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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.

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ripple cryptocurrency, XRP

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.

READ: CBN’s maize import ban: Sentiments, facts, and the way forward

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.

READ: Crypto: Why Tether became a U.S. dollar replacement for many Chinese

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.

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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.

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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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    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.

    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.

    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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    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.

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    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.

    READ: Bitcoin miners are consistently earning $50 million daily

    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

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    Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.

    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.

    Stanbic 728 x 90

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