Crypto

Bloomberg Calls XRP a ‘Little-Known Cryptocurrency’, Community Reacts

Published

2 hours ago

July 18, 2024

Bloomberg Calls XRP a ‘Little-Known Cryptocurrency’, Community Reacts

Leading media outlet Bloomberg infuriates XRP community members with its description of the seventh-biggest cryptocurrency.

In a recent article titled “Settlement Speculation Pushes XRP to Forefront of Crypto Rally,” Bloomberg characterized XRP as a “little-known cryptocurrency.”

According to Bloomberg, speculations about a potential settlement in the ongoing lawsuit between the SEC and Ripple have put the XRP at the forefront of the crypto rally, with an astronomical price surge of 40% recorded over the past week.

Notably, Bloomberg Crypto, the media outlet’s crypto arm, shared a link to the article on X.

XRP Community Members React

Despite Bloomberg highlighting XRP’s massive growth over the past week, its description of the asset as a “little-known” cryptocurrency irked community members.

The development triggered reactions among prominent XRP enthusiasts, including crypto YouTuber Ben Armstrong (a.k.a. BitBoy).

$XRP “a little-known cryptocurrency” https://t.co/ZPuBlKHTJj
— BitBoy (@BenArmstrongsX) July 17, 2024

Popular media personality Zach Rector characterized the description as a joke, adding that he would address it in a video later today.

What a joke! “Little-known cryptocurrency.”
New #XRP video addressing this dropping at 7 PM EST https://t.co/D0w1QR5HRB
— Zach Rector (@ZachRector7) July 17, 2024

A Move to Attract Engagement

Furthermore, most XRP enthusiasts suggested that Bloomberg intentionally used the description to stir engagement from its community members.

Hey everyone, don’t be fooled. Bloomberg knew they would get more attention from everyone by adding “little-known” in the tweet. Smart!
— Bull Diep (@DiepSanh) July 17, 2024

It bears mentioning that the Bloomberg tweet has received enormous engagement since it was posted yesterday at 17:44 PM (UTC). So far, it has attracted over 91,000 views, 382 likes, and 167 retweets. This is currently one of Bloomberg Crypto’s best-performing tweets in recent times.

XRP Popularity Surges

It is unclear whether Bloomberg intentionally used the description to fuel engagement. However, XRP has gained massive popularity in the crypto and traditional finance sectors. Crypto investors are usually focused on XRP due to its ranking among the top 10 crypto assets by market capitalization.

Additionally, XRP has attracted investors’ attention based on its involvement in the ongoing legal dispute between the SEC and Ripple. Interestingly, several crypto entities, including Binance and Coinbase, leveraged the Ripple decision, which declared XRP a non-security, to bolster their arguments against the SEC.

On the other hand, XRP is also making waves in the traditional finance industry. Several financial institutions, including Tranglo and Japan banks, have utilized XRP for cross-border settlements via Ripple’s payments solution, ODL (now Ripple Payments).

At press time, XRP is up 32.65% over the past 7 days to 59 cents. It is currently ranked as the seventh-largest cryptocurrency, with a market cap of $33 billion.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Crypto

XRP Climbs 10% In Bullish Trade By Investing.com

Published

9 hours ago

July 17, 2024

Press Room

XRP Climbs 10% In Bullish Trade By Investing.com

Investing.com – XRP was trading at $0.6360 by 18:47 (22:47 GMT) on the Investing.com Index on Wednesday, up 10.29% on the day. It was the largest one-day percentage gain since July 13.

The move upwards pushed XRP’s market cap up to $35.3353B, or 1.50% of the total cryptocurrency market cap. At its highest, XRP’s market cap was $83.4407B.

XRP had traded in a range of $0.5784 to $0.6360 in the previous twenty-four hours.

Over the past seven days, XRP has seen a rise in value, as it gained 44.2%. The volume of XRP traded in the twenty-four hours to time of writing was $3.5988B or 4.46% of the total volume of all cryptocurrencies. It has traded in a range of $0.4368 to $0.6362 in the past 7 days.

At its current price, XRP is still down 80.67% from its all-time high of $3.29 set on January 4, 2018.

Elsewhere in cryptocurrency trading

Bitcoin was last at $64,264.3 on the Investing.com Index, down 0.42% on the day.

Ethereum was trading at $3,394.75 on the Investing.com Index, a loss of 1.26%.

Bitcoin’s market cap was last at $1,267.3794B or 53.86% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $408.1105B or 17.34% of the total cryptocurrency market value.

Crypto

Russia weighs risk of embracing crypto for international payments

Published

16 hours ago

July 17, 2024

Press Room

Russia should accelerate the creation of infrastructure for payments in cryptocurrencies but carefully weigh the associated risks, its money laundering watchdog said on Wednesday, ahead of a parliamentary vote on digital assets legislation.

Crypto

Finmont Partners with the World’s Largest Provider of Cryptocurrency Payment Services, BitPay

Published

24 hours ago

July 17, 2024

Press Room

Finmont Partners with the World’s Largest Provider of Cryptocurrency Payment Services, BitPay

Global payment orchestration platform FinMont has announced a new partnership with BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services. The strategic partnership will see the addition of cryptocurrency to the FinMont payment ecosystem allowing merchants to utilise payments from all cryptocurrencies.

The founders of German airline, Hahn Air, launched FinMont to offer the travel industry a unique solution that, unlike other options available, streamlines not only B2C payments but also B2B payments. Combining both payments into a single view will help decision-makers identify and fix inefficiencies in their current payment processes. The firm’s mission is to help travel merchants use payments as a strategic tool to stand out from competitors.

BitPay pioneered blockchain payment processing to enable borderless payments using cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), ApeCoin (APE), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Polygon (MATIC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), XRP (XRP), 7 USD-pegged stable coins (BUSD, DAI, GUSD, PYUSD, USDC, USDP, and USDT) and 1 EURO-pegged stable coin (EUROC) and others. BitPay’s business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency.

The FinMont platform aims to revolutionise payments by connecting multiple banks and providers through one simple gateway. The partnership with BitPay will allow the global payment platform to incorporate the world’s largest provider of cryptocurrency payment services into its eco-system allowing travel merchants to benefit from the opportunity to offer crypto payments globally.

Suby Valluri, CEO of FinMont, commented, ‘We are delighted to announce this strategic partnership with BitPay and incorporate their leading cryptocurrency payment services into our global ecosystem. This strategic partnership will allow our international client base to offer and facilitate crypto payments globally.”

“Our partnership with FinMont will help realise the potential for crypto to transform the Travel industry, making payments faster, more secure, and less expensive on a global scale,” said Merrick Theobald, Vice President of Marketing at BitPay. “Our goal at BitPay is to make accepting crypto a seamless process and increase adoption as we believe crypto is the future of payments.”