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XRP's Potential Rise Amid Ripple's Ongoing Lawsuit With SEC
According to CryptoPotato, XRP is currently trading around $0.52, with some analysts predicting potential rises to $5.85, $18.22, and even up to $100. However, these extreme targets are considered unlikely. The ongoing lawsuit between Ripple and the SEC significantly affects the asset’s price, with Ripple's partial court wins boosting optimism for a potential bull run.
Despite a brief price surge above $0.70 in mid-March, Ripple’s XRP has not positioned itself among the best-performing cryptocurrencies this year. It currently trades at around $0.52, which is a minor increase compared to the figure witnessed a month ago. Numerous analysts believe the asset can break out of its current price position and head toward somewhat outrageous targets. One such analyst, Dark Defender, believes XRP can rise to $5.85 and later to a whopping $18.22. Earlier this year, the analyst set an even more ambitious target of $20, while EGRAG CRYPTO warned the XRP army to “stay steady” since a price “ignition” might be on the horizon.
One of the most bullish price predictions this year was outlined by JackTheRippler, who forecasted an ascent to a whopping $100. However, none of these can be compared to CryptoBull’s analysis from 2023, suggesting that XRP may skyrocket to a staggering $470 sometime in the future. This level would most likely remain a mirage since the asset’s market capitalization should explode above $200 trillion for this to happen. Currently, the entire market cap of the crypto industry stands at “just” $2.5 trillion.
The lawsuit between Ripple and the SEC is considered a major factor contributing to XRP’s price movements. The case, which started in December 2020, recently entered its trial phase, and some view the US SEC as the underdog due to Ripple’s three partial court wins secured throughout 2023. The legal battle has undergone numerous developments recently, and both parties now expect the judge’s ruling. A decisive victory for Ripple may resonate into a bull run for XRP, while the opposite scenario could halt the asset’s upward movements as it did back in December 2020 when the agency initially went after the company.
Despite a brief price surge above $0.70 in mid-March, Ripple’s XRP has not positioned itself among the best-performing cryptocurrencies this year. It currently trades at around $0.52, which is a minor increase compared to the figure witnessed a month ago. Numerous analysts believe the asset can break out of its current price position and head toward somewhat outrageous targets. One such analyst, Dark Defender, believes XRP can rise to $5.85 and later to a whopping $18.22. Earlier this year, the analyst set an even more ambitious target of $20, while EGRAG CRYPTO warned the XRP army to “stay steady” since a price “ignition” might be on the horizon.
One of the most bullish price predictions this year was outlined by JackTheRippler, who forecasted an ascent to a whopping $100. However, none of these can be compared to CryptoBull’s analysis from 2023, suggesting that XRP may skyrocket to a staggering $470 sometime in the future. This level would most likely remain a mirage since the asset’s market capitalization should explode above $200 trillion for this to happen. Currently, the entire market cap of the crypto industry stands at “just” $2.5 trillion.
The lawsuit between Ripple and the SEC is considered a major factor contributing to XRP’s price movements. The case, which started in December 2020, recently entered its trial phase, and some view the US SEC as the underdog due to Ripple’s three partial court wins secured throughout 2023. The legal battle has undergone numerous developments recently, and both parties now expect the judge’s ruling. A decisive victory for Ripple may resonate into a bull run for XRP, while the opposite scenario could halt the asset’s upward movements as it did back in December 2020 when the agency initially went after the company.
Ripple Vs. SEC: Ripple’s Confidential Data At Stake, What to Expect on May 20th Hearing
The post Ripple vs. SEC: Ripple’s Confidential Data at Stake, What To Expect on May 20th Hearing appeared first on Coinpedia Fintech News
The ongoing legal battle between the SEC and Ripple is currently in its remedies phase, with both parties set to file their opposition to the omnibus sealing motions on the upcoming Monday.
Upcoming Court Filing: May 20
The Court’s scheduling order has appointed May 20th as the date for both parties in the SEC vs. Ripple suit and their respective third parties to submit their opposition briefs to the omnibus sealing motions.
Ripple’s Request to Seal Confidential Information
To protect its confidential business information and the interests of its partners and third parties, Ripple has requested the court to seal specific exhibits in its motion.
In addition to this, the company also made limited redactions in the remedies-related briefs, in particular, audited financial records and documents indicating the discounts offered on XRP sales to major buyers.
Ripple argues that these financial and pricing terms are irrelevant to the SEC’s case, stating, “Only the contract and discounts are relevant to the SEC’s brief.” However, the SEC disagrees, emphasizing the documents’ relevance to its arguments for remedies.
Potential SEC Opposition
SEC is most likely to file opposition to Ripple’s sealing requests, with a focus on the discounts given to institutional buyers of XRP being one of the reasons. The Commission is probably going to insist in these details to the public data. Moreover, the SEC could also refuse to give Ripple a green light to seal the part of their financial records.
In addition to primary parties, third parties may file a motion of opposition against the sealing of the omnibus. These parties’ participation will also add to the points of view and complications that may be associated with the case.
What to Expect Next?
The court’s omnibus motion on sealing will have a crucial bearing. A court decision that will protect Ripple’s proprietary information will likely positively impact XRP price and market sentiment, which may at least result in its uptrend.
In contrast, a more favorable outcome of SEC’s opposition, which leads to more information disclosure, could generate uncertainty that would significantly influence investors’ confidence.
After the May 20 hearings, the judge is expected to rule on the omnibus sealing motion that had been filed earlier, deciding which information and exhibits should be left sealed. The ruling requires the parties to file redactions of the documents in the next 14 days, which would then be made available to the public.
The ongoing legal battle between the SEC and Ripple is currently in its remedies phase, with both parties set to file their opposition to the omnibus sealing motions on the upcoming Monday.
Upcoming Court Filing: May 20
The Court’s scheduling order has appointed May 20th as the date for both parties in the SEC vs. Ripple suit and their respective third parties to submit their opposition briefs to the omnibus sealing motions.
Ripple’s Request to Seal Confidential Information
To protect its confidential business information and the interests of its partners and third parties, Ripple has requested the court to seal specific exhibits in its motion.
In addition to this, the company also made limited redactions in the remedies-related briefs, in particular, audited financial records and documents indicating the discounts offered on XRP sales to major buyers.
Ripple argues that these financial and pricing terms are irrelevant to the SEC’s case, stating, “Only the contract and discounts are relevant to the SEC’s brief.” However, the SEC disagrees, emphasizing the documents’ relevance to its arguments for remedies.
Potential SEC Opposition
SEC is most likely to file opposition to Ripple’s sealing requests, with a focus on the discounts given to institutional buyers of XRP being one of the reasons. The Commission is probably going to insist in these details to the public data. Moreover, the SEC could also refuse to give Ripple a green light to seal the part of their financial records.
In addition to primary parties, third parties may file a motion of opposition against the sealing of the omnibus. These parties’ participation will also add to the points of view and complications that may be associated with the case.
What to Expect Next?
The court’s omnibus motion on sealing will have a crucial bearing. A court decision that will protect Ripple’s proprietary information will likely positively impact XRP price and market sentiment, which may at least result in its uptrend.
In contrast, a more favorable outcome of SEC’s opposition, which leads to more information disclosure, could generate uncertainty that would significantly influence investors’ confidence.
After the May 20 hearings, the judge is expected to rule on the omnibus sealing motion that had been filed earlier, deciding which information and exhibits should be left sealed. The ruling requires the parties to file redactions of the documents in the next 14 days, which would then be made available to the public.
The Most Outrageous Ripple (XRP) Price Predictions This Year
TL;DR
XRP trades around $0.52, with some analysts predicting potential rises to $5.85, $18.22, and even up to $100, although extreme targets are unlikely.
The ongoing lawsuit between Ripple and the SEC significantly affects the asset’s price, with the company’s partial court wins boosting optimism for a potential bull run.
The Odds of a Ridiculous XRP Rally
Despite a brief price surge above $0.70 in mid-March, Ripple’s XRP has not positioned itself among the best-performing cryptocurrencies this year. It currently trades at around $0.52 (per CoinGecko’s data), which is a minor increase compared to the figure witnessed a month ago.
Numerous analysts believe the asset can break out of its current price position and head toward somewhat outrageous targets. One example is the X user Dark Defender, who thinks XRP can rise to $5.85 and later to a whopping $18.22:
“As long as these are maintained, our 5 Elliott Wave structure targeting $5.85 & $18.22 remains the same. And any further moves between $0.3917 to $0.6649 are side moves and are normal.”
Earlier this year, the analyst set an ever more ambitious target of $20, while EGRAG CRYPTO warned the XRP army to “stay steady” since a price “ignition” might be on the horizon.
One of the most bullish price predictions this year was outlined by JackTheRippler, who forecasted an ascent to a whopping $100.
Still, none of the aforementioned can be compared to CryptoBull’s analysis from 2023. Back then, the X user suggested that XRP may skyrocket to a staggering $470 sometime in the future.
It is worth mentioning that this level would most likely remain a mirage since the asset’s market capitalization should explode above $200 trillion for this to happen. Currently, the entire market cap of the crypto industry stands at “just” $2.5 trillion.
The Impact of the Ripple v SEC Lawsuit
Many consider the lawsuit between the two entities a major factor contributing to XRP’s price movements. The case, which started in December 2020, recently entered its trial phase, and some view the US SEC as the underdog due to Ripple’s three partial court wins secured throughout 2023.
The legal battle has undergone numerous developments recently, and according to the American lawyer Jeremy Hogan, both parties now expect the judge’s ruling.
A decisive victory for Ripple may resonate into a bull run for XRP, while the opposite scenario could halt the asset’s upward movements as it did back in December 2020 when the agency initially went after the company. Those curious to learn more about the lawsuit and its specifics, please take a look at our dedicated video below:
The post The Most Outrageous Ripple (XRP) Price Predictions This Year appeared first on CryptoPotato.
XRP trades around $0.52, with some analysts predicting potential rises to $5.85, $18.22, and even up to $100, although extreme targets are unlikely.
The ongoing lawsuit between Ripple and the SEC significantly affects the asset’s price, with the company’s partial court wins boosting optimism for a potential bull run.
The Odds of a Ridiculous XRP Rally
Despite a brief price surge above $0.70 in mid-March, Ripple’s XRP has not positioned itself among the best-performing cryptocurrencies this year. It currently trades at around $0.52 (per CoinGecko’s data), which is a minor increase compared to the figure witnessed a month ago.
Numerous analysts believe the asset can break out of its current price position and head toward somewhat outrageous targets. One example is the X user Dark Defender, who thinks XRP can rise to $5.85 and later to a whopping $18.22:
“As long as these are maintained, our 5 Elliott Wave structure targeting $5.85 & $18.22 remains the same. And any further moves between $0.3917 to $0.6649 are side moves and are normal.”
Earlier this year, the analyst set an ever more ambitious target of $20, while EGRAG CRYPTO warned the XRP army to “stay steady” since a price “ignition” might be on the horizon.
One of the most bullish price predictions this year was outlined by JackTheRippler, who forecasted an ascent to a whopping $100.
Still, none of the aforementioned can be compared to CryptoBull’s analysis from 2023. Back then, the X user suggested that XRP may skyrocket to a staggering $470 sometime in the future.
It is worth mentioning that this level would most likely remain a mirage since the asset’s market capitalization should explode above $200 trillion for this to happen. Currently, the entire market cap of the crypto industry stands at “just” $2.5 trillion.
The Impact of the Ripple v SEC Lawsuit
Many consider the lawsuit between the two entities a major factor contributing to XRP’s price movements. The case, which started in December 2020, recently entered its trial phase, and some view the US SEC as the underdog due to Ripple’s three partial court wins secured throughout 2023.
The legal battle has undergone numerous developments recently, and according to the American lawyer Jeremy Hogan, both parties now expect the judge’s ruling.
A decisive victory for Ripple may resonate into a bull run for XRP, while the opposite scenario could halt the asset’s upward movements as it did back in December 2020 when the agency initially went after the company. Those curious to learn more about the lawsuit and its specifics, please take a look at our dedicated video below:
The post The Most Outrageous Ripple (XRP) Price Predictions This Year appeared first on CryptoPotato.
Ripple’s XRP Holdings Dip Below 45%: a Turning Point for the Crypto Giant?
Ripple’s XRP holdings dropped below 45 billion tokens for the first time in Q1 2024, now at 44.94 billion.
Ripple sold 841.5 million XRP worth $440.6 million in Q1 2024, a 16% decrease from the previous quarter.
Ripple’s spendable XRP balance decreased by 237 million, now holding 4.84 billion XRP as of March 31, 2024.
The American financial technology startup Ripple has announced a substantial decline in its XRP holdings. The company reached a turning point in its asset management strategy when its XRP balance dropped below 45 billion tokens, according to its most recent quarterly report.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include: Continued U.S. demand for BTC Spot ETFs CEX & DEX volume growth Key regulatory & legal updates Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
In 2024’s first quarter, Ripple sold off 841.5 million XRP, or $440.6 million at the current price per unit. This is a 16% drop in XRP sales over the prior quarter. The company’s plan to cut its XRP holdings has prompted concerns among market participants about the impact on XRP’s performance.
Chief Technology Officer of Ripple, David Schwartz, has denied that XRP’s poor performance is caused by the company’s sales, though. He contends that compared to other assets, like Solana, which have done well despite similar techniques, Ripple’s inflation rate is lower.
Furthermore, Schwartz adds that Ripple has no choice except to lower its XRP holdings. He criticizes suggestions of burning tokens, claiming that it would have no good impact on price, citing the Stellar example.
Of all its holdings, Ripple has 4.84 billion XRP as spendable balance as of March 31, 2024. This shows a 237 million XRP drop over the last quarter. In order to maximize its asset management approach, the corporation is responding to market dynamics by reducing its XRP holdings.
Moving forward, Ripple’s activities will continue to impact XRP’s direction and influence market sentiment. As the business implements its asset management approach, stakeholders will closely monitor the impact on XRP’s performance and the overall cryptocurrency market.
Finally, the choice by Ripple to sell off its XRP holdings highlights how the cryptocurrency market is changing. With its strategic measures, the business intends to position XRP for long-term growth while addressing market concerns.
Read Also
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SEC vs. Coinbase – Ripple (XRP) Faces Regulatory Turning Point
Stablecoin Depositing Transactions are Decreasing: Metrics
VanEck: Bitcoin (BTC) to Hit $10-12K in Q1 of 2023
PancakeSwap Soars by 20%, Hitting Highest Price in 7 Months!
The post Ripple’s XRP Holdings Dip Below 45%: A Turning Point for the Crypto Giant? appeared first on Crypto News Land.
Ripple sold 841.5 million XRP worth $440.6 million in Q1 2024, a 16% decrease from the previous quarter.
Ripple’s spendable XRP balance decreased by 237 million, now holding 4.84 billion XRP as of March 31, 2024.
The American financial technology startup Ripple has announced a substantial decline in its XRP holdings. The company reached a turning point in its asset management strategy when its XRP balance dropped below 45 billion tokens, according to its most recent quarterly report.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include: Continued U.S. demand for BTC Spot ETFs CEX & DEX volume growth Key regulatory & legal updates Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
In 2024’s first quarter, Ripple sold off 841.5 million XRP, or $440.6 million at the current price per unit. This is a 16% drop in XRP sales over the prior quarter. The company’s plan to cut its XRP holdings has prompted concerns among market participants about the impact on XRP’s performance.
Chief Technology Officer of Ripple, David Schwartz, has denied that XRP’s poor performance is caused by the company’s sales, though. He contends that compared to other assets, like Solana, which have done well despite similar techniques, Ripple’s inflation rate is lower.
Furthermore, Schwartz adds that Ripple has no choice except to lower its XRP holdings. He criticizes suggestions of burning tokens, claiming that it would have no good impact on price, citing the Stellar example.
Of all its holdings, Ripple has 4.84 billion XRP as spendable balance as of March 31, 2024. This shows a 237 million XRP drop over the last quarter. In order to maximize its asset management approach, the corporation is responding to market dynamics by reducing its XRP holdings.
Moving forward, Ripple’s activities will continue to impact XRP’s direction and influence market sentiment. As the business implements its asset management approach, stakeholders will closely monitor the impact on XRP’s performance and the overall cryptocurrency market.
Finally, the choice by Ripple to sell off its XRP holdings highlights how the cryptocurrency market is changing. With its strategic measures, the business intends to position XRP for long-term growth while addressing market concerns.
Read Also
Bitcoin Mining Machine Makers Say 2023 Q1 Will Be Better
SEC vs. Coinbase – Ripple (XRP) Faces Regulatory Turning Point
Stablecoin Depositing Transactions are Decreasing: Metrics
VanEck: Bitcoin (BTC) to Hit $10-12K in Q1 of 2023
PancakeSwap Soars by 20%, Hitting Highest Price in 7 Months!
The post Ripple’s XRP Holdings Dip Below 45%: A Turning Point for the Crypto Giant? appeared first on Crypto News Land.
Max Keiser Takes Big Dig At XRP, Says Ripple Created It to ‘Steal Billions From Fools’
Bitcoin maximalist and financial journalist Max Keiser continues his verbal war against altcoins and their proponents. Once again, he has taken a jab at XRP and Ripple CEO Brad Garlinghouse. Keiser expects the coin to collapse hard in the future against Bitcoin.
Max Keiser Slams XRP, Predicting Price Crash
Max Keiser, the advisor to El Salvador’s president, has again taken to the X social media platform to bash the Ripple-affiliated crypto XRP.
This time, Keiser claimed XRP was designed by Brad Garlinghouse, the Ripple chief executive officer, “to steal billions from witless fools”. Keiser added that XRP “will continue trending to zero against Bitcoin.” For him, BTC is the “Perfect Money sent by God to unfuck our money.”
XRP will continue trending to zero against #Bitcoin #Bitcoin is Perfect Money sent by God to unfuck our money. XRP is dogsh** pooped out by Brad to steal billions from witless fools like John Deaton. https://t.co/Q6twTS8Qy5
— Max Keiser (@maxkeiser) May 16, 2024
Notably, the Bitcoin OG deliberately refused to point out that XRP was actually launched in the market a few years before Garlinghouse took office at Ripple.
Keiser Lauds Centralized USDT
Although Max Keiser is a staunch Bitcoin advocate, he has recently started liking Tether’s USDT stablecoin. Keiser notes that USDT is centralized but still believes it’s a tool to obliterate the United States dollar.
Keiser then elaborated on why many people are converting their fiat money into USDT to access banking services. “Millions of people swap their fiat money for Tether because they don’t have bank accounts or access to banking services,” he tweeted, and “they use Tether like USD.”
It’s a centralized, play-money proxy to the $USD Millions of people swap their fiat money for Tether because they don’t have bank accounts or access to banking services. They use Tether like $USD Tether, in turn, swaps all the fiat money people send them for US Treasuries… https://t.co/CTuxLgsGst
— Max Keiser (@maxkeiser) May 16, 2024
Keiser’s endorsement of Tether could stem from the firm’s recent decision to allocate 15% of its net profits to purchasing BTC.
Meanwhile, Tether has minted another $1 billion worth of USDT on Ethereum and Tron over the past 24 hours, bringing its market cap above $111 billion. In the past year alone, Tether has minted a total of $31 billion USDT. Historically, Tether’s minting of USDT has catalyzed Bitcoin’s rally to new highs.
Max Keiser Slams XRP, Predicting Price Crash
Max Keiser, the advisor to El Salvador’s president, has again taken to the X social media platform to bash the Ripple-affiliated crypto XRP.
This time, Keiser claimed XRP was designed by Brad Garlinghouse, the Ripple chief executive officer, “to steal billions from witless fools”. Keiser added that XRP “will continue trending to zero against Bitcoin.” For him, BTC is the “Perfect Money sent by God to unfuck our money.”
XRP will continue trending to zero against #Bitcoin #Bitcoin is Perfect Money sent by God to unfuck our money. XRP is dogsh** pooped out by Brad to steal billions from witless fools like John Deaton. https://t.co/Q6twTS8Qy5
— Max Keiser (@maxkeiser) May 16, 2024
Notably, the Bitcoin OG deliberately refused to point out that XRP was actually launched in the market a few years before Garlinghouse took office at Ripple.
Keiser Lauds Centralized USDT
Although Max Keiser is a staunch Bitcoin advocate, he has recently started liking Tether’s USDT stablecoin. Keiser notes that USDT is centralized but still believes it’s a tool to obliterate the United States dollar.
Keiser then elaborated on why many people are converting their fiat money into USDT to access banking services. “Millions of people swap their fiat money for Tether because they don’t have bank accounts or access to banking services,” he tweeted, and “they use Tether like USD.”
It’s a centralized, play-money proxy to the $USD Millions of people swap their fiat money for Tether because they don’t have bank accounts or access to banking services. They use Tether like $USD Tether, in turn, swaps all the fiat money people send them for US Treasuries… https://t.co/CTuxLgsGst
— Max Keiser (@maxkeiser) May 16, 2024
Keiser’s endorsement of Tether could stem from the firm’s recent decision to allocate 15% of its net profits to purchasing BTC.
Meanwhile, Tether has minted another $1 billion worth of USDT on Ethereum and Tron over the past 24 hours, bringing its market cap above $111 billion. In the past year alone, Tether has minted a total of $31 billion USDT. Historically, Tether’s minting of USDT has catalyzed Bitcoin’s rally to new highs.
XRP: Ready for Lift Off or Grounded by Lawsuit?
XRP is hovering around $0.52, but buckle up - some analysts predict a wild ride to $5.85, $18.22, or even a mind-blowing $100! Hold your horses though, these extreme targets might be more fantasy than forecast.
The real story? A lawsuit between Ripple and the SEC is throwing shade on XRP's price. Every Ripple win in court sparks optimism for a price surge, but so far, XRP hasn't exactly rocketed. It's barely budged from last month.
Still, some analysts see a breakout on the horizon. Dark Defender predicts a jump to $5.85, then a moon landing at $18.22 (they were even more bullish earlier, whispering $20!). EGRAG CRYPTO tells the XRP crew to "stay steady" because a price explosion might be near.
One analyst, JackTheRippler, takes the cake with a prediction of a staggering $100. But let's face it, CryptoBull's 2023 prediction of a $470 XRP is pure fantasy. For that to happen, the entire crypto market cap would need to explode past $200 trillion - that's over 80 times what it is today!
The big question mark? The SEC lawsuit. It's been dragging on since 2020, but Ripple's recent court wins have some folks thinking the SEC is on the ropes. A Ripple victory could send XRP soaring, but a loss could clip its wings again, just like it did in 2020.
#Ripple
XRP is hovering around $0.52, but buckle up - some analysts predict a wild ride to $5.85, $18.22, or even a mind-blowing $100! Hold your horses though, these extreme targets might be more fantasy than forecast.
The real story? A lawsuit between Ripple and the SEC is throwing shade on XRP's price. Every Ripple win in court sparks optimism for a price surge, but so far, XRP hasn't exactly rocketed. It's barely budged from last month.
Still, some analysts see a breakout on the horizon. Dark Defender predicts a jump to $5.85, then a moon landing at $18.22 (they were even more bullish earlier, whispering $20!). EGRAG CRYPTO tells the XRP crew to "stay steady" because a price explosion might be near.
One analyst, JackTheRippler, takes the cake with a prediction of a staggering $100. But let's face it, CryptoBull's 2023 prediction of a $470 XRP is pure fantasy. For that to happen, the entire crypto market cap would need to explode past $200 trillion - that's over 80 times what it is today!
The big question mark? The SEC lawsuit. It's been dragging on since 2020, but Ripple's recent court wins have some folks thinking the SEC is on the ropes. A Ripple victory could send XRP soaring, but a loss could clip its wings again, just like it did in 2020.
#Ripple
Ripple Reveals Impressive Q1 XRP Growth in New Report
Fintech company Ripple has released its Q1 report, showcasing impressive growth and significant milestones for the XRP Ledger ecosystem and its native cryptocurrency, XRP.
The report indicates that XRP has seen a substantial increase in both volume and transactional activity.
In Q1, 2024, XRP spot volumes increased by 40% from Q4, 2023, to arrive at $865 million. Daily average XRP derivatives open interest increased by $500 million in Q1, 2024, compared to $460 million in Q4 of 2023. Spot volumes and open interest have remained highly correlated with overall market activity, suggesting robust XRP trading and activity across venues.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include:🇺🇸 Continued U.S. demand for BTC Spot ETFs📶 CEX & DEX volume growth⚖️ Key regulatory & legal updates🔗 Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
On-chain transactions grew by 108% last quarter, reaching 251,397,881 from 121,031,713 in Q4, 2023. The average cost per transaction in XRP fell by 44% in the past quarter, from 0.00262 to 0.00147.
The average transaction fee peaked in December as a result of the broad testing of inscriptions on XRPL. As a result, the decrease in average cost per transaction indicated a reset, as there was no network congestion during the quarter.
card
XRP burned for transaction fees increased by 101%, from 317,271 in Q4, 2023, to 636,184 in the first quarter of 2024. The dollar volume on DEX increased by 5% in the last quarter, from 54,907,170 to 57,618,270.
Meanwhile, the XRP price fell 5% over the last quarter, while the number of new wallets fell 11% to 185,809.
Ripple also disclosed information about its XRP holdings, which are divided into two categories: XRP that is currently available in its wallets, and XRP subject to on-ledger escrow lockups that will be released monthly over the next 42 months.
Ripple does not have access to the second category of XRP until the escrow releases it to them monthly. Every month, the vast majority of the XRP released is returned to the escrow account.
As of March 31, 2024, Ripple held 4,836,166,156 XRP, whereas the total XRP subject to on-ledger escrow was 40,100,000.005.
The report indicates that XRP has seen a substantial increase in both volume and transactional activity.
In Q1, 2024, XRP spot volumes increased by 40% from Q4, 2023, to arrive at $865 million. Daily average XRP derivatives open interest increased by $500 million in Q1, 2024, compared to $460 million in Q4 of 2023. Spot volumes and open interest have remained highly correlated with overall market activity, suggesting robust XRP trading and activity across venues.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include:🇺🇸 Continued U.S. demand for BTC Spot ETFs📶 CEX & DEX volume growth⚖️ Key regulatory & legal updates🔗 Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
On-chain transactions grew by 108% last quarter, reaching 251,397,881 from 121,031,713 in Q4, 2023. The average cost per transaction in XRP fell by 44% in the past quarter, from 0.00262 to 0.00147.
The average transaction fee peaked in December as a result of the broad testing of inscriptions on XRPL. As a result, the decrease in average cost per transaction indicated a reset, as there was no network congestion during the quarter.
card
XRP burned for transaction fees increased by 101%, from 317,271 in Q4, 2023, to 636,184 in the first quarter of 2024. The dollar volume on DEX increased by 5% in the last quarter, from 54,907,170 to 57,618,270.
Meanwhile, the XRP price fell 5% over the last quarter, while the number of new wallets fell 11% to 185,809.
Ripple also disclosed information about its XRP holdings, which are divided into two categories: XRP that is currently available in its wallets, and XRP subject to on-ledger escrow lockups that will be released monthly over the next 42 months.
Ripple does not have access to the second category of XRP until the escrow releases it to them monthly. Every month, the vast majority of the XRP released is returned to the escrow account.
As of March 31, 2024, Ripple held 4,836,166,156 XRP, whereas the total XRP subject to on-ledger escrow was 40,100,000.005.
7 Reasons Dogecoin (DOGE) Could Flip Ripple’s XRP in 2024
Dogecoin’s total market capitalization was $19.8 billion at the time of writing, with the hash work-powered meme currency trading at $0.145.
Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap.
The Ripple lawsuit versus the US SEC could be over as soon as this summer, according to one legal expert. That would be the end of an ongoing headwind for XRP and portend a rise in its fortunes.
But here are seven reasons why Dogecoin could flip Ripple’s market cap later this year with one or two little green candles.
1. Elon Musk
The circle will be complete pic.twitter.com/QkT7K9QBJF
— Elon Musk (@elonmusk) March 25, 2024
Dogecoin has Elon Musk. That’s such enormous credibility and publicity. Ripple needs a champion with a similar cachet to stay ahead of DOGE.
The closest it has so far is Gary Gensler. After all, the SEC Chairman’s fierce opposition to XRP signals to investors that it might be very disruptive in global finance and deliver big returns for the money invested.
DOGE traded for $0.003 a coin back in April 2019 when the Tesla and SpaceX leader tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” That’s a +4,600% gain for the OG meme coin in five years’ time for an average annualized return on investment of +920%.
2. Dogecoin Large Holders Inflows Up 582%
Dogecoin large holder inflows surged 582% in 24 hours on May 4, in a very bullish move for the asset. At the same time, Ripple whales are moving their XRP tokens onto exchanges in a bearish sign.
Crypto Daily Trade Signals, a popular Dogecoin YouTube channel, reported, “Data from IntoTheBlock reveals a substantial rise in Large Holders Inflow, soaring from 129.63 million DOGE to an impressive 754.75 million DOGE, equivalent to approximately $116.98 million.”
28,240,000 #XRP (14,948,393 USD) transferred from unknown wallet to #Bitstamphttps://t.co/i2ylQpwXGx
— Whale Alert (@whale_alert) May 5, 2024
Meanwhile, XRP saw huge whale-sized moves onto exchanges in May. On the 5th, there was a transaction that pushed 28,240,000 XRP (worth 14,948,393 USD at the time) onto Bitstamp in a potentially bearish signal for Ripple’s token.
Then, on May 12th, another 30,230,000 worth of Ripple moved from an unknown wallet onto Bitstamp, according to Whale Alert data.
3. Tesla Adds Dogecoin For Payments
Tesla, Inc. has accepted Doge for years – for company beanie caps and t-shirts. This month, for the first time ever, the electric car maker began to accept DOGE payments for new cars and trucks. Very rad. Dogecoin surged by 21% following the introduction.
Musk said back in March that he thought Tesla should add support for Dogecoin payments.
XRP has some pretty wow partnerships, too, and continues to bring more corporate brands into the conspiracy. But many of these are with big foreign banks and governments. They will take many years to see fruition compared to the instant boost to the Doge economy’s network effects. Other companies that accept Doge include Microsoft, AMC, Twitch, and Newegg.
4. Much Meme Power
Simply put, Doge memes have enormous power on the Internet, especially in the nerdy tech quarter that has deep pockets to move markets.
Ripple is more like a TradFi bank than Doge, despite its decentralization, and probably doesn’t want a furry mascot to boost its popularity in the near term. Maybe that shouldn’t matter. But to crypto bros, it does.
2023’s top gainers were mostly meme coins. Q1 2024’s crypto leader was also a meme coin – PopCat.
5. Very Teamwork, Such Clout
VanEck’s @MarketVector launches $MEMECOIN index, top 6 assets, 30% cap. Warns potential customers: “These coins are intended for entertainment purposes” pic.twitter.com/ihjhfCNIR4
— matthew sigel, recovering CFA (@matthew_sigel) May 8, 2024
Dogecoin’s peers are unstoppable!
The currency’s meme power has translated to real economic disruptions with many zeros and commas on them. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered altcoin investors world-class gains over the past 12 months.
New York City ETF fund manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies on the index, five are Doge memes.
6. Proof of Work Power
Even during periods like the past week, when meme coins have led losses among cryptos (after leading gains in the prior week), Doge’s price has staying power with its crypto mining/proof-of-work investors.
Dogecoin is a Dec. 2013 fork of the original Bitcoin blockchain launched in Jan. 2009. It operates in much the same way as the BTC network and investors choose it because its electricity requirement to participate helps prevent inflation and hold buying power.
Environmentalists who are weary of central bank currency are also leaning into PoW chains. Proof-of-Work has harnessed the digital economy to the petroleum/alternative energy industry. It’s the world’s biggest bounty for cheaper sources of electricity.
The future of toilet paper pic.twitter.com/I5THg684tz
— Arsen | Bitcoin Therapy (@satoshibaggins) May 9, 2024
7. Fed Rate Cuts Later This Year
The Fed may hold rates steady in June, but the Bank of England could start the race to debt revaluation with rate cuts next month.
Many economists, analysts, and commentators still expect a Fed rate cut sometime later this year, especially if consumer price deflation continues to roll over to April and May.
Either way, after the recent $1.2 trillion spending bill in March to fund the U.S. government for six more months, Washington is pacing to spend $2.4 trillion annually. When that happens, it usually pushes prices up and seriously aggravates the crypto markets’ already voracious demand for inflation shelters like Bitcoin and Dogecoin.
Bottom Line for Investors
Digital assets are held at risk of loss, and there is no way to guarantee how markets will perform in the future. But, based on the fundamental considerations listed above, Dogecoin’s price could be undervalued at $0.14 after falling from its $0.22 peak in March.
The post 7 Reasons Dogecoin (DOGE) Could Flip Ripple’s XRP in 2024 appeared first on CryptoPotato.
Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap.
The Ripple lawsuit versus the US SEC could be over as soon as this summer, according to one legal expert. That would be the end of an ongoing headwind for XRP and portend a rise in its fortunes.
But here are seven reasons why Dogecoin could flip Ripple’s market cap later this year with one or two little green candles.
1. Elon Musk
The circle will be complete pic.twitter.com/QkT7K9QBJF
— Elon Musk (@elonmusk) March 25, 2024
Dogecoin has Elon Musk. That’s such enormous credibility and publicity. Ripple needs a champion with a similar cachet to stay ahead of DOGE.
The closest it has so far is Gary Gensler. After all, the SEC Chairman’s fierce opposition to XRP signals to investors that it might be very disruptive in global finance and deliver big returns for the money invested.
DOGE traded for $0.003 a coin back in April 2019 when the Tesla and SpaceX leader tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” That’s a +4,600% gain for the OG meme coin in five years’ time for an average annualized return on investment of +920%.
2. Dogecoin Large Holders Inflows Up 582%
Dogecoin large holder inflows surged 582% in 24 hours on May 4, in a very bullish move for the asset. At the same time, Ripple whales are moving their XRP tokens onto exchanges in a bearish sign.
Crypto Daily Trade Signals, a popular Dogecoin YouTube channel, reported, “Data from IntoTheBlock reveals a substantial rise in Large Holders Inflow, soaring from 129.63 million DOGE to an impressive 754.75 million DOGE, equivalent to approximately $116.98 million.”
28,240,000 #XRP (14,948,393 USD) transferred from unknown wallet to #Bitstamphttps://t.co/i2ylQpwXGx
— Whale Alert (@whale_alert) May 5, 2024
Meanwhile, XRP saw huge whale-sized moves onto exchanges in May. On the 5th, there was a transaction that pushed 28,240,000 XRP (worth 14,948,393 USD at the time) onto Bitstamp in a potentially bearish signal for Ripple’s token.
Then, on May 12th, another 30,230,000 worth of Ripple moved from an unknown wallet onto Bitstamp, according to Whale Alert data.
3. Tesla Adds Dogecoin For Payments
Tesla, Inc. has accepted Doge for years – for company beanie caps and t-shirts. This month, for the first time ever, the electric car maker began to accept DOGE payments for new cars and trucks. Very rad. Dogecoin surged by 21% following the introduction.
Musk said back in March that he thought Tesla should add support for Dogecoin payments.
XRP has some pretty wow partnerships, too, and continues to bring more corporate brands into the conspiracy. But many of these are with big foreign banks and governments. They will take many years to see fruition compared to the instant boost to the Doge economy’s network effects. Other companies that accept Doge include Microsoft, AMC, Twitch, and Newegg.
4. Much Meme Power
Simply put, Doge memes have enormous power on the Internet, especially in the nerdy tech quarter that has deep pockets to move markets.
Ripple is more like a TradFi bank than Doge, despite its decentralization, and probably doesn’t want a furry mascot to boost its popularity in the near term. Maybe that shouldn’t matter. But to crypto bros, it does.
2023’s top gainers were mostly meme coins. Q1 2024’s crypto leader was also a meme coin – PopCat.
5. Very Teamwork, Such Clout
VanEck’s @MarketVector launches $MEMECOIN index, top 6 assets, 30% cap. Warns potential customers: “These coins are intended for entertainment purposes” pic.twitter.com/ihjhfCNIR4
— matthew sigel, recovering CFA (@matthew_sigel) May 8, 2024
Dogecoin’s peers are unstoppable!
The currency’s meme power has translated to real economic disruptions with many zeros and commas on them. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered altcoin investors world-class gains over the past 12 months.
New York City ETF fund manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies on the index, five are Doge memes.
6. Proof of Work Power
Even during periods like the past week, when meme coins have led losses among cryptos (after leading gains in the prior week), Doge’s price has staying power with its crypto mining/proof-of-work investors.
Dogecoin is a Dec. 2013 fork of the original Bitcoin blockchain launched in Jan. 2009. It operates in much the same way as the BTC network and investors choose it because its electricity requirement to participate helps prevent inflation and hold buying power.
Environmentalists who are weary of central bank currency are also leaning into PoW chains. Proof-of-Work has harnessed the digital economy to the petroleum/alternative energy industry. It’s the world’s biggest bounty for cheaper sources of electricity.
The future of toilet paper pic.twitter.com/I5THg684tz
— Arsen | Bitcoin Therapy (@satoshibaggins) May 9, 2024
7. Fed Rate Cuts Later This Year
The Fed may hold rates steady in June, but the Bank of England could start the race to debt revaluation with rate cuts next month.
Many economists, analysts, and commentators still expect a Fed rate cut sometime later this year, especially if consumer price deflation continues to roll over to April and May.
Either way, after the recent $1.2 trillion spending bill in March to fund the U.S. government for six more months, Washington is pacing to spend $2.4 trillion annually. When that happens, it usually pushes prices up and seriously aggravates the crypto markets’ already voracious demand for inflation shelters like Bitcoin and Dogecoin.
Bottom Line for Investors
Digital assets are held at risk of loss, and there is no way to guarantee how markets will perform in the future. But, based on the fundamental considerations listed above, Dogecoin’s price could be undervalued at $0.14 after falling from its $0.22 peak in March.
The post 7 Reasons Dogecoin (DOGE) Could Flip Ripple’s XRP in 2024 appeared first on CryptoPotato.
SEC Never Loses? Veteran Labels Ripple Case Mixed Verdict
In a notable development, the SEC has appointed a new director of the Chicago Regional Office, the commission’s second-largest regional office. Amid the backdrop of this appointment, the ongoing discourse around cryptocurrency regulation has been reignited.
Crypto enthusiasts quickly questioned the new director's stance on crypto, hinting at the pervasive uncertainty within the industry about regulatory attitudes.
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However, Marc Fagel, a former SEC worker and specialist in security law enforcement, clarified that personal stances on crypto are irrelevant in such regulatory roles. According to Fagel, the primary focus for individuals in these positions is the enforcement of federal securities laws, not personal opinions on cryptocurrencies.
Fagel’s remarks come at a time when the SEC's approach to cryptocurrency enforcement remains a contentious issue. Critics argue that the federal securities laws are outdated and frequently misapplied to cryptocurrency protocols and foundations.
The SEC has yet to lose a crypto enforcement action on the merits (Ripple was a mixed result); so the courts say you're wrong.
— Marc Fagel (@Marc_Fagel) May 16, 2024
Fagel countered this criticism by emphasizing the SEC's track record in crypto enforcement actions, noting that the SEC has yet to lose a case on the merits. He acknowledged that the Ripple case was a mixed result but underscored that the courts have generally upheld the SEC's positions.
SEC v. Ripple
The Ripple case, presided over by Judge Analisa Torres, has been particularly significant. In her ruling on July 13, 2023, Torres determined that while the XRP token itself is not a security, the manner in which it was sold could constitute the sale of a security.
Specifically, institutional sales of XRP were deemed unregistered offers and sales of investment contracts, while programmatic sales and other XRP transactions by Ripple were not.
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Currently, the Ripple case has moved to the remedies phase, with the SEC demanding a $1.9 billion fine, a figure the company contests, suggesting the penalty should not exceed $10 million.
Crypto enthusiasts quickly questioned the new director's stance on crypto, hinting at the pervasive uncertainty within the industry about regulatory attitudes.
card
However, Marc Fagel, a former SEC worker and specialist in security law enforcement, clarified that personal stances on crypto are irrelevant in such regulatory roles. According to Fagel, the primary focus for individuals in these positions is the enforcement of federal securities laws, not personal opinions on cryptocurrencies.
Fagel’s remarks come at a time when the SEC's approach to cryptocurrency enforcement remains a contentious issue. Critics argue that the federal securities laws are outdated and frequently misapplied to cryptocurrency protocols and foundations.
The SEC has yet to lose a crypto enforcement action on the merits (Ripple was a mixed result); so the courts say you're wrong.
— Marc Fagel (@Marc_Fagel) May 16, 2024
Fagel countered this criticism by emphasizing the SEC's track record in crypto enforcement actions, noting that the SEC has yet to lose a case on the merits. He acknowledged that the Ripple case was a mixed result but underscored that the courts have generally upheld the SEC's positions.
SEC v. Ripple
The Ripple case, presided over by Judge Analisa Torres, has been particularly significant. In her ruling on July 13, 2023, Torres determined that while the XRP token itself is not a security, the manner in which it was sold could constitute the sale of a security.
Specifically, institutional sales of XRP were deemed unregistered offers and sales of investment contracts, while programmatic sales and other XRP transactions by Ripple were not.
card
Currently, the Ripple case has moved to the remedies phase, with the SEC demanding a $1.9 billion fine, a figure the company contests, suggesting the penalty should not exceed $10 million.
Ripple’s Africa Expansion Plans Puts XRP on Path to Coveted $1 Price Target
Ripple’s recent announcement of its ambitious plans to expand into Africa has boosted XRP’s trajectory. With the crypto asset now trading at $0.52, the crypto community speculates whether XRP can push past its next resistance level of $0.55 and potentially reach $1.
Ripple, a major leader in cross-border payment solutions, is set to introduce its XRP Ledger (XRPL) and a suite of crypto-native services, including custody solutions, to the African continent.
Reece Merrick, Managing Director Middle East, Africa for @Ripple, says they are best known for payments but stepping into " crypto native services" (custody) and supporting the #XRPL program in the region. https://t.co/MzySaYOw5A "Looking to expand quite heavily here" pic.twitter.com/RfVE7xUjpH
— Crypto Eri Carpe Diem (@sentosumosaba) May 17, 2024
This strategic move is in partnership with MFS Africa, a leading payments firm operating in 35 African countries. Ripple’s On-Demand Liquidity (ODL) product, which leverages XRP to facilitate swift and cost-effective cross-border transactions, will be at the forefront of this expansion.
This collaboration aims to streamline and enhance the efficiency of the region’s remittances and other payment processes, tapping into a vast market with significant growth potential. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s commitment to establishing a robust presence in emerging markets through innovative crypto services.
Market Reaction and XRP Price Surge
The announcement had an immediate impact on XRP’s market performance. The cryptocurrency increased from $0.48 to $0.52, reflecting a 1.4% rise. This surge underscores the market’s positive reception to Ripple’s strategic expansion plans and its potential to drive further adoption of XRP across the African market.
XRP’s market capitalization currently stands at $28.7 billion, and its 48-hour trading volume has reached $1.1 billion, indicating strong investor interest and trading activity. Technical indicators suggest XRP could see further gains, with the next resistance level at $0.55. If bullish momentum continues, the digital asset might target the $1 mark, a significant psychological and technical milestone.
Ripple’s foray into Africa is part of a broader vision to leverage blockchain technology for various financial services beyond cross-border payments. The introduction of custody services and other crypto-native solutions reflects Ripple’s strategy to diversify its offerings and provide comprehensive financial tools to businesses and consumers in the region.
This expansion comes amidst Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Ripple of selling XRP as an unregistered security and is seeking approximately $2 billion in fines. Ripple, however, disputes this figure, arguing that the appropriate penalty should be around $10 million. Despite these legal challenges, Ripple continues to pursue its growth agenda.
XRP Technical Analysis and Prediction
XRP has struggled to gain momentum, consistently hitting a wall at the $0.55 resistance level. This stagnation is evident across various timeframes, with the cryptocurrency experiencing declines over the past month, week, and even the last 24 hours. Currently, XRP is trading at $0.52, a slight uptick from its position a week ago.
Despite the sluggish market, analysts offer a more hopeful outlook. They forecast a notable rise for XRP, suggesting that the coin could reach $0.65 by mid-week. This would mark an impressive gain of over 25%.
From a technical analysis perspective, breaking past the $0.55 resistance is crucial for XRP to enter a bullish phase. If the analysts’ optimistic forecast materializes, it could reinvigorate investor confidence and drive further price increases. Conversely, failure to break this barrier might lead to a period of consolidation, with prices potentially stabilizing around $0.50.
The primary challenge with XRP is that its value is largely driven by its underlying fundamentals rather than market hype. As a result, big returns might take longer to materialize.
Ripple, a major leader in cross-border payment solutions, is set to introduce its XRP Ledger (XRPL) and a suite of crypto-native services, including custody solutions, to the African continent.
Reece Merrick, Managing Director Middle East, Africa for @Ripple, says they are best known for payments but stepping into " crypto native services" (custody) and supporting the #XRPL program in the region. https://t.co/MzySaYOw5A "Looking to expand quite heavily here" pic.twitter.com/RfVE7xUjpH
— Crypto Eri Carpe Diem (@sentosumosaba) May 17, 2024
This strategic move is in partnership with MFS Africa, a leading payments firm operating in 35 African countries. Ripple’s On-Demand Liquidity (ODL) product, which leverages XRP to facilitate swift and cost-effective cross-border transactions, will be at the forefront of this expansion.
This collaboration aims to streamline and enhance the efficiency of the region’s remittances and other payment processes, tapping into a vast market with significant growth potential. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s commitment to establishing a robust presence in emerging markets through innovative crypto services.
Market Reaction and XRP Price Surge
The announcement had an immediate impact on XRP’s market performance. The cryptocurrency increased from $0.48 to $0.52, reflecting a 1.4% rise. This surge underscores the market’s positive reception to Ripple’s strategic expansion plans and its potential to drive further adoption of XRP across the African market.
XRP’s market capitalization currently stands at $28.7 billion, and its 48-hour trading volume has reached $1.1 billion, indicating strong investor interest and trading activity. Technical indicators suggest XRP could see further gains, with the next resistance level at $0.55. If bullish momentum continues, the digital asset might target the $1 mark, a significant psychological and technical milestone.
Ripple’s foray into Africa is part of a broader vision to leverage blockchain technology for various financial services beyond cross-border payments. The introduction of custody services and other crypto-native solutions reflects Ripple’s strategy to diversify its offerings and provide comprehensive financial tools to businesses and consumers in the region.
This expansion comes amidst Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Ripple of selling XRP as an unregistered security and is seeking approximately $2 billion in fines. Ripple, however, disputes this figure, arguing that the appropriate penalty should be around $10 million. Despite these legal challenges, Ripple continues to pursue its growth agenda.
XRP Technical Analysis and Prediction
XRP has struggled to gain momentum, consistently hitting a wall at the $0.55 resistance level. This stagnation is evident across various timeframes, with the cryptocurrency experiencing declines over the past month, week, and even the last 24 hours. Currently, XRP is trading at $0.52, a slight uptick from its position a week ago.
Despite the sluggish market, analysts offer a more hopeful outlook. They forecast a notable rise for XRP, suggesting that the coin could reach $0.65 by mid-week. This would mark an impressive gain of over 25%.
From a technical analysis perspective, breaking past the $0.55 resistance is crucial for XRP to enter a bullish phase. If the analysts’ optimistic forecast materializes, it could reinvigorate investor confidence and drive further price increases. Conversely, failure to break this barrier might lead to a period of consolidation, with prices potentially stabilizing around $0.50.
The primary challenge with XRP is that its value is largely driven by its underlying fundamentals rather than market hype. As a result, big returns might take longer to materialize.
Ripple’s XRP Holdings Drop Below 45% Amid Surge in Trading Volume
The post Ripple’s XRP Holdings Drop Below 45% Amid Surge In Trading Volume appeared first on Coinpedia Fintech News
The U.S.-based financial technology company Ripple now holds 44.9 billion XRP, with 40 billion currently in escrow, having sold over 841 million tokens in Q1 2024. A recent XRP Market report for Q1 2024 by Ripple highlights a 40% jump in trading volumes amid the SEC and regulatory challenges.
On the other hand, the report also notes that XRP holdings dropped to 44.94 billion tokens by March 31, 2024, the first time Ripple’s holdings fell below 45% of XRP’s max supply.
XRP Spot Volumes Surge 40%
According to Ripple’s Q1 2024 XRP Markets report, published on May 17, 2024, the company highlighted significant developments in the XRP markets and the broader crypto space.
The report shows substantial growth in XRP spot trading volumes, reaching $865 million in Q1 2024, a 40% increase from Q4 2023. The average daily open interest in derivatives also increased to $500 million, up from the previous quarter’s $460 million.
Financial data providers like CCData have noted that most contributions come from major exchanges such as Binance, Coinbase, Bitstamp, and Upbit, indicating strong trading activity across multiple platforms.
Ripple’s XRP Sales in Q1 2024
Further into the report, Ripple disclosed that its XRP holdings dropped to 44.94 billion tokens by March 31, 2024, marking the first time the company’s holdings fell below 45% of XRP’s maximum supply.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include: Continued U.S. demand for BTC Spot ETFs CEX & DEX volume growth Key regulatory & legal updates Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
During the first quarter, Ripple sold 841.5 million XRP, equivalent to $440.6 million at the current price of $0.5236 per XRP. This represents a 16% decrease in sales compared to the previous quarter, where 1.006 billion XRP were sold.
Out of Ripple’s 44.94 billion XRP holdings, 40.1 billion are in escrow, subject to monthly releases. As of the latest data, this escrow balance has further decreased to 39.7 billion XRP due to additional sales in April and May.
Moreover, ripple’s spendable balance stands at 4.84 billion XRP, down by 237 million from the previous quarter.
Ripple’s Continuous XRP Sales
Ripple’s ongoing XRP sales have raised concerns among some market participants about the potential impact on XRP’s performance. However, Ripple CTO David Schwartz has clarified these concerns, highlighting that XRP’s inflation rate is lower than other cryptocurrencies like Solana, which have performed well.
Schwartz explained that Ripple needs to reduce its XRP holdings significantly and that options like burning tokens would not positively impact the price, referencing the Stellar example.
Despite these challenges, XRP’s price remains bullish. After testing support at an intra-day low of $0.514, XRP rose to $0.52, reflecting a 1.195% increase.
The U.S.-based financial technology company Ripple now holds 44.9 billion XRP, with 40 billion currently in escrow, having sold over 841 million tokens in Q1 2024. A recent XRP Market report for Q1 2024 by Ripple highlights a 40% jump in trading volumes amid the SEC and regulatory challenges.
On the other hand, the report also notes that XRP holdings dropped to 44.94 billion tokens by March 31, 2024, the first time Ripple’s holdings fell below 45% of XRP’s max supply.
XRP Spot Volumes Surge 40%
According to Ripple’s Q1 2024 XRP Markets report, published on May 17, 2024, the company highlighted significant developments in the XRP markets and the broader crypto space.
The report shows substantial growth in XRP spot trading volumes, reaching $865 million in Q1 2024, a 40% increase from Q4 2023. The average daily open interest in derivatives also increased to $500 million, up from the previous quarter’s $460 million.
Financial data providers like CCData have noted that most contributions come from major exchanges such as Binance, Coinbase, Bitstamp, and Upbit, indicating strong trading activity across multiple platforms.
Ripple’s XRP Sales in Q1 2024
Further into the report, Ripple disclosed that its XRP holdings dropped to 44.94 billion tokens by March 31, 2024, marking the first time the company’s holdings fell below 45% of XRP’s maximum supply.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include: Continued U.S. demand for BTC Spot ETFs CEX & DEX volume growth Key regulatory & legal updates Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
During the first quarter, Ripple sold 841.5 million XRP, equivalent to $440.6 million at the current price of $0.5236 per XRP. This represents a 16% decrease in sales compared to the previous quarter, where 1.006 billion XRP were sold.
Out of Ripple’s 44.94 billion XRP holdings, 40.1 billion are in escrow, subject to monthly releases. As of the latest data, this escrow balance has further decreased to 39.7 billion XRP due to additional sales in April and May.
Moreover, ripple’s spendable balance stands at 4.84 billion XRP, down by 237 million from the previous quarter.
Ripple’s Continuous XRP Sales
Ripple’s ongoing XRP sales have raised concerns among some market participants about the potential impact on XRP’s performance. However, Ripple CTO David Schwartz has clarified these concerns, highlighting that XRP’s inflation rate is lower than other cryptocurrencies like Solana, which have performed well.
Schwartz explained that Ripple needs to reduce its XRP holdings significantly and that options like burning tokens would not positively impact the price, referencing the Stellar example.
Despite these challenges, XRP’s price remains bullish. After testing support at an intra-day low of $0.514, XRP rose to $0.52, reflecting a 1.195% increase.
Ripple v. SEC: What's Next as Legal Battle Rages On
Ripple has hinted at the next steps in its ongoing lawsuit with the United States Securities and Exchange Commission (SEC). In its most recent Q1 report, Ripple expresses anticipation for a pivotal moment in the case: the judge's decision on the final remedies, which is expected in the coming months.
Ripple's leadership remains confident in the strength of their legal arguments and that the judge will approach the remedies phase fairly.
"In terms of next steps, both parties will wait for the Judge to make a determination on the final remedies - likely in the coming months. Ripple remains confident that the Judge will approach the remedies phase fairly," the company stated in its Q1 2024 XRP Markets Report.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include:🇺🇸 Continued U.S. demand for BTC Spot ETFs📶 CEX & DEX volume growth⚖️ Key regulatory & legal updates🔗 Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
The judge's decision on the final remedies will have far-reaching consequences for Ripple and the whole crypto market. If the court rules in favor of Ripple, it may set a precedent for digital assets in the United States. In contrast, a finding in favor of the SEC might result in more regulatory scrutiny for other cryptocurrencies, potentially stifling innovation in the industry.
Throwback to timelines in remedies phase
The SEC filed a request for remedies against Ripple for institutional XRP sales with the court on March 22. The SEC has requested roughly $2 billion from the court, which includes $900 million in disgorgement, $200 million in prejudgment interest on the disgorgement request and $900 million in penalties. The SEC also requested an injunction.
Ripple submitted its response to the SEC's request on April 22, stating that the law does not allow for disgorgement if the SEC has not demonstrated that anyone was harmed.
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Ripple argued that a penalty of no more than $10 million would be appropriate in a case involving no fraud or recklessness allegations. The SEC replied to Ripple’s brief on May 6.
While the specific timing for the judge's decision is unknown, Ripple's recent statements suggest that they are preparing for a resolution within the next few months.
This period of anticipation is marked by cautious optimism, as stakeholders across the crypto industry await the outcome that could shape the future of digital asset regulation.
Ripple's leadership remains confident in the strength of their legal arguments and that the judge will approach the remedies phase fairly.
"In terms of next steps, both parties will wait for the Judge to make a determination on the final remedies - likely in the coming months. Ripple remains confident that the Judge will approach the remedies phase fairly," the company stated in its Q1 2024 XRP Markets Report.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include:🇺🇸 Continued U.S. demand for BTC Spot ETFs📶 CEX & DEX volume growth⚖️ Key regulatory & legal updates🔗 Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
The judge's decision on the final remedies will have far-reaching consequences for Ripple and the whole crypto market. If the court rules in favor of Ripple, it may set a precedent for digital assets in the United States. In contrast, a finding in favor of the SEC might result in more regulatory scrutiny for other cryptocurrencies, potentially stifling innovation in the industry.
Throwback to timelines in remedies phase
The SEC filed a request for remedies against Ripple for institutional XRP sales with the court on March 22. The SEC has requested roughly $2 billion from the court, which includes $900 million in disgorgement, $200 million in prejudgment interest on the disgorgement request and $900 million in penalties. The SEC also requested an injunction.
Ripple submitted its response to the SEC's request on April 22, stating that the law does not allow for disgorgement if the SEC has not demonstrated that anyone was harmed.
card
Ripple argued that a penalty of no more than $10 million would be appropriate in a case involving no fraud or recklessness allegations. The SEC replied to Ripple’s brief on May 6.
While the specific timing for the judge's decision is unknown, Ripple's recent statements suggest that they are preparing for a resolution within the next few months.
This period of anticipation is marked by cautious optimism, as stakeholders across the crypto industry await the outcome that could shape the future of digital asset regulation.
Weekly Crypto Analysis: Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot
According to CryptoPotato, this week's analysis of the cryptocurrency market focuses on Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot. Ethereum (ETH) experienced a 7% price increase this week after testing the support at $2,800. Despite making a new yearly low against Bitcoin, Ethereum's resistance is at $3,350 and could be tested by the bulls if the current momentum continues. The cryptocurrency could potentially return to an uptrend soon.
Ripple (XRP) saw a 4% price increase this week, with buyers eager to test the key resistance at 54 cents. The daily MACD turned bullish, indicating that Ripple may be ready to move higher. A decisive breakout above 54 cents is needed to confirm this. If successful, the next target will be 68 cents.
Cardano (ADA) broke the resistance at 46 cents and is currently poised to move towards 60 cents. The price increased by 7.5% this week. The 46 cents level has not yet been confirmed as support, but this could occur as buyers and sellers test their strength. The overall bias on this action is bullish, but continuation is needed to be confident ADA can move higher.
Shiba Inu (SHIB) is keen to break the resistance at $0.000025. If successful, the price could go towards $0.000030. The price found good support at $0.000020 and managed to bring bulls back, but a clear breakout of the current resistance still needs to happen. The buy volume for SHIB has increased in the past few days, suggesting optimism for the next leg up.
Polkadot (DOT) remains in a range between $6.3 and $7.6. However, buyers seem to have the upper hand lately as the market is turning bullish. The price also closed the week with a 6% price increase. On the daily timeframe, DOT did a MACD bullish cross in the past few days which has materialized with higher highs in price. The true test will be the resistance at $7.6 which is also the current target for this price action. A clear breakout from this level may see the price approach double digits again later this month.
Ripple (XRP) saw a 4% price increase this week, with buyers eager to test the key resistance at 54 cents. The daily MACD turned bullish, indicating that Ripple may be ready to move higher. A decisive breakout above 54 cents is needed to confirm this. If successful, the next target will be 68 cents.
Cardano (ADA) broke the resistance at 46 cents and is currently poised to move towards 60 cents. The price increased by 7.5% this week. The 46 cents level has not yet been confirmed as support, but this could occur as buyers and sellers test their strength. The overall bias on this action is bullish, but continuation is needed to be confident ADA can move higher.
Shiba Inu (SHIB) is keen to break the resistance at $0.000025. If successful, the price could go towards $0.000030. The price found good support at $0.000020 and managed to bring bulls back, but a clear breakout of the current resistance still needs to happen. The buy volume for SHIB has increased in the past few days, suggesting optimism for the next leg up.
Polkadot (DOT) remains in a range between $6.3 and $7.6. However, buyers seem to have the upper hand lately as the market is turning bullish. The price also closed the week with a 6% price increase. On the daily timeframe, DOT did a MACD bullish cross in the past few days which has materialized with higher highs in price. The true test will be the resistance at $7.6 which is also the current target for this price action. A clear breakout from this level may see the price approach double digits again later this month.
Ripple’s Regulatory Wins Ignite XRP Rally Hopes: Expert Eyes Breakout, Highlights Key Price Indic...
In a video from NCashOfficial’s Daily Crypto & Finance News YouTube channel, host Nick delved into Ripple’s proactive involvement in shaping the regulatory space of cryptocurrency. Notably, the discussion centered around Ripple’s strategic moves within the European Union (EU). Moreover, cryptocurrency analyst EGRAG CRYPTO in his analysis highlighted XRP’s potential price trajectory.
Ripple’s Regulatory Strategy Unfolds
Ripple has been actively establishing a strong regulatory foothold across multiple jurisdictions. The company has set up an office in Ireland and is working closely with the Central Bank of Ireland to obtain a virtual asset service provider license and an e-money license.
Additionally, Ripple has secured a major payments institution license from the Monetary Authority of Singapore and is optimistic about regulatory clearance in Dubai by the end of the year. Furthermore, Ripple operates under regulatory supervision in Japan through a joint venture and has an agreement with the Central Bank of Brazil.
On May 24th, 2024, Ripple will host a panel discussion moderated by key industry figures, including Stuart Alderoty, Ripple’s General Counsel. This event is expected to provide significant insights into regulatory developments.
Moreover, Ripple is actively engaging with regulators and policymakers to shape the future of cryptocurrency regulation, particularly in discussions around the Markets in Crypto-Assets (MiCA) regulation, set to be implemented in December 2024.
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Show more +Show less – Ripple’s Preparedness for Regulation
Ripple’s proactive approach in securing necessary licenses and establishing regulatory compliance frameworks positions it as a leader in the industry. The company aims to use its licenses not only to operate within specific regions but also to passport these licenses through the EU and other markets, ensuring widespread regulatory compliance. Ripple has been preparing for regulatory changes for a long time, positioning XRP as a utility token ready for regulatory compliance.
Nick emphasizes that Ripple’s involvement in global regulatory discussions is a strategic advantage. With the EU’s regulatory framework likely to influence other regions, including the UK and the US, Ripple’s strategic moves are expected to help it capture a significant share of the global cross-border payments market, with projections of up to 80% within the next decade.
XRP Price Analysis
EGRAG CRYPTO, a notable analyst in the XRP community, shared an insightful tweet detailing a market development for XRP. He introduced the concept of the “Genuine Wake-Up Line,” highlighting its critical role in XRP’s potential breakout.
EGRAG explained that this line incorporates highs from 2021 and forms a white Triangle pattern. He anticipates XRP to break past the “Genuine Wake-Up Line” with unwavering conviction, predicting an initial target of $1.5 within the white Triangle.
Read also: Top Analyst Predicts 25% Bitcoin Price Surge if this Key BTC Resistance Breaks – Here’s His Outlook
Furthermore, EGRAG discussed a more ambitious projection of $7.5 within the Blue Triangle, emphasizing the need for XRP to undergo a retest for a full upward swing. Additionally, e highlighted that this $7.5 target represents wave 1 within a broader MACRO wave 3, hinting at a potential three-digit target in the long term.
EGRAG’s analysis underscores the importance of XRP breaking through key resistance levels and maintaining momentum to achieve these projected milestones. Hence, his tweet, filled with technical insights, aims to guide the XRP community in navigating the complex market dynamics and preparing for potential significant gains.
Key Initiatives and Collaborations
Ripple’s extended collaboration with SuperHow on the Axiology project stands out as a key initiative to explore the possibilities of the EU DLT Pilot Regime. Moreover, this project aims to test and assure the resilience and security of digital assets, positioning Ripple at the forefront of blockchain innovation.
Additionally, Ripple is actively focusing on institutional custody solutions and blockchain adoption. Besides, this strategy aligns with broader regulatory frameworks, including the Digital Operational Resilience Act (DORA) and the Transfer of Funds Regulation.
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The post Ripple’s Regulatory Wins Ignite XRP Rally Hopes: Expert Eyes Breakout, Highlights Key Price Indicators appeared first on CaptainAltcoin.
Ripple’s Regulatory Strategy Unfolds
Ripple has been actively establishing a strong regulatory foothold across multiple jurisdictions. The company has set up an office in Ireland and is working closely with the Central Bank of Ireland to obtain a virtual asset service provider license and an e-money license.
Additionally, Ripple has secured a major payments institution license from the Monetary Authority of Singapore and is optimistic about regulatory clearance in Dubai by the end of the year. Furthermore, Ripple operates under regulatory supervision in Japan through a joint venture and has an agreement with the Central Bank of Brazil.
On May 24th, 2024, Ripple will host a panel discussion moderated by key industry figures, including Stuart Alderoty, Ripple’s General Counsel. This event is expected to provide significant insights into regulatory developments.
Moreover, Ripple is actively engaging with regulators and policymakers to shape the future of cryptocurrency regulation, particularly in discussions around the Markets in Crypto-Assets (MiCA) regulation, set to be implemented in December 2024.
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Sponsored
Show more +Show less – Ripple’s Preparedness for Regulation
Ripple’s proactive approach in securing necessary licenses and establishing regulatory compliance frameworks positions it as a leader in the industry. The company aims to use its licenses not only to operate within specific regions but also to passport these licenses through the EU and other markets, ensuring widespread regulatory compliance. Ripple has been preparing for regulatory changes for a long time, positioning XRP as a utility token ready for regulatory compliance.
Nick emphasizes that Ripple’s involvement in global regulatory discussions is a strategic advantage. With the EU’s regulatory framework likely to influence other regions, including the UK and the US, Ripple’s strategic moves are expected to help it capture a significant share of the global cross-border payments market, with projections of up to 80% within the next decade.
XRP Price Analysis
EGRAG CRYPTO, a notable analyst in the XRP community, shared an insightful tweet detailing a market development for XRP. He introduced the concept of the “Genuine Wake-Up Line,” highlighting its critical role in XRP’s potential breakout.
EGRAG explained that this line incorporates highs from 2021 and forms a white Triangle pattern. He anticipates XRP to break past the “Genuine Wake-Up Line” with unwavering conviction, predicting an initial target of $1.5 within the white Triangle.
Read also: Top Analyst Predicts 25% Bitcoin Price Surge if this Key BTC Resistance Breaks – Here’s His Outlook
Furthermore, EGRAG discussed a more ambitious projection of $7.5 within the Blue Triangle, emphasizing the need for XRP to undergo a retest for a full upward swing. Additionally, e highlighted that this $7.5 target represents wave 1 within a broader MACRO wave 3, hinting at a potential three-digit target in the long term.
EGRAG’s analysis underscores the importance of XRP breaking through key resistance levels and maintaining momentum to achieve these projected milestones. Hence, his tweet, filled with technical insights, aims to guide the XRP community in navigating the complex market dynamics and preparing for potential significant gains.
Key Initiatives and Collaborations
Ripple’s extended collaboration with SuperHow on the Axiology project stands out as a key initiative to explore the possibilities of the EU DLT Pilot Regime. Moreover, this project aims to test and assure the resilience and security of digital assets, positioning Ripple at the forefront of blockchain innovation.
Additionally, Ripple is actively focusing on institutional custody solutions and blockchain adoption. Besides, this strategy aligns with broader regulatory frameworks, including the Digital Operational Resilience Act (DORA) and the Transfer of Funds Regulation.
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The post Ripple’s Regulatory Wins Ignite XRP Rally Hopes: Expert Eyes Breakout, Highlights Key Price Indicators appeared first on CaptainAltcoin.
XRP Ledger: Transaction Surge Vs. Declining Wallet Creation
XRP Ledger transactions surge 108%.
Transaction fees on XRPL drop 45%.
XRP price dips despite activity rise.
The XRP Ledger (XRPL) experienced a significant increase in transaction volume and a decrease in transaction fees during the first quarter of 2024, according to a report released by Ripple.
The report details that XRPL transactions surged by 108%, reaching 251.4 million in Q1 2024, compared to 121 million in the final quarter of 2023. Notably, this rise in transaction volume coincided with a 45% decline in the average transaction fee, falling from $0.001546 in Q4 2023 to $0.000856 by the end of March 2024.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include:🇺🇸 Continued U.S. demand for BTC Spot ETFs📶 CEX & DEX volume growth⚖️ Key regulatory & legal updates🔗 Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
The report attributes the decrease in fees to a return to normal activity levels on the XRPL without network congestion in Q1 2024. A spike in December 2023 due to testing on the ledger had previously contributed to higher fees.
While the report highlights positive on-chain metrics, such as a 5% increase in trading volume on the XRPL’s native Decentralized EXchange (DEX) and a doubling in the amount of XRP burned for transaction fees, it also acknowledges a decline in the creation of new XRP wallets. The number of new wallets established in Q1 2024 dropped by 11% compared to the previous quarter.
Analysts at Vet, an XRPL decentralized oracle network (dUNL) validator, suggest that the discrepancy between the slower growth in new wallets and the surge in transactions could indicate increased activity from existing users.
Despite the positive on-chain developments, the market value of XRP declined by 5% quarter-over-quarter, with the average price falling from $0.59 in Q4 2023 to $0.56 by the end of March 2024. The report also details changes in Ripple’s XRP holdings, with spendable XRP decreasing from 5.07 billion to 4.84 billion and escrowed XRP dropping from 40.7 billion to 40.1 billion between the end of 2023 and Q1 2024.
While the XRP Ledger’s Q1 performance reflects a surge in activity and a more efficient network, the decline in the price of XRP and the slowdown in new wallet creation raise questions about broader market adoption. The coming months will be crucial in determining whether these positive on-chain metrics translate into sustained growth for the XRP ecosystem.
The post XRP Ledger: Transaction Surge vs. Declining Wallet Creation appeared first on Coin Edition.
Transaction fees on XRPL drop 45%.
XRP price dips despite activity rise.
The XRP Ledger (XRPL) experienced a significant increase in transaction volume and a decrease in transaction fees during the first quarter of 2024, according to a report released by Ripple.
The report details that XRPL transactions surged by 108%, reaching 251.4 million in Q1 2024, compared to 121 million in the final quarter of 2023. Notably, this rise in transaction volume coincided with a 45% decline in the average transaction fee, falling from $0.001546 in Q4 2023 to $0.000856 by the end of March 2024.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include:🇺🇸 Continued U.S. demand for BTC Spot ETFs📶 CEX & DEX volume growth⚖️ Key regulatory & legal updates🔗 Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
The report attributes the decrease in fees to a return to normal activity levels on the XRPL without network congestion in Q1 2024. A spike in December 2023 due to testing on the ledger had previously contributed to higher fees.
While the report highlights positive on-chain metrics, such as a 5% increase in trading volume on the XRPL’s native Decentralized EXchange (DEX) and a doubling in the amount of XRP burned for transaction fees, it also acknowledges a decline in the creation of new XRP wallets. The number of new wallets established in Q1 2024 dropped by 11% compared to the previous quarter.
Analysts at Vet, an XRPL decentralized oracle network (dUNL) validator, suggest that the discrepancy between the slower growth in new wallets and the surge in transactions could indicate increased activity from existing users.
Despite the positive on-chain developments, the market value of XRP declined by 5% quarter-over-quarter, with the average price falling from $0.59 in Q4 2023 to $0.56 by the end of March 2024. The report also details changes in Ripple’s XRP holdings, with spendable XRP decreasing from 5.07 billion to 4.84 billion and escrowed XRP dropping from 40.7 billion to 40.1 billion between the end of 2023 and Q1 2024.
While the XRP Ledger’s Q1 performance reflects a surge in activity and a more efficient network, the decline in the price of XRP and the slowdown in new wallet creation raise questions about broader market adoption. The coming months will be crucial in determining whether these positive on-chain metrics translate into sustained growth for the XRP ecosystem.
The post XRP Ledger: Transaction Surge vs. Declining Wallet Creation appeared first on Coin Edition.
We Asked ChatGPT What XRP Price Would Be By End of 2024
The price trajectory of XRP has been a topic of discussion and speculation within the cryptocurrency community. With the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) nearing a resolution, many investors are looking toward the future of XRP.
Attempting to gain insights, we asked ChatGPT, OpenAI’s Large Language Model (LLM) about its prediction for XRP price by the end of 2024.
ChatGPT Shares XRP’s Potential Price
ChatGPT, the top AI-powered LLM in the world, predicted that XRP could reach $3 by December 2024. This price point represents a significant increase of 496% from its current price of $0.5033 and sits just below XRP’s all-time high of $3.84, reached in January 2018.
ChatGPT listed two factors that could help propel XRP to this price. The first factor is the regulatory clarity that could come with the end of the lawsuit. Many analysts believe the end of the lawsuit could kickstart a massive surge for XRP.
A favorable resolution for Ripple in the form of a low penalty will spare the company serious financial harm. It will also remove a major obstacle for many potential XRP investors in the United States.
It could also encourage institutions to increase partnerships with XRP, another factor ChatGPT highlighted that could lead to massive growth for XRP.
Finally, ChatGPT mentioned increased adoption in cross-border payments and as a Central Bank Digital Currency (CBDC). Ripple designed XRP to facilitate faster and more cost-effective cross-border transactions. Increasing adoption of Ripple’s technology will increase XRP’s adoption. This increase, in turn, would incentivize institutions to hold and use XRP, potentially driving up its price.
What’s Next for XRP?
It is important to acknowledge that the cryptocurrency market does not always follow the best predictions. XRP could be much lower by the end of the year. However, it could also be much higher. ChatGPT highlighted this, mentioning the volatility of the crypto market and advising that investors conduct research before investing.
Regardless of the price prediction, XRP’s potential within the cross-border payments landscape remains a compelling proposition for many investors and financial institutions. Some believe a price of $10,000 is achievable as a CBDC, and Ripple is actively pushing XRP and growing its global partnerships, making this target very achievable.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#XRP #Ripple
Attempting to gain insights, we asked ChatGPT, OpenAI’s Large Language Model (LLM) about its prediction for XRP price by the end of 2024.
ChatGPT Shares XRP’s Potential Price
ChatGPT, the top AI-powered LLM in the world, predicted that XRP could reach $3 by December 2024. This price point represents a significant increase of 496% from its current price of $0.5033 and sits just below XRP’s all-time high of $3.84, reached in January 2018.
ChatGPT listed two factors that could help propel XRP to this price. The first factor is the regulatory clarity that could come with the end of the lawsuit. Many analysts believe the end of the lawsuit could kickstart a massive surge for XRP.
A favorable resolution for Ripple in the form of a low penalty will spare the company serious financial harm. It will also remove a major obstacle for many potential XRP investors in the United States.
It could also encourage institutions to increase partnerships with XRP, another factor ChatGPT highlighted that could lead to massive growth for XRP.
Finally, ChatGPT mentioned increased adoption in cross-border payments and as a Central Bank Digital Currency (CBDC). Ripple designed XRP to facilitate faster and more cost-effective cross-border transactions. Increasing adoption of Ripple’s technology will increase XRP’s adoption. This increase, in turn, would incentivize institutions to hold and use XRP, potentially driving up its price.
What’s Next for XRP?
It is important to acknowledge that the cryptocurrency market does not always follow the best predictions. XRP could be much lower by the end of the year. However, it could also be much higher. ChatGPT highlighted this, mentioning the volatility of the crypto market and advising that investors conduct research before investing.
Regardless of the price prediction, XRP’s potential within the cross-border payments landscape remains a compelling proposition for many investors and financial institutions. Some believe a price of $10,000 is achievable as a CBDC, and Ripple is actively pushing XRP and growing its global partnerships, making this target very achievable.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#XRP #Ripple
XRP Price Movement and Predictions
XRP has been experiencing significant price movements lately, primarily driven by a mix of market recovery and whale accumulation. For example, the price of XRP rose over 2% in the past 24 hours, reaching $0.525. This marks a 25% increase from its local low of $0.423 a month ago. Consequently, several factors are contributing to this upward trend, making XRP a hot topic in the crypto market.
Whale Accumulation Fuels XRP Growth
Whales, or large holders of XRP, have been accumulating the cryptocurrency significantly. Entities with balances between 1 million and 10 million XRP have added about $55 million worth of tokens over the last two weeks. This massive accumulation has helped push the price up by approximately 10%. The increased whale activity signals strong support and confidence in XRP’s future, indicating that major investors see substantial potential in the token.
XRP’s Legal Victories and Price Surge Predictions
Ripple, the company behind XRP, has recently achieved significant legal victories in its ongoing battle with the SEC. Specifically, a court ruling declared that XRP is not necessarily a security, which has renewed institutional interest and led to a substantial price increase. Consequently, analysts are optimistic about XRP’s future, with some predicting a dramatic price surge. For instance, one forecast even suggests that the crypto could rise to $18, representing a 3000% increase from its current levels. Ultimately, these bullish predictions are based on technical analyses and historical patterns observed in the cryptocurrency market.
With multiple analyses in the market, Dark Defender has presented a price prediction of a 3000% surge after analyzing large XRP/USD charts with the monthly timeframe settings. The analysts have noticed a prominent bull flag pattern, which will create a sharp increase in price before entering consolidations. As per Dark Defender, this bull flag pattern is visible in multiple time frames for months, three-month, and even six-month intervals. Ultimately, these bullish predictions are based on technical analyses and historical patterns observed in the cryptocurrency market.
I have read some posts that XRP had a bull flag in the daily time frame, etc.
If those are correction bull flags, this is a bull flag, too. But a bullish one.
It is in the monthly, three-month, and six-month time frames.
If you know a bull flag, you can enjoy your coffee… pic.twitter.com/wVkEpwGTcf
— Dark Defender (@DefendDark) May 17, 2024
Ripple CEO Highlights Q1 Achievements
Ripple’s CEO, Brad Garlinghouse, recently reacted to the company’s first-quarter ecosystem report with enthusiasm. One of the standout developments was the launch of the Automated Market Maker (AMM) on the XRP Ledger. This new feature aims to enhance the ledger’s functionality by allowing more efficient token swaps and increasing liquidity. Garlinghouse expressed excitement about this innovation, seeing it as a significant step toward greater adoption and innovation within the XRP ecosystem. The AMM’s successful launch is expected to strengthen XRP’s position in the DeFi market.
Technical Patterns and Future Outlook for XRP
From a technical standpoint, XRP’s recent gains are part of a rebound. This rebound followed testing the lower trendline of its multi-year descending triangle pattern. Analysts are closely watching XRP. They want to see if it can close above its 200-week and 50-week moving averages. Such a move could pave the way for testing higher price targets around $0.585. Historically, this level has acted as significant support and resistance, making it a critical point to watch. If XRP can break through these levels, it could indicate the beginning of a more extended bullish trend.
In conclusion, XRP’s recent price movements are driven by a combination of whale accumulation, favorable legal outcomes, and significant technological advancements. With strong support from major investors and ongoing developments within the Ripple ecosystem, the outlook for XRP remains positive. As these trends continue, there is potential for further gains, making XRP a cryptocurrency to watch closely in the coming months.
Whale Accumulation Fuels XRP Growth
Whales, or large holders of XRP, have been accumulating the cryptocurrency significantly. Entities with balances between 1 million and 10 million XRP have added about $55 million worth of tokens over the last two weeks. This massive accumulation has helped push the price up by approximately 10%. The increased whale activity signals strong support and confidence in XRP’s future, indicating that major investors see substantial potential in the token.
XRP’s Legal Victories and Price Surge Predictions
Ripple, the company behind XRP, has recently achieved significant legal victories in its ongoing battle with the SEC. Specifically, a court ruling declared that XRP is not necessarily a security, which has renewed institutional interest and led to a substantial price increase. Consequently, analysts are optimistic about XRP’s future, with some predicting a dramatic price surge. For instance, one forecast even suggests that the crypto could rise to $18, representing a 3000% increase from its current levels. Ultimately, these bullish predictions are based on technical analyses and historical patterns observed in the cryptocurrency market.
With multiple analyses in the market, Dark Defender has presented a price prediction of a 3000% surge after analyzing large XRP/USD charts with the monthly timeframe settings. The analysts have noticed a prominent bull flag pattern, which will create a sharp increase in price before entering consolidations. As per Dark Defender, this bull flag pattern is visible in multiple time frames for months, three-month, and even six-month intervals. Ultimately, these bullish predictions are based on technical analyses and historical patterns observed in the cryptocurrency market.
I have read some posts that XRP had a bull flag in the daily time frame, etc.
If those are correction bull flags, this is a bull flag, too. But a bullish one.
It is in the monthly, three-month, and six-month time frames.
If you know a bull flag, you can enjoy your coffee… pic.twitter.com/wVkEpwGTcf
— Dark Defender (@DefendDark) May 17, 2024
Ripple CEO Highlights Q1 Achievements
Ripple’s CEO, Brad Garlinghouse, recently reacted to the company’s first-quarter ecosystem report with enthusiasm. One of the standout developments was the launch of the Automated Market Maker (AMM) on the XRP Ledger. This new feature aims to enhance the ledger’s functionality by allowing more efficient token swaps and increasing liquidity. Garlinghouse expressed excitement about this innovation, seeing it as a significant step toward greater adoption and innovation within the XRP ecosystem. The AMM’s successful launch is expected to strengthen XRP’s position in the DeFi market.
Technical Patterns and Future Outlook for XRP
From a technical standpoint, XRP’s recent gains are part of a rebound. This rebound followed testing the lower trendline of its multi-year descending triangle pattern. Analysts are closely watching XRP. They want to see if it can close above its 200-week and 50-week moving averages. Such a move could pave the way for testing higher price targets around $0.585. Historically, this level has acted as significant support and resistance, making it a critical point to watch. If XRP can break through these levels, it could indicate the beginning of a more extended bullish trend.
In conclusion, XRP’s recent price movements are driven by a combination of whale accumulation, favorable legal outcomes, and significant technological advancements. With strong support from major investors and ongoing developments within the Ripple ecosystem, the outlook for XRP remains positive. As these trends continue, there is potential for further gains, making XRP a cryptocurrency to watch closely in the coming months.
Crypto Coins to Watch: Ripple XRP, Injective, and BlockDAG’s $27.7 Million Presale Success
Are you on the hunt for the next big crypto investment? With the crypto market constantly evolving, it can be challenging to know where to focus your attention. Among the vast array of digital currencies, three projects are standing out: Ripple XRP, Injective, and BlockDAG. These coins are not just trends; they have the potential to significantly impact the market. Let’s explore why these are the crypto coins to watch right now and how they could shape the future of cryptocurrency.
Ripple XRP: Navigating Legal Turbulence
Ripple XRP has been in the spotlight due to its ongoing legal battle with the SEC. The SEC’s final response in the case accuses Ripple of reckless actions, seeking injunctions to prevent future violations. Ripple has countered by emphasizing its compliance efforts and aiming to minimize liability.
Despite these challenges, Ripple is expanding its business into the Japanese market, showcasing its resilience and strategic growth plans. The outcome of this legal battle, expected around September, could significantly impact Ripple XRP’s future. For those monitoring crypto coins to watch, Ripple XRP’s legal resolution could lead to notable price movements.
Injective: Steadfast Growth Amid Market Fluctuations
Injective has recently caught attention with its price movements and community-driven developments. The Injective price surged due to a substantial increase in staked INJ tokens, now at 56 million, and a burn auction upgrade enhancing community participation and reducing token supply.
In March, the Injective price peaked at $52.50 but faced a bear market shortly after. It has shown resilience, maintaining support at the $22.0 level and currently trading at $25.199. Injective’s strong performance and community engagement make it a contender for the best crypto investment.
BlockDAG: A Presale Sensation with Monumental Potential
BlockDAG is rapidly gaining traction, having raised $27.7 million in its presale, now in its 13th batch. Priced at $0.008 per coin, over 9.1 billion coins have been sold, reflecting high investor confidence. Its successful listing and presence at London’s Piccadilly Circus further underscore its rising status in the crypto sector.
A significant development for BlockDAG is the introduction of the X1 miner app, set to launch on June 1. This app transforms smartphones into efficient mining tools, capable of generating up to 20 BDAG coins daily. This user-friendly innovation positions BlockDAG as a highly accessible cryptocurrency, attracting a broader audience.
Analysts predict that BlockDAG’s value could soar to $30 by 2030, driven by its advanced technology and strong community support. This potential makes BlockDAG an attractive option for investors looking for substantial long-term gains. With its impressive presale coin success and promising future, BlockDAG stands out as a crypto coin to watch and possibly the best crypto investment for the coming years.
The Final Verdict
In the ever-competitive crypto market, Ripple XRP, Injective, and BlockDAG each offer unique opportunities. Ripple XRP’s legal developments could lead to significant price changes, Injective’s community-driven growth shows strong potential, and BlockDAG’s innovative approach and presale success make it a standout choice.
For those seeking the next big crypto investment, BlockDAG’s combination of cutting-edge technology, community engagement, and impressive presale performance positions it favorably. Keep an eye on these crypto coins to watch, and for more information, consider exploring BlockDAG’s website and investing in their presale.
Join BlockDAG Presale:
Website: https://blockdag.network
Presale: https://purchase.blockdag.network
Telegram:https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
Ripple XRP: Navigating Legal Turbulence
Ripple XRP has been in the spotlight due to its ongoing legal battle with the SEC. The SEC’s final response in the case accuses Ripple of reckless actions, seeking injunctions to prevent future violations. Ripple has countered by emphasizing its compliance efforts and aiming to minimize liability.
Despite these challenges, Ripple is expanding its business into the Japanese market, showcasing its resilience and strategic growth plans. The outcome of this legal battle, expected around September, could significantly impact Ripple XRP’s future. For those monitoring crypto coins to watch, Ripple XRP’s legal resolution could lead to notable price movements.
Injective: Steadfast Growth Amid Market Fluctuations
Injective has recently caught attention with its price movements and community-driven developments. The Injective price surged due to a substantial increase in staked INJ tokens, now at 56 million, and a burn auction upgrade enhancing community participation and reducing token supply.
In March, the Injective price peaked at $52.50 but faced a bear market shortly after. It has shown resilience, maintaining support at the $22.0 level and currently trading at $25.199. Injective’s strong performance and community engagement make it a contender for the best crypto investment.
BlockDAG: A Presale Sensation with Monumental Potential
BlockDAG is rapidly gaining traction, having raised $27.7 million in its presale, now in its 13th batch. Priced at $0.008 per coin, over 9.1 billion coins have been sold, reflecting high investor confidence. Its successful listing and presence at London’s Piccadilly Circus further underscore its rising status in the crypto sector.
A significant development for BlockDAG is the introduction of the X1 miner app, set to launch on June 1. This app transforms smartphones into efficient mining tools, capable of generating up to 20 BDAG coins daily. This user-friendly innovation positions BlockDAG as a highly accessible cryptocurrency, attracting a broader audience.
Analysts predict that BlockDAG’s value could soar to $30 by 2030, driven by its advanced technology and strong community support. This potential makes BlockDAG an attractive option for investors looking for substantial long-term gains. With its impressive presale coin success and promising future, BlockDAG stands out as a crypto coin to watch and possibly the best crypto investment for the coming years.
The Final Verdict
In the ever-competitive crypto market, Ripple XRP, Injective, and BlockDAG each offer unique opportunities. Ripple XRP’s legal developments could lead to significant price changes, Injective’s community-driven growth shows strong potential, and BlockDAG’s innovative approach and presale success make it a standout choice.
For those seeking the next big crypto investment, BlockDAG’s combination of cutting-edge technology, community engagement, and impressive presale performance positions it favorably. Keep an eye on these crypto coins to watch, and for more information, consider exploring BlockDAG’s website and investing in their presale.
Join BlockDAG Presale:
Website: https://blockdag.network
Presale: https://purchase.blockdag.network
Telegram:https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
Ripple Trading Volume Increases 40% Quarterly Amid Ongoing SEC Lawsuit
Key Points:
Ripple's Q1 2024 report reveals a substantial 40% surge in Ripple trading volumes to $865 million.
The SEC seeks remedies of approximately $2 billion from Ripple, triggering a vigorous legal battle over disgorgement and penalties.
Despite legal uncertainties, Ripple remains confident in the judicial process.
Ripple's Q1 2024 XRP Markets Report, released on May 17, 2024, underscores significant advancements within the XRP markets and the broader cryptocurrency realm.
Ripple Trading Volumes Surge in Q1 2024 Amid Regulatory Scrutiny
Highlighting a surge in Ripple trading volumes, the report unveils a noteworthy 40% increase to $865 million in Q1 2024, compared to Q4 2023. Concurrently, daily average XRP derivatives open interest rose to $500 million, up from $460 million in the previous quarter, reflecting robust trading activity amidst ongoing regulatory scrutiny.
Despite regulatory challenges, including an ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), investor interest in XRP persists. The report emphasizes the correlation between Ripple trading volumes and market activity, indicating resilience within the XRP market.
Ripple Expresses Confidence in Judicial Process Despite Regulatory Challenges
The SEC's pursuit of remedies against Ripple for its historic Institutional Sales of XRP further complicates the landscape. Seeking approximately $2 billion, including disgorgement, prejudgment interest, penalties, and an injunction, the SEC's move has sparked Ripple's vigorous opposition.
Ripple contends that the law does not justify disgorgement without demonstrated harm, proposing a penalty of no more than $10 million in the absence of fraud or recklessness allegations. The SEC rebutted Ripple's arguments on May 6.
Looking ahead, both parties anticipate the Judge's ruling on final remedies, expected in the coming months. Ripple expresses confidence in the judicial process, banking on a fair approach from the court. Amidst legal uncertainties, the XRP market maintains its vibrancy, buoyed by continued investor confidence in its long-term prospects.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Ripple's Q1 2024 report reveals a substantial 40% surge in Ripple trading volumes to $865 million.
The SEC seeks remedies of approximately $2 billion from Ripple, triggering a vigorous legal battle over disgorgement and penalties.
Despite legal uncertainties, Ripple remains confident in the judicial process.
Ripple's Q1 2024 XRP Markets Report, released on May 17, 2024, underscores significant advancements within the XRP markets and the broader cryptocurrency realm.
Ripple Trading Volumes Surge in Q1 2024 Amid Regulatory Scrutiny
Highlighting a surge in Ripple trading volumes, the report unveils a noteworthy 40% increase to $865 million in Q1 2024, compared to Q4 2023. Concurrently, daily average XRP derivatives open interest rose to $500 million, up from $460 million in the previous quarter, reflecting robust trading activity amidst ongoing regulatory scrutiny.
Despite regulatory challenges, including an ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), investor interest in XRP persists. The report emphasizes the correlation between Ripple trading volumes and market activity, indicating resilience within the XRP market.
Ripple Expresses Confidence in Judicial Process Despite Regulatory Challenges
The SEC's pursuit of remedies against Ripple for its historic Institutional Sales of XRP further complicates the landscape. Seeking approximately $2 billion, including disgorgement, prejudgment interest, penalties, and an injunction, the SEC's move has sparked Ripple's vigorous opposition.
Ripple contends that the law does not justify disgorgement without demonstrated harm, proposing a penalty of no more than $10 million in the absence of fraud or recklessness allegations. The SEC rebutted Ripple's arguments on May 6.
Looking ahead, both parties anticipate the Judge's ruling on final remedies, expected in the coming months. Ripple expresses confidence in the judicial process, banking on a fair approach from the court. Amidst legal uncertainties, the XRP market maintains its vibrancy, buoyed by continued investor confidence in its long-term prospects.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Ripple’s XRP: African Expansion Plans and Legal Battles Shape Crypto’s Fate
Ripple’s XRP emerges as a focal point of intrigue and speculation, its price hovering around the $0.51 mark amidst a whirlwind of developments. From ambitious expansion plans in Africa to protracted legal battles on home turf, the journey of XRP is riddled with twists and turns, offering a nuanced narrative of resilience, adaptation, and uncertainty.·
For the full story, head over to TheCurrencyAnalytics.com.
For the full story, head over to TheCurrencyAnalytics.com.
