More than 95.25 million XRP were transferred from OKX to an unknown wallet, worth about $236 million
According to Whale Alert monitoring, 95,254,697 XRP (approximately $236 million) was transferred from the cryptocurrency exchange OKX to an unknown wallet at 16:37.
XRP Price Analysis: Key Levels to Watch for Potential Recovery
XRP (XRP) has seen a decrease of around 35% in the past month, attributed to the ongoing tariff disputes initiated by US President Donald Trump. Despite this, the XRP price is currently holding above $2.00, with analysts emphasizing the importance of reclaiming $2.20 for a sustainable recovery. Egrag Crypto, a market analyst, points out that XRP is trading above a significant support level, indicating strong buy orders in that region. The analyst also highlights key resistance levels to watch for on the upside, such as $2.20, $2.60, $2.80, and $3.10. Additionally, caution is advised as a breakdown may occur if $2.20 does not hold, as indicated by the 21-day EMA crossing with the 100 SMA.
Bloomberg ETF Analyst: XRP ETF may be the next exchange-traded fund product to be launched
Bloomberg ETF analyst James Seyffart forwarded market news on X platform, stating that during the Bitcoin 2024 conference, Discover Crypto CEO Joshua Jake was interviewed and he said that XRP ETF could be the next possible exchange-traded fund product to launch.
Ripple CEO: California court's ruling on Ripple lawsuit does not change the fact that XRP is not a security
Ripple CEO Brad Garlinghouse recently clarified the recent court ruling on the Ripple securities lawsuit. US Northern District of California Judge Phyllis J. Hamilton made a summary judgment on federal and state class action claims, but under California law, refused to make summary judgments on individual claims.
Why is XRP price up today?
Key factors driving XRP's price upward today are hopes of spot XRP exchange-traded funds in the U.S. and increased accumulation by whales.
500 Million XRP Unlocked from Escrow in Unknown Wallet
Whale Alert monitoring shows that around 10:15 Beijing time, 500 million XRP (worth $248,531,377) was unlocked from an unknown wallet.
A total of 800 million XRP were locked to Ripple custody addresses this morning, worth approximately $476 million.
According to Whale Alert monitoring, a total of 800 million XRP were locked in three transfer transactions to Ripple's custody address this morning, with a value of approximately 476 million US dollars.
400 million XRP transferred from Ripple custodian wallet to Ripple address
According to Whale Alert monitoring, at 11:26:31 Beijing time, 400 million XRP ($217,409,122) was transferred from a Ripple hosted wallet to a Ripple wallet address.
Market Analysts Speculate Ripple's XRP Could Evolve Into a Gold-Backed Stablecoin
Market analysts are speculating that Ripple's XRP could potentially become a gold-backed stablecoin, which would differ from traditional USD-pegged stablecoins. Black Swan Capitalist Founder Versan Aljarrah believes that XRP could play a vital role in the development of a gold-backed stablecoin, as institutions like the World Bank and International Monetary Fund have been urging for such a development. Aljarrah cited research conducted by Black Swan Capitalist's financial analyst Vandell and Miles Franklin CEO Andy Schectman, which concluded that XRP is the "key" to a gold-backed stablecoin. However, former Ripple director Sean McBride believes that XRP is more likely to be classified as a payments stablecoin, rather than a traditional stablecoin.
Hong Kong Virtual Asset Consortium removes XRP from global crypto index
Solana took over XRP's position in HKVAC's top 5 cryptocurrency global index, and AVAX replaced Tron, amid market fluctuations in the past 30 days.
