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Cryptocurrency

Ripple, third most valuable cryptocurrency, gets approval from the U.S for money transfers

Ripple (XRP), the third most widely used crypto-asset behind bitcoin and Ethereum, has gotten the attention of the world’s biggest economy for money remittance

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ripple cryptocurrency, XRP

Ripple (XRP), the third most widely used crypto-asset behind bitcoin and Ethereum, has gotten the attention of the world’s biggest economy for money remittance.

Ripple (XRP) is currently trading at $0.2025 with a market capitalization of about $8.9 billion and a daily trading volume of $1.96 billion, according to data obtained from Coinmarketcap.

America’s Consumer Financial Protection Bureau has given Ripple approval for its use in cross-border money transfers.

According to a report recently published by America’s Consumer Financial, Protection Bureau has been researching new developments in the remittance market, including trends related to digital currencies.

U.S Consumer Financial Protection Bureau, which plays a major role in protecting America’s consumers in the financial sector, wrote on the “continued growth and expanding partnerships” of companies such as Ripple.

The report also noted the use of Ripple for settlement of cross-border money transfers:

The Bureau has continued to monitor…the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payment messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect a settlement of those transfers.

[Read Also: Ethereum, second most valuable cryptocurrency, surges over 88% since March]

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What you need to know

Ripple (XRP)plays both roles as a payment platform and a currency.

The Ripple platform is an open-source platform that is created to allow quick and cheap transactions.

Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks, like Standard Chartered, and Barclays for international transactions worldwide.

Interestingly, the U.S Consumer Financial Protection Bureau seems to love Ripple for bringing simplicity and openness to the financial industry:

To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can know exact covered third-party fees and exchange rates.

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“The Bureau also believes that expanded adoption of SWIFT’s GPI product or Ripple’s suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.”

 

 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

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$700 million worth of Bitcoin moved by an unknown identity

Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

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Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

 

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Cryptocurrency

XRP surges by 150% in 7 days as Ripple posts early victories against SEC

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

READ: XRP stands firm, investors wait on Ripple’s legal outcome

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

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