Ripple Records Coin Movements as XRP Supply to Huobi Drops

Ripple Records Coin Movements as XRP Supply to Huobi Drops

Whale Alert DLT, an analytics company tracking large cryptocurrency transactions in the crypto space, has highlighted large Ripple (XRP) movements over the past 24 hours. Their report shows that over 282 million XRP has exchanged hands across prominent exchanges.

Meanwhile, Whale Alert noted that Ripple moved 127.6 million XRP (over $107 million) in two tranches.

The first transaction involved the movement of 15 million XRP from wallet RL92-MN to RL43-EE. The second transaction saw 112,564,445 XRP move from Ripple wallet to RL18-VN. The latter gets used for distributing XRP to other platforms, including crypto exchanges and custody wallet BitGo.

Bybit, Binance, and Bitstamp have emerged as the exchanges used to conduct the recent transactions, with Binance getting used thrice.

82,938,295 XRP moved from Bybit to Binance. Meanwhile, Ripple sent 24 million XRP to Binance, which later got sent to Bitstamp and back to Ripple.

In other news, the XRP blockchain has cut down its daily XRP transfers to the Huobi to 3,358,000 coins. This new supply amount took effect on June 13. The week before that, the payments provider sent 5,275,250 XRP daily to Huobi.

Key Ripple Levels to Watch — June 18

As the market falls into bearish dominance, XRP has entered a sideways momentum between $0.8600 and $0.8250. That said, the cryptocurrency is currently trading within a wedge pattern, emphasizing bearish dominance.

XRPUSD – Hourly Chart

A break beneath the $0.8250 support could accelerate the bearish descent towards the $0.8000 psychological support. However, reclaiming the $0.8500 level could put bulls back in control and boost trading volume.

Meanwhile, our resistance levels are $0.8500, $0.8600, and $0.8800, and our support levels are $0.8250, $0.8050, and $0.8000.

Total Market Capitalization: $1.57 trillion

Ripple Market Capitalization: $38.3 billion

Ripple Dominance: 2.4%

Market Rank: #7

 

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Ripple vs. SEC: Court Throws Out Yet Another SEC Request

Ripple vs. SEC: Court Throws Out Yet Another SEC Request

Ripple (XRP) has claimed yet another small victory in its ongoing legal case against the US Securities and Exchange Commission, following a court ruling denying the SEC from gaining access to Ripple’s lobbying activities and logs.

Magistrate Judge Sarah Netburn of the District Court for the Southern District of New York ruled on June 15 that evidence of the San Francisco-based blockchain company’s lobbying activities is irrelevant to the case.

Late last month, the SEC requested that the court compel Ripple to present documents that showed that the blockchain company engaged in lobbying undertakings to confuse the public regarding XRP’s regulatory status.

The SEC’s attorney also noted that Ripple “relies on statements that it paid that official to make to support its litigation position.” The official referred to in this allegation is former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo, who argued that XRP did not qualify as a security under US laws after joining the company.

In her ruling, Judge Netburn also dismissed the SEC’s request for post-dating the filing of its official complaint.

However, Judge Netburn approved SEC’s motion to carry out more depositions on more Ripple staff.

Although confidence in the SEC’s case has dwindled following several motion denials, the magistrate has approved the Commission’s request to extend the discovery schedule of the case by two months.

Key Ripple Levels to Watch — June 16

After successfully breaking above the descending trendline on Monday, XRP has fallen into renewed bearish momentum and traces the trendline. However, the 200 SMA currently buoys the price, which should forestall any steep decline over the coming hours.

XRPUSD – Hourly Chart

With the current drought of trading volume today, we expect to see Ripple fall into consolidation between $0.8800 and $0.8580. That said, the seventh-largest cryptocurrency stands the risk of falling into a bearish spiral in the absence of trading volume.

Meanwhile, our resistance levels are $0.8800, $0.9000, and $0.9500, and our support levels are $0.8580, $0.8400, and $0.8000.

Total Market Capitalization: $1.71 trillion

Ripple Market Capitalization: $39.8 billion

Ripple Dominance: 2.32%

Market Rank: #7

 

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Ripple to Integrate Federated Sidechains into XRP Ledger

Ripple to Integrate Federated Sidechains into XRP Ledger

Cryptocurrency provider Ripple has just released a proposal to integrate Federated Sidechains into the XRP Ledger (XRPL). The goal behind this undertaking is for each sidechain to operate as an independent blockchain, thereby preserving the XRPL’s leanness and efficiency for cross-border payments.

The CTO of Ripple, David Schwartz, noted that developers on the XRP network have long complained about the integration of Smart Contract features due to the thriving DeFi (Decentralized Finance) industry.

However, for Ripple management, maintaining a tip-top efficiency of the XRP Ledger is a primary priority. As such, Schwartz proposed Federated Sidechains to allow developers to add new features on the network, including Smart Contract compatibility while preserving the security and efficiency of the Ledger.

According to a blog post, the sidechains will possess individual ledgers and transactions like the XRPL. The integration of sidechains will increase the functionality base of the XRP ecosystem and provide several significant use cases.

Finally, Schwartz noted that Ripple would have to make some minor adjustments to the XRP mainnet to create room to integrate the Federated software strategy. The company will also add new functionalities to the XRPL server software to allow for the operation in a sidechain.

Key Ripple Levels to Watch — June 9

Ripple and the rest of the crypto market have been in shambles for several weeks now as waves after waves of unfavorable fundamental factors thwart all efforts by bulls. On the broader scale, XRP has maintained a sideways momentum, as bears pile pressure.

XRPUSD – 4-Hour Chart

That said, we can see the emergence of a double bottom pattern on our 4-hour chart, indicating that a bullish play could be underway. A bullish bounce from the current price point should take XRP to the $1.1000 psychological resistance over the coming hours. A break above that resistance could restore a healthy bullish bias for the seventh-largest cryptocurrency and send it higher.

Meanwhile, our resistance levels are $0.9000, $0.9500, and $1.0000, and our support levels are $0.8500, $0.8000, and $0.7500.

Total Market Capitalization: $1.53 trillion

Ripple Market Capitalization: $39.9 billion

Ripple Dominance: 2.62%

Market Rank: #7

 

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Ripple Records Significant Boost in Investment Product Inflows in May

Ripple Records Significant Boost in Investment Product Inflows in May

According to a recent report by CoinShares, Ripple (XRP) investment products recorded a spike in capital inflows last week. CoinShares also highlighted the growing popularity of Cardano and Polkadot.

In its digital asset fund flows report, the assets manager noted that the entire cryptocurrency investment products attracted about $74 million in capital inflows last week. This investment bump comes just a week after the crypto industry witnessed a record outflow of $151 million.

XRP-based investment products attracted a total of $4.5 million worth of investment last week, compared to $3.8 million in Polkadot.

Meanwhile, Ethereum accounted for about 27% of all digital asset inflows last week. ETH-based investment products attracted investments worth $47 million over the past seven days.

While many large-cap altcoins, including Ethereum, Ripple, Cardano, and Polkadot, investment products recorded significant weekly inflows, Bitcoin-related investment inflows suffered. BTC products recorded outflows worth $4 million last week.

Additionally, XRP Ledger (XRPL) keeps growing in popularity globally as a preferred cross-border payments tool. Last month, Ripple released a report on XRP, highlighting a spike in the adoption of XRPL.

Meanwhile, Ripple has announced plans to provide NFT support on the XRPL.

Key Ripple Levels to Watch — June 2

Ripple had a roller-coaster-like price action over the last 24 hours. After a healthy bounce off the base of our pivot zone ($0.9780), XRP came across heavy resistance at the $1.1 psychological mark, which pushed it back into the pivot zone.

XRPUSD – Hourly Chart

That said, we expect the seventh-largest cryptocurrency to facilitate a rebound to the $1.1 level again over the coming hours. Currently, a fall beneath the $0.9500 seems very unlikely, given the confluence of support at that level. The bullish target for today is the $1.1 resistance followed by the $1.15 line.

Meanwhile, our resistance levels are $1.0500, $1.1000, and $1.1500, and our support levels are $1.0000, $0.9780, and $0.9500.

Total Market Capitalization: $1.66 trillion

Ripple Market Capitalization: $47 billion

Ripple Dominance: 2.8%

Market Rank: #7

 

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Ripple vs. SEC: SEC Requests for the Deposition of Five Witnesses

Ripple vs. SEC: SEC Requests for the Deposition of Five Witnesses

In the ongoing SEC vs. Ripple (XRP) case, the Commission is now requesting that Judge Sarah Netburn depose five more witnesses, including former Ripple CFO Ron Will and former Xpring senior vice president Ethan Beard.

The Securities and Exchange Commission asserts that its increase in deposition requests spurs from the new development of evidence and “the sheer scale of Ripple’s unlawful XRP offering.”

Currently, ten active and former Ripple employees are to testify on several matters. The SEC is also making efforts to strong-arm Ripple into producing documents relating to its lobbying efforts.

In June 2020, Chris Giancarlo, a former chairman of the Commodity Futures Trading Commission, publicly asserted that XRP was not unregistered security. However, the SEC argued that Giancarlo was on Ripple’s payroll, noting that:

“Ripple relies on statements that it paid that official to make to support its litigation position…Since Ripple has put at issue its purported lack of ‘fair notice’ based on the beliefs of market participants, the SEC is entitled to test whether the supposed ‘confusion’ was bought and paid for by Ripple, as opposed to a reflection of genuine market sentiment.”

Additionally, the agency has requested access to the documents of five other custodians to obtain “all relevant internal and external documents.”

Key Ripple (XRP) Levels to Watch — May 26

After suffering a massive plunge below the $0.7000 level, Ripple appears to have regained bullish traction as the crypto market recovers from its recent crash. The seventh-largest cryptocurrency currently trades around the $1.0600 level, as it trades along a bullish trendline.

XRPUSD – Hourly Chart

The immediate target for bulls is the $1.2700 resistance followed by the $1.5000 level. That said, any declines from the current price should find healthy support from the $1.0000 psychological support level.

Meanwhile, our resistance levels are $1.5000, $1.5500, and $1.6000, and our support levels are $1.4000, $1.3500, and $1.3000.

Total Market Capitalization: $1.62 trillion

Ripple Market Capitalization: $43.6 billion

Ripple Dominance: 2.68%

Market Rank: #7

 

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Ripple Enters Partnership with the National Bank of Egypt

Ripple Enters Partnership with the National Bank of Egypt

Ripple (XRP) continues to expand its footprint in the MENA region. The cryptocurrency provider announced today that it signed a new partnership with the National Bank of Egypt.

With the new partnership, Egypt’s largest banking institution in terms of assets can facilitate remittance inflows from the United Arab Emirates through LuLu International Exchange.&.

The North African country currently takes the sixth position in the global remittance recipient rankings, with overseas indigenes sending about $24.4 billion home last year.

Ripple MD for South Asia and MENA Navin Gupta illustrated the economic importance of fast and cheap remittances, noting that:

“The ability to send and receive money quickly, reliably, and inexpensively today plays a larger role than ever before. Ripple is proud to partner with NBE and LuLu Exchange to bolster the MENA region’s financial infrastructure and provide a frictionless cross-border payment experience for the Egyptian community.”

Ripple entered a partnership with Lulu Financial Holdings, an Abu Dhabi-based investment company, in January 2020.

The cryptocurrency provider has maintained a robust presence in the MENA region for some years now. In February 2018, the San-Francisco-based company partnered with Arabia’s central bank to help the banking sector facilitate payments with its superior technology.

Ripple has partnered with banks in Oman, Kuwait, and the UAE.

Key Ripple Levels to Watch — May 19

As the cryptocurrency market struggles to stay afloat, XRP remains under immense bearish pressure. However, the seventh-largest cryptocurrency appears to be trading along a bullish channel, thereby lending ample support against raging bears.

ETHUSD – Hourly Chart

That said, XRP could attempt to close up the gap towards the 50-day SMA at $1.5280 over the coming hours. A further additional decline from the 50 SMA should get adequate support and boost from the $1.4500 support.

Meanwhile, our resistance levels are $1.5000, $1.5500, and $1.6000, and our support levels are $1.4000, $1.3500, and $1.3000.

Total Market Capitalization: $1.86 trillion

Ripple Market Capitalization: $50.6 billion

Ripple Dominance: 2.7%

Market Rank: #7

 

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Ripple Price Analysis — May 12

Ripple Price Analysis — May 12

The United States Securities and Exchange Commission’s decision to initiate a lawsuit against Ripple (XRP) has taken a toll on the broader cryptocurrency market. Whether Ripple is a security or not has gotten debated extensively and is the primary focus of the suit. That said, the final judgment of this case will test the effectiveness of the ‘Howey Test’ in today’s time.

SEC Commissioner Hester Pierce recently criticized the use of the Howey Test by the Supreme Court in distinguishing between assets and securities. She argued that the Howey Test suffered some challenges over the years in its application to the cryptocurrency industry.

Nonetheless, the need for a clear-cut regulatory framework for cryptocurrency remains unabated. The need for regulations in the crypto industry got highlighted by Stuart Alderoty, Ripple’s General Counsel. He noted that the air of regulatory uncertainty in the United States was a significant concern. The General Counsel argued that:

“The SEC continues to regulate the space through enforcement rather than adopting laws, rules or regulations.”

He added that:

“America’s regulation by enforcement strategy is already driving innovators away to countries like Japan, Singapore, the U.K., and Switzerland that has established a clear regulatory framework for crypto. The U.S. is creating uncertainty that hurts markets and consumers while hampering the drive for innovative new approaches to cross border payments, financial inclusion, and more.”

Key Ripple Levels to Watch — May 12

Ripple continues to face the difficulty of regaining a bullish momentum since its rejection from the $1.7500 resistance. Based on the hourly chart presented below, the seventh-largest cryptocurrency is trading along a descending channel, further reinforcing its bearish bias.

XRPUSD – Hourly Chart

That said, XRP needs a break above the $1.5500 resistance to negate the current channel. However, with the level of trading volume seen in the market, a bullish surge seems unlikely in the near term.

Meanwhile, our resistance levels are $1.5000, $1.5500, and $1.6000, and our support levels are $1.4000, $1.3500, and $1.3000.

Total Market Capitalization: $2.5 trillion

Ripple Market Capitalization: $51 billion

Ripple Dominance: 2%

Market Rank: #7

 

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Ripple Reports Massive XRP Sales for Q1, as ODL Demand Soars

Ripple Reports Massive XRP Sales for Q1, as ODL Demand Soars

For its Q1 report for 2021, Ripple (XRP) has announced that it grossed a total of $150.34 million in XRP sales, a 97% increase from its Q4 2020 report of $76.27 million.

The company noted that the sales boom was triggered by the growing demand for RippleNet’s On-Demand Liquidity or ODL service.

The company noted that:

“Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments.”

“Q1 2021 was phenomenally strong for crypto, with the overall market cap ballooning to nearly $2T for the first time.”

Ripple, which is expected to IPO soon, revealed that to meet the growing demand for ODL, it has acquired a 40% stake in one of Asia’s top cross-border payments platforms, Tranglo. According to the announcement, this partnership should help the cryptocurrency company expand its reach to the Asia Pacific region.

XRP Trading Volume Grew by 37% in Q1 2021
Ripple also stated in its report that the total XRP volume for Q1 2021 was 37.7% higher than the previous quarter with $204 billion from $148 billion in Q4 2020. According to the company, these figures were compiled with the use of CryptoCompare TopTier (CCTT) volumes. Ripple stated that:

“CCTT’s reported daily volume for XRP increased significantly in Q1 2021 from Q4 2020. The average daily volume reported was $2.26B in Q1 vs. $1.61B in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever recorded.”

Meanwhile, the company revealed that 3 billion XRP tokens got released from its escrow, in line with previous quarters and the official escrow arrangement. Ripple added that 2.7 billion XRP tokens got returned and put into new escrow accounts afterward.

 

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SEC vs. Ripple: SEC Denies Possession of Crypto Materials Requested by Ripple Labs

SEC vs. Ripple: SEC Denies Possession of Crypto Materials Requested by Ripple Labs

Although Ripple Labs recently filed for a dismissal of the ongoing lawsuit with the Securities and Exchange Commission (SEC), the cryptocurrency company still faces multiple challenges. Despite the recent ruling by Judge Sarah Netburn, which allowed for the discovery of SEC documents on Bitcoin, Ethereum, and Ripple (XRP), the securities agency may have a case over Ripple.

Firstly, the SEC has pushed back against the ruling allowing for the revelation of private documents on the previously mentioned cryptocurrencies by denying having the materials.

Also, new reports show that Judge Sarah Netburn excluded the discovery of internal communications at the SEC in her ruling for Ripple. The regulator has now taken this development as a win. Judge Netburn noted that:

“I am going to authorize discovery both as to exclusively Bitcoin or Ether communications as well as XRP communications between the SEC and third parties. I am not including SEC-to-SEC internal communications in that ruling.”

Former director of the SEC, William Hinman, highlighted the decentralization of Bitcoin and Ethereum networks, stating that the two were digital assets and not securities. That said, any discovery where the SEC drew similarities between the top two crypto-assets and Ripple would be crucial to Ripple’s defense.

Jeremy Hogan, an attorney familiar with the case, noted that the Judge’s ruling was a nuanced decision, adding that it only included SEC and third-party correspondence but not internal documents.

Key XRP Levels to Watch — May 5
Ripple is recovering from its recent dip to the $1.3250 support yesterday, as the broader market momentum remains immensely bullish. A break above the $1.5000 psychological resistance should help the fifth-largest cryptocurrency regain its bullish momentum and push towards the $1.6500 level, once again.

XRPUSD – Hourly Chart

However, an unlikely descent beneath the $1.4000 support level could send the XRP into consolidation between $1.4500 and $1.3800.

Meanwhile, our resistance levels are $1.5000, $1.5500, and $1.6000, and our support levels are $1.4000, $1.3500, and $1.3000.

Total Market Capitalization: $2.3 trillion

Ripple Market Capitalization: $66.2 billion

Ripple Dominance: 2.89%

Market Rank: #5

 

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Ripple CEO Feels Good about the Court Proceeding Against the SEC

Ripple CEO Feels Good about the Court Proceeding Against the SEC

As the legal battle between the US Securities and Exchange Commission and Ripple Labs enters its fifth month, Ripple CEO Brad Garlinghouse, in an interview with Fox Business, noted that he has a good feeling about the progress his company has made in court.

The cryptocurrency provider has succeeded in scoring some legal points against the SEC so far, with Magistrate Judge Sarah Netburn recently granting the company’s motion to compel discovery of private documents.

Garlinghouse has reaffirmed that Ripple (XRP) shares a similar foundational structure (open-source technology) with Bitcoin and Ethereum, as Ripple denies having created the token.

The embattled CEO also highlighted BitPay’s XRP support as an example of how the token is not a security, noting that:

“This is one of the many examples of how XRP is not a security. It’s used as a currency. Ripple has used it as a currency to solve the cross-border payments problems.”

Meanwhile, Garlinghouse and Ripple co-founder Chris Larsen—both of who have been named as accessories in the ongoing case—filed a joint motion for the dismissal of the case earlier this month.

Key XRP Levels to Watch — April 28
Ripple has rebounded modestly from its descent to the $0.95 area and recorded a weekly high around $1.4670 some hours ago. However, the fourth-largest cryptocurrency entered a sideways momentum around the $1.4500 resistance before descending to the $1.3300 area.

XRPUSD – Hourly Chart

We expect a bullish recovery back into the $1.4000 area and higher over the coming hours. If not, we should see renewed declines to $1.2700 or lower.

Meanwhile, our resistance levels are at $1.3800, $1.4500, and $1.5000, and our support levels are at $1.3000, $1.2700, and $1.2000.

Total Market Capitalization: $2.09 trillion

Ripple Market Capitalization: $62.5 billion

Ripple Dominance: 3%

Market Rank: #4

 

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Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.