XRP holders are preparing for a potentially major price swing after one whale transferred around $16 million XRP into a wallet, according to Whale Alert.
30,000,000 #XRP (16,012,232 USD) transferred from #Bybit to unknown wallethttps://t.co/Nl2l0mFzhL
— Whale Alert (@whale_alert) February 26, 2024
From the transaction alone, it’s unclear if this whale is moving into a wallet to store or sell.
In any case, the news has had a cautious impact on XRP’s price during today’s market-wide rally.
Ripple’s token currently trades at around $0.56.
It’s the only cryptocurrency among the top 15 by market capitalization to post losses in relation to its price both 1 hour ago and 7 days ago.
XRP is down 0.2% in the hour and 1.8% from last week. On the other hand, market leaders, Bitcoin and Ethereum, have posted one-week gains of 8.5% and 11.8% respectively. They remain at roughly the same price from an hour ago.
Most of the market leaders’ gains were realized overnight. Bitcoin added 10.5%, while Ethereum added 6.9%.
XRP’s chart over the last three months leaves its near-term performance an open question. It is currently trading a little north of its 30-day moving average.
With a Relative Strength Index (RSI) of 62, there may be a flurry of buying activity right now that is likely to cool off, however a crash is unlikely; XRP has found strong support recently in the mid-to-low $0.50 region.
Source: TradingView
XRP In Recent Weeks
XRP has been in the news a lot recently.
Its progenitors, Ripple, are currently fending off a high-profile lawsuit by the SEC that has been ongoing since December 2020.
The suit accuses Ripple of having sold XRP as an unregistered security.
In July last year, Ripple scored a decisive victory when Judge Analisa Torres ruled that XRP “is not necessarily a security on its face” and programmatic sales of XRP to the public were not securities sales.
She did, however, state that approximately $728 million of institutional sales of XRP did qualify as securities offerings because those buyers were expecting to profit in a common enterprise.
Recently, the company announced a deal to acquire the New York-based crypto platform Standard Custody and Trust Company, pending regulatory approval.
Ripple hopes to leverage the company’s limited-purpose trust charter and money transmitter licenses to enhance its regulatory compliance.
Yesterday, the developers announced a new collaboration between Ripple and Silicon Valley tokenization firm Zonicqx “to revolutionize asset tokenization.
Today, @zoniqxinc and Ripple are partnering to bring multi-asset tokenization onto the #XRPLedger.
This partnership aims to revolutionize asset tokenization on the #XRPL, making it more efficient, accessible, and liquid in the digital asset market.https://t.co/OHyAMUOXA6
— RippleX @ #ETHDenver2024 (@RippleXDev) February 26, 2024
Hedge Against XRP Whales
Like its fellow top ten cryptocurrencies, XRP’s days of extreme volatility are probably far behind it. If anything, the token’s price is likely to continue tracking the market leaders’, and pumping and dumping around whale activity or headlines about Ripple’s protracted court battle.
Meme coins still have the viral appeal to evoke crypto’s more volatile early days, when anything could happen. One such promising new meme coin is Frogwifhat (FWIF).
FWIF launched on Ethereum on Monday and hit $4 million market cap within a few hours, setting an intraday high of $0.00453.
Investors can now buy the dip, with the token having pulled back to a price of around $0.0018. Its market cap is now $1.4 million, according to DEXTools.
The token has been designed to mirror the success of Dogwifcoin, Bonk and Smog.
There are even some whispers that the project founders might be the same ones behind these other meme coins.
It’s also trustworthy.
So far, around $372k in liquidity has been locked.
In decentralized finance (DeFi) lingo, locked liquidity essentially means that project founders cannot dump their holdings.
Check out Frogwifhat on DEXTools Here
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