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XRP Whales Sack 77M Coins From Binance, Price Gains Ahead?
Amid the recent bearish turn taken by the XRP price, primarily caused by a crypto market selloff, the strategic moves of the whales have once again ignited a speculative buzz among investors over the Ripple-backed asset’s future price movements. Just before the XRP price witnessed a pullback, whales were recorded to have acquired a whopping 77 million coins from Binance, one of the world’s leading crypto exchanges. Despite today’s plunge, these accumulations have sparked a flurry of mixed sentiments on XRP’s future price movements, with some even being optimistic. Here’s a closer look into why:
XRP Whales Continue To Accumulate XRP Amid Sluggish Performance
According to data from Whale Alert, an on-chain transaction tracker, three whales collectively accumulated 76.9 million XRP from Binance over the past day via three transactions. Two whales among the three have previously been reported to have accumulated similar massive amounts of XRP in recent days.
The addresses rfQ9EcLkU and rarG6FaeY each bagged slightly above 25 million coins today, adding to their existing XRP holdings. Whereas another unknown whale, rhWj9gaovw, bought roughly the same number of coins from Binance.
The continued buying of XRP by the abovementioned addresses might come as a strategic investment mover. Over the past few days, these addresses (rfQ9EcLkU & rarG6FaeY) have bought over hundreds of millions of XRP coins, underscoring confidence in the asset’s future.
This comes despite the token’s extended sluggish performance, which can be attributed to the Ripple Labs vs U.S. SEC lawsuit. However, the continued buying whale activity hints at a potential upswing in XRP’s future price movements. It’s worth pointing out that a tidal wave of market optimism already persists surrounding XRP’s potential run to hit its wave three target of $1 in the coming days.
However, mirroring today’s crypto market selloff, the token has slipped below the crucial support level of $0.52, even trading below the $0.5 mark. This has caused a stir in the crypto community, while the whale activity-birthed optimism further submerged in an enigma.
Also Read: Nascent Snatches 447.67 Billion PEPE Tokens Amid PEPE Price Dip, What’s Next?
XRP Price Pullback, What’s Next?
As of writing, the XRP price tumbled 4.81% in the past 24 hours to $0.499. The token’s 24-hour lows and highs were recorded as $0.4631 and $0.5275, respectively.
XRP continues to struggle to hold above the $0.5 price level, with technicals further flagging bearish signals for the asset. The RSI rested around 37, underlining downside pressure that validates XRP’s fall.
Further decline may be expected as the token encounters increased selling pressure in the market, while the asset has yet to reach oversold territory. Nonetheless, if buying pressure prevails, as in the case of the one mentioned, prices could bolster ahead. Topping the $0.52 price mark potentially paves the road for further gains should the token gain an upside movement.
Also Read: Why is Bitcoin Price Falling Sharply Today
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 a remarkable shift, Solana has overtaken Ethereum, attracting significant investment amid a $441 million inflow into the crypto market. With Solana pulling in over $16 million compared to Ethereum’s $10 million, the dynamics of digital asset investments are seeing notable changes.
Notably, this development signals a growing interest in alternative cryptocurrencies as investors seek new opportunities.
Solana Outshines With Robust Weekly Inflow
Solana’s recent performance has caught the attention of investors, as highlighted in a report by CoinShares. Digital asset investment products saw substantial inflows totaling $441 million, with recent price dips viewed as buying opportunities.
Meanwhile, the inflows were primarily driven by the U.S., contributing $384 million, while other significant contributions came from Hong Kong, Switzerland, and Canada. According to the report, Bitcoin led the inflows with $398 million, but for the first time, it accounted for just 90% of the total, indicating a broader interest in top altcoins.
On the other hand, Solana emerged as the standout altcoin, attracting $16 million last week and bringing its year-to-date inflows to $57 million. This makes Solana the top-performing altcoin in terms of investment flows, surpassing Ethereum, which saw $10 million in inflows but has experienced net outflows year-to-date.
However, blockchain equities did not share this positive sentiment, facing an additional $8 million in outflows, bringing the year-to-date total to $556 million. The report suggests that recent selling pressures from the German government’s Bitcoin dump have impacted the market, but savvy investors are leveraging these events as opportunities to invest in digital assets.
Besides, looming concerns over Mt. Gox repayments have also weighed on the broader crypto market sentiment lately.
Also Read: Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH To $6,600
Potential Reasons Behind The Robust Performance
The question remains: why is Solana outperforming Ethereum? Several factors contribute to this trend. One significant reason appears to be the ongoing discussions about a potential Solana ETF in the US.
VanEck was the first U.S. firm to file for a Solana ETF with the SEC, which may have fueled optimism among investors, driving robust inflows into the asset.
Additionally, Solana’s performance in the broader altcoin market has been notable. As investors diversify their portfolios beyond Bitcoin and Ethereum, Solana’s technological advancements and growing ecosystem have made it an attractive option.
The network’s scalability, lower transaction costs, and rapid transaction speeds position it as a strong competitor in the decentralized finance (DeFi) space. Moreover, regional investment patterns highlight a global interest in Solana.
While the U.S. remains a dominant player, substantial investments from Hong Kong, Switzerland, and Canada underscore Solana’s appeal across different markets. This diverse investment base further strengthens its position as a leading altcoin.
On the other hand, the SEC delaying the U.S. Spot Ethereum ETF approval might have forced some investors to shift their focus toward other low-priced altcoins.
Also Read: Binance To Delist All Spot Pairs Of These Major Crypto
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.
The recent hype around the potential ETH ETF is causing investors to scout for Ethereum meme coins to invest in. Ethereum price prediction shows the ETF news is not yet priced in. Furthermore, ETH seems to be following Bitcoin’s trajectory following its ETF approval. BTC’s price retraced after its ETF news before surging to $73,000.
Ethereum is a huge network and meme coins are famous for being the best runners during impactful market news. However, not all meme coins are winners. Here are three meme coins to buy before the Ethereum ETF gets approval in July.
1. Ethereum Meme Coins – Turbo (TURBO)
Turbo is the first AI-scripted meme coin in the history of cryptocurrencies. The token, which was launched on the Ethereum blockchain, was created using only a budget of $69 and following guidance from OpenAI’s ChatGPT. The community came in later and crowd-funded the initial liquidity required to launch the project, as the previous $69 was not enough. Turbo is therefore a community token, riding both the meme coin and artificial intelligence (AI) narratives in this bull run.
The price of TURBO today is $0.004287, a 7% drop in the last 24 hours following Bitcoin’s sell-off. Turbo did well following its launch, hitting an all-time high of $0.009632 two months ago before retracing. TURBO’s market cap is currently at $294 million—enough to surge 10–20X and transform investors’ portfolios. TURBO’s 24-hour trading volume is down 28% as market participants refrain from trading during these market conditions.
The AI revolution in the crypto industry is picking up fast, and more so within the Ethereum meme coin ecosystem. Turbo and a few other AI based meme coins may be the first runners if Ethereum gets a win with ETF approval. The current price retrace sets TURBO in an optimal buy-in position.
2. Pepe (PEPE)
Pepe is among the top list of the giant Ethereum meme coins that started as a joke, before quickly garnering popularity. The meme coin was inspired by Pepe the Frog, an internet meme by Matt Furie. Furie is also the creator of several other memes on the Ethereum chain, namely, Landwolf, Andy (ETH), Bird-Dog, and Fofar. By extension, these meme coins have the potential to soar along with PEPE.
The price of PEPE today is $0.00000876, which represents a drop of 4.6% in the last 24 hours. Sitting at a market cap of $3.6 billion, Pepe has fallen by over 50% from its all-time high market cap. This is just an indicator of how volatile meme coins can be.
Despite this fall in price and valuation, the number of Pepe holders is up over 5% in the last month and $0.01% in the last 24 hours per Santiment.
Additionally, the 24-hour trading volume for Pepe just rose by 19%, signaling recent market activity. This means that even though there is blood in the markets, investors and traders feel comfortable continuing to invest in Pepe.
PEPE price showcased incredible price performance following the announcement of the approval of Ethereum ETF 19-4b forms. Even though this approval was not the real thing since it could be contested, Pepe’s price still soared and hit an all-time high price of $0.00001665 on May 28 before beginning to retrace.
3. Floki (FLOKI)
Floki is one of the older meme coins that came out right after Shiba Inu’s rise to popularity. Having been around for three years, Floki’s creation drew inspiration from Elon Musk but has since transformed from just a meme coin to a recognizable brand all over the world. Floki has over 480,000 holders and boasts multiple partnerships with sports clubs, DeFi protocols, and popular blockchain companies.
Floki price is trading at $0.0001436, a 1.4% price drop in the last 24 hours. The meme coin has had three major peaks in its lifetime, one in November 2021 and the other two within the March-June period. The price action of Floki formed a potential double top, which may result in a further drop in price to $0.00003500. If the current support holds, Floki may enter into a consolidation zone between $0.00033 and $0.00015.
Being an ERC20 meme coin with a large holder base, Floki may be one of the top Ethereum meme coins to run hard in the case of an ETF approval.
Bottom Line
The potential Ethereum ETF approval anticipation fuels interest in ERC20 meme tokens like Pepe, Floki, and Turbo. These tokens command attention for their ability to potentially return high rewards in a short period of time. As we approach the expected decision day, price volatility in the crypto market may increase.
Frequently Asked Questions (FAQs)
According to speculations, an ETH ETF approval is expected around mid-June.
Some analysts say that Ethereum can pump to 6,600 after ETH ETF approval.
The first Bitcoin ETF was approved on January 10, 2024.
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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.
The Ronin Network has announced the integration of PHPC, a Philippine peso-pegged stablecoin, onto its platform. This development was shared on Ronin’s X (formerly Twitter) account, highlighting the technical collaboration with Coins.ph, a prominent Philippine crypto trading platform.
The introduction of PHPC follows its approval by the Central Bank of the Philippines in May, with the primary goal of facilitating more affordable remittances. Coins.ph, a Filipino crypto exchange, has partnered with Sky Mavis to launch PHPC on the Ronin blockchain.
This stablecoin is fully regulated and endorsed by the Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank. As part of its rollout, Coins.ph will pilot PHPC under the BSP’s Regulatory Sandbox Framework, ensuring a controlled and monitored introduction to the market.
Impact and Potential of PHPC in the Philippine Crypto Ecosystem
The introduction of PHPC marks a significant milestone for the Ronin blockchain, as it becomes the second stablecoin available on the platform alongside USDC. This development is particularly noteworthy given the Philippines’ substantial role in blockchain gaming, especially in popularizing Sky Mavis’ Axie Infinity game in late 2021.
Coins.ph, founded in 2014, boasts an impressive user base of over 18 million accounts, including 7 million monthly active users – representing about 6% of the Philippines’ 116 million population. Sky Mavis envisions PHPC on Ronin as a valuable financial asset for millions of web3 gamers in the Philippines, enabling them to cash out in-game earnings, transfer funds, and make in-store payments using crypto.
The implementation of PHPC is already underway, with deposits and withdrawals now active on both Coins.ph and the Ronin Wallet. Future plans include a potential listing of PHPC/RON on Katana, the Ronin-based decentralized exchange. PHPC is backed by cash and equivalents from Philippine banks, ensuring its stability and reliability. Initially launched on the Coins.ph platform, there are plans to expand its availability to other platforms, positioning PHPC as a peso-backed stablecoin for retail use, offering round-the-clock real-time transactions.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
Regulatory Landscape and Government Oversight in Philippine Crypto Market
While the crypto market in the Philippines is experiencing growth and innovation, it’s also facing increased regulatory scrutiny. In March, the National Telecommunications Commission (NTC) of the Philippines initiated efforts to restrict access to crypto trading platforms operating without proper licenses. This action was prompted by the Securities and Exchange Commission (SEC) and demonstrates the government’s commitment to protecting investors and combating illicit financial activities within the country.
The regulatory crackdown began on February 21st when the NTC ordered internet service providers to block websites and apps associated with MiTrade and OctaFX. These companies were accused of conducting investment activities without obtaining the necessary licenses from regulatory authorities. This move signifies a tightening of control over the crypto market regulation in the Philippines, aimed at ensuring a safer and more compliant digital asset ecosystem.
Ronin Software Update
Ronin has rolled out version 2.4.0 of its Mobile Wallet for iOS and Android devices, introducing significant new features. The update includes custom RPC, gas fee, and nonce settings, giving users more control over their transactions. It also adds support for manual NFT addition and a new single-chain mode for streamlined usage.
The release enhances user flexibility and customization options, reflecting Ronin’s commitment to evolving its platform. Along with these major additions, the update includes various improvements and bug fixes to boost overall performance. Users are encouraged to download the latest version to access these new features and enhancements, improving their experience with the Ronin ecosystem.
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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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