On-chain data shows whales are sending their Bitcoin from spot exchanges to derivatives, indicating that they are building up their positions.
Bitcoin Whales Build Up Their Positions On Derivative Exchanges
As pointed out by a CryptoQuant post, Bitcoin whales seem to be moving their crypto from spot exchanges to derivative exchanges.
The relevant indicator here is the “all exchanges to derivative exchanges flow mean,” which shows the total amount of coins being transferred from spot exchanges to derivative exchanges.
When the value of this metric shows continuous high values, it means a lot of Bitcoin is being regularly moved to these derivative exchanges, which may hint that whale activity has been going on.
Low values would imply not many coins are moving in this direction, and could either be staying still, or be rather going the opposite way: from derivatives to spot.
Now, here is a chart that shows the trend that this indicator has followed over the last couple of years:
The BTC all exchanges to derivatives flow mean vs the price | Source: CryptoQuant
The above graph has different regions marked based on whether whales seemed to be accumulating at that time or not.
Related Reading | Despite New ATH, Bitcoin Exchange Reserves Continue To Decline
The green regions were when the price was mostly moving sideways and the indicator had the whales sending a lot of BTC to derivatives.
Following these periods of accumulation, the price had always shown a jump up during the period of the above chart.
However, once the indicator’s value became very low, BTC’s price has seemed to have made a top after which its value dipped down.
Related Reading | Lucky Buyers Possibly Bag $8K Bitcoin During Early Morning Flash Crash
Now, as is apparent in the graph, the current trend makes it look like whales have just started another phase of accumulation. This could turn out to be bullish for the future price.
BTC Price
At the time of writing, Bitcoin’s price floats around $61.5k, up 2.7% in the last seven days. Over the past month, the crypto has accumulated 42% in gains.
The below chart shows the trend in the price of the coin over the last five days:
BTC's price seems to be rapidly plunging down | Source: BTCUSD on TradingView
After setting a new all-time high (ATH) of $67k, Bitcoin has been sharply going back down in the past couple of days. It’s unclear at the moment which trajectory the coin might follow next, but if the spot to derivatives flow mean is anything to consider, whales seem to be accumulating. This could help the price bounce back up and set it up to reach higher ATHs.
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Cryptocurrency-to-fiat infrastructure provider Xanpool continues expanding operations in the Asia Pacific (APAC) by securing fresh funding.
The Hong Kong-based startup raised $27 million in a Series A funding round led by Valar Ventures, the venture capital firm co-founded by PayPal co-creator Peter Thiel.
Other participating investors included crypto-focused venture capital firm CMT Digital as well as angel investors like TransferWise co-founder Taavet Hinrikus, Xanpool announced Friday.
Running operations in 13 countries across APAC, Xanpool is looking to further consolidate its presence in the region with new funding. Xanpool CEO Jeffery Liu told Cointelegraph that the startup operates in countries like India, Hong Kong, Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand, and Japan.
“In the coming quarter or two, we are primarily expanding our services into a few more APAC countries. As well as consolidating our hold in existing markets,” Liu noted.
Since its launch in March 2019, the platform has so far amassed over 500,000 users and 400 business partners, according to the announcement. “By the end of 2022, we aim to have grown our user base by 20x to 10 million users across the APAC,” the CEO said.
XanPool is a peer-to-peer crypto-to-fiat platform and a liquidity network relying on the liquidity of its participants. The platform deploys unused money by individuals and businesses to settle cross-currency and cryptocurrency transactions, reducing the counterparty risk and costs and also allowing liquidity providers (LPs) to earn up to 2% on their idle capital.
Xanpool CEO told Cointelegraph that the startup is running software similar to that of decentralized finance platform Uniswap. “Except that instead of crypto-to-crypto, our automated market maker automates between crypto and fiat,” Liu noted.
Related: Crypto fintech MoonPay reportedly aims for $3.4B valuation in first VC funding
“Instead of crypto native LPs, our LPs range from traditional import-export businesses to money service operators, to crypto funds. This liquidity is essentially used to settle local currency and cryptocurrency transactions immediately from the individual’s or business’s wallet,” the CEO said. Liu stressed that Xanpool never touches money on individuals’ or businesses’ wallets.
“We simply make software which allows the individual or business to automate their buying and selling, and in return earn a fee,” the executive said.
The latest funding brings XanPool’s total raised to around $32 million, including previous funding by individual investors. The company raised $4.3 million in a pre-A financing round last November in conjunction with its official launch.
Starting today, Assemble Protocol (ASM) is available on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store ASM in most Coinbase-supported regions, with certain exceptions indicated in each asset page here. Trading for these assets is also supported on Coinbase Pro.
Assemble Protocol (ASM) is an Ethereum token that powers Assemble, a platform where users and merchants can aggregate, manage, and spend reward points. On Assemble, point providers and retailers can run special events or promotions, providing benefits like discounts for ASM
One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see ASM), as well as a new section of the Coinbase website to answer common questions about crypto.
Customers can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store e Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store ASM today.
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Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.
Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.
All images provided herein are by Coinbase.
Assemble Protocol (ASM) is now available on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
By Joe Waltman, Group Product Manager, GiveCrypto.org
Hope everyone had a wonderful summer. GiveCrypto just concluded its first full quarter as a part of Coinbase, so we wanted to share an update with those who are following our progress. As always, we’d love to hear from you.
Coinbase Integrations
As mentioned in previous updates, we’ve been experimenting with ways to make it as easy as possible for Coinbase users to donate to charity. Coinbase has over 68 million verified users, many of whom transact significant sums of crypto on a regular basis. We see a golden opportunity to facilitate charitable donations inside this ecosystem.
Example of the previous, multi-step flow required to donate in the Coinbase app
We have tried to integrate a donation function into Coinbase’s UI before, but we limited those past attempts to banners on Coinbase’s web and mobile properties. Those banners didn’t drive much traffic, and when they did, the user would have to go through a multi-step flow to donate. Because of that, donation volume has been relatively low.
Though these modest attempts weren’t the most effective, we chose to take this cautious approach for good reason: We wanted to be sure that we didn’t confuse users or impact Coinbase conversion rates. We also wanted to minimize the technical complexity of integrating a more prominent donation function until we and Coinbase were fully ready to do so.
We now understand that the real opportunity lies in integrating donation options into primary transactional flows like buy and sell. From integrating back-end services to solving a variety of other technical challenges, we know this won’t be simple. But finding a way for Coinbase users to seamlessly donate crypto would be a big accomplishment — not just for us, but also for the crypto community.
Mock-up of a donate one percent integration in the sell flow
The current plan is to experiment with a ‘donate one percent of your transaction’ mechanic within Coinbase’s “sell” flow. At first, only a small percentage of Coinbase users will be exposed to this experiment as we observe how they impact key guardrail metrics. We’ll then analyze those results to determine our path forward.
As an aside, I’d like to take this opportunity to express how exciting it is to be involved in the innovation we’re witnessing in this industry. We have long believed that Coinbase has the potential to become a leader in the world of philanthropy, and our experience working together has only reinforced that belief. Perhaps one day we’ll be able to promote the verb “give” to a first-class citizen, so to speak, equal to the likes of “buy” and “sell.”
Ambassador Program
Before we give an update on the current status of the ambassador program, it probably makes sense to review the program’s history.
We launched the ambassador program in 2019 and spent the first half of 2020 implementing an RCT in Venezuela. We spent the second half of 2020 experimenting with a crypto donation marketplace that would be similar to GoFundMe or DonorsChoose but fully crypto-based. Ultimately, this didn’t accomplish what we hoped it would, so we decided to pivot back to the ambassador program in early 2021.
Our goal for 2021 was to automate as much of the program as possible so that it could be scaled in the near future. To minimize the manual workload, we started out by automating most of the program’s operational components, but we only invited people we felt we could trust. Giving away money on the internet tends to attract scammers, and we needed some assurances that people would use our funds in good faith.
We quickly learned that it would be hard to recruit ambassadors at scale if we only acquired them through high-trust channels such as labor marketplaces and social media networks. Once we realized that we would need to cast a wider net, we launched a version of the ambassador program that allows anybody to apply.
Before launching this updated version of the ambassador program, we developed fraud detection metrics designed to mitigate Sybil attacks. In simple terms, this helped us ensure that the ambassadors who applied to the program were who they said they were.
In the same update, we also tried to devise a trust score, which is a way of programmatically identifying which ambassadors are acting in good faith. We defined a good-faith ambassador as one who meets two criteria: they select recipients who are actually in need; and their recipients actually do what they say they’ll do with the funds.
Once we recruited a few hundred ambassadors, we found we needed to augment the automated scoring with significant manual investigation and intervention to thwart bad-faith behavior. We’ve thus realized that until our automations have undergone further maturation and validation, we’ll need to filter down the incoming audience.
For these reasons, we have decided to make the following changes:
Focus on the following countries: Venezuela, Colombia and El Salvador
Hire a manager in each country, whose primary job is to recruit trusted ambassadors. We will closely monitor these ambassadors and use the data to inform our automation process.
Monitor the activities of each ambassador’s recipients. We plan to give “good” ambassadors more invites and to extend the length of payment periods for “good”’ recipients.
Begin measuring the impact of donations via self-reported questionnaires and spot checks, which will be overseen by the local manager as well as high-quality ambassadors.
This revised approach will provide the following benefits.
Provide locations with different characteristics (i.e. inflation, crypto adoption, smartphone penetration and regulatory acceptance) but still have high levels of need and minimal logistical challenges (i.e. timezone and localization)
Reduce our team’s need to manually supervise the program
Improve the ratio of high-quality ambassadors signing up
Allow us to facilitate redemption options for recipients, such as stores and cash-out partners
Train and validate our data models on what good behavior looks like across various geographies
We have already started rolling out components of this plan and look forward to more enhancements in Q4. Between this program’s growth and the new donation options, we’re thrilled to see our work paying off.
GiveCrypto Q3 Update was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
One of the most important features of the blockchain is the permanence of records stored on-chain. When it comes to securing and documenting human history, there has never before been such an important platform. Preserving human history is an ideal role, among many, for blockchain technologies.
On October 19, MetaList and The Associated Press released The AP UNIQUE Moments Collection. The NFT collection includes 53 significant historical events from 1921–2021. These NFTs were officially auctioned on the Binance NFT market and were also sold in valuable surprise mystery boxes.
“Undoubtedly, what needs to be remembered most by mankind are the achievements of peace, the breakthroughs in science and technology and the catastrophes that touch the hearts and resolve of all people,” said Sharona Lee, the co-founder of MetaList.
One of the NFT works included in the series is the 1944 Normandy landing, the largest and boldest military attack in history and the event that determined the power structure of today’s world. AP’s war correspondents were stationed around the world reporting on the historic battles and AP was the first news agency to report the end of World War II.
In addition, on July 20, 1969, Apollo 11 successfully landed on the moon. The Associated Press dispatched important updates to a waiting world, including the moment that humanity stepped foot on the moon. That historic “news flash” is included in this collection.
“We want these important stories to last forever and for everyone to see them and understand their significance,” said Dwayne Desaulniers, head of blockchain and data licensing at the Associated Press.
“We should remember more than just achievements. Disasters are also mirrors that we should reflect on and thus include in this collection,” Sharona Lee said. “So this auction includes some NFTs of those agonizing moments as well, such as a photo from 911’s ground zero following the attack. It is historically included for the world to remember, that horrific event which marks its 20th anniversary in 2021.”
In addition to these important historical events in the past century, the auction of NFTs also includes historic images of top newsmakers such as Roosevelt, Churchill and JFK. Planet earth and its wonders are also a focus of the collection. Included is the stunning 2018 image of the “Super Blue Blood Moon”, a celestial event occuring once every 150 years.
“There is no doubt that when we collect memories, we are not only just focusing on certain events. The important faces of the individuals involved in the event are also for history and NFTs to document,” said Sharona Lee.
Besides the auctioned NFT works, AP and MetaList released mystery boxes containing some of these valuable NFTs. After the sale started, the mystery boxes were sold out in a short period of time.
Some lucky collectors found surprising and rare NFTs of newsmakers in their boxes, such as Mandela, Che Guevara, Madame Curie and Einstein.
About MetaList Lab
Metalist Lab is based in Australia, and is a world-leading publisher of NFTs. It brings countless outstanding NFT designers together with the top names in encryption technology, and has worked with game companies such as NetEase, news and communications agencies such as the Associated Press, as well as many high-level artists and their IPs. Recently it has been distributing NFTs for NetEase’s globally-popular game Naraka: Bladepoint, as well as the “The AP Unique Moments NFT” series.
Melbourne, Australia, Oct 21st, 2021 — In a move set to broaden the appeal of decentralized Islamic Finance down under, ethical and faith-based MRHB DeFi has been backed by Australian Institutions such as Blockchain Australia.
Blockchain Australia is a Melbourne-based technology products and services company that provides industry and company-specific blockchain solutions for startups and entrepreneurs, investors, corporate teams, and venture capitalists and at the same time encourages new ideas by incubating them with the required guidance and mentorship.
The blockchain firm made strategic investments in MRHB DeFi, a halal ecosystem DeFi platform built on Islamic principles of fairness and benevolence. It aims to bring an ethical, community-first focus to the world of decentralized finance, which has grown in popularity and size from a market with a total value locked of USD1 billion less than a year and a half ago, to USD220 billion today.
“I would like to thank Blockchain Australia for their support,” said MRHB DeFi CEO Naquib Mohammed. “It is crucial for us to work with organisations that are in a position to help shape the way blockchain and decentralized finance can develop in Australia. I look forward to working with Blockchain Australia to forward our shared goals, and deliver an ethics-focused brand of blockchain to Australia and beyond.”
Ralph Kalsi, CEO and Founder of Blockchain Australia, expressed solidarity with the vision of the ecosystem startup: “We believe in Marhaba’s vision, which is a unique offering encompassing Islamic trading principles with smart contract-based transparency and open not only to the Islamic community but to the entire world — a laudable ethical cause that has motivated us in Blockchain Australia to back the initiative and help ensure its success.”
Ethical, Inclusive and Transparent DeFi Ecosystem
MRHB DeFi was founded with a vision of providing greater access to excluded and cautious communities to the growing opportunities and utilities of the cryptoverse, and has a particular focus on delivering faith-based DeFi services which adhere to the ethical investment and financing principles rooted in Islamic Finance, many of which align with the United Nations Sustainable Development Goals. Such business practices include those that avoid interest, usury, social exploitation and other acts deemed unethical as well as support sustainability, asset/utility backed financing, transparency and equitable risk/reward sharing.
With the Islamic Finance industry sized at around USD 3 trillion of assets, bringing even a small portion of Shariah-sensitive liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
Besides Blockchain Australia, MRHB DeFi has also received strategic investments from Mozaic, Contango Digital Assets, Influx Group, NewTribe Capital, Sheesha Finance, Acreditus Partners and EMGS Group.
About MRHB DeFi
MRHB (pronounced ‘Marhaba’) DeFi is a decentralised finance platform built to bring ethics to the DeFi space with an approach that supports the inclusion of faith-based and other excluded communities in addition to existing crypto-natives so that everyone can benefit from the full empowerment potential of DeFi to help build a true peer-to-peer financial and economic value system.
Based on the tenets of blockchain such as trust, transparency, and security, MRHB DeFi has encapsulated universally applicable principles of Islamic Finance into those tenets of blockchain to render a suite of offerings that are also ESG compliant.
The project is backed by a diverse and strong team with backgrounds spanning crypto, technology, faith-compliant investing, finance and seasoned institutional veterans of industry. The public sale offering will be in December. Register your interest and read more about MRHB DeFi’s Shariah Concept Paper, Lite and White Paper here.
Bitcoin has regained dominance over the market in recent times. The digital asset has seen price recover towards previous highs, with less than 1% left for it to surpass its previous all-time high. This has so far renewed faith in the asset and the market and has seen sentiment move into the positive in the broader crypto market. Bitcoin has not shown any signs of slowing down since then.
On the index side, bitcoin has not taken any prisoners in its market domination. The digital asset has crushed every single index in the market and has outperformed indexes from small to mid-size, bar the Large Cap Index. BTC price shows that the asset is back in the lead. Trends show that it has only begun to rally. With October margins showing a 180% turn from September lows. This is quite simply bitcoin’s season.
Bitcoin Takes Charge Of The Market
Bitcoin’s numbers for the month have been nothing short of exceptional. It has led the charge for the massive recoveries that have been witnessed in the market. The total market rally was sparked by BTC’s upward movement which began at the beginning of the month and since then, the Large Cap Index has recorded an impressive profit margin.
Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High
BTC has been at the forefront of the recovery in the market. The digital asset is up 29% in the month of October. While the Large Cap Index is up 32% in the same time frame. The recovery strength demonstrated in the price of top coins like BTC, ETH, BNB, and DOT have been the driving factor behind the Large Cap Index success in the market.
BTC outperforms small and mid cap indexes | Source: Arcane Research
Both Bitcoin and the Large Cap Indexes have outperformed their counterparts in the market, which have not fared as well in the market. The top coins have recovered close to their previous all-time highs, pushing the total crypto market cap towards new all-time highs.
Small And Mid Cap Indexes Not Faring As Well
Small and Mid Cap Indexes have also recovered in the month of October but compared to bitcoin and the Large Cap Index, they have not fared as well in the market. Arcane Research reported that the Small and Mid Cap Indexes have recorded growth of 16% and 11% respectively.
Related Reading | Wall Street Strategist Puts Bitcoin As High As $168,000 By Year-End
Both indexes had seen a favorable summer while bitcoin had suffered bitter crashes and dips. However, this has changed in favor of BTC following its performance in the market after summer ended. Trading volume had returned to the pioneer digital currency and it had surpassed the smaller altcoins in the market.
BTC price balances above $64K | Source: BTCUSD on TradingView.com
In addition to outperforming the Small and Mid Cap Indexes, Bitcoin has also maintained dominance over the broader crypto market. Right now, the BTC dominance sits at 46.9%, representing a two-month high.
Featured image from Bitcompare, chart from TradingView.com
Starting today, Bounce (AUCTION) is available on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store AUCTION in most Coinbase-supported regions, with certain exceptions indicated in each asset page here. Trading for these assets is also supported on Coinbase Pro.
Bounce (AUCTION) is an Ethereum token that powers Bounce, a decentralized auction protocol for token and NFT sales. AUCTION supports incentives on the protocol, provides benefits and governance rights for holders, and is used to pay for certified listings.
One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see AUCTION ), as well as a new section of the Coinbase website to answer common questions about crypto.
Customers can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store e Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store AUCTION today.
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Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.
Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.
All images provided herein are by Coinbase.
Bounce (AUCTION) is now available on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
The United States Securities and Exchange Commission has likely approved asset manager VanEck’s Bitcoin Strategy exchange-traded fund, with trading expected to begin on Oct. 25.
In an Oct. 20 filing with the Securities and Exchange Commission, or SEC, Vaneck said the public offering of its Bitcoin (BTC) Strategy ETF, which offers exposure to the crypto asset through future contracts, would begin “as soon as practicable” after the effective date of the filing, Oct. 23. This suggests the company could list its shares on an exchange as early as Oct. 25.
Unlike exchange-traded funds offering direct exposure to BTC or Ether (ETH) — which the SEC has not approved — VanEck’s ETF would provide exposure through cash-settled BTC future contracts traded on exchanges registered with the Commodity Futures Trading Commission, pooled investment vehicles, and other exchange-traded products. Having first applied for the BTC futures-linked ETF in August, VanEck could follow ProShares, which on Monday launched its Bitcoin Strategy ETF on the New York Stock Exchange.
Related: Crypto market cap breaks $2.5T — Is this the season for ETFs?
The potential VanEck ETF listing comes as BTC and ETH prices reached new all-time highs. According to data from Cointelegraph Markets Pro, the prices of BTC and ETH are $65,955 and $4,003, respectively.
XRP, one of the world’s most valuable digital assets, now accounts for nearly 2% of the overall market cap of cryptocurrencies. With a market cap of more than $50 billion, XRP is the 6th largest digital currency.
According to the latest data published by Coinmarketcap, XRP is currently trading near $1.10. The cryptocurrency has increased by more than 15% in the last 30 days. Since the beginning of this week, the digital asset has stayed above the market cap of $50 billion.
In terms of price gains, XRP has outperformed several other digital assets this year. The cryptocurrency has soared by more than 400% in 2021. In contrast, Bitcoin jumped by approximately 120% during the same period.
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(Coinmarketcap)
One of the major reasons behind the growing crypto dominance of XRP is its popularity among retail and institutional investors. Last week, Finance Magnates reported about the growing popularity of XRP among UK-based investors. According to a report released by eToro, a prominent multi-asset investment platform, UK-based retail investors preferred XRP over other cryptocurrency assets in the last quarter.
XRP in 2021
The world’s 6th largest digital asset started 2021 at a price level of just $0.22. XRP achieved a high of $1.94 on 14 April but saw a major correction in the following weeks. However, the cryptocurrency has seen stability since mid-August as the price has stayed above the important price level of $1. In the last 30 days, the digital asset has seen a consistent rise in its value. XRP has added nearly $8 billion to its market cap in the last month.
Apart from the retail interest, its institutional adoption has increased substantially in 2021. Its applications in cross-border payments have played an important role in its growing adoption. In the Q1 2021 Markets Report, Ripple, one of the leading blockchain firms in the world, highlighted a significant surge in demand for XRP. Furthermore, the company has collaborated with several financial firms to increase the adoption of XRPL.
