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Ripple’s 100 Million XRP Move Sparks Buzz As US SEC Hints At Filing Appeal

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American blockchain payments company Ripple on Friday moved a whopping 100 million XRP, echoing a frenzy across the broader market. The transaction came in the background of the U.S. SEC hinting that it is ready to file an appeal in the XRP lawsuit ahead. Meanwhile, the approval of the American company’s recent $125 million stay order has brought additional intrigue to the massive transaction.

Ripple Transfers 100M Coins, US SEC Readies Appeal?

According to Whale Alert data on X dated September 6, 100 million XRP, worth $54 million, was shifted from Ripple to the unknown address rht..Wdc. This transaction caught the eyes of crypto enthusiasts, primarily due to the recent developments within SEC lawsuit.

In addition, Whale Alert’s data today spotlighted 31.12 million coins, worth $16.90 million, accumulated from the Orbit exchange by an unknown address, adding to investor speculations. Simultaneously, the renowned whale ..Rzn continued its dumping chronicle to the exchanges Bitstamp and Bitso, collectively offloading nearly 56M coins.

Ripple Obtains Stay Order on $125 Million Amid SEC Appeal Odds

Judge Analisa Torres and the Securities and Exchange Commission recently agreed on the blockchain firm’s request to put a $125 million settlement on a stay order. While this development sided with the American company, SEC’s agreement on putting the settlement on hold has sparked speculations over the regulatory body’s plans to file an appeal ahead.

As the final judgment in the lawsuit mandates the payment of $125 million settlement by the American blockchain payments company, paying it would mean a final conclusion. Nonetheless, as the SEC agrees on the stay order, the crypto community expects an appeal.

A recent report by CoinGape Media spotlights that lawyer Fred Rispoli stood strong on rising odds of an appeal from the SEC. Further, even lawyers James Farrel and Marc Fagel were confident about an appeal ahead. In the wake of these anticipations, Ripple’s 100 million token move has garnered significant attention. Meanwhile, a renowned market enthusiast pointed out on X recently that the stay order means that the American blockchain firm “is placing the $125 million in escrow, serving as an insurance policy for the blockchain firm.”

XRP Price Today

At press time, XRP price cracked nearly 3% to trade at $0.5392. The coin’s intraday low and high were $0.5411 and $0.5548, respectively. Notably, Ripple’s 100 million coins mover came as the token lost the $0.56 level.

Besides, XRP price analysis by CoinGape suggests that the Ripple-backed coin remained stagnant near the $0.56 level for quite some time. However, the looming RLUSD stablecoin is anticipated to go live sooner than expected, projecting optimistic sentiments on the asset’s long-term prospects.

Meanwhile, Coinglass data today showcased a 0.43% slip in futures OI to $591.67 million. Further, the derivatives volume plummeted nearly 5% to $767.66 million. This data has sparked uncertain sentiments among investors over the asset’s future price action, hinting at reduced investors in the asset. Crypto market participants continue to eye the crypto for future price action shifts, as the lawsuit continues to advance.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Solana Coins MEW & FIDA Prices Surge Over 25% On Major Listings

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1 hour ago

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September 19, 2024

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FIDA and MEW, cryptocurrencies based on the Solana blockchain, saw noteworthy positive sentiment on Thursday as they secured vital listings. Solana Name Service (FIDA) secured a listing on Binance, whereas cat in a dogs world (MEW) scored a listing on Upbit. These listings have garnered significant attention globally as the tokens’ prices skyrocketed 25%-30% in tandem with the announcement.

Solana Tokens FIDA & MEW Secure Vital Listings On Binance & Upbit

According to official announcements by the mentioned exchanges on September 19, both the tokens are set to witness particular listings today. As per Binance’s official announcement, the crypto exchange is set to launch FIDAUSDT USD-Margined perpetual contract today at 12:30 UTC. Simultaneously, Upbit’s announcement revealed that it listed MEW with BTC and USDT pairs on the same day.

Intriguingly, Binance revealed that it listed FIDA with up to 75x leverage for users on the platform. Further, the crypto exchange set the capped funding rate at +2.00% / -2.00%.

Simultaneously, Upbit Korea listed cat in a dogs world within BTC and USDT markets. The Asian crypto exchange revealed that it will also add transaction support starting today.

The Solana coins listings have primarily sparked market optimism over future movements, paving the way for new money inflow into the tokens.

Tokens’ Prices Rocket Over 25%

Simultaneously, FIDA price gained nearly 45% against the backdrop of Binance’s listing announcement. The coin rested at $0.3243 today with an intraday low and high of $0.2204 and $0.3297, respectively.

Similarly, MEW price pumped nearly 26% to reach $0.00533 riding the back of Upbit listing. The coin’s 24-hour low and high were $0.00407 and $0.005728, respectively.

Meanwhile, the rising price action primarily aligns with today’s listing announcements, as seen with numerous tokens previously. CoinGape Media reported Kadena (KDA) price surged nearly 30% with its futures listing on Binance.

Also, another report reveals that PEPE and BRETT prices pumped notably on their listings on Upbit. Altogether, the exchanges’ listings rationalize today’s massive price gains.

Simultaneously, Coinglass data illustrated an 82% surge in MEW’s futures OI to $76.31 million. Additionally, the coin’s derivatives volume skyrocketed 531% to $735.63 million today. This surge has projected further optimism for the Solana-based token. Also, it’s worth noting that Solana (SOL) price upsurged 8% to trade at $140 today.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple Partner SBI Confirms Participation in BIS Project Agora

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2 hours ago

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September 19, 2024

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XRP News: Ripple-partner SBI Holdings has confirmed participation in Project Agora, a joint initiative led by the Bank for International Settlements (BIS) and seven central banks. XRP community reacted to the development due to speculation of potential integration or alignment for the cross-border payments over a unified ledger initiative.

Ripple Partner SBI Reveals Participation in BIS-Led Project Agora

In a press release on September 19, SBI Holdings revealed participation by the bank in Project Agora. Ripple’s partner participation the initiative brings XRP in the spotlight as the bank is a key partner for XRP and XRP Ledger adoption.

Project Agora is an initiative jointly led by the Bank for International Settlements (BIS) and central banks to improve the functionality of cross-border transactions through tokenization. The central banks are Banque de France, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York.

“Through this project, we hope to improve the functionality of the financial system while maintaining the two-tiered structure of central bank money and private bank deposits, and provide new solutions that utilize smart contracts and programmability, thereby providing highly convenient services in cross-border transactions.”

The BIS/SWIFT-led initiative uses digital tokens representing assets, on a unified ledger, with smart contracts. The Institute of International Finance has convened 41 private sector institutions such as JPMorgan, Standard Chartered, Sygnum Bank, Visa, Mastercard, Citi, and HSBC.

XRP News: Token and XRPL In the Spotlight

While the initiative to revolutionize cross-border payments through tokenization doesn’t specifically mention XRP and XRP Ledger, the community believes Ripple’s technology aligns with Agora Project.

Ripple has focused on exploring the possibilities of tokenization on the XRP Ledger. In June, the company partnered with Archax to bring tokenized real-world assets (RWA) onto the XRP Ledger.

Moreover, the unified ledger concept resonates with Ripple’s Interledger Protocol (ILP), which connects banks and blockchains. This suggests a potential role for Ripple’s technology in the framework, if not XRP directly.

XRP community claims Ripple and BIS and several central banks have collaborated earlier for developments including central bank digital currencies (CBDC). Currently, Ripple CEO Brad Garlinghouse said that the company is seeking adoption in traditional finance.

XRP price jumped 2% in the past 24 hours, with the price currently trading at $0.58. The 24-hour low and high are $0.563 and $0.589, respectively. Furthermore, the trading volume has increased by 25% in the last 24 hours, indicating a rise in interest among traders.

Notably, Ripple is also a leader in remittance. If it captures 50% of the global remittance market, which is projected to reach $11.53 trillion in 2024 and $16.59 trillion by 2028, XRP price could even hit $5.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Market Strategist Say GoodEgg Is Positioned To Outpace Shiba Inu in 2024

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3 hours ago

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September 19, 2024

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The journey of meme coins has been nothing short of spectacular in the cryptocurrency world, with Shiba Inu (SHIB) leading the charge as one of the most recognized tokens after Dogecoin (DOGE). However, the market is shifting, and 2024 could be a transformative year for new contenders like GoodEgg (GEGG). With its unique AI-based dating platform and a clear roadmap for utility, many market strategists believe GoodEgg is set to outpace Shiba Inu in the coming year.

GoodEgg (GEGG): The Coin Merging Crypto and Online Dating

While Shiba Inu (SHIB) battles its supply issues, GoodEgg (GEGG) is positioning itself as a utility-driven project with immediate real-world applications. GoodEgg’s platform isn’t just another meme coin it’s a project with a clear use case: an AI-powered dating platform. This unique value proposition is attracting both retail and institutional investors who see the potential for massive user adoption.

GoodEgg (GEGG) is currently in the presale stage, having already raised over $495,000, with its token priced at $0.00021. The project’s focus on solving real-world problems, like enhancing user experience in online dating through AI, gives it a strong foundation to grow. By integrating blockchain technology into an everyday service like dating, GoodEgg offers more than just speculative value—it provides utility. Users on the platform can match with others securely and efficiently, using the power of AI to create meaningful connections.

What’s most exciting about GoodEgg (GEGG) is its scalability. As the dating industry continues to grow, with millions of users worldwide, the demand for a more secure and intelligent dating solution is apparent. GoodEgg’s use of AI to match individuals based on compatibility, while ensuring user data privacy through blockchain, offers a much-needed solution in the current market. With such a clear value proposition, market analysts are confident that GoodEgg has the potential to skyrocket in 2024.

Shiba Inu’s Struggles: Token Burn and Supply Issues

One of the major challenges for Shiba Inu (SHIB) has been its massive token supply. Currently, there are 589 trillion SHIB tokens in circulation, a figure that has long been debated in the crypto community. Critics argue that such a large supply hinders SHIB’s ability to compete with other major cryptocurrencies, especially in terms of price growth. The law of supply and demand suggests that such a high supply naturally leads to lower prices unless demand increases exponentially.

To combat this issue, Shiba Inu (SHIB) introduced a token burn mechanism, whereby a portion of SHIB tokens is destroyed with each transaction on its network. This process is designed to slowly reduce the circulating supply and increase scarcity, theoretically boosting SHIB’s value over time. However, as noted by the Shiba Inu team and market observers, this process is slow and requires mass adoption to make a significant impact. Lucie, the marketing lead for Shiba Inu (SHIB), has emphasized the need for millions of users to engage with the SHIBARIUM ecosystem to make the burn effective at scale.

Despite this mechanism, Shiba Inu (SHIB) is currently trading at $0.00001326, and the token’s price has remained largely stagnant in recent months. The SHIB community remains hopeful that their project’s token burn and the increased utility of SHIBARIUM will help drive up the token’s value, but the path forward is long and uncertain.

Bringing Real Utility to a Digital World

For investors, the question becomes: which of these two projects offers the better return on investment in 2024? Shiba Inu (SHIB) has a loyal community and a massive circulating supply, but its growth potential is limited by the slow burn process. While SHIB’s price could rise over time, it relies heavily on massive adoption of its ecosystem, which could take years to materialize fully.

GoodEgg, on the other hand, presents a more immediate opportunity. With its presale already generating significant interest and a unique AI-driven platform that taps into a booming industry, GoodEgg (GEGG)has the potential to see exponential growth in a shorter timeframe. Its utility is clear, and the demand for AI-powered services is increasing daily.

Moreover, GoodEgg’s focus on a real-world problem dating gives it an edge over Shiba Inu, which still struggles with being seen as a speculative meme coin. GoodEgg’s (GEGG) roadmap and scalability, combined with its innovative use of AI and blockchain, make it a much more attractive investment for both short-term and long-term investors. While Shiba Inu (SHIB) has its loyal followers and continues to develop new features like token burns, the immediate utility and growth potential of GoodEgg (GEGG) make it a standout in the crowded crypto space.

GoodEgg (GEGG): A New Wave 

GoodEgg (GEGG) is not only riding the wave of meme coin popularity but also differentiating itself with a solid foundation in AI technology and practical real-world application. As market sentiment continues to shift towards projects offering tangible utility, GoodEgg’s AI dating platform is well-positioned to capture a growing user base and, by extension, increase token demand.

In conclusion, while Shiba Inu (SHIB)’s future hinges on long-term adoption and the success of its token burn strategy, GoodEgg’s (GEGG) immediate utility and clear value proposition offer a more compelling investment for 2024. With its presale already a success and more stages to come, market strategists are confident that GoodEgg (GEGG) is the project to watch, potentially outpacing Shiba Inu and other meme coins in the coming year.

Join GoodEgg (GEGG) For More Information On Presale, Use links below to join our community: 

Visit GoodEgg (GEGG)

Telegram: https://t.me/GEGG_OFFICIAL

X/Twitter: https://x.com/GoodEggToken

 



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