new system and to come up with ways to protect and nourish this system. It is also done to get hold of all the tale t that is available and create a much bigger ecosystem. The research and development office that has been proposed to be set up in France, is a step towards achieving this dream.
With a strong fintech sector, France has proven itself to be capable enough to support this aim and help achieve this goal. It was also done after a thorough analysis of the prior graph of the fintech sector in France, which has shown positive trends and has been able to garner huge support from the investigation.
What were some of the problems Binance faced previously?
As mentioned above, Binance has just gone through a rough year and was under a lot of scrutiny. Problems arose in the relationship that is shared with its regulators who are present around the globe. In this, Binance had to face a lot of heat from authorities all around the globe in the form of investigations and bans from the topmost authorities. With all this happening, it had to suffer huge losses to the extent of shutting down some of its functions such as trading digital tokens as well as shutting down trading platforms in Singapore.
With the various changes that were occurring in the crypto market, the need to spread awareness about it, especially in its home market was felt and was even proposed to be done at the earliest. Their main focus was to offer educational programs as it was proven to be more fruitful than all kinds of traditional curricula. It is also the reason that educational programs also moved at a much faster pace than the traditional curriculum.
They have also tried to make the space more available and accessible to all those who wish to develop a better understanding of the space and the system. But for all these to be executed perfectly, whole teams need to come together to make it happen.
The last couple of months has had a massive negative impact on the crypto market. The volatility of crypto prices leaves crypto investors in such great chaos. One of the two greatest cryptos, Bitcoin and Ethereum are also faced with a never seen situation. For the bulls and investors, this marketing up and downs are like a challenging task and they are finding out whether to invest or wait. As the resistance phase is not propagated till now. Also, Ethereum was trading within an ascending triangle pattern which became the root concern of the investors.
Yet the Ethereum investors might experience relief in this chaotic situation. The Bitcoin bull Michael Saylor’s comment on the Ethereum market has converted the chaos into attention!
There are mainly two aspects to anticipating this upcoming situation. First is Ethereum’s co-founder, Vitalik Buterin’s statement and the last one is Saylor’s comment.
Vitalik Buterin has recently stated that the negative graph will be converted into progress within August. His respiting statement gives temporary relief to the Ethereum investors.
Next is the Bitcoin bull, Michael Saylor’s opinion. Mr. Saylor believes Ethereum is one of the renowned cryptocurrencies in the whole crypto market for its liquidity. Only Ethereum can change over the years. The rigorous software update in its network has turned it into security. According to Saylor, Ethereum will be the future of cryptocurrency.
These two statements mainly keep the market quiet. Though the price of the crypto market is randomly moving in negative marks.
Should It Be The Right Time To Invest In Crypto Now?
The last two months have already been a cold stagnant period for the crypto market of all time. A negative remarkable phase is faced by the bulls and investors. Though according to the saying, ‘buy low, sell high’, this situation is not an exception to the words. By analyzing the price the right decision can be taken by a smart investor. The resistance phase is crucial to taking any steps further in it. Without a resistance price, the anticipation or business strategy cannot be made smartly.
As of the time of writing this article, Ethereum is currently trading at $1491.82. Whereas Bitcoin trades at $22876.90. A smart investor can find the right path to choose. Now it depends on buying or selling strategy. The price of the two cryptos states that Bitcoin is at a high rate. This means the demand increases more than the supply. But in Ethereum, it is quite a low rate. It refers to the supply being adequate accordingly.
investors have to identify their strategy and need to find the exact steps to take. Buying crypto can be risky because of the high price. Whereas it is good to sell. But a smart strategic investor for his or her long planning schedule can perform through various tactics.
Does Resistance Phase Help?
According to experts, observing the crypto market situation, a resistance phase is needed before investing. A temporary stable price rate helps to implement the planning. It is assumed that Bitcoin might attain resistance at $900. Though Ethereum’s resistance phase is not anticipated yet. But the market graph is indicating not to go ahead until it attains resistance at $1500. It is assumed that it can be a bull run sooner.
For a smart, regular investor, this phase can be utilized phase. Planning and high-quality strategy can lead the investor into the bull run participatory stage. Also, the co-founder’s statement along with the outsider crypto investor Saylor’s positive assumption are such a powerful indicators of every Ethereum investor.