XRP has posted a meaty $1.3 billion in overnight trading volume as it trades at $0.5692 by 09.30 AM UTC.
The native coin for Ripple’s blockchain has spent most of the year posting intraday trading volumes of under $1 billion.
With a market capitalization of almost $31 billion, the sixth largest cryptocurrency by market capitalization still needs to attract $17 billion in inflows to flip its nearest rival, Solana (SOL).
With a 7-day price appreciation of 7.1%, XRP is currently riding a broader market rally that has also added 3.5% to the price of Bitcoin, 8.8% to Ethereum and 12% to Cardano.
However, several leading projects are posting dips over the last week including Solana (SOL), down $4.5% and Avalanche, which fell 6.7%.
Over the last three months, XRP has broadly been in decline, according to CoinGecko data, dropping as low as $0.50 in early February. Today’s rally is part of a broader recovery, but XRP has its work cut out for it if it wants to reclaim its three-month high of $0.67 posted in mid-early December.
A quick glance at the trading chart shows the uncertainty of XRP’s position. Its support level appears to be increasing since the month began, indicated by higher bottoms. A Relative Strength Index (RSI) of 58 also indicates healthy valuation and market activity.
Source: TradingView
However, recent tweets by whale tracker Whale Alert indicate that Ripple and another whale-sized holder may be getting ready to sell tens of millions of XRP, so short-term price prospects remain unclear.
60,000,000 #XRP (34,088,291 USD) transferred from #Ripple to unknown wallethttps://t.co/zfHG8o0Bbo
— Whale Alert (@whale_alert) February 20, 2024
25,900,000 #XRP (14,561,816 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Kg1qFFAegx
— Whale Alert (@whale_alert) February 19, 2024
XRP In The News
There are a couple of factors potentially driving XRP’s price, including anticipation surrounding the lawsuit it’s defending against by the SEC.
The SEC accused Ripple of selling XRP as an unregistered security. In July last year, Ripple scored a decisive victory when Judge Analisa Torres ruled that XRP “is not necessarily a security on its face” and programmatic sales of XRP to the public were not securities sales.
She did, however, state that approximately $728 million of institutional sales of XRP did qualify as securities offerings because those buyers were expecting to profit in a common enterprise.
The company has a deadline to meet today to provide the court with financial statements and “post-complaint contracts governing ‘institutional sales.’”
Last week, the company announced a deal to acquire the New York-based crypto platform Standard Custody and Trust Company, pending regulatory approval. This was a tactical move on the part of Ripple, which hopes to leverage the company’s limited-purpose trust charter and money transmitter licenses to enhance its regulatory compliance.
Hedge Against Uncertainty With Hard Working Altcoins
With Ripple’s fate being so uncertain right now, many altcoin fans are looking for alternatives to diversify their portfolios and hedge against potential regulatory headwinds. Bitcoin Minetrix (BTCMTX) is one such promising token; it has raised over $11.2 million so far.
BTCMTX taps Ethereum smart contracts to get investors yields by providing an easy entry into Bitcoin mining without the need for specialist mining rigs. Simply purchase and stake BTCMTX via the website.
The more BTCMTX investors lock up, the more cloud mining credits they’ll receive. These represent hash power. The greater the hash power, the more attempts Bitcoin cloud mining software can make to break the network’s cryptographic puzzles and validate blocks of transactions. This process is called mining and it is rewarded in Bitcoin.
The BTCMTX also generates yields in BTCMTX, further fuelling the staking/mining cycle.
With miners’ rewards set to halve on April 19, investors may want to get in early.
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