Technology Gets Overwritten By Something That Comes Later Becoming Better Than Original – Might Become True With BitcoinApril 25, 2019
Ripple, the blockchain startup has a 31% increase in the sales of XRP during the last quarter of the past financial year. However, the volume of XRP went down by 2% and touched upon $53.85 billion during the first financial quarter of this year.
XRP has further stated that they have released 3 billion XRP out of the Escrow accounts during the first financial quarter of 2019. About 2.30 billion XRPs were returned, and it was put into new Escrow contracts. The firm stated, “The remaining 700 million XRP not returned to an escrow are being used in a variety of ways to help support the XRP ecosystem.”
Looking at the technical indicators, major support levels for XRP are $0.2900, $0.2850 and $0.2820. Major Resistance Levels are seen at $0.3050, $0.3060 and $0.3070.
The Hourly MACD for XRP/USD is expected to get back to the bearish zone within the short term. The Hourly RSI (Relative Strength Index) for XRP/USD has gone below the 50 and 40 levels.
Yelp has recently provided for a new search tag, which will help users to search for vendors who will be accepting cryptocurrency for payments. Thus, the “Accepts Cryptocurrency” label provides cryptocurrency with the image of a Bonafide mainstream payment option.
It is interesting to see that many businesses in yelp recognize cryptocurrency as a valid form of payment. This is a sign that cryptocurrency as a form of payment is entering the mainstream.
In Europe, Italy seems to be the country that exhibits the most interest in cryptocurrency. About 63% of the European countries are of the opinion that the cryptocurrencies will be around even during 2029.
Andy Bryan, the COO of Bitflyer stated, “The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility but is also a direct impact of the constant media attention that is associated to its volatility.”
Overall, there is improved positivity about the cryptocurrency. However, experts opine that it is a fairly common happening with technology where a piece of technology usually gets overwritten by something that comes later and which indeed does better than the original. This is the way stuff works, and they state that they might not be surprised if the same thing happens with Bitcoin.
Jonathan Levin, co-founder, and COO of Chainalysis, stated, “Bitcoin is by far the favorite,” when discussing the proliferation of criminals who prefer to use Bitcoin for their illicit activity despite the coming of more than 2000 types of cryptocurrencies.