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XRP Whales Move 73M Coins As Speculation Over Cross-Appeal By Ripple Grows

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1 month ago

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XRP whales took the broader crypto market by storm on Thursday, moving millions of coins amid rising speculations of a cross-appeal by Ripple against the U.S. SEC. Recent on-chain data pointed out that nearly 73 million coins shuffled in the past 24 hours, sparking discussions among market participants.

XRP Whales Transfer 73M Coins, Ripple To File Cross-Appeal Ahead?

As per data provided by the blockchain tracker Whale Alert on October 10, 73.16 million coins was recorded to be transferred by XRP whales over the past day. The renowned address ending ..Rzn dumped 21.16 million coins, worth $11.05 million, to the exchange Bitso. Subsequently, a staggering 52 million XRP, worth $27.37 million, was bagged from the top crypto exchange Bybit by the address 0xf7788124.

This massive accumulation, in light of rising speculations of a cross-appeal by Ripple, has sparked investor curiosity globally. MetaLawMan’s recent X post rationalizes why XRP sales to institutions were non-investment contracts. The attorney draws parallels between ‘wholesalers,’ pointing out that the token’s sales to institutions at prices lower than retail exchanges are validated as these are not ‘investments’ related to the American blockchain payments company. He further claims that the institutions just bought the crypto at a discounted price whilst there are other choices in the market that offer direct investment opportunities in the firm.

These statements have echoed a global frenzy, hinting that chances of the American blockchain payments company’s cross-appeal filing are up substantially. Further, it’s also worth noting that the odds of XRP ETF have gained weight recently, adding to investor enthusiasm for the asset alongside the massive XRP whale accumulation. CoinGape Media reported that Canary Capital filed for an XRP ETF with the SEC recently despite regulatory hurdles.

Coin’s Price Faces Turbulence

Meanwhile, the blockchain payments firm’s native coin encountered significant volatility in tandem with the broader market trend today. XRP price traded at $0.5266, down nearly 1% in the past 24 hours. The coin’s intraday low and high were $0.5219 and $0.5333, respectively.

Notably, the crypto encounters volatility following the SEC’s recent filing of a notice of appeal, which targets Judge Analisa Torres’s ruling ordering the American payments firm to pay the regulator $125 million in fines. Further, the appeal also gauges in on the ruling on securities sales to institutions.

Nevertheless, as Ripple readies for a cross-appeal, market watchers await a shift in market sentiment for the native coin. Besides, Coinglass data indicated that XRP futures OI slipped 0.07% to $685.29 million today. Further, even the derivatives volume plunged nearly 8% to $704.12 million. This data added to investor concerns despite the massive XRP whale accumulation and recent lawsuit developments. Crypto market enthusiasts continue to monitor the crypto for further price action shifts.

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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.





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XRP Price Rally As Gary Gensler Hints At Resignation

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3 hours ago

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November 14, 2024

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XRP price has grown substantially, reaching a six-month high of $0.83, spurred by favorable regulatory developments and heightened investor sentiment. The recent announcement of a potential resignation by SEC Chair Gary Gensler has fueled optimism within the crypto sector. This is because investors anticipate a more favorable regulatory environment under new leadership.

XRP Price Hits Six-Month High Amid Gary Gensler’s Resignation Speculation 

XRP price has surged by 20% in the last 24 hours, reaching $0.8, reflecting a notable shift in market sentiment. This rise is fueled by growing optimism about regulatory changes that could benefit Ripple and XRP. The potential resignation of SEC Chair Gary Gensler has spurred positive expectations within the cryptocurrency sector. Investors speculate on a more crypto-friendly regulatory approach under the new Trump leadership. 

Ripple, the organization behind XRP, has faced longstanding regulatory challenges with the SEC, and Gensler’s exit could pave the way for a more favorable stance. The resignation speculation comes amid heightened interest in XRP, with investors showing renewed enthusiasm. 

In addition,  XRP price rally coincides with a favorable ruling for Ripple in its ongoing XRP lawsuit. In a recent decision, a U.S. court granted Ripple Labs and its CEO, Brad Garlinghouse, a judgment and stay on class claims filed against them. This ruling reflects a legal victory for Ripple and its executives, allowing them to move toward a final resolution while temporarily halting specific claims. 

Ripple’s win in this phase of the litigation has lifted market sentiment, signifying the weakening of the SEC’s arguments against XRP as an unregistered security. The court’s decision effectively supports Ripple’s claim that XRP transactions on secondary markets do not qualify as securities offerings, a stance that could further boost XRP price gains.

Whale Movements Signal Potential Accumulation

In a parallel development, substantial XRP whale activity has been observed, adding further intrigue to the XRP price movement. A transfer of 105 million XRP tokens, valued at approximately $76.5 million, was executed from Binance to an unknown wallet. Such large-scale transfers are signs of potential accumulation, indicating that investors are holding XRP for longer-term gains.

The movement of XRP from exchanges to private wallets reduces its immediate availability for trading, which can amplify upward price pressure if demand continues to grow. This reduction in liquid supply, combined with the favorable regulatory development could set XRP price for further upward momentum.

At press time, Ripple stands at $0.83, marking a 21.70% surge over the past 24 hours. This rally has pushed its market cap to $47.45 billion, followed by increased trading volume, now at $8.04 billion. According to the latest XRP prediction, the Ripple token may rally to $1.5 after breaking out from a 40-month symmetrical triangle.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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How High Will Dogecoin Price Climb This November?

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6 hours ago

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November 14, 2024

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DOGE has been topping the gainers’ chart for the whole of November, and according to market signals, there might be a possible shift in Dogecoin price soon pushing its price well over $1. Analyst Kaleo highlighted that Dogecoin is currently in an accumulation phase just above a significant resistance level on the higher timeframe, laying the groundwork for a potential bullish move.

He noted that this accumulation trend has previously served as a launchpad for rallies, and he believes it could lead to a similar surge in the near future.

Dogecoin Price to Surpass $1 in November?

Crypto analyst KALEO recently gave a very encouraging outlook for Dogecoin price based on his study of the DOGE to BTC pair. Even though he thinks there’s still a lot of room to run up if history once again rhymes with itself, the price of $1.00 and even more should happen in the next few weeks. Speaking about the DOGE to BTC trading pair, he said that since the first half of 2021, it has been subjected to a downtrend characterized by lower highs and lower lows.

The recent breakout above the upper trendline has given cause for cheer. KALEO said that the last time such a breakout had occurred was early in 2021. That was only 24 hours before DOGE had a massive 175% rally that had taken the price to an all-time high of $0.7316. In his view, this is similar to the price action now, meaning that the top meme coin might be up for another rapid rise to more than just $1 in not more than a few weeks.

He explained that recent market conditions, Dogecoin’s resilience, and attention from Trump and Musk set the stage for a rally.

He said:

“With the way the market has moved recently, and how much strength Dogecoin has shown after Trump was elected and Elon starting to push again, I wouldn’t be surprised to see something similar here.”

Moreover, KALEO saw an interesting accumulation phase in the DOGE/BTC pair since the breakout of the past 48 hours. He added that consolidation above a critical resistance level sets a strong foundation for the next bullish move. Past trends have shown that a significant rally follows such accumulation phases, and KALEO expects Dogecoin to be no different.

The broad crypto market outlook also favors the bullish side of KALEO’s outlook. While DOGE is positioned to outperform Bitcoin’s upside, this expected rally will be even more exaggerated in this conducive market environment.

Dogecoin’s November Rally: Can DOGE Repeat its Historic Gains?

Just when it seemed like Elon Musk’s influence on Dogecoin’s price was over, a surprise move by President-elect Trump saw its prices soar to the moon. In the most recent rally, he appointed Musk to head the Department of Governmental Efficiency or D.O.G.E. The subsequent Republican win propelled the coin upwards, with DOGE up 106% in the last week, displacing XRP to become the fifth-largest cryptocurrency.

DOGE has shown tremendous momentum of late, closing October with its second-highest monthly gains since 2014. In November, investors feel that this upward path will continue. If not for the BTC strength, then at least to continue due to the renewed excitement within the cryptocurrency community. So far, DOGE’s performance in November has been mixed. Yet again, the stage is set for a possible rally.

Analysts have taken to a likely triangular pattern in the DOGE chart. This signals that a positive breakout could be around the corner.

Historically, DOGE’s November performance has been erratic. According to data from CryptoRank, while DOGE entered November 2014 with four positive and six negative months, the coin saw its best return in November 2017 with a gain of 81.9%. Its lowest performance was seen in 2018, with a decline of 42.2%. Last November, Dogecoin saw a rise of 22.5%, reflecting its community-driven momentum and high-profile supporters like Elon Musk.

Despite such a checkered history, Dogecoin remains popular among retail investors, and analysts still predict further growth this November. DOGE is also likely to experience a temporary pullback to consolidate and regain strength after the recent bullish exhaustion.

In 2021, the second triangle pattern led to a 15,000% rally. The first triangle in 2017 gained 8,933%. With the current market outlook and technical formations, November is crucial for Dogecoin. Investors are closely monitoring its price.

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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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Donald Trump’s World Liberty Financial Taps Chainlink To Boost DeFi Offering

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8 hours ago

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November 14, 2024

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Donald Trump’s World Liberty Financial (WLFI) has partnered with Chainlink to help secure its DeFi ecosystem. The DeFi protocol will adopt Chainlink’s standard for on-chain data and cross-chain interoperability to help ensure a successful launch.

World Liberty Financial Adopts Chainlink’s Standard

The DeFi protocol announced in a press release that it was adopting the Chainlink standard for on-chain data and cross-chain connectivity to help power its platform. WLFI reached this decision after determining that Chainlink was the most secure solution to solve the critical security, interoperability, and on-chain data problems related to successfully launching a leading DeFi platform.

World Liberty Financial believes that this would go a long way as it seeks to kick off the next wave of DeFi mass adoption, as the Chainlink standard will provide their community with the security and reliability needed to succeed in this goal.

Meanwhile, the press release revealed that the adoption of the Chainlink standard will start with the WLFI Protocol integrating Chainlink Price Feeds on the Ethereum mainnet, supporting the planned launch of the World Liberty Financial Aave v3 instance, although subject to the WLFI Governance platform approval process. The WLFI platform is built on the Aave DeFi protocol.

Thanks to the collaboration, WLFI will have access to Chainlink’s infrastructure, which has enabled over $16 trillion in transaction value. The Chainlink Price Feeds will provide the WLFI protocol with a secure and reliable source of financial market data, which is crucial to the protocol’s integration of assets such as USDC, USDT, ETH, and WBTC, among others.

Over time, WLFI will implement additional capabilities from the Chainlink standard, such as cross-chain interoperability and proof of reserves for RWAs.

Aligning With The Donald Trump Vision

In the press release, World Liberty Financial reaffirmed that its vision is to pioneer further the DeFi space, which is inspired by US President-Elect Donald Trump’s vision to democratize financial opportunities while safeguarding the global standing of the US Dollar.

Additionally, the WLFI Protocol aims to provide users with information and access to third-party DeFi applications, supporting the adoption of US dollar-based stablecoins that ensure the Dollar remains the world’s reserve currency.

Commenting on World Liberty Financial’s partnership with Chainlink, Eric Trump said,

“World Liberty Financial’s partnership with Chainlink marks a huge step forward. Never before have we been more bullish on crypto or the overall future of DeFi technology.”

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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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