Chronoly.io, the world’s first blockchain-powered luxury watch investment marketplace, currently has the crypto community excited about its CRNO token, which is in the third phase of presale. As forecasted by experts, the CRNO token has seen a massive jump of 560% in its price, since mid-May, while one of the largest crypto tokens by market capitalization, Ripple XRP, is in the red, and has seen some of its investors park their money in this new asset-backed crypto project, let’s find out why.
What is Ripple (XRP)?
Ripple is the world’s leading blockchain-based global payments network and protocol with its cryptocurrency token, XRP. Having major banks and financial services as its customers, Ripple serves as a payment settlement asset exchange and remittance system. Its native utility token, XRP, is used as an intermediate mechanism of exchange among two or more currencies or exchanges, in the form of a temporary settlement layer denomination.
Understanding XRP’s recent price movements
Back in 2017, Ripple had locked 55% of XRP’s total supply in a series of escrow accounts, thereby capping the new number of tokens to be brought in circulation at 1 billion XRPs/month. Recently, in the beginning of August 2022, Ripple released 1 billion XRP tokens from two escrow wallets, at once. This action pushed the token’s price lower by 3.4% on the same day.
Since May 2022, the whole crypto industry has experienced a turmoil leading to uncontrolled selling, cascading liquidations, and washing out of over trillions of dollars from the global cryptocurrency market. During the same period, the price of XRP has dropped from a high of $0.77 to $0.37 at present, marking a shocking 60% discount in its price.
Experts are also of the opinion that Ripple (XRP) is not a long-term hold. Despite its unique payments mechanism, tough competition from Stablecoins and the multi-CDBC project could threaten Ripple’s position in the market. These factors are brewing uncertainty among investors, thereby making them look for other beneficial investment opportunities within the crypto market.
Why Ripple investors consider Chronoly.io (CRNO)?
Chronoly.io is a blockchain-powered marketplace for fractional investments in luxury watches that allows users to start from as low as $10. Users can not only trade watch NFTs but also redeem physical watches from Chronoly’s storage vaults. They are also given the opportunity to borrow funds against their watch NFTs at competitive interest rates and digitally verify the authenticity of pre owned luxury watches from renowned brands like Patek Philippe, Rolex, Richard Mille, and Audemars Piguet.
The Chronoly.io Ecosystem is enabled through its native utility token CRNO, which is currently in its third phase of presale. Its price has risen by an enormous 560% from $0.01 to $0.066 in a period of not more than three months. The token has multiple uses like staking the token to earn annualized returns, participating in monthly lotteries to earn rewards in terms of more tokens or even physical watches, and earn upto 30% discounts on the various platform fees.
Since the NFTs are backed by real-world authentic luxury watches, the NFT’s price is bound to accrue with the increasing price and value of the underlying assets. This will ensure that users and investors are earning regular dividends and capital appreciation on their NFTs. Therefore, experts are hopeful of promising growth and handsome return on investments in the Chronoly.io ecosystem. So if you have some investible surplus, what are you waiting for?
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