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Cryptocurrency

Ripple takes back 800 million XRP

Such a move boosted the value of the Crypto asset by gains of over 11%, as many Crypto strategists see such as tightening XRP’s market liquidity

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Ripple takes back 800 million XRP

XRP, which is now the fourth most valuable crypto asset by market capitalization, has had 800 million XRP taken back from an escrow account to Ripple in an unprecedented manner.

What you should know: Whale Alert, an advanced crypto tracker, monitored this movement, which occurred in two different XRP transactions, in real-time.

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

500,000,000 #XRP (119,676,702 USD) transferred from Ripple Escrow wallet to Ripple

READ: Nigeria’s Bitcoin peer to peer trading for 2020 is $352 million

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300,000,000 #XRP (72,394,894 USD) transferred from Ripple Escrow wallet to Ripple

READ: Bitcoin miners are super-rich, earn $1,000,000 per hour

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READ: Ripple opens last billion XRP for 2020, worth over $662 million

What this means: Such a move boosted the value of the Crypto asset by gains of over 11%, as many Crypto strategists see such as tightening XRP’s market liquidity

  • At the time of drafting this report, XRP  traded at $0.237552 with a daily trading volume of $5,678,463,437. XRP is up 10.98% for the day

To provide additional predictability to the XRP supply, Ripple has locked 55 billion XRP (55% of the total possible supply) into a series of escrows. These escrows are on the ledger itself and the ledger mechanics, enforced by consensus, control the release of the XRP.

The escrow consists of independent ledger escrows that release a total of one billion XRP each month over the next 55 months. This provides an upper limit on the amount of new XRP that can be brought into circulation. The amount of XRP actually released into circulation will likely be much less than this. Any additional XRP leftover each month will be placed into a new escrow to release in the first month in which no escrow currently releases.

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READ: $66.5 billion worth of Bitcoin lost forever

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However, a top Crypto expert, Pentoshi in a message to his followers recently via Twitter expects XRP to lose roughly half of its remaining value in the near future.

“In my opinion, the dust will settle in the next few weeks/months somewhere in-between $0.07-$0.12.Liquidity will dry up. ODL can’t be used on Bitstamp. More exchanges will halt trading.  Larger players will continue to de-risk and get rid of excess inventory. Just the way I see it.”

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READ: Toyota backed crypto, OmiseGO, gains 19%

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 or email [email protected] He is a Member of the Chartered Financial Analyst Society.

2 Comments

2 Comments

  1. Liviu

    January 1, 2021 at 10:52 am

    You have no understanding of XRP escrow and the Ripple sales. There was no buy back here!

  2. Josh

    January 2, 2021 at 1:08 am

    When you experts write articles like these, please remember to make it easier for the lay man to understand! I believe the whole write-up isn’t aimed at a particular set of persons.
    Help us understand what you’re talking about. I find this a recurring trend in every single site where crypto currency or investments is written about. Please consider us

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Cryptocurrency

McCaleb, co-founder of Ripple sells 28.6 million XRP

McCaleb the co-founder of Ripple sold 28.6 million XRP — roughly $8.5 million

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

Crypto analyst, Leonidas Hadjiloizou, recently revealed via his Twitter handle that McCaleb, the co-founder of Ripple, sold 28.6 million XRP — roughly $8.5 million at the time of drafting this report — following 25 days of no sale activity after news broke of the Ripple SEC lawsuit.

At the time of writing this report, XRP traded at  $0.288355 with a daily trading volume of $5.6 billion. XRP is down 1.09% for the day.

READ: Fear of U.S Financial regulators cripple XRP, tumbles by 61%

Recall that some days ago, Nairametrics revealed Ripple’s co-founder and one of the largest owners of XRP, Jed McCaleb, gained massively from selling XRP in 2020.

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Despite Ripple’s legal troubles with the powerful American financial regulator, Jed McCaleb was able to gain $411 million in XRP sales throughout 2020, bringing his total gains from selling XRP to $546 million.

READ: Winklevoss brothers become crypto billionaires

  • It’s important to note that McCaleb left Ripple several years ago and went on to launch his own crypto company known as Stellar.
  • As of the start of Q3 2020, he was selling an average of 1.74 million XRP daily which, at that time, was estimated to be worth $547,438.
    According to Whale Alert’s research, the co-founder still owns 3.274 billion XRP.

READ: Ripple is selling 33% of its ownership in MoneyGram

Recently, XRP has been losing value at record levels since reports that the world’s most valuable crypto exchange, Coinbase, announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.

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Cryptocurrency

Investors worry over future of Crypto under a Joe Biden Presidency

U.S Treasury Secretary nominee, Janet Yellen has referred to cryptos to be of a “particular concern”.

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Bitcoin suffers worst financial loss in minutes

Global investors and crypto traders are becoming wary of what the future holds for crypto under a Joe Biden Presidency.

This is because the person expected to lead the  U.S Treasury, Janet Yellen referred to crypto as of  “particular concern” when it comes to terrorist financing and money laundering.

  • The incoming finance leader believes that most cryptos are used for illicit financing.
  • She raised such bias during her Senate confirmation hearing yesterday.

READ: Illicit financial flows: Nigeria lost $157.5 billion in almost 10 years – Buhari 

Responding to a question from a U.S senator on how to tackle threats relating to terrorist financing, she elaborated on the role digital assets played as regards such channels.

“We need to make sure that our methods for dealing with these matters — with terrorist financing — change along with changing technology […] Cryptocurrencies are a particular concern. I think many are used at least in a transaction sense mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels,” Yellen said.

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READ: EFCC and CBN intensifies fight against financial fraudsters

What you should know: At press time, the crypto market was down by 2.69% with a total market value of $1.01 trillion, trading at $35,200 with a daily trading volume of $57.5 billion. Bitcoin is down 4.04% for the day.

Also, according to a recent survey conducted by one of Europe’s biggest banks, several market experts anticipate that the flagship crypto asset, Bitcoin, and a leading tech company have their prices highly inflated.

More than half of the market experts that took part in the survey disclosed that the most popular crypto could lose about 50% of its present value ad thus more likely to drop to the $18k range over the next year.

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READ: Africa’s richest woman has been dragged to court for corruption 

Deutsche Bank’s strategist, Jim Reid pointed out that Bitcoin was giving signs of a market bubble. He said:

“When asked specifically about the 12-month fate of bitcoin and Tesla—a stock emblematic of a potential tech bubble—a majority of readers think that they are more likely to halve than double from these levels with Tesla more vulnerable according to readers.”

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Cryptocurrency

Ethereum on rampage, breaks above its 2 year high

The leading altcoin was trading at $1,377 thus within striking distance of $1,400.

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Ethereum, cryptocurrency, Crypto: Large investors transfer over 700,000 Ethers

The world’s utility crypto is fired up on all cylinders on the basis it just ascended past its 2 years high.

At the time of drafting this report, Ethereum traded at $1,415 with a daily trading volume of $35.3 billion. Ethereum is up 13.95% for the day.

What you should know: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

  • Ethereum 2.0 is an upgrade to the Ethereum network that helps in improving the network’s scalability.
    Through the implementation of several, efficiency, enhancements, scalability, and speed the Ethereum network becomes better without compromising its decentralization and security.

What this means: Key reasons attributed to the remarkable rise of Ethereum include the rise of many #DeFi projects running on the #Ethereum network as seen in 2020, #Ethereum flipped Bitcoin in terms of network fees.

  • Users spent almost $600M in fees on the Ethereum network last year – 83% more than on Bitcoin.

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