Unlocked XRPs Trigger Market Shift
According to the report, Whale Alert data showed that a total of 800 million XRPs were unlocked from unknown custody wallets in two transactions (400 million e…
According to the report, Whale Alert data showed that a total of 800 million XRPs were unlocked from unknown custody wallets in two transactions (400 million each), with a value of more than 300 million dollars.
800 million XRPs unlocked from unknown managed wallets
Interpretation of the news:
Whale Alert, a blockchain tracking and analytics platform, has reported that two transactions have been initiated, unlocking 800 million XRPs from unknown custody wallets. These transactions are valued at more than $300 million, which has immediately caught the attention of cryptocurrency traders and investors worldwide.
This latest development in the cryptocurrency market is significant because XRPs, the native digital currency of the RippleNet network, has been on a downward trend for the past few years. In addition, Ripple, the company behind the digital currency, has recently been scrutinized by the US Securities and Exchange Commission (SEC) for trading unregistered securities. In fact, the SEC filed a lawsuit against Ripple in December 2020, claiming that XRP is a security and not a currency. The outcome of this ongoing legal battle is still unclear, but the recent unlocking of the XRPs has once again triggered a market shift.
The release of such a large number of XRPs could indicate that the owners of these previously unknown custody wallets are planning to sell them, causing a surge in supply and a decrease in price. On the other hand, some traders might view this as a good buying opportunity, hoping that Ripple’s legal situation will resolve soon and that the value of XRPs will increase in the future. Some market analysts have suggested that these transactions could also be an attempt to show that there is a real-world use case for XRPs, as RippleNet is adopted by more banks and financial institutions.
Overall, this action has created more questions than answers, but it certainly highlights the ever-changing nature of the cryptocurrency market. The value of digital currencies can fluctuate in seconds based on a single transaction. It also underscores the importance of transparency and accountability in the cryptocurrency industry, as the identity and motive behind the release of such a large number of XRPs remain unknown.
In conclusion, the unlocking of 800 million XRPs from previously unknown custody wallets is a significant event in the cryptocurrency market, which has triggered a new shift in supply and demand. The exact motives behind these transactions are unclear, but they could have a significant impact on the future value of XRPs. The regulation and transparency of cryptocurrency transactions are as essential as ever, and their influence on the global economy may continue to grow in the years to come.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/4133/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Binance Takes a Step Further in Deeper Investments: Investing in Crypto Risk Fund
On March 1, Binance announced its investment in the newly established encryption risk fund Nomad Capital. Nomad aims to provide value for its portfolio project…
-
Euler Finance Implements User Redemption Plan: Recovers Over 95,000 ETH and 43 Million DAI
On April 6th, the DeFi lending agreement Euler Finance announced a user redemption plan, in which a total of 95556.36059211764 ETHs and 43063729.35 DAIs were recovered. The unrecyc
-
#Nima Capital and Shima Capital Invest $3 Million in NFT Ecosystem Flow Centered around Rollup
According to reports, the NFT ecosystem Flow centered around Rollup has completed a seed round financing of $3 million, with Nima Capital leading the investment and Shima Capital p
-
Solana Network Experiences Bifurcation Event – Causes Major Transaction Limitations
It is reported that the Solana network experienced a bifurcation event on Sunday morning New York time, which limited the ability of users to execute transacti…
-
Circle Launches Developer Dashboard: A Game-Changer for Developers
On April 4th, Circle announced that a developer dashboard was provided in Circle Account for developers to manage integration with Circle. The developer dashboard currently include
-
Alchemy Pay and ZD Group Enter into a Strategic Partnership
According to the official announcement, the encrypted payment gateway announced that it had cooperated with the parent company of the global investment fund Mouette Securities, ZD Group. Under this strategic cooperation framework, ZD Group provides Alchemy Pay with investment and shares four financial licenses authorized by the Hong Kong Securities and Futures Commission (SFC) and the Insurance Industry Regulatory Authority (IA), while Alchemy Pay promises to provide encrypted payment solutions for all businesses of ZD Group. Encrypted payment gateway Alchemy Pay cooperates with ZD Group to share its four Hong Kong financial licenses Analysis based on this information:Alchemy Pay has partnered with ZD Group, the parent company of Mouette Securities, to facilitate the global expansion of its secure payment gateway. This strategic collaboration is aimed at strengthening the market presence of Alchemy Pay and enabling ZD Group to leverage its proprietary encrypted payment solutions. As part of this partnership, the Hong Kong Securities and Futures Commission (SFC) and the Insurance…
-
Dune Analytics Announces Open Source Python Library “Harmonizer” and Will Integrate GPT4
On April 21st, it was announced that the online data analysis platform Dune Analytics announced the open source Python library \”Harmonizer\”, which will mainly come from Postgres& S
-
Bitcoin Network Block Height of 783426 Produces Two Blocks on April 1st: Suspected Invalid Block Generated by F2pool
On April 1st, according to the node monitoring tool ForkMonitor, the Bitcoin network block height of 783426 produced two blocks. BitMex Research stated that it is suspected that F2
-
Ethereum Layer2 lock-up volume continues to surge
According to reports, L2BEAT data showed that the total lock-up volume on Ethereum Layer2 was US $6.23 billion, up 11.72% in the past 7 days. Among them, the l…
-
When did Bijiu.com start running (Bijiu.com Login)
When did Bijiu.com start running? According to official news, Bijiu.com is one
-
Title: Understanding CME’s Federal Reserve Observation and Interest Rates
According to reports, according to CME\’s \”Federal Reserve Observation\”, the probability of the Federal Reserve maintaining interest rates unchanged in May is 18.4%, and the probabi
-
Decrease in Ethereum Blocks Subject to Transaction Review
On February 15, Martin K ö p pelmann, co-founder of GnosisChain, tweeted that the decline in the number of Ethereum blocks subject to transaction review was du…
-
Trader Joe to Launch Liquidity Book V2.1 for Improved Trading Experience
According to reports, Blue, the marketing director of the Decentralized Cryptocurrency Exchange (DEX) Trader Joe, said on Friday that an upgraded trading engine, Liquidity Book V2.
-
The bankruptcy court ruled that Deltec needs to repay Alameda’s previous loan of nearly $53 million
According to reports, a judge from the Delaware Bankruptcy Court ruled on Wednesday that Deltec International Group should repay a loan of nearly $53 million originally provided to
-
Declining US CPI Rate Signals Stable Inflation
It is reported that the annual rate of CPI in the United States was not seasonally adjusted at 6% in February, expected to be 6.00%, and the previous value was 6.40%. The US CPI has declined for the eighth consecutive month without quarterly adjustment in February, which is the lowest since September 2021; The monthly CPI rate of the United States recorded 0.4% after the quarterly adjustment in February, the lowest since December 2022; The core CPI annual rate of the United States recorded 5.5% in February without quarterly adjustment, which has declined for the sixth consecutive month and is the lowest since December 2021. The US CPI annual rate of 6% in February was in line with expectations Analysis based on this information:The report highlights the consistent decline in the US Consumer Price Index (CPI) rate, recording at 6% in February. Despite this being less than the expected rate of 6.00%, it is a positive sign for policymakers who…
-
Russian Ministry of Finance advocates criminal penalties for encrypted mining
On March 16, it was reported that recently, the Russian Encryption Industry and Blockchain Association (RACIB) wrote to Anton Siluanov, Minister of Finance, requesting clarification of the department’s position and measures on encryption. It is understood that the Ministry of Finance advocates criminal penalties for citizens and entrepreneurs engaged in encrypted mining. Alexei Moiseev, Deputy Minister of Finance of the Russian Federation, previously stated that it was necessary to amend the criminal law and provide for penalties for underground mining. The Russian Encryption Association requires the Ministry of Finance to clarify regulatory measures for encryption Analysis based on this information:The Russian Encryption Industry and Blockchain Association (RACIB) recently wrote to Anton Siluanov, Minister of Finance, requesting clarification of the department’s position and measures on encryption. It is understood that the Ministry of Finance advocates criminal penalties for citizens and entrepreneurs engaged in encrypted mining. Alexei Moiseev, Deputy Minister of Finance of the Russian Federation, previously stated that it was necessary…