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XRP Price Slips Below $0.5 As Whale Offloads 30M XRP, What’s Next?
The Ripple Labs-backed cryptocurrency, XRP, has ignited a torrent of bearish market sentiments today, May 13, slipping below the highly psychologically important level of $0.5. Illustrating signs of a pullback in the past seven days, the token has continued a waning price trajectory, with a whale’s massive dump further increasing downside pressure for the token.
Blockchain data illustrates that amid the token’s tumbled price movement in the past 24 hours, a renowned XRP whale offloaded slightly above 30 million tokens to an exchange. The Ripple Labs-backed token has, in turn, dipped below $0.5 following the massive dump.
XRP Whale Activity Sparks Investor Concerns
According to the data revealed by Whale Alert, 30.23 million XRP was moved to Bitstamp by a renowned XRP whale, ..Hh4Rzn. Notably, this whale has been much assumed to be a potential Ripple-linked address.
Although no concrete proof has been offered yet, it’s worth noting that this address dump to Bitstamp soon emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in the CEX. Numerous reports by CoinGape Media have further brought these transactions to the spotlight.
Looking at the token’s daily timeframe chart, it can be seen that soon after the abovementioned whale transaction took place, prices further noted a dip, with XRP falling below $0.5. Here’s a deeper dive into the token’s current price movements and market statistics.
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XRP Price Tumbles
As of writing, XRP’s price has tanked 2.94% in the past 24 hours and is currently trading at $0.4929. The token’s market cap slipped 2.88% to $27.29 billion, while the 24-hour trading volume jumped by 42.09% to $586.47 million.
Coinglass data showcased a 0.47% dip in XRP’s open interest to $553.19 million, whereas the derivatives volume spiked 88.82% to $553.19 million. This data has painted an uncertain market scenario for XRP, whilst the token’s recent dip appears to have nabbed significant attention.
In a post shared by pro-XRP lawyer Bill Morgan today, the token’s dip to the $0.4 price level was further brought attention to. Meanwhile, the RSI (Relative Strength Index) hovered at 37, underscoring some downside pressure for the token in the market. Also, the technical indicators flagged a robust selling sentiment among investors.
One week to forget pic.twitter.com/xYdWKW8Wvl
— bill morgan (@Belisarius2020) May 13, 2024
This has clouded expectations of XRP scaling the much-awaited level of $1 shortly. Further, the Ripple vs. SEC legal tussle has contributed to the token’s turbulent and sluggish performance.
Nonetheless, XRPL, the blockchain XRP leverages, marked monumental achievements this week. SBI Holdings’ Japanese crypto division announced recently that it is a now validator on XRPL. Moreover, Infinite Block, a Korean virtual asset service provider, revealed that it is participating as a validator on the layer 1 blockchain today.
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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.
In the aftermath of a class-action lawsuit filed against Lido DAO in the United States District Court for the Northern District of California, the Ethereum staking service has recently started voting to appoint an entity to respond to the pending class-action litigation.
The lawsuit, filed on April 3 this year, alleges Lido DAO to have violated security laws as it operates as a “general partnership” that “runs an Ethereum staking business.” Particularly, LDO tokens or related transactions are unlawfully offered or sold to the public, the plaintiff argued. This legal development has sent shockwaves across the industry.
Lido DAO Starts Voting: Here’s Why
On June 27, the U.S. court ruled that the legal process had been served adequately on Lido DAO via public postings by the plaintiffs. The staking service provider was offered 14 days to respond.
A failure to respond within the given time frame could lead to a default judgment by the court, based on the plaintiffs’ claims. This potential outcome poses a significant threat to the project.
In an effort to mitigate these risks, the community has initiated a voting process to appoint an entity to respond to the pending class-action lawsuit. The voting went live on snapshot.org, promptly gaining significant traction across the broader market.
Notably, the proposal suggests authorizing Dolphin CL, LLC to file a motion to dismiss the class-action suit. However, it’s clarified that Dolphin CL will not serve as the general representative or proxy of Lido DAO and will only file a motion on its behalf.
Meanwhile, at press time, the proposal’s odds of passing appear to have gained significant favor. A staggering 51 million voted yes, amounting to 100% of total votes. Not a single vote was against the proposal.
Also, the community spotlighted that not passing the proposal could present further risks to the project, as although not sure, the default judgment could hamper community operations.
In the interim, LDO, the native token of Lido DAO, traded sluggishly, coinciding with legal uncertainty.
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LDO Price Dips
As of writing, the LDO price dipped 4.12% over the past day despite the broader market uptrend. The token traded at $1.55, with its daily lows and peaks being $1.55 and $1.63, respectively.
The weekly chart showed a 20.86% plunge in value, while the monthly chart showed a 30.66% fall. This sluggish price action coincides with the lawsuit, sparking bearish sentiments.
It’s worth noting that cryptocurrencies such as XRP and ETH are prime examples of how regulatory uncertainty negatively impacts price. Crypto market enthusiasts await further developments on the matter.
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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.
Ripple XRP Case Update: After the latest order issued by the court in which it granted in part and denied in part the motion for summary judgment, a district judge referred the lawsuit for settlement and set dates for motions. The judge indirectly sided with the SDNY court’s ruling that XRP programmatic sales are not securities.
Ripple Lawsuit Set for Further Proceedings
The court has announced dates for further motions and hearing on unresolved claims, including a misleading statement
made by Ripple CEO Brad Garlinghouse regarding his “long” position on XRP, according to the latest filing in the court.
Judge Phyllis Hamilton has set a July 8 deadline to file the narrowed motion to seal. The court will issue a separate order on the narrowed motion to seal.
Moreover, the judge gave the parties 28 days until July 26 to file a notice indicating whether they continue to seek the exclusion of four experts’ testimony. Ripple’s motion to exclude the testimony of Steven P. Feinstein was denied as moot, and plaintiff’s motion to exclude the testimony of S.P. Kothari and M. Laurentius was denied as moot.
This Zakinov v. Ripple Labs case was referred to Magistrate Judge Robert Illman for resolution between the parties. Judge Hamilton agreed with SDNY Judge Torres’ summary judgment on XRP programmatic sales, plaintiffs failed to prove that XRP is a security as investors rely on Ripple’s efforts for profits.
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XRP Price Trades Under $0.45 Ahead Judge Torres’ Final Judgment
Whales and investors sold XRP amid the crypto market crash. XRP price has now recovered to hit a 24-hour high of $0.438, up more than 4% in the last 24 hours. The upside momentum came with low trading volumes as whale accumulation and buying by known investors such as pro-XRP lawyer Bill Morgan.
At press time, XRP price is trading at $0.436 after recovering a 24-hour low of $0.4195. The price fall below $0.40 saw massive buying with $132 million volume in an hour, indicating a bullish sentiment on XRP.
XRP community now awaits Judge Torres’ decision on penalties and injunction in the remedies phase in Ripple Vs SEC lawsuit. Lawyers claim a verdict is expected by July-end.
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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.
Meme coins themed after celebrity Andrew Tate might be making a comeback alongside the wider digital asset market. Crypto assets look to offset double-digit losses picked up in the last seven days as sentiments hit a new low not recorded in months. Meme coins also tumbled following the market sell-off with multiple categories trading at new lows.
Andrew Tate tokens were not an exception to the negative trading this month although signs of positives are seen today. The crypto recovery means total assets are now worth $2.09 billion, this is a drop from $2.6 trillion last month. Celebrity meme coins on the other hand declined before a 12% upswing today taking its market cap to $44.5 million.
Andrew Tate Meme Coins
Meme coins themed after Andrew Tate have recorded upticks today. RNT saw the largest gains including the wider celebrity meme coin bracket with a 14.2% gain. The asset’s price trades at 0.007277 after weekly numbers soared improved to 6% wiping out month-to-date exits. Daily volumes also pointed north soaring to $1.7 million.
Similarly, Top G saw 2.5% inflows in the last 24 hours with its price at $0.000825. The market correction is depicted in longer-term numbers as weekly figures remain in the red zone. This week, Top G fell 28% wiping out a significant chunk of gains. In the last two weeks, the asset plunged over 50%.
However, TME fell 2.9% today declining sentiments in Andrew Tate-themed tokens. TME trades at $0.0002281 and remains in the red zone for the last 30 days.
Will Prices Recover?
While RNT and Top G gained momentum, TME declined leading to shaky sentiments. The crypto asset rebound following US job data points to increased activities in the last 24 hours. As Bitcoin price and ETF inflows record upticks, altcoins and meme tokens will follow suit recovering losses from the market correction. Meme coins themed after Andrew Tate are tipped to follow the market trend with bulls expecting inflows.
Also Read: PEPE, WIF, And These Meme Coins Recovers, Where Others Failed
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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