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Home Markets Cryptos

Ripple jumps by 4% as investors intensify buying spree

Olumide Adesina by Olumide Adesina
December 6, 2020
in Cryptos
Ripple locks 800,000,000 XRP, prices push up
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The third most valuable crypto by market value, Ripple (XRP), is lately on a rebound, as global investors intensify their buying spree on XRP.

  • Data seen by Nairametrics reveal that XRP  traded at $0.607385  gaining 3.8% on the day.
  • Such gains have pushed Ripple’s digital asset to a market value of $27.5 billion. At its highest level, XRP’s had a market capitalization value of $31.584 billion.
  • The price range of the fast-rising crypto has been around $0.58533 -$0.61624 in the previous 24 hours.

READ: Ripple tumbles amid high selling

READ: Hedge funds, institutional investors rush to own stakes in Bitcoin

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What you should know: In the past one week, profit-taking has been observed in the crypto market taking to account, XRP  lost about  2.63% in value. The daily trading volume of XRP stood at  $6.80Billion or over 6% of the total daily volume of all digital assets.

At its present price, XRP has dropped above 80% from its all-time high of $3.29 set two years ago.

READ: Bitcoin is highly volatile, illiquid, supports digital Euro – European Central Bank

Meanwhile, in a recent interview with Barron’s and Grayscale, Breanne Madigan, the head of global institutional markets at Ripple spoke on the  recent surge of activity by institutional investors entering the crypto-verse;

“So for people who are newer coming in, take a look at a few individual crypto assets. Understand their utility, their core value proposition, what problem are they solving. Look at the total addressable market there.

READ: Ripple drops over 10% amid profit-taking

For example, in payments because of trapped capital, there are trillions and trillions of dollars of the market opportunity that XRP as a digital asset is solving for. So that’s a huge addressable market. So there you would see a driver for value creation, Madigan said.

READ: List of Cryptos rich individuals are investing in

READ: Investment bank with over $35 billion assets plans investing in bitcoin

– #XRP is solving a real problem

– We are in a super early stage while it’s promising to see huge institutional investors and large fortune 500 companies putting their treasury into cryptos

Breanne Madigan, Ripple
December 3, 2020 pic.twitter.com/PJ5VnH9TyZ

— Bull Diep (@DiepSanh) December 3, 2020


Follow us for Breaking News and Market Intelligence.
Tags: Breanne MadiganBusiness NewsCryptocurrencyCryptocurrency NewsRippleXRP
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. Joseph Akpan Joe says:
    December 6, 2020 at 8:26 am

    What are the procedure to get started ?

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