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XRP Lawyer Reacts To South Korea’s Infinite Block Joining As XRPL Validator

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5 months ago

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Pro-XRP lawyer Bill Morgan responded to the recent announcement of Infinite Block, a Korean virtual asset service provider, joining as a validator in the XRP Ledger (XRPL). Moreover, he emphasized the significance of this development within the XRPL ecosystem. Morgan, known for his advocacy of Ripple and XRP-related initiatives, expressed his views on the matter.

Infinite Block Joins XRP Ledger

Morgan’s statement indicates the broader implications of such a move within the context of recent validator additions to the XRPL network. He commented on the timing of Infinite Block’s participation shortly after SBI Holdings’ SBI VC Trade became an XRPL validator. Morgan remarked, “Can’t be a coincidence so soon after the SBI entity became an XRPL validator.”

In addition, he drew attention to the strategic alignment between these validator additions. This highlights the potential synergies and collaborative efforts shaping the XRPL landscape. Infinite Block’s decision to participate as a validator in the XRPL ecosystem holds significant implications for both domestic and international expansion efforts.

South Korea boasts a robust blockchain regulatory framework, characterized by adherence to regulations such as the Travel Rule and anti-money laundering measures. Hence, Infinite Block’s involvement reinforces the commitment to regulatory compliance and fosters a safe environment for XRPL projects and investors alike.

CEO Jung Gu-tae of Infinite Block articulated the company’s commitment to regulatory compliance and user protection, stating, “As a fully regulated custodial business operator, we will provide blockchain regulatory support infrastructure suitable for the institutional characteristics of the Korean virtual asset industry.” By prioritizing regulatory compliance, Infinite Block aims to enhance the reliability of XRPL both domestically and internationally.

Furthermore, it also aims to facilitate governance participation and ecosystem expansion. The convergence of regulatory compliance and technological innovation underscores the potential of XRPL as a decentralized layer 1 blockchain supporting XRP.

Also Read: Pro-XRP Lawyer Draws Differences In Japan and US Crypto Regulation

About SBI Holdings’ Recent Announcement

SBI VC Trade, a prominent crypto firm based in Japan, announced its node operation as an XRPL validator on Friday, May 10. This signalled a concerted effort to enhance the XRPL ecosystem. By leveraging its position as a trusted validator within the network, SBI VC Trade aimed to contribute to ecosystem development while reflecting the voices of the XRP holder community in Japan.

In a recent announcement on May 10, SBI VC Trade declared its transition to a validator role. Hence, it positioned itself to join the esteemed ranks of ‘trusted validators’ on the network’s Unique Node List (UNL).

Looking ahead, the company hinted at the potential influence it could wield as a registered validator within the UNL. This indicates a willingness to participate in voting decisions regarding new features and developments on the network.

Whilst, the XRP advocate, Morgan, took to X’s platform to shed light on this noteworthy development. Morgan’s post, exclaiming “Really Good News” stirred a wave of optimism within the XRPL community, enhancing confidence in the future prospects of XRP.

Also Read: XRP Price Slips Below $0.5 As Whale Offloads 30M XRP, What’s Next?

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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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Crypto Tokens To Avoid Trading Next Week Amid $213M Token Unlocks

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2 hours ago

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October 5, 2024

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The crypto market prepares for an alarming bearish wave as certain altcoins stand primed to face massive token unlocks in the coming week. As per latest data from the Token Unlocks App, Aptos (APT), EigenLayer (EIGEN), Optimism (OP), Neon (NEON), Cardano (ADA), Xai (XAI), Mode (MODE), Ethena (ENA), io.net (IO), Hashflow (HFT), Moonbeam (GLMR), Euler (EUL), Iinch (1INCH), and Forta (FORT) remain poised to face increased supply ahead. This supply surge has raised alarming concerns over the future price action of the abovementioned 14 tokens.

Here’s a brief report on the massive $213 million worth of token unlocks looming over the crypto horizon, per Token Unlocks data, which may bring a sell-off sentiment as traders and investors look to avoid losses.

14 Crypto Set To Witness Token Unlocks Ahead

1. Aptos (APT)

The crypto Aptos is set to face a cliff unlock of 11.31 million APT, worth $101.22 million, on October 11, the coming week. The massive unlock is equivalent to 2.25% of the coin’s circulating supply. This looming supply surge has raised severe concerns among market participants over the future price run of the token. However, APT price today rested at $8.95, up nearly 1% over the past day. Its intraday low and high were recorded as $8.76 and $9.29, respectively.

2. EigenLayer (EIGEN)

The cryptocurrency EigenLayer readies for a cliff unlock of 9.93 million EIGEN, worth $33.67 million, as of October 8. The unlock is equivalent to 5.32% of the coin’s circulating supply, posing a risk to the price. Meanwhile, EIGEN price today traded at $3.39, down 0.59% in the past 24 hours. The coin’s intraday low and high were $3.32 and $3.70, respectively.

3. Optimism (OP)

Optimism prepares for an unlock of 12.47 million OP, worth $20.33 million, as of October 10. This unlock is equal to 0.99% of the coin’s circulating supply. OP price today traded at $1.62, up over 4% in the past 24 hours. The coin’s intraday low and high were recorded as $1.54 and $1.63, respectively.

4. Neon (NEON)

Simultaneously, data indicated that the crypto Neon is readying for an unlock of 53.91 million NEON, worth $19.66 million, on October 7. The unlock is equivalent to a whopping 93.43% of the total circulating supply, raising alarming concerns among investors. Nevertheless, NEON price today soared nearly 10% to $0.3652. The coin’s intraday low and high were $0.3323 and $0.3647, respectively.

5. Cardano (ADA)

Cardano stands primed to witness an unlock of 37.06 million ADA, worth $13.11 million, on October 7. The unlock totals 0.10% of the crypto’s circulating supply. ADA price today gained roughly 1% to reach $0.354. Its 24-hour low and high were registered as $0.3489 and $0.3556, respectively.

6. Xai (XAI)

Similarly, Xai stands strong to face an unlock of 35.88 million XAI, worth $7.62 million, on October 9 next week. The unlock totals 6.20% of the token’s circulating supply. XAI price pumped remarkably, nearly 13% in the last 24 hours to $0.212. The coin’s intraday low and high were recorded as $0.187 and $0.2131, respectively.

7. Mode (MODE)

MODE is primed to experience an unlock of 500 million MODE, worth $5.64 million, on October 7. This unlock weighs equal to 38.46% of the coin’s circulating supply. MODE price traded at $0.01127 today, up marginally by 0.15% in the past 24 hours. The coin’s 24-hour low and high were registered as $0.01122 and $0.0113, respectively.

8. Ethena (ENA)

The crypto Ethena readies for a cliff unlock of 12.86 million tokens, worth $3.87 million, as of October 9. The unlock totals 0.47% of the coin’s circulating supply. Besides, ENA price today gained over 4% to trade at $0.3005. The coin’s intraday low and high were recorded as $0.2844 and $0.3208, respectively.

9. io.net (IO)

io.net is set to face a cliff and a linear unlock of 2.11 million and 767.12K IO, respectively, on October 11. The unlock, worth $5.20 million, is equivalent to 3.2% of the coin’s circulating supply. IO price today traded at $1.81, up nearly 6% in the past 24 hours. The coin’s intraday low and high were recorded as $1.67 and $1.84, respectively.

10. Hashflow (HFT)

Hashflow remains poised to experience an unlock of 13.85 million HFT, with 13.62 million coins as cliff and 221.4K coins as liner unlocks, on October 7. The unlock reflects 3.04% of the crypto’s total circulating supply. HFT price today jumped over 5% to reach $0.1485. The coin’s 24-hour low and high were $0.1402 and $0.1495, respectively.

11. Euler (EUL)

Euler readies for an unlock of 41.17K EUL in cliff and 27.29K EUL in linear, worth $208.79K, as of October 11. This unlock collectively is equivalent to 0.37% of the coin’s circulating supply. EUL price traded at $3.05 today, up nearly 1% in the past 24 hours. The crypto’s intraday low and high were registered as $3 and $3.07, respectively.

12. Moonbeam (GLMR)

Moonbeam is standing strong to face the unlock of 3.04 million GLMR, worth $493.53K, on October 11. The unlock is worth 0.34% of the token’s circulating supply. GLMR price today spiked over 1% to trade at $0.162. The coin’s intraday low and high were recorded as $0.1584 and $0.1641, respectively.

13. 1inch (1INCH)

1inch is similarly primed to witness an unlock of 246.43K 1INCH, worth $63.79K, on October 10. This unlock is equivalent to a marginal 0.02% of the total circulating supply. 1INCH price today pumped over 2% to reach $0.2578. The coin’s intraday low and high were recorded as $0.2499 and $0.2608, respectively.

14. Forta (FORT)

Forta is bracing for a linear unlock of 2.61 million FORT and a cliff unlock of 50K coins as of October 6. This unlock weighs equal to 0.57% of the coin’s circulating supply. FORT price today is down by 0.5% and is resting at $0.1152. The coin’s intraday low and peak were $0.1151 and $0.1192, respectively.

Altogether, token unlocks pose a severe threat to prices, abiding by the law of supply and demand as supply increases. Notably, the unlocks are a phenomenon where previously locked tokens are periodically released into the market.

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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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Analyst Reveals How Cardano Price Can Reach New Highs

Published

16 hours ago

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October 4, 2024

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Crypto analyst Trend Rider has revealed the two paths that the Cardano price can follow to reach new highs. This comes amid ADA’s underperformance, with the crypto token currently one of the worst-performing crypto assets since the start of the year.

How Cardano Price Can Reach New Highs

Trend Rider highlighted two paths that the ADA price can follow to reach new highs. He claimed that if Bitcoin holds above $60,000, then path A will happen. The chart he shared showed that path A means that the Cardano price will record a price surge to $0.6 without experiencing any further downtrend before moving to the upside.

ImageImage

Meanwhile, path B involves ADA dropping to the liquidation zone at $0.24 before it begins its uptrend. Trend Rider noted that this would be the crash scenario for the ultimate entry. A price correction to that level could help shake out weak hands and ensure that Cardano is well-prepared to begin its bull run.

For now, the path B looks more likely to happen. According to a CoinGape analysis, the Bitcoin price is likely to slip below $60,000 following worrying NFP data. Therefore, ADA is expected to witness a significant price decline alongside the flagship crypto.

ADA has had a bearish outlook since the start of the year. The coin is currently one of the worst-performing assets this year, with a year-to-date (YTD) gain of over 12%. There were high expectations for Cardano heading into October, considering that the crypto witnessed its first ever monthly green candle in September last month.

However, Cardano hasn’t gotten off to a great start this month, although this is partly thanks to the bearish sentiment in the broader crypto market.

On-chain Metrics Paint Mixed Sentiment

On-chain metrics suggest that investors currently have a mixed sentiment towards Cardano. IntoTheBlock data shows a slight increase in the crypto’s large transactions these few days. This indicates that crypto whales are actively accumulating ADA tokens. These whales have traded 17.67 billion ADA in the last 24 hours.

However, the ‘In The Money’ metric is currently bearish as the number of addresses currently holding ADA at a profit has dropped to 17.59%. The crypto could face more downward pressure if the 77.34% addresses at a loss begin to sell their holdings in order cut their losses. $0.22 remains the most crucial support level for the Cardano price as 539,210 addresses bought 5.42 billion ADA at that level.

At the time of writing, the Cardano price is at around $0.35, up over 3% in the last 24 hours. Trading volume is down over 23%, with $237 million traded during this period.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

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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What’s Keeping HMSTR Price Below $0.1?

Published

17 hours ago

on

October 4, 2024

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The HMSTR price looks unlikely to hit $0.1 anytime soon, considering that over 60% of the token’s supply was put in circulation following the Hamster Kombat airdrop. The HMSTR token also continues to witness significant selling pressure, which has led to a price drop of over 50% from its current all-time high (ATH).

What Is Keeping Hamster Kombat Below $0.1

The token’s circulating supply of 64.37 billion HMSTR is mainly what is keeping its price below $0.1. A rise to $0.1 means that the Hamster Kombat will have a market cap of $6.43 billion. However, for now, such a market cap for the crypto token is unlikely possible, considering the crypto market’s total market cap.

For the HMSTR price to attain such a market cap, the broader crypto market will need to experience exponential growth. For context, only the fifteen largest crypto tokens by market cap currently boast a market cap of $6.4 million and above. As such, it is unlikely that HMSTR will witness a price surge to $0.1 anytime soon.

Moreover, Hamster doesn’t have any predefined burn mechanism in place. As such, the token remains inflationary and would only become less valuable as they release more tokens into circulation. Hamster released a whopping 64% of its total supply of 100 billion HSMTR upon launch. 60% of the supply went to the community.

This was a bold move, considering that a significant number of these community members were already likely to dump their tokens upon receipt of their airdrop. This ultimately created a situation whereby the token’s supply exceeded its demand, which contributed to the downward pressure it faced upon launch. Despite its heavy popularity, the Hamster Kombat downtrend has continued.

The HMSTR price is currently down over 50% from its current ATH of $0.01004. The token could once again witness a supply shock when season 2 of the Hamster airdrop ends. However, the season 2 airdrop campaign won’t end until Q1 of next year, meaning that the token’s price could achieve some stability before then.

HMSTR Price To Recover Like NOT Did?

Crypto analyst Crypto Hunter has raised the possibility of Hamster Kombat enjoying a similar price recovery as Notcoin. The NOT token fell by 80% following the Notcoin airdrop earlier this year. However, the token went on to record a 5x increase in price after its initial price decline.

ImageImage

The analyst’s accompanying chart showed a similarity between both HMSTR and NOT’s price actions after their respective airdrops. In line, Crypto Hunter believes that Hamster Kombat has the potential to grow and rise above $0.01.

At the time of writing, HMSTR price is around $0.00479, up over 2% in the last 24 hours. However, trading volume is down by over 42%, with $78 million traded during this period.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

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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