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Cryptocurrency

Ripple lets go 1,000,000,000 XRP valued at $240 million

Ripple opened 1 billion XRP valued at $240 million from an escrow account.

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Crypto owners robbed of 1,150,000 XRP, Ripple owners say XRP will be worth $100, XRP losing steam as BTC & ETH gain investors' funds

Ripple, the leading fintech company for crypto payments, some hours ago, opened 1 billion XRP valued at $240 million from an escrow accountโ€”increasing liquidity on the Ripple network.

Data seen from Whale Alert, an advanced crypto tracker showed 1 billion XRP unlocked from an Escrow account. These transactions occurred in two tranches.

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READ: Bitcoin Whale transfers $1.1 billion worth of crypto for $3.58

What we know:ย At the time of drafting this report, XRP traded at $0.238034 with a daily trading volume of $1,367,327,400. XRP price is down -0.3% in the last 24 hours. It has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.

Why it’s happening: Ripple is usually known for releasing 1 billion XRP every month to be sold in support of its development, platform maintenance, coupled with its longtime strategy of investing in creative startups. The slow-release of XRP also helps crypto traders and investors more access to the fourth most valuable crypto by market value.

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READ: Ripple’s money transfer network available in Nigeria

Ripple, whose XRP token is the fourth most valuable cryptocurrency by market cap, has just created more liquidity in Ripplenet by unlocking 1 billion XRP tokens.

Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.

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.

READ: How investors make money from Bitcoin without owning crypto

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Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system; Ripple has gained the attention of major global banks, like Standard Chartered and Barclays for international transactions worldwide.

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What you should know

A few months ago, the U.S Consumer Financial Protection Bureau looked excited about Ripple as a tool for bringing simplicity and openness to the financial industry.

โ€œTo the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease, by which sending institutions can know exact covered third-party fees and exchange rates.”

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. Akeem bello

    November 1, 2020 at 9:26 pm

    I want to know how to trade on crypto

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Cryptocurrency

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.

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Bitcoin, 5 major reasons it's good to buy Bitcoin

The flagship crypto, Bitcoin, 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. BTC is up 2.82% in the last 24 hours.

READ: Ripple hits a big bang, gains 30%

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

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READ: BTC scammer steals 1,400 BTCs worth $16 million

READ: U.S dollar set to register its fourth consecutive monthly decline, longest losing streak since 2017

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READ: Two cryptos you should consider investing in

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Cryptocurrency

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.

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Bitcoin on high demand, hits 2-year high, trading $17,000

As stakeholders, players, and crypto wannabes ponder if increasing their stakes on Bitcoin, the worldโ€™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.

READ: Bitcoin on high demand, hits 2-year high, trading $17,000

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.

READ: Nigerians pay heavy price as laptop scarcity bites harder

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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.

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READ: How Crypto can curb Nigeriaโ€™s high unemployment rate

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.

READ: Ripple hits a big bang, gains 30%

Bottom line

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.

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Cryptocurrency

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.

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PayPal acquires shopping browser extension company for $4 billion

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, โ€œEarly next year, weโ€™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.โ€

READ: Why PayPal dropped 6% after posting its strongest earnings growth

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).

He said:

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“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.”

READ: Ripple emerges as fourth biggest fintech company globally, worth $10 billion

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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 cryptoโ€™s utility capability, by making it readily available as a funding source for purchases with its 28 million clients globally.

READ: Unknown identity moves $117 million worth of Ethereum

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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:

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โ€œThe 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.”

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