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XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline

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3 months ago

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Ripple’s XRP has witnessed significant whale movements in the past 24 hours. These movements come at a pivotal moment as the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) approaches its conclusion. Moreover, it sparks speculations of further activity by XRP whales.

XRP Whale Shifts 37M Tokens

According to Whale Alert, an XRP large holder, also known as whale, transferred 37.39 million XRP tokens to Bitstamp, a popular crypto exchange. This transaction was valued at approximately $16.06 million and was made via an unknown wallet. This exchange dump comes ahead of the anticipated conclusion of the Ripple Vs SEC case.

Fred Rispoli, a well-known advocate for Ripple and its native token, has provided insights into the possible end dates for the ongoing SEC vs. Ripple case. Rispoli has suggested that the case could be resolved by either July 31 or July 13. The latter date holds particular significance, as it marks the anniversary of a key ruling by Federal Court Judge Annalisa Torres.

On July 13, 2023, Judge Torres concluded that XRP is a commodity when sold to the general public. In her Summary Judgment, she stated, “Therefore, having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the court concludes that Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act.”

This decision was a landmark moment for the Ripple community, leading to a surge in XRP’s price by over 100%. Furthermore, it also set a precedent that continues to influence other legal battles in the cryptocurrency space. In addition, Judge Amy Berman Jackson of the US District Court for the District of Columbia recently dismissed some of the SEC’s charges against Binance.

These charges pertained to the sales of BNB tokens on the secondary market. Judge Jackson’s ruling emphasized the inconsistency and ambiguity that arises from litigating digital assets on a “case by case, coin by coin, court after court” basis.

She stated, “The court ruled that the SEC failed to allege facts indicating that secondary market sales of BNB tokens on crypto exchanges were securities transactions. The SEC’s claim that Binance’s fiat-backed stablecoin, BUSD, qualifies as an investment contract was likewise denied by the court.”

Moreover, Ripple has used this ruling to boost its defense, submitting a notice of supplementary authority to highlight the regulatory uncertainty that prevails in the crypto industry. This argument aims to show that Ripple did not act with “reckless disregard” for the law, given the ambiguous regulatory environment.

However, the XRP whale’s exchange dump signals that the bullish sentiment toward the SEC case settlement is waning. The crypto market is witnessing a significant downturn currently with XRP price dipping nearly 4%. Hence, the whale might have made the move to limit losses.

Also Read: Ripple XRP Case Update: Court Sets Deadlines For Motions And Hearings 

Current XRP Market Analysis

Amid these legal developments, XRP’s market performance has been under scrutiny. Ripple’s XRP has to maintain its position above the crucial $0.4250 resistance zone. As of now, XRP is trading below both the $0.4250 mark and the 100-hourly Simple Moving Average (SMA). This reflects a bearish market sentiment.

An analysis of the XRP/USD hourly chart reveals a bearish trend line with resistance around $0.4250. For XRP to initiate a significant recovery, it needs to break through this resistance. However, even if it succeeds, it faces additional hurdles at $0.4350 and $0.450, limiting its near-term upside potential.

Today, the XRP price managed to surpass the $0.4220 level despite the bearish trend and the next target could be the $0.4380 mark. Beyond this, the $0.450 level stands as a formidable resistance point. Any gains above this could potentially propel the price toward the $0.4650 resistance. However, current technical indicators do not support such a bullish scenario.

Recent trading sessions have seen XRP fail to overcome the $0.450 resistance, triggering a fresh decline. This pattern mirrors the price movements observed in Bitcoin and Ethereum. As bears dominate, XRP has dropped below critical support levels, including $0.4320 and $0.4250.

Also Read: Celsius Network Resurfaces With Creditor Lawsuit, Here’s What To Know

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Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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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Cardano Founder Throws Shade At Solana, Says Sui Is Better

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20 hours ago

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October 5, 2024

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Cardano founder Charles Hoskinson has again shaded the Solana network while praising the Sui network as a better option. Although Hoskinson was full of praise for Sui, he asserted that Cardano remains the number and gave reasons why he believes so.

Cardano Founder Shades Solana

Charles Hoskinson mentioned in an X post that the Sui network is what Solana should have been, indicating that the former is a better option than Solana, which ranks as a top layer-1 blockchain. His statement came following his revelation on how he had read about Sui. The Cardano founder mentioned that it was great to see George Danezis’s (Sui’s initial contributor) work come to life. He added that they deserve “great success in the space.”

This isn’t the first time that Hoskinson has shaded Solana, especially as the Cardano vs. Solana comparison persists. Earlier this year, he suggested that Solana wasn’t providing any real network value despite boasting a good ecosystem.

Meanwhile, when Solana suffered an outage in February earlier this year, Hoskinson joked about the developers restarting the network to get it back up. He also once criticized Solana for spending too much on marketing rather than working to provide actual value.

Hoskinson’s latest comment comes amid a recent claim by former NSA intelligence contractor Edward Snowden that Solana is centralized. He remarked that the network’s centralization could easily disrupt anything built on it if Solana faces regulatory scrutiny.

“Cardano Is Still Number 1”

Despite Hoskinson’s praise of the Sui network, the Cardano founder is confident that his network is still the leading blockchain in the space. He said,

Cardano is still number 1. It’s not even close with Decentralized governance and all the amazing roadmap items coming.

In his post about how Sui is what Solana should have been, he added that he thinks Cardano’s approach is “superior for a long list of reasons.” However, he admitted that Sui has some real innovations.

Cardano’s Chang Hard Fork went live last month, ushering in the Volatiare era, which focuses on decentralized governance. Hoskinson has previously cited this network upgrade as one of the reasons he is confident that his network will lead the way for years to come.

Interestingly, he even once asserted that Cardano would flip Bitcoin, noting that the latter has stalled, unlike his network, which he says has already lived up to Satoshi Nakamoto’s vision and is even doing more.

One of the amazing roadmap items that the Cardano founder could have been referring to is the Midnight protocol. The Midnight protocol testnet recently went live and is a privacy solution that could further boost Cardano’s value proposition.

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

Published

24 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

2 days ago

on

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.

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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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