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Ripple’s Director of Products lays out a new project on XRP ledger

Aakash Athawasya

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Source: Pixabay

While the entire cryptocurrency community looks forward to the mass adoption of cryptocurrencies, XRP seems to have had a head start as the third largest coin by market cap has been getting ahead in the adoption race, despite its indolent price movement. Ripple has time and again been making use of the altcoin to enhance technology. The firm’s Director of products, Craig DeWitt revealed the latest development in its ecosystem.

XRPL is one of the side projects that DeWitt has been working on. This project intends to provide artists with direct XRP donations for mp4 downloads. DeWitt gave the community a peep into the project that is yet to be outlined. His tweet read,

While the latest development calls for the question of paying for professional recordings, DeWitt affirmed that it wouldn’t be a problem as individuals can record it on their phone and sell their music for 0.0001 cents. This is possible due to XRP’s “ability to be sent in micro amounts liberates the artist from the traditionally expensive costs of recording.”

Wietse Wind , the XRPL lead developer, also acknowledged the project and suggested that it would be a different variety of DRM “Donations Right to the Musician.” Along with Wind other XRPL members suggested on the thread that the amount in XRP could be split on an agreed-upon ratio if the information pertaining to the artists were available in meta. Furthermore, the issue of royalty distribution could be addressed via the Interledger protocol [ILP], @alloynetworks added.

Aakash is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in Finance and Economics, his writing is centered around regulation and institutional investment within the cryptocurrency space. He is also an aspiring triathlete.

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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.