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Cryptocurrency

XRP losing steam as BTC & ETH gain investors’ funds

XRP had been struggling after the COVID-19 market sell-offs that occurred in March.

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XRP losing steam as BTC & ETH gain investors' funds

Taking a critical look at the world’s most used crypto assets through the first half of 2020, Arcane Research, a crypto intelligence firm, revealed that XRP had been struggling after the COVID-19 market sell-offs that occurred in March, and has refused to pick up, while BTC and ETH have made swift recoveries.

The report stated, “Initially, 2020 started out strong for the top 3 coins but as the markets crashed in March, the three musketeers have seen vastly different growth trajectories.

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“ETH (+75% YTD) and BTC (+27% YTD) have recovered from the Covid-19 crash, while XRP disappoints (-9% YTD)… DeFi innovations and Proof-of-Stake anticipation have been driving the ETH growth, while the interest into XRP has died off as XRP struggles to recover since the crash.”

Quick fact: Ripple (XRP), which began its origin in 2012, plays both the role of a payment platform system and cryptocurrency (XRP) it also enjoys the support of leading financial institutions around the world that include Standard Chartered, Barclays, Sumitomo Mitsui Financial Group, Bank of America.

READ MORE: Tether market capitalization surges close to $10 Billion

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Don’t forget that XRP, the fourth most widely used crypto-asset behind Bitcoin, Ethereum, and Tether, had recently gotten the attention of the world’s biggest economy for money remittance.

U.S Consumer Financial Protection Bureau, which plays a major role in protecting America’s consumers in the financial sector, recently acknowledged Ripple by saying that it would seek continued growth and expanding partnerships with companies such as Ripple.

Crypto analyst, Luke Martin, also said that XRP’s bearish trend might continue until it hit a historic line of support against BTC at 0.000015 BTC, valued at 0.14%.

“The last few months have been pretty wild for large groups of altcoins with a rise in interest, narratives, and volume. One altcoin that usually gives at least 1 pump during a time like that is $XRP. But not this year…it’s been dropping all of 2020…

[XRP’s drop to .000015 BTC] worked well in 2017! I would enjoy that chart so much that it’s worth hearing the ripple army for another few years if that plays out as bottom before [it pumps] again.”

 

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Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. Jace

    July 7, 2020 at 10:47 am

    Good stuff…keep up with the updates👍

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Cryptocurrency

Bitcoin whale transfers 92,857 BTC worth $1.1 billion

BTC whales have shown historically that they often determine the BTC trend.

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Data obtained from Whales Alert, a crypto analytic tracker, shows that a Bitcoin whale has moved 92,857 BTCs valued around N1.09 billion. The BTCs were transferred from one unknown wallet to another unknown wallet, on Thursday.

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Note that BTC whales are on the rise as Bitcoin approaches the $12,000 price level.

Data obtained from Coin360, another crypto analytic firm, have shown that the flagship currency is presently around the $12,000 price level, with a market capitalization of about $219.60 billion

READ ALSO: BTC whale moves 10,250 BTC valued at $95,000,000

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Why this is happening: Global investors and crypto-traders are now cashing in on some of their profits, as the crypto market is washed with cheap money coming from stimulus packages from global central banks.

While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

READ: BTC whale moves 19,630 BTC valued at $185,000,000

Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in. Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

READ ALSO: Gold settles at $1,985, records best monthly gain since 2016

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The percentage of supply owned by entities holding less than 10 $BTC grew from 5.1% to 13.8% in 5 years, while the percent held by entities with 100-100k BTC declined from 62.9% to 49.8%.

BTC’s Daily Active Addresses continue to climb, and this will be a key fundamental factor in reaching price levels unseen in over two and a half years (January 2018).

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Cryptocurrency

Ripple reports 1,760% surge in XRP sales in Q2 2020

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

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Ripple, the leading crypto payment provider and owner of XRP, reported a rise in over-the-counter (OTC) XRP sales, according to its latest earnings result. In specific terms, Ripple sold $32.55 million of its XRP crypto-asset during Q2 2020, marking a 1,760% jump over Q1 2020 poor sales figures.

What is helping XRP sales?

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Digitization of global payments is the new norm in the world of Finance. XRP helps in curbing the additional costs related to sending cash payments and can be used as an alternative to pre-funding.

READ MORE: LINK, most profitable crypto-asset in 6 months, gains 451%

What you should know: Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.

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Additional notable integrations from Q2 2020 include

Signum Bank, the first fully regulated crypto bank, added XRP to its highly regulated custody solution and financial platform. Also, Zero Hash integrated XRP to its settlement platform, allowing digital asset businesses to access U.S. markets. Zero Hash is a division of Seed CX, a registered CFTC swap execution facility and holder of a New York Department of Financial Services BitLicense.

READ MORE: Netflix adds 10.1 million paid users in Q2 2020, yet stock plunges more than 9%

Swisscom Blockchain, one of the largest telecommunications providers in Europe, successfully launched XRP on its DAPPI platform, enabling enterprise-grade access to the XRP Ledger for a wide array of use cases.
Mobile payments startup, Uphold, also completed the integration of XRP into its wallet.

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Cryptocurrency

Number of new Bitcoin wallets hit 3 year-high

BTC remained confidently above $10,000 throughout Week 31.

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BTC Whales, Bitcoin is scarce, entities, individuals hold for long term

Bitcoin, the world’s flagship cryptocurrency, is certainly attracting new entrants into its crypto-verse. This is because the number of unique entities appearing for the first time in BTC’s blockchain network is surging. According to Glassnode, this growth rate is the largest seen since late 2017.

READ MORE: QKC: fastest rising crypto asset in 30 days, gains 100%

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BTC’s Daily Active Address metric, one of the most indicative measurements of future price movement, continues to show improvement over time. August 3 marked the third occurrence of DAA reaching 1.08 million daily addresses since July 1.

READ MORE: Mysterious Bitcoin whale moves 15,022 BTCs worth $162 million

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What’s happening in the world’s most valuable crypto market?

Note that these three occurrences are the largest respective outputs since January 2018 (2.75 years ago). With this metric continuing to push higher, it will function as great validation that Bitcoin’s price is justified in retesting the $12,000 range sooner rather than later.

READ ALSO: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

BTC has just indicated that the third largest token age consumed spike since April has taken place, indicating a potential short/mid-term price direction change and increased volatility. The last large spike, which occurred on July 27th, was indicative. Following a brief intermission, the rally rose again to $12, 000, before falling down once more. Now, with Bitcoin on a downward slope, this age consumed spike indicates a higher chance of things bouncing back up toward $12,000.

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In the meantime, BTC remained confidently above $10,000 throughout Week 31. Also, Bitcoin’s on-chain fundamentals point to the beginning of a potential bull market, though external market forces could still impact this possibility.

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