Altcoin
XRP Price Falls 5% As Ripple Unlocks 1 Billion Coins
XRP News: XRP price today sparked bearish market sentiments across the crypto landscape, tanking nearly 5% against the backdrop of Ripple’s 1 billion token unlock. On-chain data indicates that the American blockchain payments firm unlocked a whopping 1 billion coins from escrow, raising concerns among market watchers despite the native token being on a price rally. XRP price today tanked nearly 5%, although weekly and monthly charts indicated 6% and 11% gains, respectively.
Ripple Unlocks 1Bln Coins From Escrow Raising Concerns Over XRP Price
According to data revealed by the blockchain tracker Whale Alert, 1 billion XRP was unlocked from Escrow via Ripple on October 1, making buzz-worthy news for the crypto space. As per the data, the American blockchain payments firm executed the massive unlock via three transactions. Notably, the three transactions encompassed 500 million coins, 400 million coins, and 100 million coins. The unlock as a whole boasted a value of $621.76 million.
Intriguingly, these massive unlocks, increasing the asset’s circulating supply, raise investor concerns primarily due to the law of supply and demand. As evident, XRP price illustrated a nearly 5% dip over the past day, adding to concerns in light of the escrow unlock.
Nevertheless, recent market stats underscore a bullish trend for the American blockchain firm-backed crypto. A recent CoinGape Media report illustrated that whale accumulations for Ripple’s native coin are considerably on the rise. Moreover, the blockchain payments firm’s stablecoin-related developments add to the optimism. Recently, 80,000 RLUSD was minted, as per another CoinGape Media report. These developments amid the token’s broader rally have tipped the balances towards the bullish side despite the massive unlock.
Coin’s Price Performance
XRP price today encountered notable turbulence in the wake of the massive unlock, plunging into the red territory. The token’s price rested at $0.6214, down nearly 5% in the past 24 hours. Further, its intraday low and high were registered as $0.611 and $0.6524, respectively. Nonetheless, weekly chart showed a 6% gain in the asset’s value, accompanied by an 11% gain in the monthly time frame. This broader upswing has sparked bullish sentiments for the asset.
Meanwhile, Coinglass data today illustrated that XRP futures OI slipped 7% to $956 million. Also, the derivatives volume dipped 50% to $2.21 billion, sparking uncertain investor speculations.
Nevertheless, another CoinGape Media report reveals a phenomenal rally in XRP price by Christmas. The coin may witness a drastic shift in price, with a potential $3 target hovering over the horizon. Crypto market participants continue to extensively eye the token for further shifts ahead.
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.
Altcoin
Robinhood Europe Enables Transfers For 24 Crypto, Excludes XRP & TON
Robinhood Crypto on Tuesday said it has launched crypto transfers in Europe, enabling users to deposit and withdraw more than 20 cryptocurrencies and also earn a 1% yield on deposits. However, it has excluded a few tokens including Ripple’s XRP, zkSync (ZK), Wormhole (W), Arbitrum (ARB), Cosmos (ATOM), Polkadot (DOT), EOS, Fantom (FTM), Jupiter (JUP), Near Protocol (NEAR), Optimism (OP), Celestia (TIA), Toncoin (TON).
Robinhood Rolls Out Crypto Transfers in Europe
Robinhood Crypto announced on October 1 the launch of crypto transfers for customers in Europe. It will enable customers to deposit and withdraw more than 20 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), USD Coin (USDC), and others.
“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers,” said Johann Kerbrat, VP and GM of Robinhood Crypto.
The platform is also offering customers to earn 1% from all their crypto deposits. It will be paid out in the same cryptocurrency customers deposit, along with a cap. The platform added that deposits and withdrawals support will give users more control over their crypto holdings. It will help ensure that “they have the same safe, low-cost, and reliable experience they expect from Robinhood.”
XRP, TON, FTM, JUP, TIA Among 13 Excludes From Service
Notably, Robinhood Europe has excluded 13 cryptocurrencies from crypto transfers. These are XRP, zkSync (ZK), Wormhole (W), Arbitrum (ARB), Cosmos (ATOM), Polkadot (DOT), EOS, Fantom (FTM), Jupiter (JUP), Near Protocol (NEAR), Optimism (OP), Celestia (TIA), Toncoin (TON).
With the legal disputes between Ripple Labs and the U.S. SEC now almost over, Robinhood Europe listed XRP on its platform for EU users in September. However, the exclusion of these tokens from crypto transfers was seen as a major surprise in the crypto community.
The community still awaits XRP listing in the United States. Nevertheless, the platform’s recent listing of Uniswap, Stellar, and Tezos for New York residents has fueled speculation of XRP listing next.
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.
Altcoin
Will EigenLayer (EIGEN) Price Crash As Largest Holder Justin Sun Dumps Tokens?
EigenLayer native token EIGEN price jumps nearly 15% on debut, making a high of $4.53. Crypto exchanges Binance and Coinbase are expanding support for the token, but the largest holder Justin Sun has started dumping tokens he received in airdrops. Will this trigger a crash in EIGEN price?
Binance & Coinbase Adds EigenLayer (EIGEN) to Products
Ethereum liquid staking platform EigenLayer makes a spectacular debut on October 1, with the EIGEN price rising almost 15%. Crypto exchange Binance, Coinbase, and other crypto firms such as ether.fi expands support for the EIGEN token.
Binance has announced adding EIGEN on several products including Earn, Buy Crypto, Convert, Margin & Futures. The exchange has already added the token as a new borrowable asset on Cross and Isolated Margin, alongside listing EIGEN/USDT and EIGEN/FDUSD pairs.
The exchange will also launch the USD-M EIGEN perpetual contract with up to 75x leverage, with USDT as the settlement asset.
Meanwhile, Coinbase has begun to transition the EIGEN-PERP pre-launch market into a standard perpetual futures market. The conversion process is expected to take 4 hours to fully complete. It will be available for users before the US morning time.
In addition, liquid restaking platform ether.fi has launched eEIGEN to enable users to stake their EIGEN on the platform and earn yields.
🔥 Introducing, eEIGEN which allows you to restake your $EIGEN on https://t.co/gbHcksxzp2!
✅ Restaked EIGEN earns restaking yield and additional restaking rewards, paid out in LRT^2. eEIGEN also earns https://t.co/gbHcksxzp2 and @veda_labs points.
Stake your EIGEN at… pic.twitter.com/NNAepj4goq
— ether.fi (@ether_fi) October 1, 2024
Justin Sun Dumping Tokens
Tron founder Justin Sun has received over $38.74 million in EigenLayer airdrops in the Ethereum ReStaking track. Also, there are still Puffer, Zircult, Swell, Kelp to be settled, which may make him the biggest winner in this round of LRT narrative.
Spot On Chain reported that Justin Sun has already dumped all 5.24 million tokens to HTX. He made a profit of $21.5 million as the token got listed on a premium. This risks a fall in EIGEN price as whales are likely to join the selloff soon.
EIGEN price jumped 15% in the past 24 hours, with the price currently trading at $4.21. The 24-hour low and high are $3.52 and $4.53, respectively.
Meanwhile, Coinglass data indicates the total EigenLayer futures open interest has jumped 18% in a few hours, valued at $37.96 million.
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.
Altcoin
Altcoins Correction Looms Post Q4 Rally, Analyst Warns Of 2020-Like Pullback
So far, the current crypto market cycle has been led primarily by Bitcoin, with only a few altcoins showing some movements and even though some analysts think alts are there for a big rally, other warn on possible altcoins correction.
That is also clearly reflected in the ETH/BTC ratio, which has been on a decline for more than 1,000 days. However, there is an emerging feeling both in the altcoin market cap and the Bitcoin dominance charts that other coins might be about to outperform.
Is Q4 going to bring about an altcoin season, or will this breakout further be delayed?
Altcoin Season Yet? 75% Confirming Indicator Explained
The altcoin season presents some of the best opportunities that investors can make from the fast growth of these small-cap tokens. Smart traders always look out for the first signs of such a rally, whereupon they dive in to leverage the promising coins for extreme returns.
Many analysts currently believe we are at the beginning of the season, a time when the vast majority of tokens show strength as Bitcoin starts to recover. However, altcoins correction might be soon coming as well. If there’s one thing historical trends have taught us, it’s that when the dominance of Bitcoin starts to fall, this is usually a very strong indication that the alts are about to make their run. But just for example, Bitcoin’s price slipped by over 3% on Monday due to panic selling of the cryptocurrency by investors ahead of a major macro week in the United States and rising tension in the Middle East. On the other hand, all top altcoins have historically showed upward trend in Q4 and were showing stronger resistance.
At the end of September, Bitcoin dominance stood at 57.39%, slipping only marginally from the week before. A decline in dominance is certainly an important signal, but veteran investors will typically want to see more confirmation. However, as for now, analysis show that Bitcoin price eyes a potential Q4 rally after a bullish September mostly because of the institutional inflows.
If there is one metric to look out for, it is when 75% of the top 50 cryptocurrencies in the market outperform Bitcoin for a period of 90 days consecutively. This often leads to great gains following the shift in markets, as many holders of BTC usually diversify some portions of their funds into other coins.
Experts Warn of Altcoins Correction Despite Recent Surge
In the latest update from Santiment, Brian Quinlivan – Director of Marketing, and CEO Maksim Balashevich reviewed some of the latest developments in the crypto space.
According to Quinlivan, after a pretty slow summer, the market has really rebounded since a low three weeks ago on September 5th. Other coins have taken turns rallying over the last three weeks and meme coins are leading the charge today.
He did, however, temper this optimism by saying that this was perhaps a sign that a near-term Altcoins correction was due.
He also pointed to a change in investor behavior, where the majority of Bitcoin holders moved into riskier and more speculative assets. That can be seen in the decreased number of Bitcoin holders and the comparative increases in assets like Ethereum, Tether, and Cardano.
This may suggest, Quinlivan said, that investors are looking at better returns in altcoins-a sign that could show the market is getting overheated. This usually indicates increasing speculation, as the trend of moving away from Bitcoin into more volatile assets is a signal that the onset of a market correction might be near.
Altcoin Explosive Growth in Q4, But Correction Coming
Kyle Chasse, CEO of PAID, shares a similar outlook. He pointed out that the total altcoin market cap (excluding ETH) typically hits a new all-time high around 287 days after Bitcoin’s halving.
He sees Q4 as the starting point for a major reversal, with the altcoin market cap currently 45% below its peak.
Chasse expects it to reach $1 trillion by the end of the year, driving several other coins to pump by 5x-10x.
However, like Quinlivan, he anticipates an altcoins correction similar to 2020’s cycle before a new all-time high is achieved, with other coins going parabolic after weaker hands are flushed out, leading to significant gains for those who stay in the game.
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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