Altcoin
XRP Price Defies Market Trend As Whale Dumps 52M Coins, What’s Next?
Despite the broader crypto market showing signs of a recovery today, the Ripple-backed asset XRP has retained a turbulent price action. While Bitcoin and Altcoins like ETH, SOL, and BNB gained, XRP conversely traded in the red territory. This slumping price movement comes against the backdrop of a whale’s massive 52M XRP dump to two CEXs. Here’s a brief report on whale activity over the past day and what XRP on-chain data portrays for future price movements.
Whale Dumps 52 Mln Coins To CEXs
In a couple of posts by Whale Alert on X, it was brought to attention that the renowned XRP whale …Rzn collectively shifted 52.27 million XRP, worth $24.95 million, to two exchanges over the past day. Through two transactions, the whale dumped 30.65 million XRP and 21.62 million XRP to Bitstamp and Bitso, respectively.
These transactions, underscoring a sense of increased selling pressure on the asset, coincide with today’s listless price action. Notably, previous reports by CoinGape media have further spotlighted XRP’s sluggish price action in tandem with this whale’s dump to the same exchanges.
While speculations over the address being linked to Ripple also loom, no concrete proof to prove the same has been offered yet. For context, the dumps by this address emerged as a recurring phenomenon in the crypto space soon after Ripple strategically acquired a stake in Bitstamp.
Meanwhile, XRP tackles price volatility, dipping after a notable trading session in the green region.
Also Read: XRP Supply on Exchanges Drops To Months Low; Price To Hit Rock Bottom?
XRP Price Slips
As of writing, XRP’s price dipped 0.51% and is currently sitting at $0.4731. The token’s 24-hour lows and peaks were $0.4724 and $0.4795, respectively.
Coinglass data added a tint of investor optimism as XRP’s Futures OI jumped 1.96% to $586.25 million. However, the derivatives volume saw a 48.82% fall to $578.55 million. This uncertain movement in the derivatives market could be a potential factor driving XRP price volatility.
Additionally, the RSI was evaluated as 38, hinting at downside pressure on the asset. Further downside momentum could bring the token to an oversold territory, paving the way for a potential price rebound.
Besides, recent reports by CoinGape Media further highlight massive XRP whale accumulations, tipping the scale towards bullish for long-term price prospects.
Also Read: Pepe Coin Whale Sparks Concerns With 1 Tln PEPE Transfer To Binance, What’s Next?
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.
The Terra Classic Foundation recently made a significant announcement on X (formerly Twitter). The Terra Luna Classic team has delegated an additional 30 million LUNC to Hexxagon. This brings their total delegation on Terra Classic to a substantial 930 million LUNC. The Foundation expressed optimism about the future, celebrating the milestone.
Hexxagon is a key player in the Terra Luna Classic ecosystem. It runs and maintains important platforms like Galaxy Station and Galaxy Finder. These platforms are crucial for the Terra Classic community. Moreover, they offer node hosting and staking services, ensuring the smooth operation of the network.
Background On Hexxagon In Terra Luna Classic Community
Almost a year ago, on July 28, 2023, Terra Luna Classic‘s core developer group, Joint L1 Task Force (L1TF), unveiled a collaboration with Hexxagon. Hexxagon is not just a validator but also a team of skilled developers. The collaboration aimed to enhance security for the community-owned Station, Finder, and web wallet extension.
However, the community had mixed reactions to this partnership. The skepticism stemmed from Hexxagon’s links to the developer group Terra Rebels, which the community distrusts. Despite this, the partnership went ahead with a clear goal: to build a secure, community-owned wallet. This initiative was funded through Proposal 11645, which the community approved.
Hexxagon took on the responsibility of developing key components like the Station, Finder, and wallet web extension. They also manage the maintenance and infrastructure related to these platforms. In addition, the Joint L1 Task Force assists by conducting assessments, reviewing, and checking all pull requests to ensure everything runs smoothly.
A unique aspect of this collaboration is the operational structure. Hexxagon and L1TF operate under the same account, owned by the Joint L1 Task Force. The alliance is known as the Terra Classic Task Force. Professor Edward Kim has authority over the “terraclassic.community” domain, adding another layer of oversight.
Also Read: Breaking: Binance Burns 1.7 Billion Terra Luna Classic (LUNC), What’s Ahead?
Potential Impact On LUNC Price
The recent delegation of 30 million LUNC to Hexxagon has garnered attention within the Terra Classic community. Most members view this as a positive step towards strengthening the network’s infrastructure. Moreover, they believe that Hexxagon’s involvement will enhance the reliability and security of the Terra Classic ecosystem.
From an economic perspective, this significant delegation could impact the price of LUNC. Increased delegation often signals confidence in the network, which can attract more investors. If Hexxagon successfully enhances the network’s infrastructure, it could lead to increased usage and demand for LUNC.
However, the community’s trust is crucial. If Hexxagon and L1TF can demonstrate transparency and effective management, it might positively influence LUNC price. Conversely, any missteps could lead to volatility and uncertainty due to the network’s infamous history.
At press time, the Terra Classic price was down by 1.83% to $0.00008063 on Tuesday, July 2. Meanwhile, the LUNC market capitalization stood at $441.41 million. Whilst, Terra Classic trading volume slumped 7.59% to $14.24 million.
However, the Terra Luna Classic community has rallied efforts to initiate LUNC token burns. On Monday, Binance, the biggest cryptocurrency exchange in the world, sent 1.7 billion Terra Luna Classic (LUNC) tokens to its burn wallet. This marks the 23rd batch in Binance’s ongoing effort to reduce the LUNC supply.
With this latest transaction, Binance has burned almost 62 billion LUNC in total. Moreover, the Terra Luna Classic community has collectively burned more than 125 billion LUNC tokens so far. Since 2022, Binance has supported the Terra Luna Classic community’s revival efforts through its monthly token burn mechanism.
Also Read: Bitcoin Price Slips Below $63K As Entity Dumps $114M BTC To Binance, What’s Next?
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.
PostFinance, a Swiss government-owned bank, has expanded its cryptocurrency offerings, according to a recent announcement. The bank has launched Ripple (XRP), Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT) trading services. Moreover, this move is part of PostFinance’s ongoing strategy to integrate digital assets into its services.
PostFinance Expands Crypto Offering With XRP, ADA, SOL & Others
In April 2023, PostFinance partnered with Sygnum Bank to provide regulated crypto services. This collaboration allows PostFinance customers to buy, store, and sell cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) using Sygnum’s B2B banking platform. Moreover, at the time, Fritz Jost, Sygnum’s chief B2B officer, emphasized that this partnership represents a significant step towards broader adoption of digital assets in Switzerland.
Moreover, recently, the bank announced the launch of XRP, AVAX, ADA, SOL, and DOT trading on its platform. Furthermore, the Swiss bank also noted that it will offer custody services for these cryptocurrencies. The announcement read, “We now also offer the Avalanche, Cardano, Polkadot, Ripple and Solana #cryptocurrencies for trading and custody.”
The addition of AVAX, ADA, DOT, XRP, and SOL to PostFinance’s crypto offerings aligns with the growing interest and development in these blockchain platforms. According to analytics firm Santiment, Cardano, Solana, and Polkadot have shown strong development activity, often surpassing Ethereum in GitHub submission rates. This highlights their ongoing innovation and robust developer communities.
Moreover, Charles Hoskinson, founder of Cardano, acknowledged PostFinance’s early support for Ethereum. Hoskinson highlighted the latest update on X and affirmed his longstanding positive relationship with the bank.
In a post on X, he wrote, “Fun Fact: when I was at Ethereum, Postfinance was actually one of our first banking partners. They were always nice and easy to work with.” PostFinance responded warmly, stating, “Hey there, it’s always nice to see old friends! We are pleased that Cardano now forms part of our crypto offering.”
Also Read: Altcoin News: Institutions Are Buying Solana, XRP, & 2 Other Altcoins
Swiss Crypto Adoption Soars
Switzerland has been at the forefront of crypto adoption, with its “Crypto Valley” in Zug becoming a hub for blockchain innovation. The Swiss government and financial institutions have embraced digital asset. This promoting a regulatory environment conducive to blockchain development.
In addition, PostFinance’s initiative reflects this national trend towards integrating cryptocurrencies into traditional banking. As of now, PostFinance, the fifth-largest financial services firm in Switzerland, serves over 2.5 million customers. By incorporating these additional cryptocurrencies, the bank aims to offer a more diversified and comprehensive crypto trading and custody service. This reinforces Switzerland’s position as a leader in the global digital asset space.
Moreover, Switzerland is also emerging as an AI hub lately. With Chinese firms moving to Switzerland, the latter has shown immense potential for growth in the AI and digital assets sector. However, the nation has also maintained regulatory scrutiny on the crypto assets space to keep activities in check.
In another significant update, the City of Lugano in Switzerland inaugurated “Plan ₿ Biz School” to teach students about Bitcoin and its potential. Moreover, the school conducted its first in-person class on Monday, July 1. This indicates that country’s crypto participants have rallied efforts to increase awareness about the digital assets world.
Also Read: Cardano’s Charles Hoskinson & Ex-Ripple Offer Fiery Critique On Biden’s Dementia
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.
South Korea’s cryptocurrency market is bracing for significant changes as new investor protection rules are set to take effect. The country, known for its vibrant altcoin trading scene, is about to implement the Virtual Asset User Protection law on July 19. This impending regulation has sparked widespread discussion in the crypto community about its potential impact on digital asset trading.
South Korea holds a prominent position in the global crypto market, with the Korean won recently surpassing the US dollar as the most-used currency for crypto trading. Approximately 10% of the country’s population has exposure to digital assets, with smaller coins comprising the bulk of trading rather than market-leader Bitcoin.
Exchanges’ Response to New Regulations
In response to the upcoming regulations, South Korean cryptocurrency exchanges are taking proactive steps. The Digital Asset Exchange Alliance, an industry trade body, has announced plans to review 1,333 altcoins over the next six months. This review aims to ensure compliance with the new Virtual Asset User Protection law and pushes back against concerns that the regulations might quickly stifle speculative trading in smaller digital assets.
The alliance has stated that immediate “mass delistings are unlikely” due to the extended evaluation period. Furthermore, all new token listings will be assessed in the context of the new law once it comes into force. This measured approach suggests a gradual implementation of the regulations rather than an abrupt market change.
The new legislation was partly prompted by the 2022 collapse of Luna and TerraUSD tokens, created by South Korean entrepreneur Do Kwon, which resulted in over $40 billion in losses. While the law aims to protect investors, it may increase operational costs for exchanges like Upbit, one of the world’s top crypto trading platforms. This development illustrates the ongoing balance between investor protection and maintaining South Korea’s dynamic crypto trading culture, particularly in altcoins.
Also Read: Central Bank of Bahamas Sets 2-Year Target for CBDC Integration
Legal Developments in the Korean Crypto Space
In a significant legal development, the Seoul High Court has overturned a previous ruling in a dispute involving the Fantom Foundation, a major blockchain platform. The court dismissed all claims made by SikSin and Ahn against Fantom, reversing an earlier decision that had awarded the plaintiffs over 198 million FTM tokens.
The case centered on agreements to implement Fantom’s technology in South Korea’s food industry. The High Court found that SikSin and Ahn failed to meet their contractual obligations, including integrating Fantom’s technology and producing a viable technical paper for the Lachesis Protocol. The court also noted evidence of plagiarism in the plaintiffs’ work.
Fantom CEO Michael Kong welcomed the decision, while the company’s legal team highlighted the case’s complexity. This ruling is expected to impact how blockchain-related disputes are handled in South Korea’s legal system, especially those involving cross-industry applications and intellectual property issues. It sets a precedent for future cases in the rapidly evolving intersection of blockchain technology and traditional industries.
Also Read: Coinbase Cites Binance Case for Interlocutory Appeal in SEC lawsuit
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.
Notcoin (NOT) Price Leaves Oversold Levels, Offers Rare Chance
Terra Luna Classic Delegates Another 30M LUNC To Hexxagon, What’s Happening?
Ethereum Price Undergoes Technical Correction: Can ETH Resume Higher?
Germany Shakes Up Crypto Market With Fresh 1,500 Bitcoin Move
Vitalik Buterin Proposes Model to Speed Up Ethereum Transactions
Cardano sets benchmark with early MiCA compliance
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Bitcoin, ETH, XRP, SHIB Price To Rally After Israel-Hamas Ceasefire Declaration
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Bitcoin, ETH, XRP, SHIB Price To Rally After Israel-Hamas Ceasefire Declaration
-
Blockchain2 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market3 weeks agoAvalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Regulation2 months agoTerraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Regulation2 months agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Altcoin2 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Altcoin2 months agoBitcoin, ETH, XRP, SHIB Price To Rally After Israel-Hamas Ceasefire Declaration
-
Altcoin2 months ago10 Years Old Dogecoin Stash Sale Leaves DOGE Owner With Million-Dollar Loss
-
Altcoin2 weeks agoVitalik Buterin Spotlights Innovative Idealist DApps in Web3
✓ Share: