Ripple, XRP, has seen its price gain over 171% in November alone, ahead of a pending token airdrop that will reward XRP owners with Spark tokens on a 1:1 ratio according to their XRP holdings.
Data from Coingecko revealed that the price of the third most valuable crypto asset price went from about $0.2455 per digital asset, while it is currently trading at $0.65 at the time this report was drafted.
Ripple had earlier struck a yearly high earlier this month at $0.75, but faced a steep price pullback along with the rest of the crypto market some days back
What this means
Spark tokens will be used for guidance on the Flare network through voting processes, and XRP holders will be able to earn such a reward on their Ripple holdings by using Spark tokens as collateral to secure the less credible and redemption of FXRP.
- Ripple had broken out of a symmetrical triangle pattern at the start of November as it breaks higher, showing the bulls are now having the shots in this fast ever-changing crypto market.
- This is a very good signal, taking into account that a significant number of Ripple investors have struggled heavily against BTC performance in Q4 2020.
- 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.
What you should know
- 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.
Dogecoin post weekly gains of over 450%, more valuable than Barclays and Credit Suisse
The listing of DOGE on Coinbase and other related institutional-focused exchanges could make DOGE’s value rise as high as $1.
In recent weeks, Dogecoin (DOGE) has become the darling of many crypto traders and investors as it rallied by more than 450% amid high buying pressure.
Even after earlier pullbacks, its current market valuation of about $35 billion makes it more valuable than century-old banks like Barclays and Credit Suisse which have a valuation of $32 billion and $23.9 billion respectively.
The crypto asset, at the time of writing, was the only profitable crypto in the top 5, triggered by Twitter posts from Elon Musk, one of the world’s most powerful and wealthiest person alive.
Market pundits argue that the credence from the world’s leading billionaires like Elon Musk and Mark Cuban might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market.
Crypto pundits also argue that the listing of DOGE on Coinbase and other related institutional-focused exchanges that offer altcoin derivatives could make its value rise as high as $1.
At the time of writing this report, Dogecoin traded at $0.409118 with a daily trading volume of $35.3 billion. It is currently the fifth most valuable crypto by market value surpassing the likes of Tether, Cardano, and Polkadot.
Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”
Bank of England considers digital currency
If approved, the digital currency would exist alongside other payment options, rather than replacing them.
The UK government and the Bank of England are taking landmark steps towards the creation of a central bank digital currency, joining other nations that include China and Bahamas in the digital currency drive.
A press release issued on the government’s website announced the creation of a body with the mandate to coordinate on the possibility of a Bank of England-issued digital money for use by households and businesses.
If approved, the digital currency would exist alongside other payment options, rather than replace them.
Speaking at Fintech Week, Chancellor Rishi Sunak spoke on the initiatives put in place with regulatory support and structural reforms toward the British drive on a central bank digital currency.
Chancellor of the Exchequer, Rishi Sunak said:
“Our vision is for a more open, greener, and more technologically advanced financial services sector. The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined today, to boost growing fintechs push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial centre.
A new Taskforce, bringing together HM Treasury and the Bank of England, will be established to explore a possible UK central bank digital currency (CBDC).
Two new forums will also be established to engage technical experts and key stakeholders (including financial institutions, merchants, business users, civil society groups, and consumers) through the process.”
A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes of the British pound or Naira, for instance.
Digital currencies can be decentralized, a situation where the control over cash supply can come from diverse sources. Digital currencies can also be centralized, a situation where there is a midpoint of control over cash supply, just like the way central banks work.
The U.S government is also considering a framework for creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.
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