For American crypto users, it becomes more difficult to trade crypto assets. However, there’s no reason to lose all hope. BYDFi offers a variety of trading options for American and Canadian citizens. It’s a Singapore-based crypto exchange, and they are fully regulated. This exchange offers a variety of trading options. These range from spot trading to perpetual trades, leverage, and copy trading.
So, let’s look a bit deeper into BYDFi and some of the tokens they offer.
This integration empowers users to effortlessly purchase cryptocurrency assets with fiat currencies in a compliant and smooth manner directly on the #BYDFi.
— BYDFi (@BYDFi) August 10, 2023
Ripple and Stellar Lumens Background
Ripple (XRP) and Stellar Lumens (XLM) have a common history. They also aim to solve the same problem, remittance, but for different target groups. In 2012, Chris Larsen and Jed McCaleb founded Ripple. However, in 2014, Jed McCaleb parted ways with Chris Larsen. He mentioned that there was too much difference in opinion between the two.
As a result, McCaleb launched a new token, Stellar Lumens. It’s also used for remittance, but it targets a different user group. They both offer cross border payment solutions. However, Ripple targets large financial institutions. On the other hand, Stellar targets everyday people, like you and me.
Both started out with similar code. However, after six months, Stellar updated its code. The reason behind this was to optimize the code for their user base. So, it’s no surprise that many people think that Stellar Lumens is a Ripple fork. As you can see, that’s not correct. They are two independent projects with their own networks.
What Is Different, and What Do They Have in Common?
Having said that, they both have a lot in common. For example,
- Both use remittance options whilst using blockchain technology.
- They both offer private nodes but don’t allow mining.
- All available coins are already minted.
- Both offer low transaction fees and fast transactions.
However, there are also some differences. For instance,
- Stellar is open source and everybody can use it. Before you can use Ripple, you need permission. As a result, only banks and financial institutions can use the Ripple blockchain.
- XRP is deflationary and Lumens is inflationary. XRP burns all its transaction fees. On the other hand, Lumens has a 1% annual inflation rate.
- XLM is for the people with 90% in the hands of the public. However, XRP is 50% owned by the founders.
We also made an interesting video, that shows how much XRP you need to become a crypto millionaire in 2025.
The Potential for XRP and XLM
Recently, there was talk of XRP reaching a price between $100 and $500. XRP holders will be over the moon if this happens. The statement came from Shannon Thorp, a business support manager at Wells Fargo. We reported about this in this video.
However, it is unlikely that XRP will reach these prices anytime soon. She got to this conclusion by looking at its utility and real-world application. It’s likely that XRP will have positive price development. On the other hand, it’s not likely that this will be starting at $100. This means that its market cap will go up to $10 trillion. To put this in perspective, the current market cap of Bitcoin is $571 billion. A more realistic price for XRP is between $10 and $15.
A US judge ruled that XRP is not a security, as implied by the SEC. This also helps with a positive XRP price development. So, in general, it looks good for XRP if we combine all these factors.
People have long asked what will be the price of $XRP, when will this “utility” come? In my opinion, now more than ever I see a divided #XRPArmy! One side looking at only charts, taking cues from the past and trends that follow Bitcoin to draw short term price predictions. Whilst…
— Shannon Thorp (@thorpshannon87) July 29, 2023
Stellar Lumens (XLM)
For Stellar Lumens, it’s less likely that there’s going to be a similar price development as with XRP. Over the last year, XLM gained 8%. That’s still better compared to many other altcoins. However, compared to XRP, it’s a lot less. XRP gained 62% during the last year.
As a result, we see much more conservative price predictions for XLM. The current price is $0.13. An average price for 2024 is $0.27 and for 2025 it’s $0.40. For 2030, the prediction is an average price of $1.40. So, there’s potential for XLM, but most likely not as good as we saw and expect for XRP.
However, keep in mind that both coins are available at BYDFi. This is especially of interest to US citizens. That’s despite their restricted crypto trading options. BYDFi offers them a variety of tokens and coins. This exchange offers derivatives and perpetuals. If you sign up now, with our link, you can get up to $2,888 in rewards. See the picture below. In addition, please keep in mind that BYDFi is fully regulated (US MSB Registration No. — 31000215482431).
Source: BYDFi novice tasks
We introduced the XRP and XLM tokens, available on the BYDFi exchange. We looked at what joins these two tokens together. Furthermore, we also looked at their potential. BYDFi offers worldwide regulation, including for the US. This allows US citizens to trade in these two tokens.
Did you know that BYDFi offers trading 400+ tokens with no KYC? You can also trade with only 0.6% futures & 0.1% spot fees, receive free trading signals, and earn nearly $2,000 in bonuses. For more info just click here.
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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by BYDFi.