BitBoy Crypto discusses potential competition between JPMorgan’s blockchain-based token and XRP while highlighting XRP’s strong trading volume.
- BitBoy Crypto discusses JPMorgan’s blockchain-based token as potential competition for XRP, awaiting US regulatory approval.
- De-dollarization efforts by BRICS countries to reduce the global reserve status of the US dollar are explored, with JPMorgan identifying the Chinese Yuan as the main contender.
- XRP is highlighted as the strongest altcoin with a high trading volume, recording an average of $462 million in August.
- Ripple’s CTO, David Schwartz, emphasizes the XLS-30 Automated Market Maker (AMM) feature on the XRP Ledger (XRPL), generating excitement in the XRP community.
BitBoy Crypto, an analysis channel, recently released a new video discussing potential competitors to Ripple’s cryptocurrency, XRP. This discussion was sparked by a report from Bloomberg on September 8 which revealed that JPMorgan, a financial giant, is launching a blockchain-based token for faster cross-border deposits and settlements.
While awaiting approval from US regulators, BitBoy Crypto predicts that JPMorgan’s new token, aimed at facilitating transactions in the banking sector, will pose strong competition to XRP. The crypto community on Twitter is also questioning what steps XRP will take in response to this development.
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— Collin Brown (@CollinBrownXRP) September 8, 2023
De-Dollarization Efforts Threaten US Dollar
The video further explores the “de-dollarization efforts” of the BRICS countries, which aim to reduce the global reserve status of the US dollar by increasing the use of local currencies for trade settlements. JPMorgan’s analysis maintains that the Chinese Yuan is the only contender against the US dollar. While BitBoy Crypto agrees with this analysis, they argue that the BRICS alliances are still developing stronger relationships, citing the ongoing tension between India and China.
XRP Emerges as the Strongest Altcoin
The video also highlights recent data published by crypto monitoring platform Kaiko Data, which shows that XRP is the strongest altcoin in the market. XRP recorded an average trading volume of $462 million in August, driving trading activities in the market. This volume is four times higher than the next largest altcoins in terms of trade volume.
According to Kaiko Data, XRP has maintained strong trading activity relative to other altcoins despite a recent pullback. This reinforces its position as a dominant player in the market.
XLS-30 Automated Market Maker Feature
Ripple’s CTO, David Schwartz, recently revealed his favorite feature on the XRP Ledger (XRPL), highlighting the XLS-30 Automated Market Maker (AMM) as the standout feature on Ripple’s smart contract platform. This announcement generated excitement within the XRP community.
As XRP faces competition from JPMorgan’s new blockchain-based token, its supporters eagerly await the company’s response and its next move in the cryptocurrency market.