Cryptocurrency
Bullish signs for XRP, as active wallets output remains high
XRP has a circulating supply of 45 billion coins and a max supply of 100 billion coins.
Investors are taking the world’s most popular crypto payment facilitator, Ripple, by storm.
XRP price rose from 18 cents to 30 cents in just 6 weeks. Data from Santiment Research Company, a crypto analytic firm, showed that in spite of XRP’s -9.2% retracement this past week, the active address output recorded for the 3rd market cap crypto asset has remained high.
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In spite of $XRP's -9.2% retrace this past week, the active address output we're seeing for the #3 market cap #crypto asset has remained high. #Ripple holders can take solace in it being one of the few #alts with a DAA bullish divergences we've identified. https://t.co/CJZFzTU3li pic.twitter.com/YmUdTq4lYB
— Santiment (@santimentfeed) August 25, 2020
XRP’s price, at the time this report was drafted, was $0.286194. It has a daily trading volume of $1,817 billion. XRP price has gone up 0.4% in the last 24 hours. It has a circulating supply of 45 billion coins and a max supply of 100 billion coins according to data retrieved from Coingecko.
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Like the other cryptocurrencies, XRP has a long way to go to make it back up to its early 2018 highs. What’s interesting in the metric stated above is the increase in buying volume that shows high buying pressures.
The fast-moving crypto has been fighting to stay above $0.3 in the last few days. It does show that the sellers have built a resistance around that price level.
READ: Ripple reports 1,760% surge in XRP sales in Q2 2020
Indeed, Ripple looks set for a bullish run after the recent decline. However, buyers will have to break the price level above $0.3 in the short term to keep the pricing roaring up.
Importance of using XRP: XRP was produced by leading crypto payment provider, Ripple, with the aim of providing a fast, less costly, and more scalable alternative to both other crypto-assets and existing monetary payment infrastructure like SWIFT.
READ: XRP plunges more than 10%, biggest daily percentage drop since March 12
Unlike its major 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, who now use it for international transactions worldwide.
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.
Cryptocurrency
Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.
The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs
Bitcoin’s price is currently $60,638.55.
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Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.
Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.
Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.
READ: Less than 4 million Bitcoins available for buying
Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.
Strong #Bitcoin support building around this $58K area. pic.twitter.com/dFp1E7aOOT
— Yann & Jan (@Negentropic_) April 8, 2021
READ: XRP posts a big bang, as legal tussle with SEC lingers
That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.
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