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CoinField rolls out ‘secret’ XRPL project, Sologenic

Priya N.V

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Source: Pixabay

Speculations of quietly powering an unknown XRPL project put cryptocurrency exchange, CoinField in the headlines. This was stirred soon after the exchange revealed that it was one of Ripple’s verified validators. Following the same, the cryptocurrency platform launched its XRPL project called Sologenic.

@XrpCenter, a crypto enthusiast revealed the news on Twitter. The tweet read,

“CoinField’s Secret XRPL Project (@realSologenic) has been revealed.
Sologenic will use the #XRPL to enable the tokenization of non-blockchain assets (ie. stocks/ETFs) and trade them against #XRP or IOUs.”

The latest platform created on the XRP Ledger released a whitepaper which elaborated on the working of the platform. The whitepaper asserts that,

“Sologenic is introducing a sophisticated ecosystem that facilitates users with investing, trading, and on-demand tokenization of assets such as stocks, ETFs, and fiat.”

Source: Sologenic

 

The SOLO coin, which is the native token of Sologenic would be issued on the XRP Ledger further enabling liquidity to be moved almost immediately.

CoinField is currently one of the few exchanges that have paired over 30 digital assets along with a few fiat currencies with XRP. The firm declared that stablecoin tokenized versions, including TSLAƨ and USDƨ, were tradable and redeemable against XRP and SOLO on both CoinField exchange & XRPL DEX.

Additionally, the official website of Sologenic pointed out that the motive of SOLO coins was to develop a dynamic bridge between digital currencies and assets that weren’t blockchain-based. This would take place when they are directly paired with fiat to settle with third-party brokerage firms.

Priya is a full-time cryptocurrency writer at AMBCrypto concentrating mostly on privacy coins. A graduate in economics, Priya focuses on developments on Ethereum and blockchain technology.

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Altcoins

Litecoin’s ailing price prepares for breach of descending channel

Namrata Shukla

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Source: Pixabay

Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.

Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.

Short-term

Source: LTC/USD on TradingView

Source: LTC/USD on TradingView

The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.

The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.

Source: LTC/USD on TradingView

Source: LTC/USD on TradingView

The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.

Conclusion

Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.