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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Tron and EOS Get Thumbs Up from China as Top Rated Cryptos — A Big Boost for ETH Rivals?

  • Jack Thomas
    🤷 Opinions

    Very anti-cryptocurrency, China has seen one of its agencies come out and praise EOS and Tron as the best crypto assets

Tron and EOS Get Thumbs Up from China as Top Rated Cryptos — A Big Boost for ETH Rivals?
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When it comes to China and cryptocurrencies, the association is usually a negative one. The Socialist Republic has made it clear that they are distrustful of cryptocurrencies, preferring to focus in on the blockchain technology.

However, there has been news out of the country that the Center for Information and Industry Development (CCID) under China’s Ministry of Industry and Information Technology has rated EOS and Tron highly in several categories, including applicability and technology.

This is big news for China, as well as cryptocurrencies which are rivals to Ethereum, as it shows the direction in which the savvy Chinese are looking, when they are looking at cryptocurrencies. Ethereum has been under a lot of scrutiny recently, and in 2019, the platform is not offering what countries like China are looking for.

It will be interesting to see just how much this focus on EOS and Tron helps boost the cryptocurrency prices, as it is clear that the Chinese are looking for a blockchain platform that dApps can be built upon, making blockchain technology more applicable and useful.

A new wave of blockchain applications?

The Chinese case study is an interesting one to take note of because they are traditionally very forward-thinking with their technology and are often pioneers. Many still believe Bitcoin is the only relevant and useful cryptocurrency, but the Chinese disagree.

On the list, Bitcoin comes in 13th, while the top three are all smart contract blockchains, with third place going to Ethereum. However, the fact that there are smaller projects that haven’t been around as long as the second-rated crypto by market cap, indicates that there is an identification of improvement.

EOS and Tron are so highly rated by the Chinese because they are able to maintain a large transaction capacity due to the structure of the network that relies on a group of nodes called Super Representatives, which play a vital role in Tron’s Delegated Proof of Stake (DPOS) consensus mechanism.

Boost for EOS and Tron Prices?

If this recommendation from the Chinese Agency holds any weight in the country and allows for more blockchain developers to work with these platforms, there is a huge untapped market available that could boost the price of both Tron and EOS.

China has been looking more and more at its own blockchain solutions and projects, but this represents a big thumbs up for these two platforms, and if they are accepted in China, there will be a huge spike in demand, and as such, a big spike in price can be expected.

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Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls

  • Jack Thomas
    🤷 Opinions

    📊👀Ripple’s Market cap, through its XRP token, was ahead of Ethereum at a few stages, but its price prediction has slowed and come under pressure from resistance below the $0.33 mark, and in doing so, Ethereum has pushed higher into second place

Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls
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Ripple, and its native token XRP, have been stuck in a bit of a price vacuum over the past few weeks and months as many other coins have managed to break such marks. Sitting between $0.30 and $0.33, XRP has actually started to even lose ground on Ethereum in terms of market cap.

The third-ranked coin by market cap has in the past managed to over take the smart contracted-based blockchain as it surged in interest and growth in the recent past, but now it has fallen back by nearly $2 billion.

In terms of price prediction, XRP has a lot of hope and positivity surrounding Ripple’s efforts to make it a staple of banks going into the digital age, but it has stalled in its own growth recently, which is surprising seeing as other altcoins have doubled in 2019 alone.

XRP’s sticky situation

There was a small drop in the market last week which was halted when Bitcoin managed to keep above $4,000, but XRP also tested an important resistance. After testing the $0.3000 support, XRP’s price started a short term rebound against the dollar.

The price traded above the $0.3050 and $0.3080 resistance levels. The price even traded above the $0.3100 level, but it faced a strong resistance near the $0.3120 level. Besides, the price even failed to test the $0.3120 level and the 100 hourly simple moving average. A high was formed at $0.3113, and later the price started a downside move.

XRP is especially low currently, testing its floor rather than the ceiling, which has been seen closer to the $0.33 mark, but what is not helping the coin get past any of these resistance marks is its drop in market cap.

Ethereum taking the initiative

It is difficult to tell if Ethereum is making ground on XRP’s market cap based on its own growth – which has not been astronomical in terms percentage gains in the last few weeks – or if it has to do with XRP losing its own worth and value in the eyes of the market.

Ethereum is facing some major changes in the near future, and it could be that early investors are starting to look for a cheap deal as they prepare for the Casper upgrade and the change to Proof of Stake. Ethereum is bound to make big ground when that happens.

Ripple may not admit it, but having XRP as the second ranked coin above Ethereum would be a big deal for them as it adds a lot of legitimacy in the general market and helps in boosting their own worth and value as a company looking for more partnerships.

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