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280M XRP Moved As Ripple CFO Files Declaration Under Penalty

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In a riveting turn of events, the Ripple XRP vs. the U.S. SEC lawsuit has embarked upon a new turn today, following the May 13 filing of omnibus letter motions to seal key details regarding remedies-related documents. Ripple’s CFO (Chief Financial Officer), Jonathan Bilich, has filed a declaration in support of Ripple’s motion to seal the documents, as spotlighted by renowned lawyer James K. Filan.

Amid Ripple’s appeal to Judge Torres to seal certain documents linked to the SEC’s Motion for Judgement and Remedies, a whopping 280 million XRP tokens were noted to have been moved via Ripple and a CEX. Here’s a briefing on the developments that unfolded with the filing of omnibus letter motions and Ripple’s CFO further weighing in on the motion.

280 Mln XRP Moved Amid Ripple’s Request To Seal Documents Regarding ‘Remedies Motion’

According to the insights streamlined by the blockchain tracker Whale Alert, 279.97 XRP was recently moved by unknown addresses to and fro Bitstamp and Ripple collectively. A renowned XRP whale, Rzn, continued shifting coins to Bitstamp, with 29.97 million XRP offloaded in its most recent transfer.

On the other hand, the remaining transactions additionally captivated noteworthy attention, illustrating an unknown wallet’s transfers of XRP from Ripple to an unknown address. The first transfer illustrated that 150 million XRP was moved via Ripple to the address …7XZ63sKxv3. Whereas, this address further shifted 100 million XRP to another unknown address, ….r2SE32hk.

Ripple XRP Whale Transaction DetailsRipple XRP Whale Transaction Details

Meanwhile, Ripple’s CFO stated in his declaration concerning Ripple’s highly confidential information, “I submit this declaration to support the redactions Ripple proposes.” These fall into three categories- certain financial figures in or derived from Ripple’s non-public audited financial statements, highly sensitive and confidential financial terms of Ripple’s contracts with third parties, and highly sensitive and confidential information from Ripple’s internal financial reports regarding business strategies.

Ripple CFO declarationRipple CFO declaration

Subsequently, the XRP token intriguingly traded in the green.

Also Read: Hong Kong Bitcoin and Ether ETFs See Record Net Outflows Since Launch

XRP Price Pumps

As of writing, XRP’s price noted an uptick of 3.20% in the past 24 hours and is currently trading at $0.5071. The token’s 24-hour trading volume saw a notable rise of 44.20%, reaching $859.07 million.

The price upswing experienced by the Ripple-backed token comes against the backdrop of the lawsuit’s recent developments and enormous whale activity, as mentioned above. Additionally, Coinglass data underlines a market uptrend of XRP at press time.

With an open interest increase of 3.37% to $571.21 million, followed by a derivatives volume upsurge of 42.05% to $794.09 million, the token curated optimistic waves with heightened trading activity and rising investor interest.

Nonetheless, the token has witnessed quite a turbulent price action ever since the American blockchain payments company embarked upon a legal tussle with the U.S. SEC. With both parties having time until May 20 to file letter briefs in opposition to the omnibus letter motions, crypto market enthusiasts continue to eye XRP for further price action shifts.

Also Read: Coinbase CLO Slams SEC for Skipping Wells Process in Debt Box Lawsuit

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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.

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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$33 Million Inflows Signal Market Bounce

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Crypto inflows hit $226 million last week, signaling a cautiously optimistic investor sentiment amid ongoing market volatility.

According to CoinShares data, altcoins broke a five-week streak of negative flows, recording their first inflows in over a month.

Crypto Inflows Hit $226 Million Last Week

This turnout marks a significant slowdown from the previous week when crypto inflows hit $644 million, ending a five-week outflow streak. Before that, inflows peaked at $1.3 billion, with Ethereum outpacing Bitcoin in investor demand.

“Digital asset investment products saw $226 million of inflows last week suggesting a positive but cautious investor,” read an excerpt in the report.

The pullback to $226 million last week suggests a more measured approach by investors as they assess macroeconomic conditions and regulatory uncertainties.

Specifically, CoinShares’ researcher James Butterfill ascribes Friday’s minor outflows of $74 million to core personal consumption expenditure (PCE) in the US, which came in above expectations.

“The Fed’s preferred measure of inflation (Core PCE) moved up to 2.8% in February & remains well above their 2% target that has yet to be achieved. The market is expecting the Fed to hold rates steady again at their next meeting on May 7 (at 4.25-4.50%),” investor Charlie Bilello noted.

Nevertheless, this turnaround comes after nine consecutive trading days of inflows into crypto ETPs (exchange-traded products).

Despite the slowdown, Bitcoin continued to attract strong inflows of $195 million. Meanwhile, short-Bitcoin products registered outflows of $2.5 million for the fourth consecutive week. This suggests that investors are leaning bullish on Bitcoin, even as altcoins begin to recover.

The CoinShares report shows that altcoins saw $33 million in inflows last week after suffering $1.7 billion in outflows over the past month.

Altcoins Rebound After $1.7 Billion in Outflows

Ethereum (ETH) led the recovery, attracting $14.5 million, then Solana (SOL) at $7.8 million, while XRP and Sui recorded $4.8 million and $4.0 million, respectively. Market analysts believe altcoins may be bottoming out, creating potential buying opportunities.

“Altcoins are oversold. The bottom is close. We’re ready for a bounce,” renowned analyst Crypto Rover highlighted.

Other analysts echoed the sentiment, suggesting growing attention toward altcoins. Among them was trader Thomas Kralow, who said, “altcoins are setting up for a comeback.”

Adding credence to this bullish outlook for altcoins, project researcher BitcoinHabebe, known for insightful mid-low cap sniper entries, pointed to technical indicators suggesting a market reversal.

“While bears are trying to spread fear & make you sell your altcoins, the TOTAL3 [Altcoins market cap chart excluding Bitcoin and Ethereum] just bounced off an HTF [higher timeframe] retest,” the analyst stated.

This means most coins have bottomed out and are expected to start reversing soon. Cole Garner noted a key buy signal in market liquidity metrics, further supporting this view.

“Tether Ratio Channel already flashed a double buy signal this month. Now my lower timeframe version is popping off. Fresh capital incoming,” he indicated.

The Tether Ratio Channel is an on-chain analytical tool that helps traders identify potential buy signals. It tracks the ratio of Bitcoin’s market capitalization to that of stablecoins, acting as a leading indicator for short- to medium-term trends.

When the ratio hits certain levels, it can signal shifts in market sentiment, often indicating whether fresh capital is entering or exiting the market.

While overall crypto inflows have slowed compared to previous weeks, the return of capital into altcoins suggests renewed investor confidence. Analysts see signs of an impending altcoin rally, with market metrics indicating that most coins have bottomed out.

As investors weigh macroeconomic uncertainties, the coming weeks could be critical in determining whether the altcoin recovery sustains momentum or if caution prevails.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Cardano Price Eyes Massive Pump In May Following Cyclical Patern From 2024

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Cardano price is repeating a pattern from 2024 that experts say is a signal for a massive pump in the coming weeks. While present figures are largely underwhelming for ADA, investors are brimming with confidence for a strong reversal in the near future.

Cardano Price Can Reach $2.5 In May

According to pseudonymous cryptocurrency analyst Master Kenobi, Cardano price is exhibiting cyclical behavior. In a post on X, Master Kenobi notes that ADA’s consolidation in recent days mirrors its price action from Q3 of 2024.

At the time, Cardano’s price suffered a steep correction in early August and endured a lengthy consolidation period before rallying. Presently, Cardano’s price is consolidating after the deep in early February that sent prices to $0.49.

“ADA is currently in a consolidation phase that resembles its behavior from August-September 2024,” said Master Kenobi. “Since the dip on August 5, it hasn’t recorded a new low – just as it hasn’t now, following the dip on February 3.”

According to Master Kenobi, a lengthy consolidation phase will be the precursor for an impressive rally for Cardano’s price. The analyst theorizes that the incoming rally will send Cardano to impressive levels in May. In the short term, analysts are eyeing ADA to hit $1, citing rising whale activity and positive fundamentals.

“If this pattern holds, May could bring a massive pump, potentially pushing the price toward $2.5,” said Master Kenobi.

ADA Ripples With Bullish Activity

At the moment, Cardano price is trading at $0.6646, a far cry from its all-time high of $3.10. Despite the lull in price action, the ecosystem is brimming with bullish activity for higher valuation.

Investors have their eyes on $10 after ADA outperformed top S&P 500 companies in a strong show of resilience. Futhermore, increased whale activity in the space is signaling an impending rally for ADA as community sentiment reaches an all-time high.

Analysts have opined that an ADA rally to $10 is not a crazy prediction, citing a slew of positive fundamentals for the network. However, pundits are urging investors to brace for multiple corrections in the march to reach a valuation of $10.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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 Why The XRP Price Can Hit ATH In The Next 90 To 120 Days

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Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, he alluded to historical trends to explain why the altcoin can hit a new all-time high (ATH) in 90 to 120 days.

Why The XRP Price Can Hit ATH In 90 To 120 Days

In an X post, Egrag Crypto alluded to historical patterns to explain why the XRP price can hit a new ATH in the next 90 to 120 days. He noted that the RSI chart shows important historical patterns and stated that the altcoin usually has two peaks during its bull runs.

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The crypto analyst further revealed that in 2021, the second peak occurred after 90 days, while in 2017, it occurred after 120 days. Based on this, Egrag Crypto affirmed that this historical timeframe provides market participants with a potential for a “great opportunity,” hinting at the altcoin hitting a new ATH.

In another post, he raised the possibility of the XRP price reaching a new ATH of $3.9 by May. This came as he identified an Inverse Head and Shoulder pattern, which was forming for the altcoin. The crypto analyst stated that the measured move is $3.7 to $3.9.

For now, an XRP analysis has shown that the altcoin is struggling at $2.15 amid regulatory uncertainty over SEC Chair nominee Paul Atkins. In his update on this Inverse Head and Shoulder pattern, Egrag Crypto remarked that a close above $2.24, the Fib 0.888, is the next minor target. He affirmed that the pattern is still unfolding as anticipated.

Ripple’s Native Token Could Still Drop Below $2

Crypto analyst Dark Defender has predicted that the XRP price could still drop below $2 before the next leg up. In an X post, he stated that Ripple’s native token is in the 4th Wave of the Monthly Elliott Wave structure.

ImageImage

His accompanying chart showed that XRP could drop to as low as $1.88 on this Wave 4 corrective move. Once that is done, the altcoin will witness its next leg up, rallying to as high as $5.8, which would mark a new ATH.

Dark Defender assured that Wave 4 will end soon and that XRP will continue to reach its targets. The crypto analyst recently affirmed that the altcoin is the “one” and explained why it would dominate Bitcoin and Ethereum.

Crypto analyst CasiTrades also suggested that XRP could further decline before its next leg to the upside. She noted that after the drop to $2.27, the altcoin showed no bullish RSI divergence, which signaled that the drop wasn’t quite done yet.

ImageImage

She added that the coin is now likely heading down to test the 0.618 golden retracement at $2.17, or possibly the golden pocket at $2.15 for a final low before “lift-off.” However, CasiTrades also mentioned that RSI is starting to build the bullish divergence and that the selling pressure is exhausting.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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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