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XDC Brushes Off Market Downtrends, Records Over 16% Surge As Top Coins Bleed

The crypto market has been downward over the past 24 hours, with top coins like Bitcoin dancing in tune with the bearish trend. But while top coins lost the past week’s gains, XDC Network holds over 16% of its gains.

XDC now trades at $0.068, a price 16.75% higher than its value seven days ago. However, despite the token’s resilience, the bulls are about to capitulate, with nearly 4% lost in the last 24 hours.

XDC Network Price Performance In The Last Week

XDC’s market situation today is similar to a water lily, with roots buried in the water while shooting out flourishing leaves above, looking for more opportunities to rally. XDC’s partial bullish momentum sustains the token’s weekly gains, while others have completely succumbed to bearish pressure.

Related Reading: When Will Polygon (MATIC) Rebound? Analyzing This Month’s Recovery Potential

XDC’s current price is still over 126% higher than its value 30 days ago, suggesting the bulls are still determined to withstand the fluctuations. The slight 0.55% decline in its 24-hour trading volume confirmed this assumption.

XDCUSD price chart

XDC Social Sentiment Bullish As Community Awaits Upcoming Ecosystem Events

Anticipation for the ETHToronto Hackathon slated to hold from August 15-16, 2023, remains high, with the XDC community at the center. According to an August 4 announcement by the XinFin Network, the XDC Network is the official Tera Byte sponsor of this event. 

This event provides an incredible opportunity for blockchain and crypto enthusiasts to connect, collaborate, and explore the future of blockchain technology. The anticipation has increased XDC’s social sentiment as several people are already trying to purchase the token. Moreover, the event could also increase XDC’s exposure, potentially increasing its usability, user base, and trading volume. 

In another announcement, the XinFin Network announced that the XDC Foundation will be the platinum sponsor of the Trade Finance Investor Day 2023. The event, organized by the Trade Finance Distribution Initiative (TFDi), will hold on October 19-20 at the five-star Grove Golf and Country Club, Hertfordshire, UK. The initiative aims to help many investors access trade assets at the lowest possible cost.

At the event, XinFin USA, the company behind the XDC Network, will showcase the benefits of the XDC Network to banks, secondary market investors, and industry experts.

These collaborative efforts are boosting the network’s market presence, reflected in the token’s price performance over the past week.

XDC Market Outlook; What’s Next?

Meanwhile, the bears are active in XDC’s market today, actively trying to push the token off the $0.07 price level. The daily chart shows the Moving Average Convergence/Divergence is below the signal line, with red candlesticks. Also, the RSI is at 45, approaching the oversold area.

XDC now approaches the $0.6 support zone, a point that might empower the bears for more downtrends. XDC could dip lower in the next few hours if the bulls fail to regain momentum. 

The token reached a day peak of $0.08028 on August 6 before gradually receding to the bears. As of the time of writing, the token has slipped off its peak and now trades at a low of $0.06872.

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Crypto Adoption: Singapore Red Cross To Accept BTC, ETH, USDT, And USDC

Cryptocurrency payments have been increasingly widespread in recent years, with their use spreading to nearly every market. A use case of cryptocurrencies that has seen particular growth is in crypto donations and the Singapore Red Cross has now taken the plunge.

Singapore Red Cross Taking Crypto Donations

The Singapore Red Cross is the latest to jump on the crypto bandwagon as the homegrown humanitarian organization recently partnered with Triple-A, allowing donors to contribute Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC). 

The country’s Red Cross Society is looking to capitalize on crypto adoptions by partnering with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore (MAS). 

The Singapore Red Cross received more than $4.5 million in donations in 2022. However, by accepting BTC, ETH, USDT, and USDC, the humanitarian organization is opening itself up to donations from people across the globe. 

“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets,” said Benjamin William, Secretary General and CEO of the Singapore Red Cross. “Enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable.”

This is not the first time a Red Cross society will accept cryptocurrency donations, as the American and British counterparts already accept crypto donations. However, unlike US donors, donors to the Singapore Red Cross do not receive tax deductions, and all donations received will be converted to fiat currency within one business day.

Crypto total market cap chart from Tradingview.com (Red Cross)

Crypto adoption in Singapore is one of the highest in the Asia-Pacific region. According to a report, over half of Singapore’s Gen X members invest in cryptocurrencies. Another similar study done by Statista showed that around 19% of people in Singapore own crypto, higher than the global average of 15%. More than 31% of respondents also indicated that they owned Bitcoin, one of the highest in the world.

The Rise of Crypto Philanthropy

Crypto philanthropy has steadily grown over the past few years. Major organizations like the American Red Cross, and St. Jude Children’s Research Hospital now take crypto donations. Crypto donations, in particular, have contributed a significant part of humanitarian efforts in the Ukraine war, with the country receiving more than $212 million worth of crypto.

A 2022 report found that USDC, USDT, and Ethereum are the most popular cryptocurrency used for donations. With the improved infrastructure to accept and manage crypto donations, charitable giving is expected to become more mainstream, reaching $10 billion by November 2032. 

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Is Worldcoin Just Another LUNA? Crypto Influencer Reveals

Worldcoin (WLD) has recently emerged as a subject of fervent discussion especially due to its biometric data collection through retina scans. Its launch came in amid the growing interest in decentralized finance (DeFi) and blockchain technology as well as new tokens and projects constantly striving to stand out and make a significant impact.

Among the voices guiding investors through the labyrinthine world of crypto is Jordi Alexander, a renowned crypto influencer and the chief alchemist of the Mantle Network. Recently, he stirred conversations by drawing a parallel between Worldcoin and LUNA, though not entirely for auspicious reasons.

According to the crypto influencer, Worldcoin might just be the next LUNA given some factors that comes with the token’s objective which makes it similar to LUNA which was portrayed as a “new digital currency” that needed to “maximize adoption in order to become useful.”

The Rise Of Worldcoin And Its Ambitions

Worldcoin, under the vision of Sam Altman – the brains also behind ChatGPT, has made headlines with its mission. The Worldcoin Foundation envisions creating the largest decentralized identity and financial network on the globe.

Central to this vision is Worldcoin’s native token, WLD. For the project to be successful, WLD’s widespread adoption is imperative, as is its ability to service the “Orbs” used in the new user onboarding process via retina scans.

In his discussion on Crypto Banter, Alexander elaborated on Worldcoin’s goal to position WLD as an alternative to fiat currencies. Their agenda to become a digital base currency mimics the aspirations that LUNA once held.

The gravity of this comparison is substantial, especially when considering LUNA’s precipitous fall from grace due to financial challenges.

Trillion-Dollar Bubble In The Making?

While drawing parallels with LUNA, Alexander’s intent wasn’t to prophesize an equivalent success for Worldcoin but rather to signal the risks of potential downfall. A primary concern centers around the controversial methods that Worldcoin employs, notably, collecting biometric data through retina scans.

The rapid appreciation of WLD’s value further compounds these concerns. Since its inception just over a week ago, the token’s value has surged significantly from $0.1 to as high as trading above $5. This growth has inevitably attracted a slew of investors, catapulting its market capitalization to more than $200 million.

It’s this velocity of growth, coupled with Worldcoin’s overarching ambition, that leads Alexander to opine that the cryptocurrency might be veering into “bubble” territory. He even suggested the possibility of it snowballing into a trillion-dollar bubble if unchecked. Worldcoin (WLD) price chart on TradingView

Worldcoin (WLD) price is moving sideways on the 4-hour chart. Source: WLD/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

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BREAKING: Did Solana Miss A Golden Opportunity To Collaborate With PayPal’s PYUSD Stablecoin?

Reports indicate that PayPal’s stablecoin, PYUSD, was originally intended to be launched in collaboration with FTX on the Solana blockchain in 2022. 

However, unforeseen circumstances led to a sudden suspension of these plans. The collaboration between PayPal and FTX for the initial issuance of PYUSD on Solana was unexpectedly put on hold.

According to Colin Wu, the delay was primarily attributed to FTX’s unfortunate crash, which introduced uncertainty and prompted both parties to reevaluate their strategies. 

 Solana Failure To Secure Partnership With PayPal

Regulatory challenges arose due to the classification of main public chain tokens as securities by the US Securities and Exchange Commission (SEC), complicating the expansion of PYUSD to other Layer 1 (L1) blockchains. 

As a result, PayPal has now chosen to issue its stablecoin through the Paxos Trust Company, marking a significant shift in their original collaboration plans.

PayPal, renowned as a leading online payment platform, had diligently prepared to launch their stablecoin, PYUSD, with the assistance of cryptocurrency exchange FTX. The collaboration aimed to leverage the speed and scalability of the Solana blockchain, renowned for its throughput and low transaction fees.

This partnership sought to unlock new possibilities for PayPal within the rapidly expanding realm of digital assets. Unfortunately, the collaborative efforts between PayPal and FTX were abruptly interrupted when FTX experienced a significant crash. 

This unforeseen event forced both parties to suspend their work on PYUSD issuance through the Solana blockchain. The crash created an atmosphere of uncertainty and caution, compelling PayPal and FTX to reassess their plans and explore alternative approaches. Moving forward, PayPal’s PYUSD stablecoin will now be issued by the Paxos Trust Company. 

Initially available to eligible US customers, this digital asset enables seamless transfers within the PayPal platform and compatible external wallets. Additionally, users can utilize PYUSD for purchases and exchange it for other prominent cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more.

The unexpected delay in PayPal’s collaboration with FTX on the Solana blockchain highlights the challenges and uncertainties that can arise within the evolving crypto landscape. 

Overall, FTX’s crash and regulatory obstacles prompted PayPal to reconsider their strategy, leading to a shift in their issuance partnership to the Paxos Trust Company. 

As PayPal’s PYUSD stablecoin enters the market under this revised approach, it remains to be seen how this change in strategy will impact the stablecoin’s adoption and growth trajectory.

Solana

Featured image from Unsplash, chart from TradingView.com

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Ripple Is Now A Member Of Trade Organization That Hosts The Likes Of BlackRock

In a significant development, Ripple joined the International Swaps and Derivatives Association (ISDA), placing itself at the forefront of the derivatives market valued at a staggering $1.2 quadrillion. 

This move aligns Ripple with prominent industry leaders such as J.P. Morgan, Goldman Sachs, and BNY Mellon, solidifying its position within traditional financial systems.

This particular membership category caters to technological solution providers and exchanges integral to the derivatives ecosystem and Ripple now stands equal with big players and elite groups in the high cadre of the crypto community. This move is a declaration of its ambitions and a sign of potential growth. 

Ripple’s Entry Into The Prestigious Circle

The approval of Ripple’s entry into the ISDA marks a noteworthy achievement. The association, comprising more than 1,000 institutions spanning 79 countries, sets the benchmarks and guidelines for the global derivatives market. 

A famous X ( formerly known as Twitter) user and a Ripple advocate JackTheRippler shared the news in a recent tweet which triggered excitement from many users.

By joining this distinguished league, Ripple underlines its commitment to bridging the gap between the realm of cryptocurrency and the world of traditional finance.

This development comes after Ripple launched its own Central Bank Digital Currency (CBDC) platform to enable governments to create their own digital currencies.

The firm is also looking to enter the real-world assets (RWAs) sector as it believes the tokenized assets market could rise as high as a $30 trillion market cap.

Ripple (XRP) price chart from Tradingview.com

Impact On Ripple And Beyond: A Ripple Effect

With the recent legal clarity surrounding XRP due to a favorable ruling, Ripple’s engagement with the ISDA presents opportunities for deeper collaboration and the wider acceptance of cryptocurrencies within the traditional financial realm. 

The cryptocurrency community is buzzing with enthusiasm over Ripple’s new affiliation. This calculated maneuver signifies Ripple’s intent to firmly establish its presence in the financial landscape, enabling strategic alliances with major financial institutions and unlocking opportunities for the XRP cryptocurrency.

Although the immediate impact on Ripple’s valuation remains uncertain, this strategic collaboration sets the stage for prospective growth. Ripple’s inclusion among well-established institutions widens doors for increased acceptance and adoption of cryptocurrencies within conventional financial systems. 

Despite the latest development, XRP’s price has not responded positively. Rather, the altcoin continues to see losses on both the daily and weekly charts. It is currently trading at $0.61, translating to 2.11% and 12.01% losses on the daily and weekly charts, respectively.