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Cryptocurrency

Pigs on a rampage, XRP drops 10%

Ripple is presently the third most valuable crypto with a market value of $20.5 billion.

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

Ripple’s crypto-token, XRP, is presently under pressure amid record selling seen lately in the cryptoverse.

At the time of writing this report, XRP traded at $0.451407 with a daily trading volume of $9.269 billion. XRP is down 9.77% for the day. It’s presently the third most valuable crypto with a market value of $20.5 billion.

READ: XRP drops 10%, biggest fall since December 4

What this means: Many crypto experts predict that global investors are cashing out big time amid the allure of free Spark tokens, causing investors to buy initially at record numbers. This has led XRP to gain over 150% within a few weeks.

Nairametrics anticipates that prevailing selling pressures seen lately might persist if it breaks below its critical support level of $0.45.

READ: 230 million XRP worth over $117 million moved by powerful investors

What you must 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: Only 2.43 million Bitcoins left for mining

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Meanwhile, 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. This is due to its strong democratic principles and in response to critics who accused it of often manipulating the process as regards 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: Co-founder of Floyd Mayweather-backed crypto sentenced to prison for fraud

READ: Over 81,500 Ripple owners to receive free crypto in a few days

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READ: UniSwap all time trading volume surpasses $50 billion

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

XRP surges by 150% in 7 days as Ripple posts early victories against SEC

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

READ: XRP stands firm, investors wait on Ripple’s legal outcome

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

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Cryptocurrency

Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.

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The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.

The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs

Bitcoin’s price is currently $60,638.55.

READ: Bitcoin miners are consistently earning $50 million daily

Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.

Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.

Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.

READ: Less than 4 million Bitcoins available for buying

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Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.

READ: XRP posts a big bang, as legal tussle with SEC lingers

That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.

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