Cryptocurrency
XRP in deep crisis, drops 21%
The plunge pushed XRP’s market cap down to about $9 billion or 1.32% of the total crypto market value.
XRP is sure having a bad time amid the bullish trend prevailing relatively at the crypto market.
What you should know: At the time of writing this report, XRP was trading at $0.19223 down 21.07% on the day. It was the largest one-day percentage loss since Dec. 23.
The rice plunge pushed XRP’s market cap down to about $9 billion or 1.32% of the total crypto market value.
READ: Crypto robber behind over $200 million theft, found
- At its highest, XRP’s market value was $31.6 billion
- XRP had traded in a range of $0.19217 to $0.22278 in the previous 24 hours.
- At its present price, XRP is still down 94.16% from its all-time high of $3.29 set on January 4, 2018.
READ: Hackers, expose crypto wallets worth $150 million at Kucoin
What this means: The crypto asset has been losing value at record levels on reports that the world’s most valuable crypto exchange, Coinbase, recently announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.
READ: Bitcoin obeys law of gravity, drops $1,200
- According to a statement released by Coinbase’s Chief Legal Officer, Paul Grewal, Coinbase disclosed that it was suspending XRP trading starting from January 19 at 10:00 am PST.
- The American crypto exchange further explained that “XRP trading may be stopped earlier as needed to maintain the exchange’s market health metrics.
Meanwhile, Ripple in its most recent press release, disclosed it was ready to fight the allegations issued by the United States Securities and Exchange Commission against the company.
For historical context read: Fear of U.S Financial regulators cripple XRP, tumbles by 61%
“The SEC’s decision to file this action is not just about Ripple, it is an attack on the entire crypto industry here in the United States. We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple.
READ: SEC restrains fintech company, Chaka from advertising or offering for sale shares
“It has also needlessly muddied the waters for exchanges, market makers, and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result,” Ripple said in the statement.
Cryptocurrency
Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark
The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.
Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.
Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.
Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688
READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC
Whale alert! 🐋 Someone (possibly https://t.co/jIWhXDP3O5) moved 11,901 BTC ($714M) in block 678,688 https://t.co/harpPfXLjD
— Bitcoin Block Bot (@BtcBlockBot) April 11, 2021
The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.
Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.
At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.
READ: Why Bitcoin is still going up
During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.
Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.
However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.
A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.
READ: FG moves to recover N5.2 trillion debt owed by firms, individuals
📉 #Bitcoin $BTC Balance on Exchanges just reached a 2-year low of 2,337,271.262 BTC
Previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021
View metric:https://t.co/9vOOAmwh32 pic.twitter.com/sV3lhECEGU
— glassnode alerts (@glassnodealerts) April 11, 2021
Cryptocurrency
XRP surges by 150% in 7 days as Ripple posts early victories against SEC
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.
READ: Why this unknown crypto with over 600% gain in 3 months, might still explode
The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.
That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.
READ: XRP stands firm, investors wait on Ripple’s legal outcome
What this means
Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.
