EOS, Ripple (XRP), & Stellar (XLM) – The cryptocurrency market made quite the surge within the past 30 days, as it hit over $470 billion this past week. At press time, however, the market is sitting just above $435 billion.
EOS remains the dominant coin on the market this morning, as Ripple (XRP) and Stellar (XLM) have corrected in price gains.
As you can see from the chart above, EOS has had a monumental price run-up and hit all-time record highs on April 28th and 29th. Since those highs, EOS’s price has corrected but remains the only coin within the top 20 that is currently seeing price gains to start out the week.
Dan Larimer, EOS’s founder, published a Medium blog post three days ago highlighting EOSIO Dawn 4.0 that will be released on May 11th, via Github. Since the 3.0 launch last month, the team at EOS has been focusing on stabilizing the EOSIO software by focusing on a proof of concept for inter-blockchain communication.
EOS’s main net launch is set to launch on June 2nd. At that time its ERC20 tokens will switch from the Ethereum network, to be fully supported on the EOS blockchain.
I expect many more price run-ups for EOS in the month of May, leading up to its main net launch. The coin passed Litecoin and remains strong as the fifth cryptocurrency, but will it pass Bitcoin Cash to gain the fourth spot? We shall see.
At press time, EOS is trading at $17.78 a coin, up 3.28%, in 24 hours.
Ripple has also seen a major price run-up this past month, growing nearly 70%. However, the project ran into a major snag towards the end of last week as the Taylor-Copeland Law firm hit Ripple Labs with a major class-action lawsuit. This California-based law firm focuses their main efforts on blockchain and cryptocurrency litigation. The complaint was formed by several Ripple investors but is centered around one particular investor, Ryan Coffey.
To wrap up my version of the lawsuit, this group of investorss and Mr. Coffey invested in Ripple and lost money. Instead of just taking their losses and moving forward like the rest of us; they’ve decided to collectively sue Ripple Labs.
Besides the obvious pouting, there are three claims within the lawsuit that just might have put the company in some hot water.
First, the lawsuit claims that back in 2013 Ripple Labs made 100 billion coins and kept 80% of the supply. The remaining 20% of the coins were distributed between the founders of the company. According to the lawsuit, the company has since held a never-ending ICO by selling off that XRP to the public.
The second claim in the lawsuit is that Ripple Labs bribed exchanges to add XRP to their list. This news is not new, as this story broke a few months ago claiming bribery incentives offered with the major exchanges Coinbase and Gemini.
Lastly, the lawsuit claims that XRP is a security and is in current violation of the SEC laws.
Ripple Labs firmly believe that XRP is an asset and not a security, but the company’s fate now lies in the hands of the SEC.
At press time, XRP is trading at $0.826 a coin, down –4.55%.
On May 1st, XLM was listed on Bitfinex and jumped 11% in just a few hours.
— Bitfinex (@bitfinex) May 1, 2018
This year is set to be a big year for the Stellar team as they plan to go live with the Lightning Network on December 1st. This is set to push Stellar far ahead of XRP, as it will have off-chain transactions that will increase its speed of completing transactions and gives it the capacity to handle more.
The Stellar team has already implemented a test net for the Lightning Network, and while the official launch is half a year away, this is big news for the project. Both Ripple and Stellar’s value lie specifically in its functionality and widespread adoption. If the Lightning Network is deemed a success on the Stellar Network, this could catapult the cryptocurrency above its ‘big brother.’
At press time, XLM is trading at $0.389 a coin, down -5.49%, in 24 hours.
What do you think? Will Stellar pass Ripple this year? Leave your thoughts in the comment box below.
Disclaimer: I hold a small amount of EOS.
Featured Image: newsBTC