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Cryptocurrency

XRP drops 10%, biggest fall since December 4

The third most valuable crypto, XRP was trading at $0.49773 at the time this report was drafted, down by 10.07% on the day.

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

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.

READ: This cryptocurrency has just hit a market capitalization of $100 billion

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.

READ: Whales are buying Ripple as it becomes world’s 3rd most valuable crypto

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.

READ: Japanese investment company test Ripple’s use in FX market

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.”

READ: Gold prices up amid poor U.S Jobs data report

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. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

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.

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Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?

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 …

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Cryptocurrency

Google adds Bitcoin, Ethereum, Litecoin on its finance platform

Google has added selected cryptos to its finance platform.

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Google building its own debit card, Google’s advertising business faces breakup, Google supports media firms in Nigeria, others with $39.5 million

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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