As the cryptocurrency market takes off from the bear market, XRP appears to be way ahead of the curve. Earlier this week, XRP overtook Ethereum [ETH] when it surpassed the latter’s market capitalization.
In the course of two weeks, XRP has slashed ETH twice to claim the second spot. Only this time, the damage for Ethereum seems permanent as the market caps between the two broadens every day.
At the time of writing, XRP has taken a steep upturn of 10%, trading at an appreciated price of $0.51 with a market cap of $20.6 billion. The total trading volume of the token in the past 24 hours is recorded at $729.4 million.
In the 1-hour candlesticks, XRP also broke the earlier resistance by a small figure. In the last 1-hour candle, the previous resistance set at $0.51 will also be broken if the candle closes above $0.52.
For this XRP rally, the maximum trading volume is hailing from Binance, the leading cryptocurrency exchange in the world. The trading volume is contributed by two pairs on Binance, XRP/BTC and XRP/USDT, which together add up to $119.4 million.
The Japan-based exchange, Bitbank is also catching up in contributing to the trading volume of XRP, wherein the pair XRP/JPY is alone being traded heavily on the exchange. The trading volume of this pair is recorded at $103.1 million.
This price hike could be associated with the success of Ripple, XRP’s parent company, in the FinTech industry. As the leaders of Ripple travel around the globe and hold talks with the institutions that matter, it is reflecting on the XRP ecosystem in the most profitable ways.
Recently, Brad Garlinghouse, the CEO of Ripple conducted a both-ways interview session with Ross Leckow, Deputy General Counsel, International Monetary Fund. At the Singapore FinTech Fest 2018, the two discussed the remittance space and its advancement through blockchain in detail and the regulatory framework required to facilitate the change.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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