After successfully implementing its atomic swap a few days ago, the Monero project’s token (XMR) has surged by almost 21%.
XMR-BTC Swap Now Official
This past Friday, the Monero team issued an official statement regarding the launch of its Atomic Swap, which now makes a swap between its token (XMR) and Bitcoin possible. The cross-blockchain project, COMIT, provided all the technicalities and support for this implementation.
Hence, it wasn’t surprising that XMR rose significantly since that announcement. XMR rose from about $266, reached about $332 before a slight price correction sees it now trading at about $319 as of this writing based on data from Coingecko. XMR has surged by 55% within the past month, like all other tokens in the crypto space.
XMR price change. Source: CoinGecko
Swap Makes A Trustless Transaction Possible
While emphasizing the benefit of the atomic swap program, ErCiccione (one of Monero’s lead contributors) revealed that the tech behind the program provides a trustless way to swap XMR and BTC. He also said, “the program is aptly named atomic because there can only be two outcomes – a successful transaction for both parties involved or nothing. If the transactions aren’t completed, each party still has access to his funds.”
Part of the announcement reveals that the app for customers to try out this swap is available. However, ErCiccione suggested that customers test with little money since some slight bugs aren’t unexpected from any new software. XMR was launched seven years ago to enable users to make their transactions privately and without being monitored. As of this writing, XMR is among the top 30 cryptocurrencies in the world, with a market cap of about $5.8b.
XRP May Barely Move From Its Current Price By Year-End
While several crypto traders, analysts, and forecasters have suggested that BTC is bound to surge over $100K by year-end, they aren’t suggesting any price surge for Ripple‘s governance token. A new poll of the top crypto minds reveals that over 80% of them opined that Ripple’s SEC lawsuit wouldn’t go in favor of the crypto firm.
Some of them even predicted that XRP price by year-end would be around $1.24, but it may increase by almost 300% in the next four years. For perspective, XRP gained 1.2% in the past 24 hours and now trades at about $1.26 as of this writing.
XRP attained a peak price of $3.85 three years ago, which means that analysts are forecasting that it will take another three years before it can re-attain that same peak price. Finder.com carried out the survey, and some of its respondents included the CEOs of Coinmama and all nodes – both of whom are industry leaders.
These industry leaders and even Finder.com’s in-house analysts opined that Ripple’s legal battle with the SEC would be a big blow to XRP even if the company only gets a slap on the wrist, such as fines and temporary bans. Their opinion seems strange given that Ripple currently has an advantage over the sec in the court’s rulings so far.
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