Ripple, the world’s fast-growing crypto payment powerhouse, works with bank regulators and policymakers in several governments for the adoption of digital payments.
CryptoWhale, a crypto analytic firm, in a series of tweets, recently spoke on the odds of giving XRP the edge, as it works with government regulators on compliance.
The tweet reads, “Many criticize XRP for being ‘too centralized’, although this transparency is what government like,”
“While other projects are focused on getting a quick batch of new investors to exit scam, Ripple has quietly been working with government agencies to ensure compliance.”
Many criticize XRP for being “too centralized”, although this transparency is what governments like.
While other projects are focused on getting a quick batch of new investors to exit scam, Ripple has quietly been working with government agencies to ensure compliance.
— CryptoWhale (@CryptoWhale) September 8, 2020
At the time of this report, XRP traded at $0.241, with a daily trading volume of $1.55 billion. XRP’s price is down by -2.7% in the last 24 hours. It has a circulating supply of 45 billion coins, and a max supply of 100 billion coins.
Global banks having a relationship with Ripple
Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November, 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil.
Banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.
Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia. Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.
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.
In addition, CryptoWhale is not all about talk, as he says he is looking to purchase more XRP, once the correction is over.
“I’ve been involved with XRP since 2013, and there’s a reason it has always held its spot in the top 3 or 5.”
As for those who have written off XRP, CryptoWhale offers the big picture. People often hate on XRP because it has not “moved up for 2.5 years.” However, he says:
- This time range is so tiny in the investment world. Be patient.
- XRP is up by more than 10,000% since 2014.
- It has steadily held its position as top 5 coin for several years.
The Crypto investor, however, understands why XRP has so many haters.
People often hate on $XRP because it hasn’t “moved up for 2.5 years”
1. This time range is so tiny in the investment world. Be patient.
2. XRP is up more than 10,000% since 2014.
3. Has steadily held its position as top 5 coin for several years.
— CryptoWhale (@CryptoWhale) September 11, 2020
Breaking: Bitcoin makes big bang, trading at $19,000
Bitcoin traded at $19,046.17 USD with a daily trading volume of $51,548,246,565 USD, moving up 2.82% in the last 24 hours.
The flagship crypto just hit a three year high, by breaking above $19,000
What you should know: At the time of writing this report, Bitcoin traded at $19,046.17 USD with a daily trading volume of $51,548,246,565 USD. Bitcoin is up 2.82% in the last 24 hours.
It currently ranks at 1, with a market cap of $353,357,808,164 USD. It has a circulating supply of 18,552,700 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin is less than 4% away from the previous all time
— glassnode (@glassnode) November 24, 2020
Why Bitcoin still looks like a bargain
With prices exceeding $18,000 for the first time since 2017, BTC looks poised to break its previous all-time high.
As stakeholders, players, and crypto wannabes ponder if increasing their stakes on Bitcoin, the world’s most popular crypto seems ideal now, despite the fact that it’s trading near a record high, Nairametrics decided to weigh in on some key fundamentals showing Bitcoin looks like a bargain.
With prices exceeding $18,000 for the first time since 2017, BTC looks poised to break its previous all-time high. More investors are holding bitcoin for wealth preservation.
A recent report from Glassnode, revealed plummeting Bitcoin exchange balances support the narrative that investors intend to hold their flagship crypto more than ever before, taking into consideration that with the prevailing demand in play, and limited supply of Bitcoin, the price would most definitely go north.
With prices exceeding $18,000 for the first time since 2017, $BTC looks poised to break its previous all-time high.
Meanwhile, plummeting #Bitcoin exchange balances support the narrative that investors intend to hodl.
— glassnode (@glassnode) November 23, 2020
Bitcoin liquidity continues its downward trajectory, buttressing that the macro bitcoin is becoming scarce for open sale.
It is also important to note that Bitcoin has a circulating supply of 19 million coins and a max supply of 21 million coins, meaning there are about 2million left to be mined.
Taking into account that about 4 million Bitcoins have been lost forever as a result of BTCs owners dying, and their next of kin not having access to such cryptos, it is fair to say there are only about 15million BTC presently in circulation to cater for over 7 billion people fighting to have a stake in Bitcoins, meaning that as BTC becomes scarce and more popular, it becomes a matter of time that the crypto asset valuation will hit the roof.
It’s vital to consider the bias saying that as global financial regulators begin to implement their regulatory framework on cryptos, it could become a matter of months for global banks and multinationals to increase their buying pressures on BTC. Thereby, pushing the price beyond the reach of an average investor.
28 million merchants to be granted crypto usage on PayPal
PayPal CEO, Mr. Schulman recently hinted the company will allow the usage of crypto funding for 28 million merchants.
PayPal CEO, Mr. Schulman, recently hinted that the company would allow the usage of crypto funding for the 28 million merchants on its payments platform.
In a report credited to CNBC, the CEO of the payment juggernaut company elaborated further by saying, “Early next year, we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies.”
The Chief Executive also disclosed that it was just a matter of time for digital currency to replace the old traditional forms of fiat currencies (paper money).
“As paper money slowly dissipates and disappears from how people are using transactions; Central banks, especially on the retail side, will need to replace paper money with forms of digital fiat currency.”
"As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency," says @PayPal CEO Dan Schulman. pic.twitter.com/pLuvc2RxPY
— Squawk Box (@SquawkCNBC) November 23, 2020
What this means
About a month ago, Nairametrics reported on PayPal Holdings Inc’s announcement that it would provide its users the opportunity to buy, hold, and sell cryptos directly from their PayPal accounts by early 2021.
It also hinted at a strategy to significantly boost its crypto’s utility capability, by making it readily available as a funding source for purchases with its 28 million clients globally.
In a press statement seen by Nairametrics, Dan Schulman, President and CEO, PayPal, gave key insights on why the global payment company was going crypto:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access, efficiency, speed, resilience of the payment system, and the ability for governments to disburse funds to citizens quickly.”