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Updated by Albert Fang
XRP was recently struggling in the $0.8 range when it transferred 512M pieces of the cryptocurrency. These two factors were responsible for the sudden surge in XRP prices, but the underlying reason for this upsurge was the continued involvement of anonymous whales. Those whales, who are interested in making a profit from the cryptocurrency, are known as anonymous whales.
The ‘Whale Alert’ is spreading the news that a Ripple giant shifted 98.4 million XRP from its escrow account to a reserve wallet, worth $194,163,040 in fiat. Earlier this week, Ripple and Anonymous whales moved 222 million XRP. While the amount of XRP transferred by each whale is low, Ripple and Anonymous whales have made this a major issue.
XRP is the currency of the cryptocurrency Ripple. Ripple is a major exchange and anonymous wallet. In the past 16 hours, Ripple has shifted nearly half a billion XRP tokens. The day before, Ripple had unlocked 1 billion XRP tokens. The following day, XRP moved 200 million between anonymous crypto wallets. Whale Alert published several tweets about this transaction, accompanied by a cryptic reference to the Ripple and Anonymous whales
Ripple (XRP) is struggling in the $0.8 range.
Ripple is a payments settlement system and a currency exchange network designed to help the financial industry. XRP is a cryptocurrency tailored to work on the Ripple network. XRP is a top-five cryptocurrency in terms of market cap. The SEC legal troubles have affected Ripple but not XRP.
After a period of high volatility, cryptocurrency prices are prone to consolidation. In the futures markets, the open interest or the total number of open positions increases the chances of a low-volatility consolidation phase. The trend has been similar for Ethereum, Stellar, and decentralised finance tokens.
During the recent drop, XRP has struggled because of low volume, the uncertainty of the market, and the sell-the-news dip following the Spark token airdrop. This sell-the-news drop was the most significant catalyst for the XRP price during the last week.
The SEC lawsuit against Ripple is the main reason for the overall weakness in the cryptocurrency market. Some exchanges have delisted Ripple, which may negatively affect its future growth. However, if this indicator breaks above the baseline, a bullish outlook might be possible in the short term.
Nevertheless, the SEC’s ongoing lawsuit against Ripple may help it recover from the current situation despite the bear market. The SEC has alleged that Ripple misled investors by selling XRP as security and failed to disclose that it is a crypto asset. However, Judge Torres recently expressed his hope that the case would conclude this year.
Risks Associated With Ripple( XRP) Crypto
If you are to compare traditional capital markets and cryptocurrencies, you must understand Ripple’s market capitalization. Although its value may not be comparable to Bitcoin, it was once the second-largest cryptocurrency in market capitalization. It rose to an all-time high of $3.38 earlier this year. But there are risks associated with Ripple. Its development could hinder its growth.
Ripple relies on trust to function, and it requires trust for the IOU tokens to be sent. Ripple is a decentralised alternative to banks, delivering a network of value called the RippleNet. The company offers several products to streamline current solutions for money transfers. The company is committed to transparency, making the Ripple product more appealing to consumers.
The XRP coin is a digital currency that uses a distributed payment network called RippleNet. This network resides on the XRP Ledger, an open-source database not based on a blockchain. Ripple uses XRP books to make its products, such as Ripple and payment networks. These currencies are not easily traded because their infrastructure is not as robust as traditional crypto assets.
Final Words
Ripple (XRP) has been the subject of several tweets from Whale Alert, a crypto-wallet service. It has recently unlocked 1 billion XRP coins on January 1, 2022. Then, on January 2, the crypto exchange moved another 200 million XRP to a private wallet reportedly worth about $168,530,030 in fiat currency. It would help if you traded in Ripple with cryptoengine app because it was safe. Last year, a hedge-fund venture unlocked another 800 million XRP to a user that did not register.
Reviewed and edited by Albert Fang.
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Article Title: 512M XRP Moved by Ripple And Anonymous Whales
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