Altcoin
Whale Shifts 60 Mln Coins Amid Price Flux, What’s Next?
XRP, one of the top 5 cryptocurrencies by global market cap, has once again stirred up a whirlpool of speculations among global crypto market participants. The token has defied the broader crypto market trends with a highly turbulent price movement in the past 24 hours, causing a stir in the crypto community.
Amidst this volatile price action, a significant event unfolded as a whale was observed offloading approximately 60 million XRP to exchanges. This has in turn added a new layer of intrigue to the token’s future price action.
Here’s an in-depth report on the token’s current price movements and on-chain metrics.
XRP Whale’s Transfers Fuels Provocative Speculations
Notably, the Ripple Labs-backed token, XRP, functioning atop the layer 1 blockchain XRPL, has been grappling with a prolonged period of sluggish performance, primarily attributed to the legal dispute between Ripple and the U.S. SEC. This has cast a shadow over the token’s future, while whale activity has ignited a wave of additional inferences amid this period.
According to data highlighted by the blockchain tracking platform Whale Alert, 59.07 million XRP was shifted by a renowned XRP whale, …Rzn, to a couple of CEXs via two transactions in the past 24 hours. The first transaction illustrated 29.38 million XRP, worth $15.25 million, shifted to Bitstamp, a Luxembourg city-based CEX. Whereas the second transaction showcased 29.69 million XRP, worth 15.42 million, moved to Bitso, a Mexico City-headquartered CEX.
These transactions, emerging as a recurring phenomenon within the crypto sphere, have now gained global attention. In light of speculations surrounding Ripple dumping XRP in the market, the transactions by the abovementioned renowned XRP whale have echoed a buzz.
Intriguingly, following Ripple’s strategic ventures with Bitstamp and Bitso, these transactions by the same address have gradually emerged as a recurring phenomenon within the crypto realm. This has further birthed speculations over Ripple’s dumping of XRP, although no concrete proof has been provided yet.
While the broader market recovered today, these dumps, increasing selling pressure for XRP, potentially came as a setback for the token’s price trajectory, preventing further gains.
Also Read: Kraken Fires Back At SEC Over Unregistered Securities Trading Claims
XRP Price Fluxes
While writing, the XRP token’s price illustrated a marginal drop of 0.13% in the past 24 hours and is currently trading at $0.5166. Its 24-hour lows and highs are $0.5099 and $0.5216, respectively.
Looking at the broader timeframe charts, it appears that the Ripple-backed token is witnessing a consolidation period, with bulls and bears waiting to potentially take control of the asset. Coinglass data illustrated a 1.51% jump in XRP’s open interest, reaching $577.78 million, whereas derivatives volume dipped 4.54%, reaching $717.88 million.
Options volume saw a fall of 46.56%, reaching $584.98, whereas options open interest rose 15.02%, reaching $290.99K. This data, collectively, further rationalizes XRP’s highly volatile price movement, potentially driven by speculative trading in the market.
Further, the RSI hovered at 44, hinting that the asset is neither overbought nor oversold, with slight downward pressure in the market.
Besides, XRP’s blockchain XRPL also appears to be advancing with its cryptographic journey, although the token faces downside pressure. SBI Holdings’ crypto division joined the layer 1 blockchain as a validator today, further instilling hope for future endeavors surrounding the Ripple-backed token.
Also Read: Dogwifhat (WIF) Price Shoots 13% Amid Whale Accumulation, More Steam Left?
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.
A renowned crypto analyst caused a huge market stir by forecasting a highly bullish outlook for Dogecoin price this Thursday. Market expert Ali Martinez revealed that a roughly 250% rally for the dog-themed meme coin to the $0.5 level looms. However, this bull run is possible given that the meme token holds above key support at $0.16. DOGE price exchanged hands at $0.1662 as of press time, igniting optimism over a rally ahead.
Dogecoin Price Eyes Over 250% Gains; Top Analyst Highlights Conditions
Ali Martinez on April 3 revealed that the $0.16 price level presents itself as a ‘make-or-break’ point for Dogecoin price via a post on X. According to him, if the price holds this level, a potential rally to $0.57 awaits, which is up nearly 256% from the current level.
However, failing to hold this level could result in a drop to $0.06, per the analyst. As a result, the key support level remains much-eyed by market watchers as the meme coin currently trades near it.
As mentioned above, the price is trading at $0.1662 with an intraday loss of over 3%. It bottomed and peaked at $0.1624 and $0.1787 over the past day, preventing losing support of $0.16. In an upshot, market watchers eye the token optimistically, expecting a sustained movement and thereby, a rally.
What Are The Next Resistance Levels For Dogecoin Price?
In another X post shared previously, the same analyst highlighted vital resistance levels for the dog-themed meme coin. Notably, the price faces two key resistance barriers at $0.18 and $0.21.
A sustained breakthrough above these resistance levels paves the way for a +250% bull run for DOGE price. In the wake of these price dynamics, crypto traders and investors are now glued to the meme coin’s price chart and await a trajectory shift.
Derivatives Data Sparks Speculations
However, Coinglass data has sparked contrary investor speculations by showcasing a decline in futures OI. DOGE futures OI was down over 3% to $1.56 billion today. This stat underscored slightly reduced investor interest in the meme token despite bullish predictions. Besides, the derivatives volume witnessed a 40% jump to $5.24 billion, adding a layer of intrigue to the market sentiment.
Crypto market traders and investors expect short-term volatility amid the dynamic market stats, whilst long-term prospects remain bullish. Also, a Dogecoin price prediction by CoinGape revealed that the technical chart on the weekly time frame showcases a bullish engulfing pattern. This formation suggests a strong momentum favoring buyers. Overall, broader market sentiments orbiting the meme coin remain bullish.
Coingape Staff
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.
As Binance’s Vote to List initiative kicks off, the exchange has turned its back on Pi Network for the second time. Binance is proceeding with the decentralized listing program but Pi Network is noticeably absent from the raft of cryptocurrencies.
Pi Network Fails To Make Binance List
Pi Network enthusiasts are in limbo following the absence of the token in Binance’s Vote to List initiative. According to a press release, Binance has opened voting for its second Vote to List initiative.
This time, 12 tokens are up for community voting, with Binance proceeding to spot-list successful tokens. Apart from vote count, Binance says it will consider trading demand, a risk assessment, and a compliance check to decide on tokens that will make the listing.
The selected tokens include VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. While the first focused on memecoin, the second iteration beams a searchlight on utility tokens cutting across several verticals.
Back in March, Binance excluded Pi Network from its first edition of the Vote to List initiative. Binance has clarified that only BNB-based projects will be allowed to participate in the Vote to List initiative, dousing optimism for Pi Network enthusiasts.
When Will Binance List The Asset?
Despite Pi missing out on the Vote to List program, there is still a ray of hope for community members. Binance can list Pi via a direct listing in the future but a timeline is unavailable.
Experts say a lack of transparency by The PiCoreTeam (PCT) is a reason why Binance has not listed Pi Network. Particularly, the exchange took swipes at the PCT for failing to give proper disclosures on the Pi Network’s locking and burning mechanism.
Pi Network secured a major listing on the BTCC Exchange, bringing the token closer to being listed on mainstream exchanges. While a listing hovers on the horizon for Pi, the PCT’s domain auction is gathering steam with over 200,000 bids.
Pi price has been largely underwhelming over the last day, losing nearly 5%. Pi trades at $0.6646 to drop below the $0.7 mark for the first time in over a month.
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.
Following a reserve crisis that hit TrueUSD and Justin Sun’s intervention, First Digital Trust denied claims of insolvency. The Trust, at the center of the fiasco, says it is fully solvent while accusing Sun of sensationalism.
First Digital Trust Refutes Allegations Of Insolvency
First Digital Trust has released a statement debunking allegations of financial impropriety and insolvency. According to the statement, First Digital Trust says it is completely solvent while accusing Justin Sun of falsehood.
The Trust has been at the center of a whirlpool of a liquidity crisis involving TrueUSD (TUSD) with Justin Sun stepping in to stabilize the stablecoin with a capital injection. The Tron founder launched a tirade against the Hong Kong-based trust, accusing it of financial mismanagement including unauthorized trade finance loans.
“The recent allegations by Justin Sun against First Digital Trust are completely false,” read the statement.
The Trust disclosed that its FDUSD stablecoin is solvent and backed by US Treasury Bills. Per the statement, the legal dispute surrounding TUSD has nothing to do with FDUSD, accusing Sun of a smear campaign. First Digital Trust says it has not had the opportunity to defend itself in court, accusing Sun of launching social media attacks.
“This is a typical Justin Sun smear campaign to try to attack a competitor to his business,” added First Digital Trust.
Justin Sun Maintains His Stance
Justin Sun remains firm in his resolve that First Digital Trust is insolvent while urging investors to cut ties with FDUSD. He warns that the Trust founder Vincent Chok will face the full wrath of the justice system.
“First Digital Trust (FDT) is in fact insolvent,” said Sun. “If you have any relationship with it, please cut off contact as soon as possible to protect your assets.”
Following his accusations, FDUSD lost its peg and traded at a low of $0.88, a steep drop before crawling to $0.98. The loss of $130 million from its market capital has rattled investors with critics taking swipes over its de-pegging.
The Tron founder has covered every blade of grass in recent days, buying $75M of the Trump memecoin. Last week, Justin Sun weighed in on TRX’s halving proposal, supporting a proposal to mirror Bitcoin’s pattern.
The stablecoin drama comes as the US is inching toward tighter stablecoin regulation with the GENIUS Act and STABLE Act.
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.
Cardano (ADA) Downtrend Deepens—Is a Rebound Possible?
Analyst Forecasts 250% Dogecoin Price Rally If This Level Holds
XRP Price Under Pressure—New Lows Signal More Trouble Ahead
Bitcoin Price Swings Wildly—Yet Bears Keep the Upper Hand!
Binance Sidelines Pi Network Again In Vote To List Initiative, Here’s All
XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin24 hours agoPi Network Faces Community Backlash, Is Pi Coin Price Heading to Zero?
-
Regulation16 hours agoKraken Obtains Restricted Dealer Registration in Canada
-
Market24 hours agoXRP Recovery Stalls—Are Bears Still In Control?
-
Market23 hours agoVanEck Sets Stage for BNB ETF with Official Trust Filing
-
Market22 hours agoBNB Price Faces More Downside—Can Bulls Step In?
-
Bitcoin18 hours agoLummis Confirms Treasury Probes Direct Buys
-
Bitcoin24 hours agoInstitutional Risk Aversion Drives $218 Million Bitcoin ETF Outflows
-
Bitcoin22 hours agoTokenized Gold Market Cap Tops $1.2 Billion as Gold Prices Surge
✓ Share: