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Cryptocurrency

Ripple enthusiasts’ keep XRP surging high

XRP enthusiasts are currently holding on to the seventh most valuable crypto.

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ripple cryptocurrency, XRP

XRP enthusiasts are currently holding on to the seventh most valuable crypto, as a significant number of crypto pundits argue on Ripple settling with the U.S powerful financial regulator.

At the time of writing this report, XRP traded at $0.581492 with a daily trading volume of $4 Billion. XRP is up 3.98% for the day

XRP Bulls had earlier breached the support base above $0.55 price levels on macros suggesting the ongoing legal tussle at an American court might go in Ripple’s favour, before surging above the $0.58 price area.

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

A top crypto strategist with the pseudo name XRP_Co adding credence to the facts that reveal Sarah Netburn, the American Judge Handling Ripple’s case, views the crypto asset more like a currency and utility rather than security as claimed by the U.S SEC.

“My understanding of XRP is that not only does it have a sort of currency value, but it also has a utility, and that utility distinguishes it from Bitcoin and Ether.”

– Sarah Netburn, Judge, SEC v Ripple case (Mar 2021)

READ: Ethereum defying law of gravity surges past $1,050

The fast-rising crypto is staying firm above $0.5500, with the two most valuable cryptos, Bitcoin and Ethereum also gaining more upside.

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Meanwhile, Ripple, XRP provider, and leading enterprise blockchain recently disclosed it was acquiring about 40% of Tranglo, a Malaysian cross-border payments firm.

READ: Leader of world’s most powerful central bank says Crypto unreliable for wealth preservation

The company and its top lieutenants seem to be undeterred by the legal tussle with the U.S. Securities and Exchange Commission for allegedly deceiving holders of XRP by selling more than $1 billion of the crypto assets without registering with SEC

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Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The crypto is known as XRP and transfer times are super-fast.

Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.

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

    Dogecoin up 168%, more valuable than Polkadot, Cardano

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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    Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

    Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

    READ: Bitcoin miners are consistently earning $50 million daily

    Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

    Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

    A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

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

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    Continue Reading

    Business News

    CBN, SEC working on regulatory guideline for cryptocurrency trading

    The SEC has stated that it is in discussion with the CBN to better understand and regulate the crypto-assets market.

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    on

    The Securities and Exchange Commission (SEC) has revealed that it is working with the Central Bank of Nigeria (CBN) for a better understanding and regulation of cryptocurrencies in the country.

    This is coming after CBN had in February 2021, barred deposit money banks and other financial institutions from doing business with cryptos and other digital assets.

    This disclosure was made by the Director-General of SEC, Lamido Yuguda, at the 2021 post-Capital Market Committee (CMC) virtual news conference.

    Yuguda said that the commission was in discussion with the CBN for better understanding and regulation of the crypto-assets market, adding that the capital market regulator had suspended the implementation of crypto assets guidelines due to lack of access to Nigerian bank accounts.

    READ: Binance, Quidax, Buycoins Africa, Bundle obey CBN’s crypto ban

    What the Director-General of SEC is saying

    Yuguda in his statement said, “We are in discussion with CBN for both understanding and better regulating of this market. We will be able to come back to you later to inform you of the outcome of these engagements.

    But because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020. The implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.

    Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account,” he said.

    Yuguda, however, pointed out that SEC had always provided support to Fintechs and had invested so much in developing a framework to support their operations.

    READ: Why buying Bitcoin in Nigeria is not cheap

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    He said, “Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowdfunding, investment advice and cryptocurrencies and the like.”

    He acknowledged the fact that the fintech market had been disrupted by the CBN’s ban on access to Nigerian bank accounts by the crypto exchange.

    He said, “In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.

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    And the truth of the matter is that while the SEC had issued guidelines in September 2020 aimed at regulating this market, for now for all intents and purposes, because these exchanges do not have access to commercial bank accounts in Nigeria, the market, for now, does not exist.’’

    READ: Analysing the Central Bank of Nigeria’s Dollar Remittance Policy

    In case you missed it

    • The apex bank had about 2 months ago, warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
    • The CBN directed financial institutions to immediately close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.

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