Ripple (XRP) has had its biggest one-day percentage loss since December 4.
The third most valuable crypto was trading at $0.49773 at the time this report was drafted, down by 10.07% on the day.
Such plunge prevailing has now pushed the market capitalization of Ripple down to $22.8 billion, or 4.15% of the total crypto market capitalization.
- At its highest level, Ripple’s market value was $31.58 billion.
- XRP had been trading around $0.49773 to $0.50988 in the last 24 hours, showing high price volatility.
- In the past one week, XRP has seen its value in percentage terms losing about 12.89%.
- The daily trading volume of XRP stood at $10.4 Billion or 10.21% of the total volume of all cryptocurrencies, showing that there is trading significant activity prevailing in the XRP market.
What you should know
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.
What they are saying
Ripple’s CTO, David Schwartz, has reaffirmed that the company can be forced by an overwhelming number of market participants to upgrade its processes, regardless of if it agrees with the decision or not, hinting at its strong democratic principles and responding to critics, who accused it of often manipulating the process in regards to the liquidity and pricing of XRP. He said:
- “There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants rules to change, there is nothing the minority can do to stop them.”
Breaking: Bitcoin surges past $51,500
Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion and is up 4.83% for the day.
The flagship crypto-asset, Bitcoin surged past a one-week high as risk appetite in markets gained momentum despite growing concerns facing the crypto industry.
At the time of writing this report, Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion. Bitcoin is up 4.83% for the day.
The world’s most popular crypto asset had been under pressure, particularly on Tuesday when Gary Gensler, nominee for chairman of the U.S. SEC disclosed that protecting investors against the crypto market’s manipulation and illicit activity is a challenge for the agency.
More details shortly …
Google adds Bitcoin, Ethereum, Litecoin on its finance platform
Google has added selected cryptos to its finance platform.
Google, the world’s most powerful and valuable search engine, recently added selected cryptos to its finance platform.
Alongside leading financial markets, particularly in emerged markets, the trillion-dollar company added a “Crypto” section thereby giving Bitcoin, Ethereum, Litecoin, Bitcoin Cash more limelight.
This comes as no surprise to many market watchers, as the leading tech brand incorporating cryptos on its finance page follows a long wave in mainstream approval over the past months.
There is no doubt, 2021 continues to shape up as a very exciting year for crypto assets relatively.
The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin.
Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.
PayPal and the world’s largest asset fund manager BlackRock have also made big moves to support crypto.
Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.
Recall some months ago, as the fastest ever-changing financial asset continued to gain traction, renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.
“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level.”
“It would be recalled that in 2013, Bitcoin was trading barely at a price of about a thousand dollars. It corrected about 80% and consolidated in 2017, after initially reaching $1,000, it added a zero.
“Considering normal maturation, about double the time frame from $1,000 to $10,000 would come in around 2025, for Bitcoin to potentially add another zero.”
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