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Cryptocurrency

Whales are buying XRP, Ripple becomes world’s 3rd most valuable crypto

Since July 18, the number of wallets holding 1 million to 10 million XRP has been steadily increasing.

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ripple cryptocurrency, XRP

The sudden gains recorded in the cryptoverse has brought a notable crypto asset to the limelight. Data from Coinmarketcap shows that Ripple (XRP) has seen a price rise of over 30% from $0.19 to $0.244 in the last 14 days.

XRP outpaced Tether to become the third most valuable crypto asset in dollar terms, at around $11 billion. Its trading volume was about 1.6 billion at the time this report was written.

There is no clear reason behind this surge, but Nairmetrics, through its data feed, observed few whales increasing their stakes in the digital coin astronomically, even as XRP reclaimed the number three spot from Tether.

READ ALSO: Ethereum-based assets produce highest returns in 2020

Consequently, since July 18, the number of wallets holding 1 million to 10 million XRP has been steadily increasing. Roughly 30 new whales have joined the platform, representing a 3.7% increase in a short period.

In addition, Ripple’s Director of Product, Craig DeWitt, revealed a P2P payment platform built on XRP, thereby increasing its importance in the area of peer to peer payment.

Why are whales buying?

Economic historian, Barry Eichengreen, recently explained that cryptos should not just be considered for speculative reasons, as leading crypto assets have shown characteristics of being tangible assets. He said:

“I don’t think that thinking about crypto as speculative investments is really a long-term viable business model. Speculative investments have come and gone throughout history. Tulips came as a speculative investment and they went. [Digital assets] that provide actual tangible services like cross-border payments are the ones that are likely to have legs.”

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READ ALSO: Tether whales move USDT 110,000,000 in 1 hour

Barry went on to explain why cryptos have become the new digital gold, saying:

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“Gold doesn’t really have any intrinsic value. People [believe] it will hold its value because other people value it. There is, from that point-of-view, a parallel with cryptocurrencies. People pay actual U.S. dollars for it because they think other people will value it and pay actual U.S. dollars for it.”

Quick fact: Ripple (XRP) plays dual roles as a payment platform and a currency. The 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 such as Standard Chartered and Barclays for international transactions worldwide.

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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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    Business

    Cryptocurrency: FG should set up presidential commission on cryptocurrency – ACCI

    The Federal Government has been urged to set up a presidential task force on cryptocurrency adoption.

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    The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to set up a presidential task force on cryptocurrency adoption, citing increased adoption of cryptos in the global markets.

    This was disclosed by Dr Almujtaba Abubakar, ACCI President, in a statement on Friday in Abuja. He suggested that the FG should propose a plan which would enable cryptocurrency to be used in Nigeria’s financial markets.

    “The commission should propose a plan of action for phased usage of the technological currency within the Nigerian financial system,” he said.

    “We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

    It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” he added.

    The ACCI cited Vice President, Osinbajo’s views on cryptocurrency being a global phenomenon that nations must address rather than run away from.

    “The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” the ACCI boss added.

    In case you missed it 

    Nairametrics reported that the Securities and Exchange Commission (SEC) had revealed that it was working with the Central Bank of Nigeria for a better understanding and regulation of cryptocurrencies in the country.

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    Cryptocurrency

    Dogecoin up 168%, more valuable than Polkadot, Cardano

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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    Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

    Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

    READ: Bitcoin miners are consistently earning $50 million daily

    Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

    Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

    A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

    READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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