Altcoin
Whale Shifts 60 Mln Coins Amid Price Flux, What’s Next?
XRP, one of the top 5 cryptocurrencies by global market cap, has once again stirred up a whirlpool of speculations among global crypto market participants. The token has defied the broader crypto market trends with a highly turbulent price movement in the past 24 hours, causing a stir in the crypto community.
Amidst this volatile price action, a significant event unfolded as a whale was observed offloading approximately 60 million XRP to exchanges. This has in turn added a new layer of intrigue to the token’s future price action.
Here’s an in-depth report on the token’s current price movements and on-chain metrics.
XRP Whale’s Transfers Fuels Provocative Speculations
Notably, the Ripple Labs-backed token, XRP, functioning atop the layer 1 blockchain XRPL, has been grappling with a prolonged period of sluggish performance, primarily attributed to the legal dispute between Ripple and the U.S. SEC. This has cast a shadow over the token’s future, while whale activity has ignited a wave of additional inferences amid this period.
According to data highlighted by the blockchain tracking platform Whale Alert, 59.07 million XRP was shifted by a renowned XRP whale, …Rzn, to a couple of CEXs via two transactions in the past 24 hours. The first transaction illustrated 29.38 million XRP, worth $15.25 million, shifted to Bitstamp, a Luxembourg city-based CEX. Whereas the second transaction showcased 29.69 million XRP, worth 15.42 million, moved to Bitso, a Mexico City-headquartered CEX.
These transactions, emerging as a recurring phenomenon within the crypto sphere, have now gained global attention. In light of speculations surrounding Ripple dumping XRP in the market, the transactions by the abovementioned renowned XRP whale have echoed a buzz.
Intriguingly, following Ripple’s strategic ventures with Bitstamp and Bitso, these transactions by the same address have gradually emerged as a recurring phenomenon within the crypto realm. This has further birthed speculations over Ripple’s dumping of XRP, although no concrete proof has been provided yet.
While the broader market recovered today, these dumps, increasing selling pressure for XRP, potentially came as a setback for the token’s price trajectory, preventing further gains.
Also Read: Kraken Fires Back At SEC Over Unregistered Securities Trading Claims
XRP Price Fluxes
While writing, the XRP token’s price illustrated a marginal drop of 0.13% in the past 24 hours and is currently trading at $0.5166. Its 24-hour lows and highs are $0.5099 and $0.5216, respectively.
Looking at the broader timeframe charts, it appears that the Ripple-backed token is witnessing a consolidation period, with bulls and bears waiting to potentially take control of the asset. Coinglass data illustrated a 1.51% jump in XRP’s open interest, reaching $577.78 million, whereas derivatives volume dipped 4.54%, reaching $717.88 million.
Options volume saw a fall of 46.56%, reaching $584.98, whereas options open interest rose 15.02%, reaching $290.99K. This data, collectively, further rationalizes XRP’s highly volatile price movement, potentially driven by speculative trading in the market.
Further, the RSI hovered at 44, hinting that the asset is neither overbought nor oversold, with slight downward pressure in the market.
Besides, XRP’s blockchain XRPL also appears to be advancing with its cryptographic journey, although the token faces downside pressure. SBI Holdings’ crypto division joined the layer 1 blockchain as a validator today, further instilling hope for future endeavors surrounding the Ripple-backed token.
Also Read: Dogwifhat (WIF) Price Shoots 13% Amid Whale Accumulation, More Steam Left?
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.
Solana-based memecoin WATER is registering a huge price jump at the moment. It coincided with the period that popular Argentine footballer Lionel Messi posted about the token on social media.
Is Messi Endorsing the Solana WATER Memecoin?
On Monday, Messi’s Instagram account posted a picture on his story that looked like he was promoting the WATER memecoin. There was a picture of Messi with the WATER logo peeking over his shoulders. An Instagram account believed to be connected to the memecoin shared the same story in a post. As a renowned sportsman, Messi’s post could mean a lot to the public.
According to his Instagram account, he has a followership of 504 million, making him the second most-followed individual on the app after Cristiano Ronaldo. With such huge followership, WATER must have received a boost as it wasn’t long before this that its price jumped by more than 55%.
As of the time of this writing, the memecoin had lost more than half of this gain but is still on a positive boost. WATER currently trades at $0.001029 with a 21.12% increase within the last 24 hours.
Neither Messi nor his management team has made any official statement about the WATER post. However, it brings to remembrance a similar memecoin that was allegedly linked to popular wrestler Hulk Hogan. Last month, there were several posts promoting the Hogan memecoin on social media platforms. They were later taken down after the wrestler denied any involvement with the crypto asset. Shortly after, the token lost more than $15 million in market capitalization.
Many top Solana meme coins have enjoyed positive audience from celebrities lately.
WATER Trades on Cryptocurrency Exchanges
Not much is known about the WATER memecoin but a link connected to the website of the digital currency, directs to a page where it was stated that the memecoin was created “in partnership with the masterminds” behind the Solana memecoin BEER. Noteworthy, this was one of the memecoins that experienced extreme volatility last month.
“WATER is a meme coin with no intrinsic value or expectation of financial return,” per the statement on the memecoin’s website.
Further details about where the token can be bought and traded were equally added. This includes Bitget, BitMart and MEXC. While crypto enthusiasts await Messi and his team to talk about the post, it is expedient that crypto users remain vigilant and conduct due diligence before plunging their funds into any investment especially with the frequency of scams.
Read More: 21Shares Files Updates S-1 Amendment For Spot Ethereum ETF
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.
Investment management firm VanEck has filed its amended spot Ethereum ETF S-1 to the Securities and Exchange Commission (SEC). This comes after the Commission returned forms to issuers seeking minor changes. As the race to a potential listing in the summer nears, issuers place final touches on these investment vehicles.
VanEck Amends Ethereum ETF S-1
VanEck has filed its amended S-1 with the financial regulator with experts pointing to a near final approval date. The SEC approved 19b-4 filings of eight potential issuers in May but has delayed the final S-1 application with Gary Gensler point to a date this summer.
As investors anticipate trading spot Ethereum ETFs in the United States, firms are set to release updates to their fee structure. VanEck is aiming to trade under the “ETHV” ticker as users expect low fees. This development sparked a frenzy along social media spaces as bulls look to a future change in market sentiments.
Last week, Bitwise filed its S-1 amendment with a 6-month waiver of up to $500 million while other issuers are expected to submit applications today. Nate Geraci, the President of ETF Store noted that with amendments, institutions are gearing up for a potential launch in a week or two.
VanEck spot eth ETF S-1 amendment is in…
Already knew fee… 20bps. https://t.co/kUUfNg4Fpq pic.twitter.com/seMJzkv88Y
— Nate Geraci (@NateGeraci) July 8, 2024
Similarly, Bloomberg’s analyst Eric Balchunas who previously expressed a near-term approval time frame for these products added that they put the ball in the regulator’s court. “First S-1 just rolled in today from VanEck.. they already had their fee so nothing to see here really, they just putting the ball back in SEC’s court. Expecting the rest today except for Bitwise who did theirs last week.”
Users Anticipate Approvals
Ethereum users look forward to spot ETF listings in a bid to attract massive institutional inflows to the asset. Drawing lines with the approval of Bitcoin ETFs, ETH holders anticipate price upswings to wipe out previous losses. Ethereum trades at $2,983, down 20% from the approval of 19b-4 applications.
Also Read: UBS Raises NVIDIA Price Target to $150, How Will AI Coins React
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.
Chainlink whales have taken the crypto market by storm, accumulating colossal amounts of LINK amid a weekly correction taken by the token. In a post shared by the renowned crypto market analyst Ali Martinez today, July 8, it was pointed out that whales bagged a staggering 6.2 million LINK over the past week.
This on-chain data has glimmered significant optimism on the crypto’s future price run. Here’s a brief report on the data and why it adds a bullish tint to LINK.
Whales Sack $76M Worth Coins
According to data spotlighted by Ali Martinez, Chainlink whales took action to hoard over 6.2 million LINK, worth $76.88 million, in the past seven days. LINK’s weekly chart illustrated a 9.71% fall at press time, with price dipping as low as $11.17 in the past seven days, per CoinMarketCap’s data.
This waning price action appears to have urged a potential buy-the-dip strategy among crypto market whales, driving the abovementioned accumulation. Usual market sentiments convey optimism for the crypto, hinting at large-scale investors’ confidence in the asset’s potential to pump ahead.
Meanwhile, recent data by Santiment highlighted that LINK’s 30-day MVRV rested at 11.1%, hinting that the asset is an opportunity zone. For context, the lower the MVRV, the more undervalued an asset, paving the path for buyers to enter the LINK market and pump the coin.
Also, despite the weekly dip in price, LINK has regained an upward momentum today, aligning with the accumulations and MVRV.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
LINK Price Soars
At press time, the LINK price showed a 4.71% upswing in the past 24 hours and is currently resting at $13.44. The token’s 24-hour slumps and peaks were $11.83 and $13.44, underlining the presence of turbulency in tandem with broader market trends.
Nonetheless, Coinglass data spotlighted a market uptrend for Chainlink, as its Futures OI and derivatives volume surged remarkably. LINK’s OI jumped 5.60% to 157.16 million, whereas the derivatives volume surged 56.70% to $423.68 million. This data indicated increased investor interest in the asset and increased derivatives market activity.
However, the RSI rested along the 46 mark, hinting at broader asset neutrality. This hints at an uncertain movement for the token ahead, although on-chain data has projected a ray of optimism on the coin’s long-term prospects.
CoinGape Media’s recent price analysis hinted that Chainlink (LINK) price might even be poised to hit $20 amid bullish support gained by on-chain factors.
Also Read: German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses
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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