Tag: Ripple And Xrp

XRP Rallies 50% in Just Five Days, Overtaking Cardano (ADA) and Solana (SOL) in Market Capitalization

by Dailyhodl

XRP took off on a massive 50% price rally over the past five days, moving up a couple of spots in the market cap rankings as a result.

The crypto asset was trading around $0.60 on February 3rd and surged all the way past $0.90 at one point on Tuesday.

The price increase ballooned XRP’s market capitalization to more than $42.26 billion, surpassing the smart contract platforms Cardano (ADA) and Solana (SOL) to reach 6th in the market cap rankings. This places XRP behind Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB) and USD Coin (USDC).

Crypto analytics firm Santiment notes on Twitter that XRP was outputting the same number of daily active addresses at one point on Monday while trading at $0.82 as it did in early November when it was priced all the way up at $1.18.

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Source: Santiment/Twitter

Eleanor Terrett, a journalist at Fox Business Network, has also reported on new developments in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.

The SEC filed a lawsuit in December 2020 alleging that Ripple sold XRP as a security during its launch. The regulator also alleges that the token remains a security to this day.

Terrett reports that people associated with the case think it will stretch into this summer.

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XRP Ready To Take Out Next Resistance, According to Crypto Analyst – Here’s His Target

by Dailyhodl

A popular crypto strategist and trader says XRP is ready for another phase of its rally up to the next major resistance level.

The pseudonymous analyst known as Credible Crypto tells his 307,000 Twitter followers that XRP’s Bitcoin pair (XRP/BTC) may be giving signs that a new market structure is forming.

“That is the strongest daily candle we have seen on XRP/BTC in 6 months. We have broken our falling wedge downtrend line and a key cluster of resistance. May have avoided the breakdown I was concerned about. Will get more confirmation in the coming days if this move is legit.”

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Source: Credible Crypto/Twitter

The analyst then confirms his thesis by looking at the weekly XRP/USD chart, predicting a slight correction before a breakout to $1 and then $1.60.

“Now that a couple of days have passed- this is what I would like to see (and expect) moving forward- as long as .70-.80 is held I expect continuation to the upside.”

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Source: Credible Crypto/Twitter

Looking at Bitcoin (BTC), the crypto analyst is anticipating something similar for the largest digital asset by market cap. According to him, traders can expect at least a 10% dip before a continuation up to $50,000.

“Now that we are at monthly resistance we may see a pullback. Even if we do, a higher low to $38-$40k would be ‘healthy’ followed by continuation to 50k and a reclamation of our monthly resistance after which point I’ll have my sights set on a new ATH.”

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Source: Credible Crypto/Twitter

The analyst also expects an 87% rally in decentralized exchange (DEX) and automated market maker (AMM) protocol Curve (CRV). After hitting reaching the $7 mark or so, Credible expects another break out above that in the coming months.

“CRV perking up a bit. As per my last update if we keep pushing the $4-$5 region is resistance. Reclaim that and we get confirmation the bottom is in. I still expect the GREEN path to play out- that is an initial rejection, some consolidation for a higher low, THEN our breakout.”

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Source: Credible Crypto/Twitter

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XRP Surges 20% in Less Than a Day As SEC Lawsuit Takes Turn

by Dailyhodl

XRP is surging in price as the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs reaches a crucial turning point.

Over the last 24 hours, XRP has surged 21.87% from $0.64 to $0.78, XRP’s price at the time of writing.

Investors have put buying pressure back onto XRP after a major decision from Judge Analisa Torres, the presiding magistrate over the SEC vs. Ripple case.

The SEC filed a lawsuit in December 2020 alleging that Ripple sold XRP as a security during its launch. The regulator also alleges that the token remains a security to this day.

Yesterday, Judge Torres ordered the unsealing of three important documents: 172-1, the notice of Ripple Labs CEO Brad Garlinghouse’s deposition in the SEC formal investigation, 179-4, an e-mail string from Ripple co-founder Chris Larsen, and 179-5, a Brad Garlinghouse email.

John Deaton, an attorney representing XRP holders in the lawsuit, says of the ruling,

“What these rulings clearly show is that Judge Torres favors public disclosure. Ripple can’t seal certain documents (i.e., legal Memo). The same applies to the SEC.”

In a new YouTube update, legal expert and Ripple supporter Jeremy Hogan says of Judge Torres’ decision,

“Our final takeaway from the judge’s order is this: I think we are going to get a ruling on these three dispositive motions very soon. And by that, I mean, within a month possibly. 

In fact, Judge Torres may have already decided and written her orders on two of the three dispositive motions and just needs to figure out what exhibits can be shown or referenced in her order when they are published. 

This is definitely a housekeeping order and these usually happen when a judge is ready to invite people over to their home and look at something.

So, there is one last brief due on February 9 from Ripple, and then, hold on to your hats, we could get that long-awaited and key ruling on whether the fair notice defense survives any day now.”

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Top Analyst Says XRP Will Pop After Lawsuit, but More Downside Still in Play

by Dailyhodl

A closely followed crypto analyst says that XRP will explode once the lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission concludes, but more downside is possible before then.

In an interview with Thinking Crypto, the pseudonymous analyst known as Credible Crypto says XRP’s technicals are currently suggesting more bearish action.

“XRP is one that doesn’t look that great right now… I think that we’re probably going to go for these lows here ($0.50) and push into… this weekly level of demand that we have here. Again, this level is significant because from this level we saw a major move to the upside after what was essentially about six months of consolidation.

So the origin of the point at which this consolidation starts to break whether that be the upside or the downside, typically then acts as support or resistance when it’s revisited. So just from a high timeframe perspective, you can expect that this region in general, and the tighter we get here, this general region is going to act as support as we’ve seen it act in the past.”

Source: Credible Crypto/Thinking Crypto

Credible Crypto says that there are big fundamental reasons to hold XRP despite the ongoing downward price action. According to the crypto analyst, the lawsuit between Ripple Labs and the SEC, which was filed in December of 2020 on allegations that XRP was sold as an unregistered security, could ultimately provide regulatory clarity for the token while the rest of the space ends up in limbo.

“The reason why I still hold such a massive amount of XRP despite the sluggish price action is that I now kind of see it as a hedge against the rest of the market. If this SEC lawsuit ends – and I think it will, I don’t know when – but I think it will end ultimately favorably for Ripple and XRP and when it does end, XRP will essentially be the only crypto asset with regulatory clarity in the United States…

When the case does get settled, you can expect XRP’s price to absolutely pop. So if you’re waiting to hear the outcome of the case to jump in, you’re going to be too late. So you’re placing your bets right now and if your bet pays off and XRP wins, XRP is going to rocket, and then everything else is at the mercy of the SEC, and we don’t know what’s going to happen.”

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New Report Reveals Ripple Ramping Up XRP Sales by 45% in Q4 of 2021, Demand for RippleNet Skyrocketing

by Dailyhodl

Ripple is disclosing that it increased its XRP sales in the fourth quarter of 2021 with demand for RippleNet surging despite the loss of a major partner.

Ripple notes in a new blog post that it sold more than $1 billion worth of XRP last quarter in relation to its cross-border payments platform, On-Demand Liquidity (ODL), which is powered by the crypto asset.

The San Francisco-based company also purchased close to $322 million worth of XRP, bringing net sales to $717 million, a more than 45% increase from the $491.74 million XRP it sold in Q3 of 2021.

Ripple attributes the XRP sales to the “growth and adoption of ODL.”

“Ripple continued to engage in sales to improve the ODL experience of certain customers, eliminating the need for pre-funding at exchanges and enabling instant global payments.” 

The company also notes that RippleNet, its institutional payment-providers network, had its “most successful and lucrative year to date.”

“The number of transactions on RippleNet more than doubled, with a payment volume run rate of over $10 [billion]. This is a testament to the product considering Ripple parted ways with MoneyGram, its largest customer, immediately after the SEC filed its lawsuit against Ripple.”

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit in December 2020 alleging that Ripple sold XRP as a security during its launch. The regulator also alleges that the token remains a security to this day.

Read Ripple’s full blog post here.

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Ripple Competitor Announces Plans To Roll Out Smart Contracts in 2022

by Dailyhodl

Ripple competitor Stellar (XLM) is announcing plans to roll out smart contracts later this year.

Stellar Development Foundation (SDF) ecosystem head Justin Rice says smart contracts will enable a new suite of products and services on Stellar.

“There’s a lot of work to be done to get there, but at SDF we’re committed to researching and shepherding the development of the code and creating community engagement around an implementation.

The goal is to have Stellar remain one of the most accessible networks for developers so they can deliver high quality and safe applications to their users, while also allowing it to adapt and respond to the competitive blockchain landscape.”

Stellar is an open network for storing and moving money. The project’s native token, XLM, is used as a bridge currency between two fiat currencies when sending money abroad. XLM is trading at $0.192945 at time of writing, down 2.37% in the past 24 hours.

Tomer Weller, the vice president of tech strategy at Stellar, outlines the rough timeline for smart contract implementation in a new tweet.

“We’re aiming for a feature-complete test network by the end of 2022. Ultimately, the ecosystem will decide if and when to turn on smart contracts on Stellar.”

In October, the SDF announced a new partnership with the payments giant MoneyGram to use the Stellar blockchain to facilitate cross-border payments.

MoneyGram had previously entered into a partnership with Ripple, a Stellar competitor, in June 2019 for foreign exchange settlements and cross-border payments.

However, the payments giant suspended its use of XRP payments this past February in the wake of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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SEC Awarded More Time To Fight Order To Hand Over Sensitive Documents in XRP Lawsuit

by Dailyhodl

The U.S. Securities and Exchange Commission (SEC) is receiving more time to fight an order to hand over certain documents in its lawsuit against Ripple, potentially delaying the outcome of the case.

In a new order, federal judge Sarah Netburn says the SEC has until February 17th to file a motion for reconsideration on a previous order directing the regulator to hand over drafts and emails relating to a 2018 speech from William Hinman, the former director of the SEC’s Division of Corporate Finance.

Ripple’s legal team will have until February 25th to file a response.

The SEC alleges that XRP was an unregistered security upon its launch and that it remains a security to this day.

Hinman, however, does not view all crypto assets as securities. He said in that 2018 speech that he doesn’t think Bitcoin (BTC) or Ethereum (ETH) are securities due to the decentralized structures of their networks.

Attorney and crypto legal expert Jeremy Hogan says in a new tweet that there is “no silver lining” to the ruling for Ripple.

“Now discovery won’t conclude until March at the earliest.”

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Bitcoin Looking Great, but XRP May Soon Take the Spotlight, Says Top Crypto Analyst

by Dailyhodl

A closely followed crypto analyst says that XRP may be ready to steal the show after holding strong macro support during the latest market-wide pullback.

The pseudonymous strategist known as Credible Crypto tells his 295,000 followers that Bitcoin (BTC) looks great and won’t face any real tests until the $45,000 mark, which is about $3,000 above BTC’s current price.

“BTC looks great here. Not much in terms of resistance until $45,000+. Expecting upside across the board in the coming days as long as the green region is held (which I expect it will be).”

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Source: Credible Crypto/Twitter

The analyst then says that XRP has been holding up stronger than the leading crypto asset by market cap and could be ready to finally surge upwards.

“While BTC recently swept our wick lows at $42,000 and Ethereum dumped even further below its own, XRP has held up incredibly well through this correction and has not gotten close to its own wick lows. Path of least resistance seems to be Up. All eyes may be on XRP soon.”

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Source: Credible Crypto/Twitter

In August of last year, Credible said that he was expecting XRP to finish off the bull market somewhere between $20 and $30, and he says that target still stands. The analyst says current prices could serve as the launchpad for a parabolic uptrend, given that XRP bears look like they’re starting to lose conviction.

“My expectation is we head up. Path of least resistance is a way of saying sellers seem exhausted and the market seems to think XRP is a better buy here then a sell, hence price should go up.”

XRP is exchanging hands $0.777 at time of writing, an 7% increase from its seven-day low of $0.724

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Crypto Markets See Record Capital Outflows As Institutional Investors Weary of Interest Rate Hikes: CoinShares

by Dailyhodl

Institutional investors are remaining bearish on the crypto markets, resulting in digital asset investment products seeing record outflows to start the new year.

According to digital asset manager CoinShares, crypto investment products reached a new weekly record outflow of $207,000,000 last week.

“Digital asset investment products saw outflows totaling a weekly record of US$207m. 

This follows the outflows that began mid-December and the 4-week run now totals US$465m.”

Bitcoin (BTC), the largest cryptocurrency by market cap, perhaps felt the sting of bearish sentiment more than any other crypto asset.

“Bitcoin saw outflows totaling US$107m last week in what we believe was a direct response to the FOMC [Federal Open Market Committee] minutes which revealed the US Federal Reserve’s concerns for rising inflation.”

The FOMC minutes released on January 5 were from meetings held December 14-15, 2021. The Fed’s focus on inflation has sent jitters through the crypto markets, and most digital assets have been dipping in response.

Leading smart contract platform Ethereum (ETH) also saw significant outflows, continuing a down streak that began in December.

“Ethereum saw outflows totaling US$39m last week, bringing the 5-week run of outflows to US$200m.”

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Source: CoinShares

However, not every digital asset suffered outflows in the new year.

XRP and Solana (SOL) enjoyed minor inflows, both totaling less than $1,000,000. The same is true for Litecoin (LTC), with inflows totaling less than $500,000.

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Bitcoin Whale Initiates $466,510,721 Coinbase Transfer As Large Ethereum and XRP Holders Emerge

by Dailyhodl

A massive whale is turning heads after relocating nearly half a billion dollars worth of Bitcoin (BTC) in a single transaction.

Whale-tracking bot Whale Alert initially detected the huge BTC transfer and reported the details to its 1.9 million Twitter followers.

The whale involved transferred 9,901 BTC, worth $466.51, from US-based crypto exchange giant Coinbase.

Blockchain.com says that the deep-pocketed crypto investor paid 0.00245662 BTC in transfer fees, worth $115.89 at time of writing.

The distributed ledger explorer also reports that this massive bag of Bitcoin has moved once again less than an hour later, this time for a fee of just 0.0011104 BTC, or $52.38.

The initial receiving wallet has only transacted twice and currently has a balance of zero.

Bitcoin is mostly flat on the day and currently exchanging hands at $47,337.

BTC isn’t the only digital asset that whales have been shuffling around lately as top altcoin Ethereum (ETH) and global payments crypto XRP have been on the move as well.

Here’s a breakdown of the largest ETH and XRP transfers over the past day:

Ethereum is also trading sideways and is currently priced at $3,742. XRP is down 1.25% on the day and is trading for $0.83.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin (BTC) $ 25,775.91 3.93%
Ethereum (ETH) $ 1,816.90 2.82%
Litecoin (LTC) $ 87.61 5.85%
Bitcoin Cash (BCH) $ 109.62 3.87%