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Ripple on high demand, XRP up 100% in 14 days

XRP traded at $0.575812 USD, with a daily trading volume of $19,587,373,613 USD.

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Ripple locks 800,000,000 XRP, prices push up

XRP’s trading return to investors has just broken another record, gaining over 100% in two weeks. It has also overtaken the most valuable stablecoin, Tether (USDT), to become the third-largest cryptocurrency with a market cap of $26,112,034,716 USD.

Barely two weeks ago, XRP traded at around $0.23 before it broke above the $0.56 price level, printing a gain of over 100%.

READ: Over $20 billion pumped into crypto market by big investors

READ: Billionaires that can triple the value of Bitcoin

  • At the time of drafting this report, XRP traded at $0.575812 USD, with a daily trading volume of $19,587,373,613 USD.
  • XRP is up 25.10% in the last 24 hours. It has a circulating supply of 45,348,221,180 XRP coins and a maximum supply of 100,000,000,000 XRP coins.
  • XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.
  • 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.
  • Ripple (XRP) plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.

READ: 28 million merchants to be granted crypto usage on PayPal

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What they are saying

Top crypto strategist and trader, Michaël van de Poppe, believes the fast-rising crypto asset is likely due for a correction, as it has gained over 100% in November only.

“We can expect XRP to relatively top out soon unless it flips this $0.50 level. So, if we get momentum like this and we flip there ($0.50), that would definitely argue that we’re going to see a continuation. But, given the significance of the previous range of resistance between $0.27 to $0.30, it would definitely be expected to see a correction towards that region, before we can see an impulse wave.”

Explore Data on the Nairametrics Research Website

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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. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. Peter Enis

    November 24, 2020 at 11:57 am

    Wrong! XRP was not designed by Ripple!

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Cryptocurrency

Bitcoin posts biggest daily drop since market crash of March 2020

Some crypto experts anticipate such losses are coming from widespread profit-taking by U.S. and European investors.

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Bitcoin

The flagship crypto, Bitcoin, suffered massive losses in the early hours of Friday, as almost all the gains recorded in 2021 vanished into thin air, thus posting its largest daily drop since the market crash of March 2020.

  • Some crypto experts posit that such losses are coming from widespread profit-taking by U.S. and European investors, and that worries about extra regulation has driven the crypto asset toward a weekly loss of more than 25%.
  • Top-rated crypto assets like Ethereum plunged by almost 16%, while Chainlink also recorded double-digit percentage losses.

READ: Finance leaders of G7 countries strongly support crypto regulation

Also weighing on prevailing market conditions seen across the crypto-verse, data retrieved from Glassnode, a crypto analytic firm, reveal bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC.

The previous 3-month low of 16,903,691.779 BTC was observed on 11 December, 2020

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What this means: Consequently, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.

READ: Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy

“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”

However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such rally this year.

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Cryptocurrency

Investors get burnt, lose $1.6 billion in crypto within a day

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The prevailing market condition at the crypto market led to heavy losses of global investors’ funds, when roughly $1.6 billion worth of crypto positions evaporated into thin air within a day.

The mass liquidation of such crypto holdings, according to data retrieved from Bybt, showed that such occurred before the flagship crypto dipped from $34,300 to around $29,700 at press time.

READ: Everything you need to know about Crypto Trading

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For the day, about 192,005 crypto traders got liquidated.

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The global crypto market value at press time was around $842.75B, a 16.40% decrease over the previous day.

  • Total crypto market volume for the day stood at $169 billion, which makes a 12.17% increase.
  • Total volume in DeFi is currently $14.53 billion, 8.61% of the total crypto market 24-hour volume.
  • The volume of all stable coins is now $140.71B, which is 83.36% of the total crypto market 24-hour volume.
  •  The flagship crypto traded at $29,196.15.
  • Bitcoin’s dominance is currently 64.77%, an increase of 0.16% over the day

READ: Stellar defying gravity, gains 103%

What this means: Record sell-offs have pushed Bitcoin’s year-to-date gains below 1%. The record sell-off in the crypto market is likely due to widespread profit-taking by U.S. and European investors.

Some days ago, the leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments.

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READ: Crypto traders suffer heavy losses of $639 million within a day

The statement highlighted the risks associated with investing in Bitcoin and other crypto assets, and warned the public that there were high chances that all their funds could be lost.

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.

READ: Litecoin displaces XRP as 4th most valuable crypto

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“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”

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Cryptocurrency

Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin

Former Real Madrid Striker, David Barral has become the first-ever footballer to be bought with Bitcoin.

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Former Real Madrid striker, David Barral, makes transfer history as he became the first-ever professional player to be bought solely with virtual currency, Bitcoin.

Spanish third division side, DUX Internacional de Madrid, simply known as Inter Madrid, has officially signed the 37-year-old after teaming up with their new sponsors, Criptan that deals in cryptocurrency, The SUN reports.

Inter Madrid who are part of DUX gaming, eSports club owned by footballers Borja Iglesias and Real Madrid star, Thibaut Courtois, is yet to disclose the total value of the deal.

READ: Football: AC Milan announces loss of €195million

The Segunda Division B club went to Twitter to welcome their new signing and thank their sponsor.

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“David Barral new player of DUX Internacional de Madrid, welcome to the infinite club! He becomes the first signing in history in cryptocurrencies. Thanks to Criptan, our new sponsor, for making it possible,” the club tweeted.

The 37-year-old, who made over 50 appearances playing in the Real Madrid reserve side, expressed his delight at his latest move. Barral has also played for Spanish La Liga clubs Sporting Gijon, Levante, and Racing Santander.

“Glad to join the project of @interdemadrid with eager ambition and responsibility to continue competing and achieve important challenges in my sports career,” he wrote on his official Twitter handle.

READ: Real Madrid leapfrogs others to emerge the world’s most valuable football club

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What you should know

  • A similar deal was when a Harunustaspor, Turkish amateur side, paid 0.0524 Bitcoin (£385) plus 2,500 Turkish Lira in cash (£841) for Omer Faruk Kıroğlu in 2018.
  • Back in December, Carolina Panthers offensive tackle Russell Okung became the first high-profile athlete in the United States to be paid in bitcoin.
  • Similarly, the Mark Cuban-owned Dallas Mavericks became the second NBA franchise to accept Bitcoin as a means of payment for both game tickets and merchandise.

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