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Whales Transfer 230M XRP Ahead Judge Torres’ Final Judgment

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XRP whales have again taken action to shuffle 230 million coins as the Ripple vs. SEC lawsuit, with fines reaching approximately $2 billion, looks for a conclusion. On-chain data shows both dumps and transfers between wallets, recorded in hand over the past day, birthing riveting speculations surrounding XRP’s future price movements.

The latest update in the lawsuit, wherein Judge Torres’ Doctrine stood, and XRP secondary sales aren’t securities, has tilted the balance somewhat toward Ripple’s favor. The massive whale activity, emerging in the lawsuit’s aftermath has gained significant traction.

Whales Shuffle 230 Mln Coins

According to the insights streamlined by Whale Alert on X, 230.93 million XRP, worth $109.21 million, was collectively shifted by whales over the past day. While one dumped 30.93 million coins to Bitstamp, the other shifted 200 million coins to an unknown wallet.

As per the data, the renowned whale …Rzn was recorded as making the dump, whereas the whale rP4X2hTa7A shifted 200 million coins to rJqiMb94hy. These transactions have stirred up somewhat mixed sentiments in the market.

While one whale’s transaction sparked bearish concerns, the other’s transaction underscored heightened on-chain activity. Also, it’s worth noting that XRP whale accumulations have surged remarkably amid the token’s recent illustration of consolidation above the $0.46 support. This spike in accumulations, coupled with the recent development in the Ripple lawsuit, has tilted the odds towards XRP.

Meanwhile, the Ripple-backed asset traded in the green today, moving alongside the broader crypto market’s movement.

Also Read: German Govt Dumps 400 BTC to Major Exchanges, Transfer Spree Continues

XRP Price Springs

At the time of writing, XRP price noted gains of 1.39% over the past day to trade at $0.4802. Its 24-hour lows and highs were evaluated as $0.4716 and $0.4814, respectively.

Coinglass data spotlighted a market uptrend for the crypto, with a significant uptick in its Futures OI and derivatives volume. XRP OI jumped 4.31% to $606.63 million, followed by a derivatives volume upsurge of 58.30% to $499.20 million. This data underscored a significant increase in investor enthusiasm for the asset.

Nonetheless, the RSI moved along a neutral territory at 45, stirring mixed sentiments on future price movements.

However, a recent report by CoinGape further spotlights a potential $6 price target for XRP ahead, with the lawsuit and technical factors weighing in.

Also Read: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?

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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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GALA Token To Get Major Boost With Gala Games And Animoca Brands Partnership

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Gala Games and Animoca Brands on Wednesday announced a major collaboration to boost GALA token experience for users. Game software company and venture capital firm Animoca Brands will facilitate orderly trading of the GALA token, one of the best gaming tokens, and plans to become a GalaChain validator in the future. Traders reacted immediately to the announcement bringing a rebound in GALA price.

Animoca Brands Plans Major Developments with Gala Games

Two big companies in crypto Animoca Brands and Gala Games have joined hands to work on many developments for GALA token, as per the announcement on the X platform on July 3. This includes providing liquidity provisioning services and fostering stable trading of GALA tokens in the crypto market.

Gala Games said Animoca Brands will receive GALA tokens from Gala’s Treasury to offer liquidity provisioning services to Gala Games, which will help enable trading in an orderly way. The announcement has sparked curiosity in the community of gamers and NFT enthusiasts.

In addition, Animoca Brands also plans to become a GalaChain validator, with the exact timeline still unclear. The company is already an operator of nine Gala Founder’s Nodes. Gala Games is entirely dedicated to decentralizing the multi-billion dollar gaming industry by various means including decentralized video games and giving players access to their in-game items.

Also Read: Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?

GALA Token To Rally?

Traders responded immediately to the announcement, bringing a rebound in GALA price. The tokens fell over 4% in the last 24 hours amid a broader crypto market selloff.

At press time, GALA price is trading at $0.02625. The 24-hour low and high are $0.02596 and $0.02796, respectively. Moreover, the trading volume has increased by 38% in the past 24 hours, indicating a rise in interest among traders.

In the derivatives market, traders are buying GALA futures again after a 5% fall in open interest in the last 24 hours. As per CoinGlass data, the total GALA futures open interest has increased to 2.35 billion after the recent interest.

Also Read: Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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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UXLINK Reveals Eligibility Criteria For Major Reward

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Today, UXLINK has disclosed the eligibility criteria for its much-anticipated airdrop rewards. This announcement, made on the social media platform X, outlines the detailed process and metrics for the upcoming Season 1 UXLINK crypto airdrop. Moreover, UXLINK aims to ensure transparency and fairness in the distribution of its tokens. Hence, it looks forward to rewarding active and genuine contributors while maintaining a strong and secure ecosystem.

What Is UXLINK About?

UXLINK is an innovative social platform in the Web3 space, designed to promote widespread use by integrating social and decentralized apps (DApps) features. It works differently from conventional social media that focus on one-way, follower-based interactions. Thus, UXLINK emphasizes mutual snd friend-like connections. This design allows for immediate engagement via its UXGroup feature, establishing UXLINK as a leading user-centric platform.

According to UXLINK whitepaper, the platform’s primary goals are defined by three main components:

1. Social Hub: UXLINK aims to become the largest social network and infrastructure, focusing on genuine, two-way connections.

2. Access To All: Furthermore, the platform connects Web3 and Web2, enabling users and developers to discover, share, and trade crypto assets within a social, group-oriented environment.

3. Community Growth: in addition, UXLINK is dedicated to building an inclusive, trustworthy, and rewarding socio-economic community.

Tokenomics & Allocation

UXLINK has a capped token supply of 1,000,000,000 tokens, allocated strategically to maximize community involvement and project sustainability. The allocation is as follows:

1. Community: The platform has allocated 65% of the total supply to the community, which includes users who own UXLINK utility tokens and contributors to UXLINK projects and ecosystems. Moreover, within this allocation, users account for approximately 40%, while builders and partners make up 25%.

2. Private Sale: Meanwhile, 21.25%, allocated to partners of the project.

3. Team: 8.75%, reserved for co-founders and contracted employees.

4. Treasure: The platform reserves 5% UXLINK tokens for liquidity and project management.

Moreover, this structure allows for flexibility and adaptation as new partners join the project. UXLINK has committed to maintaining transparency in any changes to the allocation.

Also Read: Just-In: Gala Games And Animoca Brands Partners For GALA Token Boost

UXLINK Airdrop Eligibility Criteria

UXLINK’s airdrop eligibility criteria aim to reward genuine contributions and ensure a fair distribution of tokens. The criteria include:

1. UXLINK Social Contribution Scoring: Metrics include the completeness of a user’s profile, their interaction activity with UXLINK, and the activity within their social relationship chain.

2. Third-Party Sybil Identification: Professional third-party services like Trusta Labs will identify sybil accounts using AI-ML clustering algorithms.

3. Third-Party Wallet Authentication: Participation through third-party wallets requires address authentication by these wallets.

4. Third-Party Partner Whitelist Authentication: Addresses involved in partner airdrop campaigns must be authenticated by the partners’ whitelist.

However, various factors may influence a user’s eligibility and quality score, such as:

  • Certification of addresses as suspected sybil accounts by third parties.
  • Use of unauthenticated third-party wallet connections.
  • Low-value social networks within UXLINK.
  • Participation in uncertified third-party campaigns.

Meanwhile, eligible users can also receive 100% airdrop rewards if they meet the following conditions:

  • Purchase of NFT via Ethereum (ETH) on official websites.
  • High UXLINK social contribution score.
  • Recognition by professional third-party anti-sybil services.
  • Certified third-party wallet addresses.
  • Certification by partner whitelists.

Treatment for Temporarily Unqualified Users

Users with temporarily unqualified quality scores can still receive a portion of the airdrop under specific conditions:

1. Self-Reporting: If users self-report within three days, they can receive 15% of the token airdrop, with the remaining 85% redistributed to qualified contributors.

2. Complaint and Proof Submission: Users can submit complaints and proofs within six months for review. If approved, they will receive 100% of the tokens; otherwise, the tokens will be redistributed.

3. Failure to Act: However, Users who neither self-report nor appeal will forfeit their airdrop. Moreover, UXLINK will redistribute their tokens to qualified contributors.

Also Read: Shiba Inu Coin Set For Reversal As Burn Rate Hits 8500%

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Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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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Shiba Inu Coin Set For Reversal As Burn Rate Hits 8500%

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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.

SHIB Price Today, Source: CoinMarketCap

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?

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Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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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