Altcoin
Over 5 Tln SHIB Sacked From Indian Exchange Amid Hack
Shiba Inu coin: Recent on-chain data has once again brought significant attention to one of the largest meme coins by market cap, SHIB. Today, July 18, Whale Alert revealed that over 5 trillion coins were shifted to an address from an Indian crypto exchange. This chronicle has sent tongues wagging across the cryptocurrency landscape, primarily due to an exploitation attack on the Indian exchange. Here’s an in-depth report on the matter.
Over 5T Shiba Inu Coins Sacked From WazirX
According to on-chain data from Whale Alert, 5.43 trillion coins, worth $102.12 million, were illicitly moved from the WazirX crypto exchange today. It’s worth mentioning that WazirX is one of India’s largest CEXs, led by Nischal Shetty.
The transaction was recorded as having been made by the whale address 0x04b21735. This address is reportedly linked to an exploiter, as recent data shows that the Indian exchange was drained of over $230 million worth of crypto as a result of a hack.
Meanwhile, it’s also worth noting that Shytoshi Kusama, Shiba Inu’s lead developer, recently visited Mumbai, India. The transaction emerging in the follow-up of the exploitation and Kusama’s visit has sparked additional discussion across the market.
In the interim, the Shiba Inu coin traded in the red zone today, showing signs of a pullback.
Also Read: Shiba Inu Price Movement As Token Burn Surges: Will SHIB Surge to $0.00005?
SHIB Price Slips
At press time, SHIB’s price tanked 4.72% to trade at $0.00001858. The token’s 24-hour lows and tops were $0.00001856 and $0.00001941, respectively.
Despite an 874% surge in the burn rate today, per Shibburn’s data, the token has traded in the red zone. Nearly 8 million coins were recorded to have been incinerated in the past 24 hours, failing to cause an upswing.
Today’s price dip primarily aligns with the broader market trend, birthing speculations of a SHIB recovery alongside the broader market recovery potentially lying ahead. The RSI inched slightly toward the buying region, at 53, although the Shiba Inu coin is currently neither overbought nor oversold.
Moreover, in light of the abovementioned hack, SHIB execs have taken to X, expressing concerns. The meme coin’s marketing lead LUCIE stated, ‘I sincerely hope all $SHIB holders get their money back and WazirX India fixes this.’ In addition, executive Kaaldhairya commented, ‘Really sad, stay strong #SHIBARMY.’
Also Read: SHIB Burn Skyrockets 4000% Amid Shiba Inu ETF Buzz
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.
XRP whales have shown no signs of slowing down their accumulation spree as they continue to load up coins. Over the last 72 hours, whales have bought over 90 million XRP as the ecosystem braces for an announcement that could send prices on a rally.
XRP Whales Accumulate 90 Million Coins Valued At Nearly $250 Million
Onchain analyst Ali Martinez has identified significant whale activity in XRP’s ecosystem in the build-up to the White House Crypto Summit. In the last three days, XRP whales have purchased over 90 million XRP in a massive accumulation spree.
The total value of the XRP whales’ purchase stands at nearly $250 million, reversing a mass whale dump at the end of February. The recent whale accumulation follows a raft of positive metrics for XRP as investors ready themselves for a rally-inducing bull run.
Apart from the recent purchases, XRP whales have transferred over $5 billion worth of coins between addresses during the week. Furthermore, XRP’s active addresses have surged to 462,000 from lows of 74,589 as the plot thickens.
On the flip side, there are fears that the accumulation may be a classic “pump and dump” ahead of the White House Crypto Summit.
Is Something Big Incoming?
While on-chain indicators are largely positive for XRP, recent fundamentals are pointing to incoming positives for the ecosystem. The inclusion of the coin in the Crypto Strategic Reserve signals regulatory acceptance for the project in Washington.
For now, a potential big announcement will be the dismissal of its long-running case against the US SEC. There have been speculations that a Ripple SEC lawsuit could be next after the Commission agreed to dismiss the Kraken lawsuit
Furthermore, there are whispers that Ripple co-founder Brad Garlinghouse may be tapped for a government appointment. The community is hinging their theories on Garlinghouse’s attendance at Friday’s White House Crypto Summit.
XRP whales and the rest of the community expect the policy discussions at the summit to be largely bullish for the embattled project. At the moment, the crypto is exchanging hands at $2.60, rising by 5% over 24 hours, buoyed by growing optimism.
Aliyu Pokima
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.
XRP price is showing strong bullish momentum, with analysts pointing to key resistance levels that could determine its next major move. Recent technical analysis indicates that the Ripple token has successfully broken through its 4-hour resistance level, strengthening the case for a continued rally.
Analysts suggest that the top altcoin must surpass the critical resistance at $3.3999 to confirm further movement beyond the $5 mark.
XRP Price Eyes $5.85 Target as Momentum Builds – Key Levels to Watch
According to Dark Defender, XRP price has broken its 4-hour resistance, indicating an increase in buying pressure. The token must now surpass the key resistance level at $3.3999 to confirm a continuation of the bullish trend. A successful breakout could trigger a rapid price move toward higher levels.
The current support level for the Ripple token is at $2.22. Holding above this point is crucial for maintaining bullish momentum. If the token remains above support and surpasses resistance, analysts predict a price move toward $3.80, followed by a potential surge to $5.85. This scenario would align with a broader breakout pattern in the altcoin market.
Moreover, the Relative Strength Index (RSI) has formed a Golden Cross, a technical pattern that often signals strong upward momentum. This development suggests that XRP price could continue to rise as buying pressure intensifies.
If XRP maintains its bullish structure, the RSI could remain in an optimal range before reaching overbought conditions. This would allow further price gains before a potential pullback.
CasiTrades Analysis: Ripple Token Approaching Resistance
Additionally, analyst CasiTrades has identified a key trading range for XRP price, with support at $2.57 and immediate resistance at $2.70. The token has re-entered its previous consolidation pattern and is testing the upper trendline. A breakout from this range could lead to further gains.
The Fibonacci retracement levels indicate additional support zones at $2.48 and $2.42. If XRP price holds above these levels, the bullish trend remains intact. A confirmed breakout above $2.70 could accelerate price movement toward the next resistance at $3.05. Beyond this level, analysts anticipate XRP to test $3.40, aligning with a broader market uptrend.
Price Breakout Could Lead to an Altcoin Rally
The current market structure suggests that XRP is positioned for a potential breakout, which could contribute to a broader altcoin rally.
Moreover, following the recent inclusion of the Ripple token in the Strategic Reserve, XRP price could rally significantly, fueling bullish momentum in the altcoin space. While some analysts predict a more conservative target between $8 and $320, Crypto Pal’s bullish projection suggests a potential surge to $10,000 or beyond.
Meanwhile, CryptoQuant CEO Ki Young Ju has pointed out that the rising demand for stablecoins could be a key catalyst for an upcoming altcoin season. He argues that Bitcoin dominance is no longer the sole indicator of market shifts, emphasizing that trading volume now serves as a more reliable metric.
At press time, XRP price $2.61, reflecting a 7% increase in the past 24 hours. Despite a drop in 24-hour trading volume to $6.35 billion, its market cap has surged to $151.44 billion.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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.
Donald Trump’s World Liberty Financial (WLFI) has partnered with the Sui network to create a SUI Strategic Reserve. The DeFi project will also collaborate with the layer-1 blockchain on other development opportunities.
World Liberty Financial Partners With Sui To Create Strategic Reserve
In a blog post, Sui announced that it has collaborated with Trump’s World Liberty Financial. As part of the collaboration, WLFI plans to add SUI to its Strategic Reserve, a move to help boost leading projects. Commenting on this partnership, the DeFi project’s Web3 Ambassador stated they are excited to work with Sui and explore the innovative opportunities this collaboration presents.
World Liberty Financial’s co-founder Zak Folkman said,
We chose Sui for its American-born innovation combined with impressive scale and adoption. It is a natural complement to our mission of bringing decentralized finance to more Americans. Given our plans to support foundational DeFi assets in the coming months, collaborating with Sui was an obvious decision.
Evang Cheng, the original contributor to Sui, also commented on this collaboration. He said they are thrilled that the DeFi project has agreed to explore collaboration with the layer-1 network.
He further remarked that they believe that the combination of Sui’s technology and WLFI’s ambitions could help redefine how the world stores and uses assets. According to him, both projects share a vision of a future where people take back control of their “finances, creations, and online agency,” and their collaboration will make this a reality faster.
This development comes just days after US President Donald Trump announced the US Strategic Reserve, including coins like Ethereum, Solana, XRP, and Cardano. Although the president didn’t mention SUI, there is the possibility of the altcoin being in the reserve as he added that the initiative would include other “valuable cryptocurrencies.”
SUI Price Surges
The SUI price has surged over 13% on the back of World Liberty Financial’s decision to create a Strategic SUI Reserve. This development undoubtedly provides a bullish outlook for the cryptocurrency.
Crypto analyst Captain Faibik stated that SUI is getting ready for a massive bullish rally. He added that a successful breakout could send the coin to a new all-time high (ATH) in the coming weeks. His accompanying chart showed that the SUI price could rally to as high as $5.7 as it targets a new ATH.
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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