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Ripple at $1? Reaching One Buck Was Never This Exciting

CryptocurrencyMay 27, 2021 10:30AM ET
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Ripple at $1? Reaching One Buck Was Never This Exciting

  • The price of XRP has experienced volatility given the price changes in BTC.
  • XRP has broken the $1 mark after trading below the threshold.
  • XRP continues to increase the liquidity on Huobi.

Coincidence or not? Another $85 million XRP tokens have been moved again by Ripple and other notable U.S. and European exchanges. Earlier in March 2021, another 85 million XRP tokens were juggled between exchanges. The number of large XRP transactions from whale accounts has substantially increased over the past couple of days.

The price of XRP has experienced extreme volatility given the price drop in Bitcoin. XRP is trading around $1 level at the time of writing as Bitcoin and altcoins are showcasing positive price appreciation, following a weekend that saw the cryptocurrency market lose over $600 billion from its market cap. In April, XRP surged by 260%, hitting a year high of $1.92 on April 14th, according to data from CoinMarketCap.

XRP Moves Between Exchanges

XRP has been trading around the $1 mark amid the flash market dip. On Tuesday, May 25th, whale alert published data that 139.3 million XRP tokens were moved to an unknown wallet. Additionally, reports from the same data provider indicated that cryptocurrency exchanges such as Bittrex and Binance moved 30 and 37 million XRP tokens respectively.

Ripple and the XRP token are taking center stage as the lawsuit between SEC and Ripple is still without any end in sight. While XRP has been halted from trading in the U.S. as exchanges want to prevent any financial investigations, the price of XRP has seen important progress as positive headlines emerged during the case. Still, price movements on the Ripple network are increasing.

According to reports, Ripple continues to increase the liquidity on the Chinese exchange Huobi, wiring over 4 million XRP tokens a day. This comes as no surprise as Ripple has previously moved significant amounts of XRP between exchanges in the U.S. and Asia. Additionally, 25 million XRP have been transferred from Bitstamp, which functions as an EU ODL corridor for Ripple.

In their monthly Markets Report statement, Ripple announced an increase in whale wallets during the first 3 months of 2021. The number of wallets that hold over 10 million XRP tokens has increased from 308 to 319.

On the Flipside

  • According to data from CoinMarketCap, the price of Ripple has moved in accordance with Bitcoin.
  • Investors are questioning if the XRP futures can recover to the “multi-billion-dollar market.”
  • Ripple’s NFT marketplace and lowering of fees could enable institutional investors to consider joining the NFT bandwagon.

What is happening with XRP

Despite the allegations advanced by the SEC, Ripple is increasing their partnerships and is releasing new products towards institutional consumers. Recently, Ripple published a whitepaper outlining their intent to fulfill DLT towards the basis of central banks’ digital currency (CBDC) solutions. While the company might be scrutinized in the U.S. if they lose the SEC lawsuit, Ripple is growing in Asia, and it has not affected their reputation.

Ripple Labs also announced the lowering of gas fees and transaction costs to facilitate the expansion towards NFTs. With concerns raised by Elon Musk about blockchains’ carbon footprint, Ripple has released a note stating they will aim to reach zero-carbon blockchain processes by 2030.

The total market cap of the cryptocurrency market plunged last week after news regarding Bitcoin didn’t align with investors’ views. As a result, Ripple futures have dropped to a new February low after liquidating $510 million in long positions. Additionally, the price of XRP dropped by 54% as the interest of the open future retraced to $550 million. With that said, Ripple is gaining a reputation from institutional investors. In April 2021, the company attracted $33 million in institutional inflow.

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Ripple at $1? Reaching One Buck Was Never This Exciting
 

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