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80M Coins Transferred As Price Tops $0.52, Price To Uphold Momentum?
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
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 dramatic turn of events, the Shiba Inu (SHIB) coin burn rate has surged by over 8500% on Wednesday, July 3. However, the Shiba Inu coin is currently grappling with a downtrend as it plunged from over $0.000022 to lower than $0.000017. Nonetheless, the latest SHIB burn spike sparks optimism around a SHIB price reversal.
Shiba Inu Coin Burn Rate Skyrockets
Today, the Shiba Inu burn rate rocketed by an astounding 8596.57%, according to Shibburn data. This leading to the destruction of 17.71 million SHIB tokens. Moreover, this significant increase in the burn rate has captured the attention of the crypto community, particularly due to the involvement of two notable wallets.
The highest burn was initiated by the wallet 0x608…, known for its consistent participation in the Shiba Inu burn initiative. This wallet alone burned a staggering 7.77 million SHIB tokens. Another wallet, 0xa2d…, contributed to the effort by transferring 4.17 million SHIB tokens to a dead wallet, effectively removing them from circulation.
Furthermore, other communities participants initiated smaller SHIB tokens burns. The purpose of burning Shiba Inu coins is to reduce the overall supply, theoretically increasing the scarcity and potentially boosting the token’s value. With such a significant amount of SHIB removed from the market in a single day, speculation is growing about a positive impact on the SHIB price.
Historically, burn events have had a mixed impact on the price of SHIB. While reducing supply can lead to price appreciation, the actual effect depends on various factors, including market sentiment, overall demand, and broader crypto market conditions. In the short term, the news of such a high burn rate may drive some positive sentiment and buying activity among SHIB investors, potentially leading to a price increase.
Also Read: Crypto Market Selloff: Why Bitcoin, ETH, DOGE, SHIB Prices Are Falling Today?
Is SHIB Price Reversal Ahead?
However, long-term price sustainability will depend on continued community support and broader adoption of SHIB. Additionally, the overall performance of the crypto market will play a crucial role. These sentiments are influenced by macroeconomic factors and regulatory developments.
The price of SHIB has recently found temporary support around $0.00001688. If this support level holds, Shiba Inu could rebound and reach $0.00002129, which would be a 28% increase from its current position. However, if the price falls, it may find support lower at $0.000012. It’s also important to note that $0.00002129 serves as a temporary resistance level.
As of writing, the Shiba Inu price was down by 1.17% to $0.00001695 on Wednesday, July 3. Whilst, the popular dog-faced meme coin held a market cap of $9.99 billion. On the flip side, the 24-hour trade volume for Shiba Inu coin surged 4.18% to $182.27 million.
Currently, the SHIB price is trading lower than the 50-day and 200-day EMAs, suggesting a bearish trend in both short and long term. However, the SHIB Relative Strength Index (RSI) value stands at 32, signalling that the meme crypto could soon enter the oversold territory. Historically, such situations have boost the cryptocurrency prices, including Bitcoin (BTC).
Also Read: What’s Going On With Meme Coins To Buy WIF, BONK In July?
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.
Shiba Inu’s marketing lead Lucie has recently posted on X, revealing a key update for the BONE ShibaSwap token. Dated July 3, the post revealed that one of the leading Canadian exchanges, SuperEX, started BONE perpetual trading.
This mover has echoed optimism for the Shiba Inu ecosystem token throughout the crypto universe. Let’s dig into why
BONE Perpetual Trading Starts
Notably, Shiba Inu’s Lucie reiterated another post from the SuperEX crypto exchange, spotlighting the BONE perpetual listing. According to the original post by the exchange, the BONE/USDT perpetual pair started trading today, July 4, at 03:00 UTC. The underlying asset is BONE ShibaSwap, aka Shibarium’s gas fee token or ShibaSwap’s governance token.
Meanwhile, the leverage offered on the asset is 1-10x in an effort to maximize user appeal. However, the exchange revealed that it might adjust the parameters from time to time, aiming to mitigate market risks.
Nonetheless, the announcement has gained significant traction across the crypto realm as BONE remains poised to witness a substantial influx, given the colossal Canadian crypto landscape. Also, it’s worth noting that the SuperEX crypto exchange’s X handle boasted nearly 350K followers, further underscoring its massive user base.
Notably, previous perpetual listings for numerous tokens, including Coinbase’s perp listing of SHIB, FLOKI, and BONK, have promptly ignited upside price trajectories. Although historical data does not guarantee future performances, broader sentiments remain optimistic.
Even Pepe coin, another hot trend in the crypto town, rallied remarkably with its perpetual listing. BONE, however, awaits such an upside momentum.
Also Read: Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?
BONE & SHIB Market Performance
Despite the commencement of perpetual trading, the BONE price has seen a 1.93% dip in value to $0.4822. Its 24-hour bottoms and tops were $0.4788 and $0.4952, respectively.
This price drop aligns with a broader trend, as the Shiba Inu ecosystem’s SHIB token’s price also noted a 0.89% fall to $0.00001695. Doge Killer LEASH, another SHIB ecosystem token, dipped 2.07% to $334.91, coinciding with this trend.
Crypto market enthusiasts continue to eye the token as the perp listing could bring about a significant shift in price. However, current market sentiments appear to be bearish as the RSI rested around 36, signaling downside pressure on the asset. Further downside momentum could also pave the way for a potential price rebound as the asset makes its way into an oversold territory.
Also Read: Crypto Prices Today July 3: Bitcoin Weakens To $60K, Altcoins Mainly Follow While FLOKI Soars
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.
As we proceed into July, the biggest question for the crypto community is when will the spot Ethereum ETF go live for trading. Nate Geraci, president of The ETF Store, predicts the Ethereum ETFs to go live by the 15th of July.
Geraci stated that with the revised S-1 submission for Ethereum ETFs to happen in July, the final S-1 approval from the SEC could arrive around July 12. Thus, July 15, Monday, would be the most probable day to begin trading Ether ETFs.
Wen spot eth ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
Issuers to Address SEC Query On Spot Ethereum ETF
Last Friday, the US SEC returned the S-1 filings to issuers to address some minor questions. Sources familiar with the matter stated that the issuers have been already working on it. As we know, in May, the SEC approved the 19b-4 filings to list the Ether ETFs on exchanges. However, they can only go live for trading after the SEC approves the S-1 submissions.
Steve Kurz, head of asset management at Galaxy Digital, expected the Ether ETF approval in the next couple of weeks. Speaking to Bloomberg TV on Tuesday, July 2, Kurtz said:
“This is window-dressing, the SEC is engaged. We’ve been doing this for months now. We did it for the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”
Now the bigger question in everyone’s mind is will the Ether ETF prove to be a strong catalyst to drive the crypto market higher?
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
Ethereum to Outperform Bitcoin
On Tuesday, K33 Research published a report stating that Ethereum would be outperforming Bitcoin post the ETF approval. As per K33, the launch of Ether ETfs would absorb nearly 0.75% to 1% of all ETH in circulation within the initial five months. This expectation is in line with that of Gemini which predicted $5 billion inflows within the first six months of launch. K33 senior analyst Vetle Lunde said:
“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader.”
The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin ETFs launched, reaching 0.046 by May 24. However, unexpected news that the SEC would soon approve Ethereum ETFs boosted the ratio back up to 0.055.
Also Read: ETH/BTC Price Prediction: ETF Hype, FOMO and Ethereum Price Imminent Rally To $5,000
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.
Shiba Inu Coin Set For Reversal As Burn Rate Hits 8500%
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