Ripple has contributed $25 million to the Fairshake super PAC, aligning with an industry-wide effort to advocate for pro-crypto policies and politicians.
Ripple’s decision to boost Fairshake’s efforts comes amid its own ongoing legal battle with regulatory bodies like the SEC. The agency’s lawsuit prompted the company to take a more proactive stance in advocating for fair and balanced regulation within the industry.
Ripple Advancing Pro-Crypto Agenda
In a press release, Ripple stated that the Securities and Exchange Commission’s strategy of attempting to regulate the cryptocurrency industry through enforcement has proven ineffective.
While Congress is presently progressing with comprehensive legislation for the sector to ensure a bright future for American innovation, competitiveness, and expansion, the United States lags behind other nations that have embraced the asset class and its underlying technology.
Ripple highlighted the critical importance of the 2024 elections for the industry, emphasizing the choice between candidates supporting or hindering technological innovation. It also highlighted the need for leaders who understand and promote policies fostering innovation, consumer protection, and market fairness.
While speaking about the contributing Ripple CEO Brad Garlinghouse said,
“Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington.”
The exec also added that the company as well as the rest of the industry should refuse to remain silent in the face of unelected regulators’ attempts to stifle progress and economic advancement, which millions of Americans benefit from.
The development comes almost six months after Ripple gave $20 million to Fairshake, which has already used $11.3 million for federal elections. This increase in contributions marks a significant rise in the company’s political activity. According to FEC records, the San Francisco-based company had only donated $500,000 during the 2022 election cycle.
Ripple’s contributions make up nearly half of the $100 million-plus raised by Fairshake from major figures in the cryptocurrency sector, including industry giants like Coinbase and Gemini exchanges, venture capital leader Andreessen Horowitz, and asset management powerhouse ARK Invest.
Ripple-SEC: Legal Showdown
Ripple has been engaged in a prolonged legal dispute with the US Securities and Exchange Commission (SEC) for several years, following accusations by the regulatory watchdog that the company unlawfully raised $1.3 billion through the sale of XRP, which it deemed an unregistered security.
The SEC recently filed a remedies brief contesting Ripple’s stance on penalties in their ongoing legal dispute. It essentially seeks fines against Ripple despite Judge Torres’ ruling that XRP is not a security in programmatic sales. The blockchain company, on the other hand, argued that fines should not surpass $10 million, citing a lack of fraudulent intent. Both parties await a final ruling.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
With the broader market recovery this year, the network activity XRP Ledger (XRPL) also surged across nearly all metrics, with active addresses and transactions increasing by 37% and 113% quarter-over-quarter (QoQ), respectively, according to Messari’s latest report.
A significant portion of this activity stemmed from a concentrated group of approximately 45,000 accounts, which collectively sent over 30 million transactions to a single one, primarily for inscription-related activities.
Inscriptions Boost XRPL Network Activity
Inscriptions, a transaction type that gained popularity on Bitcoin in early 2023, have since spread to other major networks, including XRPL, often causing significant activity spikes.
Despite the high transaction volumes, XRPL demonstrated resilience, handling over 80 transactions per second for an entire day without network issues, as per Messari. The total number of accounts rose by 150,000, a 3.1% increase to 5.15 million.
Although new addresses decreased by 12.4% QoQ to 183,000 due to a surge in Q4 when inscription activity began, there was a 29.8% annual increase from Q1 2023 to Q1 2024. Additionally, deleted addresses increased by 55.9% QoQ to 33,000 as inscription activity slowed.
The overall increase in active addresses, particularly the 92% QoQ rise in unique senders, highlighted the impact of inscription activities, with unique senders surpassing unique receivers for the first time since Q1 2022.
DeFi, Stablecoins on XRPL
The total market cap of fungible tokens, referred to as Issued Currencies, fell by 16% QoQ to $142 million. Among the over 3,300 assets listed on the XRPL, Sologenic (SOLO) was the leading token, making up 42% of the total market cap. The top three tokens together collectively represented 65% of the total market cap.
Meanwhile, stablecoins and wrapped tokens are notably popular on XRPL when measured by the number of holders, in comparison to other tokens. Gatehub and Xumm have collaborated to provide 14 digital assets on XRPL.
So far, stablecoins on XRPL have not reached the adoption levels of major ones on other networks, like Tether’s USDT or Circle’s USDC. This might, however, change with Ripple’s recent announcement to launch a USD-pegged stablecoin on both the XRPL and Ethereum, leveraging XRPL native functionality and ERC-20 token standards, respectively.
The stablecoin will be fully backed by US dollar deposits, short-term US. treasuries, and other cash equivalents, with monthly third-party attestations. This initiative could potentially trigger a significant liquidity event.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Crypto analyst Egrag Crypto has provided another bullish narrative for the XRP price. This time, he outlined two scenarios that could occur and cause the crypto token to experience a breakout, potentially sending it as high as $7.5. This comes with the recent revelation that XRP’s Relative Strength Index (RSI) has reached its lowest ever.
Time For An XRP Price Breakout
Egrag Crypto shared a chart in an X (formerly Twitter) post that showed that the crypto token could rise to $7.5 when it accomplishes the breakout, which the crypto analyst claimed is imminent. Egrag highlighted a “White Triangle” breakout on the chart, which he stated is “aligning perfectly” with the previous charts and the Fib 0.702 to 0.786 levels.
Source: X
He added that the measured move is projected to be between $1.2 and $1.5 before XRP could take off and climb to $7.5. Egrag further remarked that the “critical breakout point” for XRP is around $0.70 and $0.7’5 and that the crypto token is “poised” to achieve this breakout in the “next couple of weeks.
Egrag warned that XRP could still experience significant declines before then, stating that a retest of the breakout might be on the cards. However, he is convinced that a “MEGA RUN for XRP is on the horizon.”
Meanwhile, for the second scenario of how XRP could achieve its impending breakout, Egrag Crypto highlighted an ‘Atlas Line’ on the XRP chart and claimed that the breakout point for XRP is at $0.6799. He noted that XRP is still holding strong “like a boss” on the atlas line, suggesting it shouldn’t be long before it breaks above $0.6799.
In the meantime, $0.5777 and $0.5000 are key price levels that XRP holders should monitor. Egrag labels them resistance and support levels for XRP’s upward trend along this atlas line.
Source: X
XRP Hits Its Lowest RSI In History
Egrag revealed in a more recent X post that XRP’s RSI is at its lowest ever. He noted that this assertion was based on the monthly time frame and shared a chart to prove his claim. Following his revelation, Egrag highlighted how bullish this was for XRP, stating, “If this isn’t a positive signal, I don’t know what is.”
Source: X
The chart he shared showed that XRP’s Relative Strength Index is at 38, which is indeed bullish for the crypto token. Low RSI levels are considered a buy signal since they suggest that the coin is oversold and undervalued. Therefore, crypto investors might be looking to accumulate XRP, with these buy orders expected to trigger a move to the upside for the crypto token.
At the time of writing, XRP is trading at around $0.52, up almost 1% in the last 24 hours, according to data from CoinMarketCap.
In a strikingly optimistic forecast amidst favorable market conditions, cryptocurrency analyst and trader Edrag Crypto, has provided a bullish review for XRP, predicting that a massive run for the digital asset could be on the horizon.
The analysis explores a confluence of positive market indicators and trends that demonstrates the potential for XRP to attract significant price surges and gains, positioning the coin as a promising asset in the ever-evolving world of cryptocurrency.
Edrag Crypto’s bullish prediction for XRP is based on a Genuine Wake-Up line previously introduced by the expert, divided into two distinct sections, such as Break-out and Atlas Line.
XRP Poised For Substantial Growth
The analyst has expressed that while this wake-up line saw a successful breakout last year, it could not reach the heights anticipated by the analyst then. “Many moons back, I introduced the ‘Final Wake Up Line,’ which saw a breakout in July 2023. Yet, it didn’t quite soar to the heights we hoped for,” he stated.
Related Reading
However, Edrag Crypto spotted a new development on XRP’s chart two weeks ago, which he indicated as a white triangle. According to the analyst, highs from 2021 are being incorporated into the white triangle.
At that time, for XRP to witness a complete upward swing, it needed to break through the Genuine wake-up line with absolute conviction and then retest. Consequently, Edrag Crypto urged the community to remain firm, putting his wave 1 target at $7.5 and wave 3 at a 3-digit target, within the Macro wave 3.
Presently, addressing the break-out aspect, the analyst has noted that the white triangle break-out is in perfect alignment with the Fibonacci 0.702 – 0.786 levels and his previous charts. It is expected that the measured move will be between $1.2 and $1.5, while the crucial break-out point is closer to $0.70 or $0.75.
Due to this, Egrag Crypto affirms that XRP will see a breakout from the point in the upcoming weeks. Despite the possibility of a retest of the breakout, the expert believes that a mega run for the crypto asset is imminent.
The Atlas Line
Delving into the Atlas Line aspect, Egrag Crypto underscored XRP’s resilience in this area. According to the analyst, the asset is dominating the atlas line with a solid grip like a boss.
Related Reading
He further pointed out a quick timeframe analysis revealing resistance at $0.5777, support at $0.5000, and a break-out point at $0.6799. Edrag Crypto’s prognosis has captured investors’ and enthusiasts’ attention alike, as they closely monitor these developments.
At the time of writing, XRP was trading at $0.5284, indicating a 3% rise in the past week. While its market cap has reduced by about 1.28%, its trading volume has seen positive movement of more than 36% in the past day.
XRP trading at $0.5281 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
The cryptocurrency market has been battered by recent storms, with many altcoins experiencing significant price drops. XRP, however, seems to be weathering the tempest with a hint of defiance. While its price has dipped, on-chain data reveals intriguing trends that suggest a potential silver lining for XRP investors.
XRP Accumulation On The Rise: Diamond Hands Or Whale Whispers?
Despite the price decline, a surprising trend has emerged. The number of investors holding between a thousand and 1 million XRP tokens has actually grown by 0.20% over the past month, according to data from Santiment. This could signify a growing population of “diamond hands” – investors who hold onto their XRP despite market volatility, believing in its long-term potential.
However, another possibility exists. The decrease in the number of whales holding between 1,000 and 1 million XRP tokens could indicate these larger investors are consolidating their holdings, potentially accumulating even greater amounts of XRP. This consolidation could be a precursor to future market moves by these whales.
Technical Indicators Whisper Of A Price Reversal: Bullish Undercurrents?
Technical analysis paints a cautiously optimistic picture for XRP. The Chaikin Money Flow (CMF), an indicator that tracks the flow of money into and out of an asset, has been trending upwards despite the price decline.
This “bullish divergence” suggests that even as the price falls, there might be a hidden buying force accumulating XRP. Investors might be interpreting the price drop as a buying opportunity, anticipating a future upswing.
Total crypto market cap currently at $2.29 trillion. Chart: TradingView
A Sea Of Uncertainty: Legal Battles And Market Headwinds
While the on-chain data and technical indicators offer some positive signs, it’s crucial to acknowledge the storm clouds still lingering over XRP. The ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow. The outcome of this case could significantly impact XRP’s price and overall market perception.
Furthermore, the general health of the cryptocurrency market remains a significant factor. If the broader market continues its downward trend, it could drag XRP down with it, regardless of any positive on-chain developments.
A Coin To Watch?
XRP’s current situation is a curious mix of resilience and vulnerability. The uptick in smaller investors and potential whale consolidation suggest some underlying belief in XRP’s future. The technical indicators hint at a possible price reversal, but the legal battle and broader market uncertainties create a complex landscape.
Featured image from VitalMTB, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The once-booming cryptocurrency XRP, championed by Ripple Labs, finds itself precariously perched on a stormy sea of uncertainty. Recent weeks have been a tempestuous voyage for the digital asset, rocked by a confluence of challenges: regulatory scrutiny, dwindling investor confidence, and now, the ominous exodus of major whales.
XRP Whale Exodus Sparks Fear
These “whales,” the deep-pocketed investors holding vast quantities of XRP, have begun executing sizable sell orders, sending tremors through the market. On-chain data reveals a colossal transfer exceeding 24 million units, valued at slightly over $12 million, departing from the Bitvavo exchange and vanishing into an anonymous wallet.
Such sizeable movements are often interpreted as a bearish signal, signifying a potential lack of faith among these influential investors and casting a dark cloud over XRP’s immediate future.
Source: Whale Alert/X
XRP Price Takes A Tumble
The negative undercurrents permeating the market have manifested in a precipitous decline of XRP’s price. At the time of writing, XRP is trading at a meager $0.51, representing a staggering 16% devaluation over the past month alone.
This price plunge underscores XRP’s struggle to regain its footing amidst a broader market correction that has gripped the cryptocurrency space since May 2023.
Institutional Investors Lose Their Appetite For XRP
Adding fuel to the fire of anxiety is a noticeable decline in institutional interest. Insights gleaned from Santiment’s data point towards a palpable disinterest among entities holding significant XRP reserves.
XRP market cap currently at $27.7 billion. Chart: TradingView.com
Investors with holdings ranging from 100,000 to 100 XRP, typically categorized as high-net-worth individuals or institutional players, are exhibiting signs of skepticism. This trend further diminishes XRP’s allure in the market, amplifying the prevailing bearish sentiment.
On-Chain Metrics Signal Trouble On The Horizon
Looking deeper into the murky waters of XRP’s on-chain metrics reveals a disturbing trend – a decline in both network growth and transaction velocity. The acquisition of new users on the XRP network appears to be stagnating, coupled with a decrease in the frequency of transactions.
This suggests a potential loss of interest among investors and a reluctance to trade XRP. However, a solitary beacon of hope shines through the gloom – a surge in long-term holders. This uptick indicates that some investors remain confident in XRP’s long-term prospects, choosing to hold onto their assets despite the current turbulence.
Development Activity Dwindles, Raising Concerns About Innovation
The realm of development also paints a concerning picture for XRP. Indicators such as code commits and the number of active developers working on XRP-related projects have displayed a downward trajectory.
This dearth of development activity raises concerns about a potential lack of innovation or progress within the XRP ecosystem. A stagnant ecosystem can further erode investor confidence and exacerbate the bearish sentiment surrounding the cryptocurrency.
Featured image from Corporate Finance Institute, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The bullish predictions for the XRP price are back, even with the bulls struggling to push the crypto on a price surge. EGRAG, a cryptocurrency expert, has made one of these positive forecasts, which is that there will be a price spike of tremendous magnitude. According to the analyst’s recent post on social media, XRP could reach the $4 price level over the long term.
XRP has experienced a small decline in value over the past few days as the entire crypto market consolidates in price action. XRP’s price movement this year has largely left many of its fervent enthusiasts feeling disappointed, particularly considering the fact that it is yet to reach the $1 mark as predicted by many analysts.
Data from Coinmarketcap shows XRP now finds itself bouncing around at the $0.51 price mark after retesting the $0.435 on April 13. However, according to EGRAG, this is poised to change soon.
EGRAG, known for this very bullish stance on XRP, recently noted in his analysis that the current XRP price movement mimics the 2021 move which saw it breaking as high as $1.8. According to his analysis, EGRAG divided the price outlook into two sections blue and yellow, each depicting mirror images of 2021 price movement.
🔵 Blue Section: The current trajectory suggests a possible reach of $1.4 by June-July, a key target. The price range between ($1.2 – $1.8) is a plausible target.
🟡 Yellow Section: Aiming for $4 is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ
The blue section is more of a narrow price trajectory which suggests that XRP could reach $1.4 by June or July, with a price range between $1.2 to $1.8. Meanwhile, the yellow section is a more bullish price trajectory. According to the analyst, XRP could reach the $4 price level by June or July if it follows the yellow section of 2021’s movement. Interestingly, a surge to the $4 price level would put the price of XRP at a new all-time high.
What’s Next For XRP?
EGRAG is one of the many crypto analysts who are still bullish on XRP’s price trajectory. His long-term price projection for XRP is $27, which he believes is still viable. At the time of writing, XRP is trading at $0.5148, down by 16.8% in the past 30 days.
This means in order to reach $4 in July, the bulls will have to push the crypto on a 677% increase in less than three months. Although the volatile nature of cryptocurrencies suggests this price run is possible, current market dynamics point to modest XRP price gains at best.
On the other hand, on-chain metrics have revealed that a bullish sentiment might be returning to XRP. Notably, the amount of XRP wallets holding at least 1 million coins has been surging recently, which could be a signal of a coming price surge.
Featured image from Coinpedia, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Investor hesitancy continued as digital asset investment products witnessed a modest sum of $126 million in outflows last week.
This reluctance could potentially be due to the stall in positive price trends. While trading volumes increased slightly from $17 billion to $21 billion compared to the previous week, activity in ETP/ETFs decreased relative to the overall market.
Investor Hesitancy Prevail
In the past month, these investment vehicles accounted for 40% of total volumes on reputable exchanges, but last week, they represented only 31%, reflecting caution among investors, according to the latest report by CoinShares.
The latest downturn comes a week after digital asset investment products’ year-to-date inflows reached a fresh peak of $13.8 billion, massively exceeding the $10.6 billion established in 2021.
In terms of regions, the United States suffered the most significant outflows to $145 million, trailed by Canada and Switzerland with outflows of $6 million and $5.7 million, respectively. Over the same period, Sweden also noted outflows of $.5.2 million. On the other hand, investors in Germany perceived recent price declines as a chance for investment, resulting in inflows of $29 million last week.
Meanwhile, Brazil and Australia settled with $3 million and $1.6 million in weekly inflows.
Another Good Week for Altcoins
Bitcoin experienced outflows of $110 million but maintained positive inflows of $555 million for the month, while Short-bitcoin strategies ended their three-week streak of outflows, recording minor inflows of $1.7 million, likely capitalizing on recent price declines.
However, it was Ethereum that faced the most setbacks, with outflows totaling $29 million last week, marking its fifth consecutive week of outflows. Investment products providing exposure for Solana also saw outflows of $3.6 million last week.
The rest of the altcoins had another successful week. CoinShares list featured “esoteric names” such as Decentraland, Basic Attention Token, and LIDO, which attracted inflows of $4.9 million, $2.9 million, and $1.8 million, respectively.
The regulars – Litecoin, Polkadot, and XRP – also noted inflows of $1.6 million, $0.8 million, and $0.3 million, respectively, over the past week.
SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Following an extended period of stasis, the price of XRP has suddenly begun to rise, fueling several bullish predictions regarding the altcoin’s direction from several cryptocurrency analysts.
Bullish Timelines For XRP
The most current positive forecasts came from cryptocurrency expert and XRP enthusiast BarriC, who has established multiple timelines for the digital asset to rise to unprecedented heights in the long term. Taking to the X (formerly Twiter) platform, BarriC voiced his opinions, noting that as time goes on, crypto investors might have fewer chances to purchase cheap XRP. According to the analyst, inexpensive XRP today is defined as less than $0.80.
Furthermore, the expert underscored his prediction that XRP would trade between $1 and $3. BarriC specifically contended that by the time this bull market ends, a cheap XRP would be between the aforementioned price levels.
Moving on, BarriC has regarded the crypto asset as undervalued between the $10 and $15 threshold in the next 4 to 5 years, particularly around the subsequent Bitcoin halving event and bull cycle between 2028 and 2029.
If, toward the conclusion of the next bull run, XRP is cheap, trading between $10 and $15, then the analyst is expecting it to reach much higher prices at the peak of the bull cycle.
BarriC envisions a significant surge from the anticipated $10 to a triple-digit landmark. Following the succeeding halving and bull cycle, which is expected to occur by 2032 and 2033, the analyst expects the token to also be undervalued at $100 and $500.
Concluding his forecast, he affirms that market participants will always have access to affordable prices. However, it is up to those interested in the altcoin to decide how much funds they are willing to invest.
$1,000 Is Possible In The Long Run
It is worth noting that the analyst previously projected a $1,000 price mark for XRP. According to BarriC, XRP’s path over the coming several months and years promises to be exciting. He believes XRP’s price will rise as the cryptocurrency market expands and changes, and as a result, it will be poised for massive growth and more widespread adoption.
Given his expectations for greater mass adoption and growth of the coin in the upcoming months and years, he foresees a peak of $1,000 in the long term. Other prices set aside by the expert to watch out for include $1, $5, $10, $50, $100, and $500.
Whether in the short term or long term, BarriC is confident the token will change people’s lives.
XRP trading at $0.6009 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Ripple and its cryptocurrency, XRP, have been hot topics in the financial world. While the recent crypto rally has seen significant gains for giants like Bitcoin and Ethereum, XRP has taken a more modest path.
Knowing the dynamics of Ripple and deciding whether to invest in XRP tokens requires a thoughtful approach. Here’s what you need to know.
Key Highlights
XRP’s growth has been modest compared to Bitcoin and Ethereum, with unique factors like its legal battle with the SEC influencing its market position.
Ripple’s ODL system showcases XRP’s utility in facilitating fast, low-cost international transactions, distinguishing it from other cryptocurrencies.
Investors should consider Ripple’s legal situation, its business model, and the broader market before investing in XRP tokens.
Despite the challenges, XRP presents a potential investment opportunity for those with patience and a long-term perspective, given its role in the future of finance.
What is XRP and How is it Different?
XRP, often associated with Ripple, is a digital currency designed for fast and inexpensive cross-border transactions. Unlike Bitcoin and Ethereum, which have seen their values skyrocket, XRP’s growth has been more subdued, with just a 12% increase recently, compared to Bitcoin’s 57% and Ethereum’s 52%.
Currently, XRP hovers just below $0.60 per coin, aligning with its average price over the last six to twelve months. For up-to-date insights and developments on Ripple and its XRP tokens, Coinspeaker offers a wealth of information that can help investors stay informed.
Why Hasn’t XRP Joined the Crypto Rally?
Several factors contribute to XRP’s unique position in the crypto market:
Ripple’s On-Demand Liquidity (ODL): Ripple’s ODL solution revolutionizes how financial institutions handle transactions, offering near-instant access to funds at low costs. This system positions XRP as a bridge currency, enhancing its utility in real-world applications.
Independent Blockchain: XRP operates on a distinct blockchain ledger, employing a Nominated Proof of Stake mechanism. This independence means XRP’s value isn’t directly tied to the fluctuations of Bitcoin or Ethereum.
Legal Challenges: Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over selling XRP as an unregistered security has cast a shadow over its value and utility.
Key Factors to Consider Before Investing
Before diving into XRP, investors should weigh several critical considerations:
Ripple’s Legal Situation
Ripple Labs faces significant legal hurdles with the SEC, impacting XRP’s potential growth and Ripple’s forthcoming IPO. These legal issues are pivotal, as they influence Ripple’s ability to operate and expand. Investors should stay informed about the legal proceedings and their implications for Ripple and XRP.
Ripple’s Business and Growth Potential
Understanding Ripple Labs’ business model, the utility of XRP, and the company’s growth prospects is essential. Ripple’s technology aims to transform global transactions, but its success depends on adoption rates among financial institutions and the resolution of its legal challenges.
Investment Alternatives
Given Ripple Labs is not publicly traded, those looking to invest in the blockchain space might consider alternatives like Coinbase, Block, or PayPal. These options offer exposure to the broader crypto market without direct investment in XRP.
Is XRP a Good Investment?
The debate around XRP’s viability as an investment often centers on its potential as a store of value versus its utility in payments. Despite its modest price growth compared to other cryptocurrencies, XRP’s high transaction volumes and role in facilitating cross-border payments present a compelling case for its inclusion in a diversified investment portfolio.
However, potential investors should approach with caution, given the uncertain outcome of Ripple’s legal issues and the absence of immediate price surges.
Ripple’s IPO and Future Prospects
Ripple’s anticipated IPO has been delayed by its SEC lawsuit. The outcome of this legal battle will significantly influence Ripple’s ability to go public and attract investment. Prospective investors should closely monitor these developments, as they will affect Ripple’s financial transparency and growth trajectory.
Ripple’s Financial Health
Unfortunately, due to Ripple Labs’ private status, its financials are not publicly disclosed. This opacity makes it challenging for potential investors to gauge the company’s health and prospects accurately.
However, once Ripple addresses its legal challenges and moves closer to an IPO, its financial statements will become a crucial resource for investors. Monitoring Ripple’s progress toward resolving its SEC lawsuit and achieving public company status will be key for those considering an investment.
Market Sentiment and Ripple’s XRP
The cryptocurrency market is influenced heavily by investor sentiment, which can be particularly volatile. XRP’s price fluctuations around the New Year, with transaction volumes spiking to over 5 million daily, illustrate the market’s responsiveness to developments within Ripple and the broader crypto ecosystem.
Keeping a pulse on market sentiment and regulatory news can provide investors with timely insights into potential price movements.
Ripple’s Role in the Future of Finance
Ripple’s vision of streamlining global finance through blockchain technology sets it apart. Its ODL system, by enabling instant, low-cost international money transfers, proposes a future where financial institutions can operate more efficiently and inclusively.
The adoption of Ripple’s technology by major banks and financial services could significantly impact XRP’s value and Ripple’s market position.
Should You Buy XRP Tokens Now?
Deciding to invest in XRP requires a balance of patience, risk tolerance, and timing. The current price, just below $0.60, may seem attractive compared to its historical performance and the potential for future growth.
Yet, the ongoing SEC legal battle introduces a level of uncertainty that cannot be ignored. Investors with a long-term outlook and a willingness to weather regulatory storms may find Ripple’s XRP a compelling addition to their portfolios.
Alternatives to Direct Investment in Ripple
For those cautious about direct investment in XRP due to Ripple’s unresolved legal issues or the lack of financial transparency, there are indirect ways to engage with the crypto market:
Invest in Crypto-Focused Companies: Companies like Coinbase offer a gateway to the crypto world, providing a platform for trading a wide range of digital currencies, including XRP.
Blockchain Technology Stocks: Companies leveraging blockchain technology in sectors beyond finance offer diversified exposure to the innovation driving the crypto market.
Crypto ETFs and Funds: While there are no ETFs directly tied to Ripple, several funds invest in a range of cryptocurrencies and blockchain technologies, offering a more balanced investment approach.
FAQs
Can XRP transactions be reversed?
No, XRP transactions are irreversible once they’ve been added to the blockchain ledger, similar to other cryptocurrencies.
Does Ripple control the XRP ledger?
Ripple plays a significant role in the development of the XRP Ledger, but the ledger operates on a decentralized network of independent validators.
Are there any countries where buying XRP is restricted?
Yes, regulatory stances on XRP vary by country. It’s essential to check local regulations before investing in XRP or any cryptocurrency.
How does XRP’s transaction speed compare to traditional banking systems?
XRP transactions are significantly faster, settling in 4 to 5 seconds, compared to days for some traditional banking systems.
Can I mine XRP like Bitcoin or Ethereum?
No, XRP cannot be mined. All XRP tokens were pre-mined at launch, with a portion released into the market by Ripple over time.
Is it possible to earn interest on XRP holdings?
Yes, some crypto platforms offer interest on XRP holdings through staking or lending programs, though availability and rates vary.
Final Words
Investing in XRP tokens offers a unique opportunity within the cryptocurrency market, distinguished by Ripple’s innovative payment solutions and the ongoing legal drama with the SEC.
While XRP hasn’t mirrored the explosive growth of Bitcoin or Ethereum, its role in facilitating efficient, low-cost international transactions positions it as a noteworthy option for patient investors.
As with any investment, careful consideration of the legal landscape, Ripple’s business model, and market alternatives is essential before committing.
The future of the XRP price has been a hot topic of contention among crypto analysts for a while now. Most of these analyses focus on the possible movements of the price as the bull market unfolds, as well as possible price targets. In the same vein, crypto analyst CryptoBull has presented their own bull case for the altcoin, giving the most realistic price targets.
Long Time Price Channel Shows Realistic Price
In the analyst CryptoBull posted on X (formerly Twitter), he shows the historical price movement of the altcoin going as far back as 2014. The analyst uses this to deduce the possible trajectory of the XRP price in the coming months using the XRP price channel.
According to CryptoBull, using this data, the most realistic price for the altcoin currently sits somewhere between $13 and $39. ”The long-term price channel shows the most realistic #XRP price between $13 and $39 in the coming months!” CryptoBull stated.
The long term price channel shows the most realistic #XRP price between $13 and $39 in the coming months! pic.twitter.com/iuePJitybs
While the lower end of this channel of $13 was more realistic, the upper end of $39 has drawn criticism from the community. In response to CryptoBull’s prediction, another X user, Ben McClymans, said it was “crazy talk.” This is because for XRP’s price to reach $39 per coin, then its market cap would have to be larger than that of Ethereum, which is currently the second-largest cryptocurrency in the market.
However, other community members jumped to the defense of XRP, reminding Ben that the market cap of XRP had actually flipped Ethereum before. Given this, they believe that it is possible that it will end up flipping to Ethereum once again.
XRP Price Performance Worries Investors
The XRP price performance over the last few years has worried investors because while other altcoins were hitting new all-time highs, XRP continued to struggle. However, this is understandable given that the United States Securities and Exchange Commission (SEC) sued Ripple in 2020, which adversely affected XRP’s performance.
The XRP price had crashed off the back of the announcement alone and did not recover as well as expected. There is a light at the end of the tunnel, though, as the lawsuit with the SEC seems to be coming to an end. The court looks to be leaning toward a settlement, which would put an end to the case once and for all.
To get an idea of what could happen with the XRP price when the lawsuit is over, we can take a look at what happened when Ripple secured a partial victory over the SEC in 2023. After Judge Analisa Torres declared that XRP programmatic sales did not qualify as securities, XRP jumped more than 60% in a single day.
The lawsuit is currently the biggest hindrance to the XRP price performance, and expectations are that the price will surge once it’s over. If it does so, then CryptoBull’s prediction could end up playing out.
Featured image from Bitcoinist, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In a post on X, one analyst observes that the altcoin market capitalization has broken from the Wyckoff accumulation phase. With this upswing, the trader expects altcoin prices to move higher.
This refreshing breakout coincides with Bitcoin’s (BTC) stellar performance when writing on February 28. At spot rates, the coin is trading above $60,000, a psychological round number- now supported- and is closely approaching $70,000.
The Altcoin Breakout From Accumulation
The “Wyckoff accumulation pattern” is a concept developed by technical analysts to pick out potential buying opportunities, in this case, altcoins. Whenever prices are in this phase, it is widely believed that the so-called “smart money” or large institutional players are accumulating at low prices.
Altcoin market cap breaking out | Source: Analyst on X
Currently, prices consolidate at tight ranges and with low trading volumes. A signal marking the end of this accumulation is a sharp breakout, lifting prices above the defined range. Often, this upswing is with rising trading volume.
Looking at the chart, the altcoin market cap has broken above the accumulation phase. With previous resistance and support, the altcoin market cap will likely continue floating higher. As such, top altcoins, including Ethereum (ETH), Solana (SOL), and XRP, will follow suit, posting fresh 2024 highs.
Why Spot Bitcoin ETFs Give BTC Edge In This Bull Run
So far, Bitcoin is leading the way, posting over $10,000 in less than a week. However, with the coin trading above $60,000, its demand-side drivers differ entirely from what’s influencing altcoins. The approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) has seen billions of dollars flow to the world’s first cryptocurrency.
Therefore, while altcoins have historically outperformed BTC when crypto prices rally, there is an edge with spot Bitcoin ETFs. As such, this bull run will likely differ from 2017 and 2021. This forecast is because institutions will likely favor a regulated asset over altcoins whose status remains undefined.
As of late February 2024, the United States SEC has not approved spot ETFs of any altcoin, including that of Ethereum. Additionally, the agency has labeled several top altcoins, including Cardano (ADA), unregistered securities. The agency even filed lawsuits against major exchanges like Binance and Coinbase, accusing them of facilitating the trading of what the commission described as “unregistered securities.”
It is not immediately clear whether the United States SEC will change their preview of leading altcoins, especially Ethereum (ETH), which has a market of over $400 billion. Wall Street heavyweights like BlackRock and Fidelity remain interested in launching spot Ethereum ETFs.
Feature image from DALLE, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Solana-based investment products had seen steady inflows throughout the year after intensive performance and reliability improvements.
However, investor confidence took a hit due to a network outage lasting five hours earlier this month, caused by a bug that caused transactions to enter an infinite loop, thereby impacting the network’s functionality.
Solana’s Troubles Continue
Among altcoins, only investment products tied to Solana experienced outflows, which surged to $3 million in the past week. This latest figure nearly doubles the amount from the previous week, when Solana saw $1.6 million in outflows.
Its rival, Ethereum, on the other hand, saw inflows of $17 million.
During the same period, other altcoins, such as Chainlink and XRP, also attracted $1.8 million and $1.1 million inflows, respectively. Investment products based on Cardano and Litecoin settled with inflows of $0.4 million and $1 million, respectively.
According to CoinShares’ latest edition of Digital Asset Fund Flows Weekly Report, Bitcoin experienced inflows of $570 million last week, pushing its year-to-date inflows to $5.6 billion. However, recent price increases prompted minor inflows into short-bitcoin positions, totaling $3.9 million.
Investment products focused on digital assets saw weekly inflows reaching $598 million, according to CoinShares. This marked the fourth straight week of such inflows. As a result, the year-to-date inflows have exceeded $5.7 billion, constituting 55% of the record inflows observed in 2021.
Earlier this week, the total assets under management (AuM) reached a peak of $68.3 billion, the highest since December 2021, though still below the all-time high of $87 billion recorded in November 2021.
Meanwhile, blockchain equities had a subpar week, experiencing outflows amounting to $81 million, suggesting a degree of caution among equity investors currently.
US Dominates Investment Inflows
In terms of regions, the spotlight remains on the US, where the majority of inflows totaled $610 million, influenced by incumbent issuer Grayscale, which witnessed additional outflows amounting to $436 million last week.
Brazil and Switzerland experienced minor inflows of $8.2 million and $2.1 million, respectively, while both Canada and Sweden saw outflows totaling $18 million and $8 million, respectively. Germany also noted a minor outflow of $0.3 million.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Lido Staked Ether has surpassed XRP to become the sixth-largest cryptocurrency, with a market cap of over $31 billion.
Lido Staked Ether’s (stETH) bullish market is largely attributed to Ethereum’s significant gains this month, as the second-largest cryptocurrency reached $3,200 today and a 40% surge for the token in February alone.
Dune analytics data shows that Ether deposits on Lido are nearing 10 million ETH, as the protocol hasn’t seen any net outflows since Dec. 19th. Currently, Lido Staked Ether accounts for 35% of all EH deposits on EigenLayer, one of the leading platforms that provide access to the Ethereum staked capital.
Lido Staked Ether represents a tokenized version of staked Ethereum in the Ethereum 2.0 Beacon Chain, facilitated by the Lido decentralized finance (defi) protocol. Lido enables users to stake their Ethereum without locking the assets or maintaining staking infrastructure, thereby addressing some of the key limitations associated with the Ethereum 2.0 staking mechanism.
At the same time, XRP is underperforming the market rally, losing nearly 2.5% in a week. Despite Bitcoin, Ethereum, and Solana recording notable gains today, XRP’s price has only seen a 0.5% increase.
XRP traders are showing a rather cautious sentiment in the market, as the ongoing battle with the SEC is still far from over. If the ruling favors the SEC, it could see XRP paying $2.64 billion in penalties, making 2024 the most profitable financial year for the commission.
Despite XRP’s disappointing performance this year, whales have invested $40 million in XRP over the last 10 days. This could suggest a potential buying the dip for the altcoin, which could eventually push XRP to break beyond its resistance level at $0.58 in March.
In spite of a slight adverse trend in the crypto market, XRP has been gradually rising in recent days, fueling positive and bullish predictions from market analysts to unprecedented heights.
XRP Might Rally To New All-Time High Sooner Than Expected
Javon Marks, a cryptocurrency expert and internet personality, has revealed his optimism towards XRP, sharing a daring prediction regarding the crypto asset’s future with the community on the social media platform X (formerly Twitter).
According to the crypto expert, XRP might be poised to undergo a significant movement that will send prices to unprecedented heights, where he highlighted that there is a possibility that XRP can rally beyond the $200 price mark.
Marks noted that the digital asset is presently experiencing “another set of higher lows” that are holding. In addition, he pointed out that “another breakout” has taken place in the XRP chart.
As a result of this, XRP could witness “a massive upward movement” to New All-Time highs (ATHs), which Javon Marks expects to commence soon.
The post read:
A $200+ XRP (Ripple) can be possible. Another set of Higher Lows are holding and another breakout has taken place, meaning that a massive upside move to new All Time Highs can be commencing soon.
The crypto analyst’s analysis aligns with a historical trend that had previously occurred in 2018, sending XRP’s price to its current ATH of $3.3. Prior to the surge, the token fell from the December 2013 high of $0.06, creating a bearish declining trendline.
For several years, XRP was below this declining trendline, with two unsuccessful breakout trials during that timeframe. Nonetheless, after failing to break out twice, the coin persisted and managed to break out in 2017.
After this breakout, it increased by over 63,000% to its present all-time high price of $3.3. Based on Mark’s predictions, it indicates that this precise trend is manifesting right now.
However, some community members have expressed their displeasure with the analyst’s projections. A pseudonymous X user disagreed with Marks saying “It does not make any sense” given the “basic tokenomics” of the crypto asset.
The Crypto Asset Poised For A Move Above $0.60
Cryptocurrency analyst Ali Martinez has underscored the potential for XRP to move past the $0.60 price mark. According to his post, Martinez’s position was influenced by the observation made by the Tom DeMark (TD) Sequential.
He stated that the TD Sequential indicator has formed a buying signal on the token’s chart. Consequently, this indicates a possible bullish momentum for XRP to move higher.
He further asserted that if it manages to maintain its weekly close above $0.57, it could serve as a catalyst for an upswing to $0.63 or even further, setting his target at $0.65
As of the time of writing, XRP was trading at $0.538, demonstrating a decline of 1.39% in the past day. Its market cap is down by 1.42%, while its daily trading volume is up by over 4%, according to CoinMarketCap.
XRP trading at $0.5347 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
XRP’s price action for the last three years has been majorly disappointing, with the crypto yet to turn positive for its holders. Notably, XRP’s price action for the past three months has been brutal and needs to catch up when compared to other large cryptos.
Despite this underwhelming price movement, many analysts haven’t stopped predicting a potential rally for XRP in the coming months. Particularly, attorney Bill Morgan, who is known for his bullish stance on XRP, recently took to social media to share his take on the asset’s lackluster performance, calling it “unnatural.”
Pro-XRP Lawyer Calls The Decline ‘Unnatural’
Morgan’s recent observation on XRP goes along with the wider thought among investors. According to him, XRP’s performance over the past 90 days has been so unnatural, raising the question of how this poor performance came to be. This observation came as a reply to a chart shared by another investor comparing crypto gains.
At least XRP isn’t last. The question is why has the performance over 90 days been so poor. It is unnatural. https://t.co/hsvBBhUBJQ
According to the data, XRP is currently on a 17.8% decline in the past 90 days. However, other top cryptocurrencies like Bitcoin, Chainlink, BNB, and Ethereum have performed 30% gains in the same timeframe amidst wider crypto market rallies. The insights made by Morgan have not only shed light on the underperformance of XRP but have also sparked discussions among supporters.
The general consensus has been of an unnatural price action. The unnatural in this case has mostly been caused by the legal tussle between the SEC and XRP’s payment company, Ripple, which has lingered for the past three years. Although Ripple has made major headways against the SEC in the past year, the recent price action indicates that XRP is yet to garner support from institutional and large investors.
Ripple currently trading at $0.54459 on the daily chart: TradingView.com
Reversal Into A Rally?
The XRP community remains optimistic about the digital asset’s future. Many long-term XRP holders, often called “XRP Army” members, believe the lackluster price action is temporary and that XRP will rebound significantly in the coming months.
According to Crypto Rover, a crypto YouTuber, XRP is on the verge of breaking out of a triangular price action to the upside. His XRP/USD price chart indicates the formation of lower highs and higher lows for the past three years and is now at a squeeze. Morgan also relayed optimism to the analysis, stating “Now or never!”
At the time of writing, XRP is trading at $0.54, down by 3.50% in the past seven days. Crypto analyst Dark Defender forecasted a $0.66 price point and beyond in the coming months. Talks continue to linger around the potential of a spot XRP ETF.
Featured image from Adobe Stock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The XRP price has been in a downtrend since mid-November 2023. However, the XRP bulls seem to be taking control again if the following happens. An analysis of the 1-day chart of XRP/USD reveals that a potential price breakout is imminent.
As of February 15, 2024, the price indicates an uptick in bullish momentum, with the pair currently trading at $0.55335, marking a 4.1% increase in the last 24 hours. A closer inspection reveals that XRP is challenging two critical resistance levels.
XRP Price Needs To Break These Levels
First, the Fibonacci retracement levels, drawn from the swing high at approximately $0.74854 to the swing low at $0.43085, show that the XRP price is currently facing the 0.618 level at $0.55221, which is a notable level for traders as it often acts as a pivot in market sentiment. XRP’s push through this level could indicate a shift towards a bullish outlook.
Second, the 1-day chart also features a descending channel pattern, which began forming in early-December 2023. The upper boundary of this channel has been tested multiple times, and the current price action is once again approaching this boundary. A definitive breakout above this descending channel could signal a trend reversal.
For this to happen, the XRP price needs to break above the $0.55 mark, which coincides with the 0.618 Fibonacci level. Adding to the bullish narrative, the Exponential Moving Averages (EMAs) show a potential bullish crossover in progress. The EMA 20 (red line) at $0.52865 is trending upwards, suggesting short-term momentum is gaining.
The EMA 50 (orange line) and EMA 100 (green line) are positioned at $0.54761 and $0.56331 respectively, with the EMA 200 (blue line) at $0.55985, serving as a long-term momentum indicator. A break above this cluster of EMAs, especially the 200-day EMA aka “bull line” could add to the bullish arguments.
Notably, volume levels have been moderate, and the Volume Oscillator does not show any abnormal spikes, indicating that the current price increase is not yet backed by significant trading volume. This could suggest that the breakout, if it occurs, may need to be confirmed with higher volume to sustain the move.
The Relative Strength Index (RSI) is at 59.62, which is below the overbought threshold of 70, indicating that there is still room for upward movement before the asset is considered overbought.
Breakout Confirmation Today?
Overall, traders need to keep a close eye on whether the XRP price can sustain its movement above the $0.55 to $0.56 range. If this is accompanied by an increase in volume, it could confirm the breakout from the descending channel and possibly lead to a new uptrend.
Given the current technical setup, today’s trading session is crucial for determining the short-term direction of XRP. If XRP closes above the 0.618 Fib, descending channel as well as 200-day EMA, the bulls could finally be back.
Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Crypto exchange Kraken started notifying affected XRP holders about the potential monetary benefits they could receive from the class action lawsuit against Ripple.
The exchange recently emerged victorious in the Zakinov v. Ripple Case. The exchange successfully intervened to protect its customers’ data from being shared without their consent.
Kraken Begins The Notification Process
Kraken, one of the largest crypto exchanges in the world, intervened in the Zakinov v. Ripple lawsuit, seeking to protect its customer’s privacy and data. The court ruling allowed Kraken to inform the affected users about the class action against Ripple, ultimately giving the customers the option to decide whether to participate in the lawsuit.
Kraken has now begun to notify eligible customers about the potential monetary benefits from the Zakinov v. Ripple lawsuit. The notification is aimed at Kraken users who purchased XRP during the previously established period, as the email stated:
Our records indicate that you have purchased XRP on Kraken between July 2, 2017 and June 30, 2023, which means that it might be within your rights to receive money or benefits that come from the lawsuit, depending on the outcome.
Yassin Mobarak, Dizer Capital Founder, was among the recipients, and he shared part of the email on X (formerly known as Twitter), expressing his surprise about the notification and the possibility of earning a profit from his XRP holdings through the class action lawsuit.
I always thought I would make money from my $XRP holdings, but not like this 😂
Mobarak expressed his initial disbelief in the email’s legitimacy, as recent phishing attacks exploited official email accounts of actors in the Web3 industry and exposed users to a massive and sophisticated phishing campaign.
The legitimacy of the emails was doubted by several Kraken customers who sought confirmation from the exchange’s official X account. Kraken’s support team confirmed the email as safe and authorized by the exchange.
Next Steps For XRP Holders
Following the notification, Kraken has updated its support page to provide customers with further details about the class action lawsuit.
The exchange addressed doubts such as who the affected parties are, clarifying that it “only applies to class members who purchased XRP within the United States during the relevant class period” and offering further information about the lawsuit:
The lawsuit also claims that persons or entities who purchased XRP during the class period (July 3, 2017, to June 30, 2023) have the right to recover (a) the consideration paid for the XRP, with interest, if they retained the XRP, less the current price of the XRP or upon tendering the XRP, or (b) damages if they sold the XRP at a loss.
Lastly, the exchange presented two options for the affected customers: do nothing or ask for an exclusion from the lawsuit.
As mentioned in the email you received, you have the option to either do nothing or exclude yourself. For more details, please visit the support article linked below.
If the customer decides to do nothing, they will keep the possibility of getting the money or benefits from the lawsuit’s resolution. However, they automatically give up on any rights to sue Ripple separately in the future.
If they decide to be excluded from the class action and the potential benefits, XRP holders maintain the right to sue the defendant and must send a signed “Exclusion Request” statement by April 5, 2024.
XRP is trading at $0.52325 in the hourly chart. Source: XRPUSDT on TradingView.com
Featured image from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Ripple Labs, a leading cryptocurrency payment firm, has been seen moving millions of XRP tokens following the United States Securities and Exchange Commission’s (SEC) recent victory in a legal dispute.
Ripple Moves Millions Of XRP As Price Holds Steady
According to a recent report, Ripple Labs moved a whopping 120 million XRP tokens valued at about $60.8 million. The move has caused quite a stir within the XRP community and heightened sell-off anxiety in the face of increased market volatility.
This comes after the payment firm experienced a legal setback in court on Monday. The SEC’s motion to force Ripple to provide its financial statements for XRP was granted by the Southern US District Court of New York.
It was reported by Bithomp that the aforementioned funds were transferred to a Ripple-related wallet that was used for massive transfers. Data from Bithomp revealed that the wallet address rBg2Fu…uJ4vt5x1o91m moved the funds to a separate wallet address rP4X2hTa7…XvPz7XZ63sKxv3. This indicates that the transaction might include the transfer of such large amounts using other wallets or companies under Ripple’s control.
Furthermore, the transfer might just be connected to Ripple’s payment services. As a result, it will allow banks to utilize XRP to send funds across borders almost instantly and for a minimal cost.
It is noteworthy that the address that received the funds has transferred a notable portion of the XRP tokens. However, the address still contains about 90 million XRP valued at approximately $45 million.
Bithomp also reported that the firm was seen moving about 53.75 million XRP tokens valued at about $27.5 million. Data from the on-chain platform shows that the wallet address rKveEy…ZsoGMb3PEv transferred the funds to another wallet address rPfSrrKY…R7g1tYzDDJoAys.
The Payment Firm Brings XRP To The US Market
Ripple has announced its plan to transform international payments in the US with XRP and its payment services. According to the firm, they will be introducing “new product updates that will cover the majority of US states.”
These fresh products are going to be powered by its Money Transmitter Licenses (MTLs). Initially, Oliver Segovia, Senior Director and Head of Product Marketing for Payments at Ripple, shared the announcement on Linkedin.
Segovia explained that although Ripple’s global headquarters is located in the US, 90% of its businesses serve organizations outside. Specifically, he acknowledges that for the last three years, the firm has remained somewhat quiet in the US market.
Despite these developments, XRP’s price has still been down by 5.42% in the past week, holding steady at $0.50. Interestingly, its trading volume has increased by over 25% in the past 24 hours.
XRP trading at $0.5039 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart by Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
A federal judge ruled that Ripple must disclose its financial records and details of XRP sales in the SEC’s lawsuit over an unregistered securities offering.
Judge Sarah Netburn ruled in favor of the SEC, ordering Ripple to disclose its financial statements for 2022-2023. The decision aims to shed light on Ripple’s financial dealings and the impact of its post-complaint contracts and institutional XRP sales on the case’s outcome.
“At this stage, the Court sees no basis to short-circuit that inquiry by denying access to readily available information that may be probative to the remedy stage,” Netburn said.
🚨NEW: The @SECGov has won its motion to compel @Ripple to produce its 2022-2023 financial statements, post-complaint contracts governing institutional sales of $XRP, and answer questions regarding the amount of $XRP institutional sales proceeds it received. 👇🏼 pic.twitter.com/lyPBSBZcJi
Ripple must also produce documentation related to its contracts and institutional XRP sales proceeds following the SEC’s complaint filing. The court refuted Ripple’s concerns about the potential for a mini-trial, highlighting the importance of these documents in determining appropriate injunctions and civil penalties.
“Because the SEC has made a sufficient showing that this information may assist the court in fashioning its remedy, Ripple must respond to the interrogatory,” Netburn said.
The directive is part of a broader legal conflict that started in 2020 when the SEC accused Ripple Labs of executing an unregistered securities offering worth $1.3 billion. Despite Ripple’s argument that the SEC’s request was “untimely” and “irrelevant,” the court has set a Feb. 12 deadline for discovery related to the case’s potential remedy.
The case has seen varied rulings, including a July 2023 decision by Judge Analisa Torres, which found that Ripple’s institutional sales of XRP constituted a securities offering, albeit programmatic sales did not.
XRP 24-hour price action. Source: 
