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Whale Moves 51M Coins Amid Ripple’s Reply Letter to US SEC, What’s Next?

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XRP Price: The Ripple vs the U.S. SEC legal tussle has once again taken an exciting turn, garnering substantial attention across the XRP crypto community. Ripple Labs has filed a ‘reply letter’ in support of its motion to seal key remedies-related documents following the U.S. SEC’s recent opposition to Ripple’s motion.

Amidst this legal development, a whale’s action has caused a significant stir in the crypto market. A renowned XRP whale was recorded shifting nearly 51 million XRP to CEXs, birthing speculations over the Ripple-backed asset’s future price trajectory.

Here’s a closer look at the recent legal developments and the ripple effect for XRP caused by this whale activity.

Whale Dumps 51M Coins Amid Ripple’s Reply Letter: Here’s Everything

Ripple Labs has made its stance clear in its May 29 filing to Judge Analisa Torres in the United States District Court of the Southern District of New York. It has primarily contested two of the U.S. SEC’s central arguments. Firstly, the SEC’s claim that Ripple’s current financial condition is ‘important to the Court’s determinations.’ Secondly, Ripple has refuted the SEC’s assertion that the information it provided is ‘stale,’ as the SEC proclaimed in its opposition filed earlier this month.

Intriguingly, in its filing, Ripple eluded disclosing its current financial condition, claiming that the firm never denied paying any potential amount of penalties that may be imposed, and otherwise, the financial condition data is of no relevance for the court’s analysis. Moreover, Ripple facilitated through the declaration of its CFO, Jonathan Bilich, that the terms of its contracts are confidential and future counterparties would gain leverage
from learning Ripple’s negotiated terms in past contracts.

XRP Lawsuit Ripple's replyXRP Lawsuit Ripple's reply

Meanwhile, as these legal developments unfolded, a renowned XRP whale, Rzn, offloaded 51.18 million XRP to Bitstamp and Bitso via a couple of transactions. The whale transferred 28.05 million XRP, worth $14.67 million, to Bitstamp. In another transaction, it shifted 23.13 million XRP, worth $12.11 million, to Bitso.

Simultaneously, amid legal uncertainty and increased supply pressure on exchanges, XRP traded with quite turbulence.

Also Read: Shiba Inu’s Shibarium Attains Major Milestone, Cuts Ethereum Bridge Time

XRP Price Fluxes

As of writing, XRP’s price has dropped 1.11% in the past 24 hours and is currently trading at $0.5236. Its 24-hour lows and highs are $0.5201 and $0.5321, respectively.

Coinglass data shows that XRP futures OI saw a 3.09% dip, whereas the derivatives volume spiked 15.52%. This further underscored an uncertain sentiment for the ripple-backed digital asset prevalent in the market, potentially due to speculative trading.

Besides, the RSI surfaced at around 48.76, hinting at neutral territory with slight downside pressure. Collectively, market data coupled with regulatory uncertainty have shrouded XRP’s price movements in a cloud of conundrum.

Nonetheless, it is worth mentioning that well-known crypto analysts have foreseen the Ripple-backed asset topping $1 shortly.

Also Read: This Cohort Accumulated 154,560 Bitcoins In Five Months, BTC Price Surge Ahead?

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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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Cardano, Dogecoin, And XRP Price Are No Match For The ETFSwap (ETFS) 37,000% Rally By 2025

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In the vibrant realm of cryptocurrency, some projects shine brightly for their innovation and potential for remarkable returns. Among them, ETFSwap (ETFS) is creating a buzz with its audacious target of a 37,000% surge by 2025, prompting investors to compare it to established tokens like the Cardano price, the Dogecoin price, and the XRP price, as its unique features could revolutionise investment strategies.

ETFSwap (ETFS): Set To Surpass Competitors With 37,000% Growth Potential

ETFSwap (ETFS) is currently in its bonus round of the presale, and the excitement surrounding this phase is palpable. With a focus on market making and efficient trading, ETFSwap (ETFS) allows users to engage in trading activities without the limitations of expiration dates. The platform offers position sizes of up to 50x, enabling traders to maximize their potential gain, whether they are going long or short.

Among the features that set ETFSwap (ETFS) apart is its commitment to security and privacy. By employing zero-knowledge (ZK) proof technology, it enables transactions to remain confidential. This level of transparency is critical for building trust among investors. Also, the platform has successfully completed KYC requirements with SolidPROOF, demonstrating its commitment to transparency and user safety.

Moreover, ETFSwap (ETFS) uniquely integrates traditional finance and decentralised finance (DeFi), enabling investors to benefit from both realms. This approach allows for portfolio diversification through various ETFs, helping investors spread risk and potentially enhance returns across different sectors. Additionally, the ETFS token is now listed on CoinMarketCap, establishing ETFSwap (ETFS) as a frontrunner in the cryptocurrency space.

The anticipation surrounding the beta launch of ETFSwap (ETFS) is building, especially as it sets its sights on a staggering 37,000% rally by 2025, outpacing established players like the Cardano price, the Dogecoin price, and the XRP price. With backend development and rigorous testing already completed, the platform promises efficiency through staking rewards, liquidity pools, and a live ETF price tracker. The excitement is infectious, as potential investors recognize the unique value of participating in this transformative project that could redefine the crypto landscape.

Cardano Price: Faces Challenges Amidst Innovative Blockchain Advancements

The Cardano price has gained attention for its innovative blockchain technology and sustainability focus. Designed for smart contracts and decentralised applications, the Cardano price aims to create a secure, scalable ecosystem. However, it faces challenges in gaining traction compared to other cryptocurrencies. 

The Cardano price has fluctuated due to market sentiment and economic factors. While it boasts a dedicated community, the potential for explosive growth like that of ETFSwap (ETFS) remains uncertain. Investors seeking substantial returns may find the current trajectory of the Cardano price less appealing, especially with ETFSwap’s ambitious goals on the horizon.

Dogecoin Price: Volatility Raises Questions About Long-Term Viability

The Dogecoin price, originally a meme, has become a well-recognized cryptocurrency. Its community-driven nature and celebrity endorsements boost popularity, but the Dogecoin price’s underlying fundamentals remain questionable. While the Dogecoin price has seen significant surges, its long-term viability as an investment is debated. 

The volatility of the Dogecoin price can benefit some investors, yet its lack of a robust use case compared to platforms like ETFSwap (ETFS) raises concerns. As the cryptocurrency market matures, investors may prefer projects with concrete applications, making ETFSwap’s offerings particularly attractive.

XRP Price: Faces Regulatory Challenges Amid Cross-Border Payment Ambitions

The XRP price aims to streamline cross-border payments between financial institutions. Despite its technological advantages, the XRP price faces regulatory scrutiny that hinders growth and creates uncertainty. While the XRP price has established partnerships and use cases, its potential for dramatic increases, like ETFSwap’s (ETFS) projections, seems limited. Investors may be attracted to ETFSwap’s (ETFS) innovative trading model and significant returns, especially considering the ongoing challenges the XRP price faces in the regulatory landscape.

Conclusion

While the Cardano price, the Dogecoin price, and the XRP price have their strengths, ETFSwap (ETFS) offers unmatched potential for a 37,000% rally by 2025, making it an exciting investment opportunity as its set to launch on exchanges.  Meanwhile, ETFSwap (ETFS) presale tokens are selling quickly. Buy yours now at $0.05769 before they are available on exchanges.

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

 



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Why Trump-Themed Coins are Crashing After US Election Results?

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Donald Trump’s US election victory on Wednesday and the resulting euphoria failed to boost the price of Trump-themed memecoins, mostly due to so-called ‘sell the news’ trend. These tokens, which had seen significant gains earlier in the week, dropped by double digits following his win.

Some of the popular memecoins shed over 25% in market capitalization just a day after the victory, including TRUMP, MAGA, and TREMP.

Trump-Themed Tokens Suffer on ‘Buy the Rumor, Sell the News’ Trend

The PoliFi tokens drop happened despite the broader rise in the crypto market following Donald Trump’s victory in the US election. The tokens that were linked to Trump, among others, took a hit. The decline indeed did shake investor confidence in the PolitiFi assets, with traders seemingly selling the news-a pattern not too different from past meme coin behavior.

Similarly, like the rapid surge of Dogecoin prior to Elon Musk’s Saturday Night Live appearance in May of 2021, which peaked at $0.73 and fell over 30% shortly after, political tokens experienced a sharp sell-off following the election hype. For its part, DOGE is still 74% below its all-time high at current levels.

This is part of the “buy the rumor, sell the news” trend common with event-driven tokens that tend to be susceptible to political changes. Despite Trump’s win, the slump in these meme coins should bring in the realization of a possible weakness in the appeal for such meme coins and that some of their liquidity might be shifting from them.

As a matter of fact, many investors actually seem to be shifting funds into Bitcoin and other altcoins as the flagship cryptocurrency has been making new highs, raising hopes of a new bull market.

Losing Over 25% in Market Cap

Despite the euphoria surrounding Donald Trump’s election victory on Wednesday, Trump-themed memecoins failed to sustain their earlier gains, and some fell over 50% in the first hours after results.

These tokens, which had surged leading up to the election, saw sharp declines, with some losing over 25% in market capitalization just a day after his win. Memecoins like TRUMP, MAGA, and TREMP were among the biggest losers, highlighting the volatility typical of these event-driven assets.

Trump-themed meme coins have plummeted since Donald Trump’s election win, with several tokens plummeting in price. MAGA, the largest Trump-themed meme coin by market capitalization, was down 24.26% in the last 24 hours, changing hands at $1.97 at press time, while its market capitalization fell from $212 million on Nov. 6 to $87 million. Another prominent token, MAGA HAT, inspired by Trump’s iconic red hat, was also down 32.22%, its market cap fallen to $38 million.

The other big loser was Dark MAGA, which blew out on Nov. 5 and then plummeted 20% from the pre-election level to $0.0048, wiping out upwards of $2.6 million in market cap.

This happens just at the right time, just like all other meme coins follow a sharp sell-off after just one peak moment. Event-driven tokens, such as the PoliFi coins, are highly volatile and connected with political events that tend to swing fast and may make them vulnerable to considerable shifts in value.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

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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Peter Brandt Reveals Why SOL Is Ahead

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The Solana and Ethereum debate has come up a lot in this market cycle, especially with SOL currently outperforming ETH. Veteran trader Peter Brandt has also weighed in on the conversation and provided insights into why SOL is ahead of ETH from a trader’s perspective.

Why Solana Is Ahead Of Ethereum

In an X post, Peter Brandt mentioned that Solana is breaking out into new highs while Ethereum is “chewing” into overhead resistance. He made this statement while analyzing SOL and ETH’s weekly chart from a trader’s perspective.

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The Solana chart he shared showed that SOL is on the brink of breaking the resistance at $200 and flying past its current all-time high (ATH) of $260. This aligns with a CoinGape analysis, which noted that the Solana price is eyeing $300 as SOL ETF approval odds rise.

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Meanwhile, the Ethereum chart showed that ETH is still ranging and is struggling to break above the $2,800 resistance. However, ETH could still eventually reach new highs as Brandt stated that both altcoins are poised for breakouts to the upside to join Bitcoin. The Ethereum Foundation recently launched the Pectra Testnet, a development that could again inspire confident ETH investors as ETH price eyes $4,000.

For now, Peter Brandt is more bullish on SOL because he favors new highs, which the altcoin is already breaking into.  The veteran trader also remarked that he prefers Solana over Ethereum. According to him, ETH is a “completely broken utility coin” whose complexity and cost of use are terrible.

The Battle For DeFi Dominance

Solana and Ethereum continue to battle for decentralized finance (DeFi) dominance. Recently, the former has topped the latter in decentralized exchange (DEX) volume among chains. However, DeFiLlama data shows that Ethereum may again be looking to reclaim its crown.

In the last 24 hours, Ethereum is number 1 among all networks in terms of DEX volume. The network has witnessed a trading volume of $2.94 billion during this period. Solana is behind with a trading volume of $2.53 billion in the last 24 hours.

However, it is worth mentioning that Solana still leads Ethereum in 7-day trading volume, with $13.61 billion traded on the network during this period. Meanwhile, Ethereum boasts a 7-day volume of $10.99 billion.

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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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