I may be one of the unusual crypto investors, as I don't frequently convert my tokens to USDT or other stable coins. Instead, I reinvest my profits into #XRP and #ADA, and when they perform well, I take my profits and move into new high-risk, high-return tokens. After all, it's my profit and it's still ok to take risk to earn more.
In fact, during 2016 and 2017, #XRP and #ADA are the only 2 tokens I hated the most and they were two of tokens I would never buy or trade.
I stumbled upon these two tokens and decided to deepen my knowledge about them. I'll provide a brief overview without offering any personal opinions. I don't wish to sway any investment decisions for others, as these are solely based on my personal view.
What is #XRP?
XRP is a cryptocurrency created by the company Ripple Labs (now called Ripple), which was founded in 2012. XRP is used as a digital asset for facilitating cross-border payments, and Ripple's main goal is to provide a fast, low-cost, and reliable way for institutions to transfer money globally.
The XRP token acts as a bridge currency in cross-border transactions, allowing financial institutions to avoid the high fees and slow settlement times associated with traditional cross-border payment methods. By using XRP, banks can settle transactions in just a few seconds, as opposed to the several days it takes with traditional methods.
Ripple has established partnerships with many leading financial institutions, including Santander, American Express, and Standard Chartered, to bring blockchain-based cross-border payment solutions to market. Even many big banks in Vietnam and Philippines where my friends worked already owned and hodle XRP and have established partnerships with Ripple. The company has been working to promote the use of XRP and its technology as a standard for cross-border payments, and it remains one of the largest cryptocurrencies by market capitalization.
The legal status of XRP is currently being questioned as the SEC has deemed it a security. This has resulted in increased regulation and uncertainty for the future of XRP as a currency. However, I personally believe that Ripple can overcome this challenge and emerge as a leader in the market. I also believe that XRP has the potential to reach $589, as many experts and enthusiasts have expressed. It's important to conduct your own research and not rely solely on others' opinions when it comes to investments. This is simply my personal perspective, shaped by my market analysis and experience in marketing strategy.
What is #ADA?
ADA is the native cryptocurrency of the Cardano blockchain, which was created in 2015 by IOHK (Input Output Hong Kong), a blockchain research and development company.
Cardano is a smart contract platform that aims to provide a more secure and sustainable ecosystem for the development and execution of decentralized applications and financial services. It is built on a proof-of-stake consensus mechanism and uses a multi-layer architecture to separate its settlement and computational layers, enabling it to process transactions more efficiently.
The Cardano foundation is a non-profit organization that oversees the development of the Cardano platform and ecosystem. It works to promote the adoption and use of Cardano, engage with the community, and ensure the long-term success of the project.
ADA is used as a means of payment on the Cardano network and can also be used to secure and validate transactions on the blockchain. It has gained popularity in the crypto community due to its focus on security, sustainability, and scalability, and is considered a leading player in the smart contract and decentralized finance (DeFi) space.
It is challenging to forecast the future of any cryptocurrency as its values are subject to significant fluctuations and changes at any moment.
However, according to a technical analysis by Finance Shot, considering Cardano's past performance and future prospects, it is probable that Cardano may reach $100 in the future.
The price of Cardano Coin may surge and attain its $100 goal sooner than our Cardano price prediction if there is increased interest from investors in the Cardano coin project.
Cardano holds immense potential, as it is working on advancing technologies that will open up new opportunities. Additionally, it is one of the most sought-after crypto assets in the market and has a bright future ahead.
Again, it is not a financial advice. I only shared my points of view and save it as my investment and trading diary.
Best regards
Ryan Holmes
Cryptocurrency Investment Diary, 3rd Jul 2020.