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80M Coins Transferred As Price Tops $0.52, Price To Uphold Momentum?

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6 months ago

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XRP News: Ripple Labs’s crypto token, XRP, has once again raised eyebrows across the broader industry. Against the backdrop of a significant upside momentum taken by the token, topping the $0.52 mark, whale activity has surged remarkably, stirring a whirlpool of speculations among crypto market participants.

On-chain data illustrates nearly 80 million coins moved to and fro exchanges by whales, large-scale crypto investors. This has garnered noteworthy attention to the Ripple-backed asset, one of the top 10 cryptocurrencies by market cap.

It’s worth noting that despite a sluggish performance caused by the legal tussle between the U.S. SEC and Ripple Labs, XRP has maintained its position at the top.

80 Mln Coins Shuffled: What’s Happening?

According to data from the crypto transaction tracker Whale Alert, 79.8 million XRP coins were shuffled between wallets and exchanges in three transactions over the past 24 hours. Two of these transactions involved massive XRP accumulation, while a prominent XRP whale has been consistently moving coins to exchanges, piquing significant investor interest in the market.

The addresses rfQ9EcLkU and rarG6FaeYh accumulated 25.22 million and 26.26 million coins, respectively, from Binance, the world’s leading CEX. Meanwhile, the address …Rzn, a renowned XRP whale, moved 28.32 million XRP to Bitstamp, a Luxembourg city-based CEX. These transactions, underscoring accumulations and dumps in tandem, have caused mixed sentiments among traders and investors.

Also, speculation has further burgeoned as Ripple was recently recorded moving colossal amounts of XRP to and fro escrow. As a monthly strategic mover, Ripple unlocks 1 billion XRP, impacting the token’s market dynamics. Simultaneously, the Ripple-backed digital asset has gained upside momentum, with price topping the $0.52 mark today.

Also Read: CFTC Appoints Aptos Labs CEO To Its Digital Assets Committee

Will XRP Maintain A Break Above $0.52?

Meanwhile, CoinMarketCap’s chart shows that the token is fighting to maintain a position above the $0.52 level. XRP traded as high as $0.5225 but slumped to lows equivalent to $0.517 over the past day.

At press time, XRP’s price rested at $0.52, an increase of 0.45% in the past 24 hours. The token’s market cap rested at $28.83 billion.

However, derivatives data hinted at mixed investor sentiments prevailing in the market. Futures OI dipped 2.67% while volume saw a 1.42% increase. These mixed interests could further be driving the token’s turbulent price action.

Meanwhile, the RSI (47) hinted that the XRP is neither overbought nor oversold, with slight downside pressure. This could mean that a resilient upside movement for the Ripple-backed digital asset at the moment could be difficult.

However, market optimism surrounding the token’s potential to scale its wave 3 target of $1 ahead remains persistent. It’s worth mentioning that XRP accumulations, particularly from Binance, have also surged notably in recent days.

Also Read: FLOKI and DOG Leads Top Meme Coin Rebound

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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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DOGE Price To Hit $2.4 As Elon Musk Shares New Update On D.O.G.E.

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2 hours ago

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November 22, 2024

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DOGE price eyes a potential breakout ahead, with top experts echoing a similar sentiment for the dog-themed meme coin. For context, in a recent X post, Real Vision CEO and Founder Raoul Pal said that Dogecoin is likely gearing up for a rally ahead. In addition, this development also comes as Elon Musk has shared new developments to enhance the efficacy of the Department of Government Efficiency (D.O.G.E.)

DOGE Price Rallies As Elon Musk Prioritizes D.O.G.E. Efficacy

DOGE price continued its run towards the north on Friday, further highlighting the growing confidence of the investors towards the top meme coins. Amid this, Real Vision founder Raoul Pal, a prominent figure in the crypto world, predicts a potential rally for Dogecoin ahead, saying that it is in the “Great Banana Rotation” along with SUI. In a recent X post, Pal stated:

I think next in the Great Banana Rotation is $SUI and $DOGE and probably that token that you hold too.

Meanwhile, Pal previously explained the Banana Zone, emphasizing the importance of core allocations in top-tier assets like BTC, ETH, and SOL. He advises investors to keep 90% of their portfolio in solid assets like BTC and top altcoins while allowing 10% for riskier plays like meme coins.

However, Pal warns against overtrading and leverage, stressing the need to protect investments. With Pal’s prediction, DOGE holders are optimistic about the meme coin’s future performance.

Elon Musk Outlines D.O.G.E. Plan

In addition, the DOGE price rally also comes as Elon Musk has prioritized enhancing the efficacy of the Department of Government Efficiency (D.O.G.E.). Notably, Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead the D.O.G.E., which has sparked optimism in the market.

Besides, the department’s short form also resembles the Dogecoin ticker, which has also sparked a rally in the crypto’s price. Additionally, Musk has been a vocal supporter of the meme coin, as evidenced by his previous social media comments, which have also caught the eyes of the traders.

Now, Musk and Ramaswamy have outlined plans to increase the efficacy of the department. According to a recent WSJ report, they have planned to end the remote work culture at the federal office, in an effort to trim the government spending. The two entrepreneurs said that ending the remote work culture would cause a mass resignation, which would aid them in achieving their goal of establishing a small but efficient government.

Dogecoin To Hit $2.4?

DOGE price today was up more than 2% and exchanged hands at $0.3941, while its one-day trading volume was near the flatline at $8.60 billion. Notably, the token has touched a 24-hour high of $0.3996, and CoinGlass data showed that Dogecoin Futures Open Interest rose nearly 9%, indicating strong market confidence.

Besides, recent on-chain metrics and other market trends also indicate that Dogecoin is poised to continue its parabolic run ahead alongside SHIB and other meme coins. Amid this, a popular crypto market analyst, Ali Martinez has shared a bullish forecast for DOGE price.

Meanwhile, Martinez has recently highlighted the growing Dogecoin whale activity, which indicates that the crypto is poised to rally ahead. His X post showed that whales have bagged more than 550 million DOGE over the last week, valued at around $214.5 million.

DOGE price Dogecoin whale accumulationDOGE price Dogecoin whale accumulation
Source: Ali Martinez, X

In addition, the analyst has shared a DOGE price chart, which showed that the crypto is likely to hit $2.40 in the coming days. Besides, he also predicted that once the meme coin hits the $2.40 target, the next target for the crypto will be $18, sparking market optimism.

Dogecoin price analysisDogecoin price analysis
Source: Ali Martinez, X

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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Deribit To Integrate Ethena USDe As Crypto Margin Collateral

Published

3 hours ago

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November 22, 2024

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The largest crypto derivatives exchange Deribit on Friday said it will integrate Ethena’s synthetic dollar USDe as margin collateral. It will enable users to earn rewards for holding USDe and use it as derivatives margin collateral in cross-collateral pool.

Ethena and Deribit Partners to Launch USDe as Rewarding Margin Collateral

Deribit, the leading crypto options and futures exchange, plans to integrate Ethena’s USDe as margin collateral. The exchange revealed that the goal is to include USDe in its cross-collateral pool as of early January. However, it still awaits regulatory approval from the authorities

“We are excited to announce the upcoming integration of USDe as rewarding margin collateral on Deribit” said Ethena Labs.

All users can earn rewards for holding USDe. Also, it can be used as derivatives margin collateral in a cross collateral pool. USDe as margin collateral is currently available on Bybit, Bitget and Gate crypto exchanges. Users can use USDe as a part of single or multi-exchange derivatives strategies, while earning rewards by holding the synthetic dollar.

Guy Young, founder of Ethena Labs, said: “This integration of USDe within the cross collateral pool at unlocks completely new structured product use cases not previously possible on CEXs with vanilla stablecoin collateral.”

Young expects this will become one of the most important venues for USDe use cases as Deribit holds 85% of market share within the options space. Also, he believes the USDe integration on the derivatives exchange will attract both TradFi and crypto-native trading firms.

ENA Price Rockets 20%

Amid Deribit’s USDe integration news, ENA price skyrocketed more than 20% in the past 24 hours. The price currently trades at $0.62, with a 24-hour low and high of $0.516 and $0.620, respectively. Furthermore, the trading volume has shot up by 78% in the last 24 hours, indicating a rise in interest among traders.

Last month, Ethena proposed adding Solana and its liquid staked variants (BNSOL and bbSOL) as reserve assets for backing USDe. Recently, the company integrated sUSDe into Aave to enable billions of borrowing and APY of up to 30%.

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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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3 Reasons Why Secret Network (SCRT) Price Skyrockets 50% Today

Published

4 hours ago

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November 22, 2024

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Secret Network (SCRT) saw a remarkable 50% price rise today, driven by three key developments. The network’s inclusion in NVIDIA Inception, a program supporting innovative tech startups, signals growing confidence in its privacy-focused solutions.

Additionally, Binance’s SCRT perpetual contracts launch with high leverage has boosted market activity. Coupled with a dramatic rise in open interest across major exchanges, these factors are fueling increased investor interest and pushing SCRT to new highs.

Secret Network Joins NVIDIA Inception

Secret Network joined NVIDIA Inception, a program designed to support tech startups advancing AI and blockchain innovations. This collaboration provides the platform with access to AI training, expert resources, and venture networks, boosting its development capabilities.

The partnership enhances Secret Network’s Decentralized Confidential Computing (DeCC) solutions, enabling new privacy tools for Web3 applications. Lisa Loud, Executive Director, emphasized that this initiative will revolutionize how sensitive data is handled in blockchain environments.

Binance Launches SCRT Perpetual Contracts

Binance, one of the world’s top cryptocurrency exchanges, introduced USD-margined Secret Network perpetual contracts with up to 75x leverage. The listing on Binance had an immediate effect, with SCRT’s price soaring 55% as Binance extended its support. This surge highlights growing investor interest, raising questions about whether the rally will be sustained.

Moreover, this move boosts liquidity and builds investor confidence, enhancing Secret’s appeal in the market. As trading activity intensifies on Binance, SCRT adoption continues to grow.

Open Interest Jumps 1300%, Fueling SCRT Price Surge

Secret Network (SCRT) saw an impressive 1300% increase in open interest over the past 24 hours, according to Coinglass data, signaling heightened market activity. On Binance, open interest surged by over 905%, with other major exchanges like Bitget and Kraken also showing significant interest. This surge in demand has propelled SCRT’s price to new highs.

Moreover, SCRT is currently trading at $0.4765, up 50% in the last 24 hours and 134% over the past week. With a 24-hour low of $0.3313 and a high of $0.5488, along with a market cap of $138 million and $107 million in volume, the coin shows strong potential for continued growth.

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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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