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Uphold CEO Confirms Well-known Finance Giants are Using XRP

Abdulkarim Abdulwahab
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Uphold CEO Confirms Well-known Finance Giants are Using XRP

Simon McLoughlin, the CEO of American exchange Uphold, affirms that some well-known finance giants are leveraging cryptocurrencies like XRP to move funds around the world.

McLoughlin revealed this during a recent interview with Tony Edward of the Thinking Crypto podcast. Edward asked McLoughlin to offer specific details regarding the Ripple and Uphold alliance announced a few months ago.

In response, McLoughlin emphasized that Uphold is a node in Ripple’s ODL network, which is Ripple’s cross-border payment solution leveraging crypto like XRP. The Uphold CEO pointed out that Ripple ODL facilitates the movement of large amounts of treasury for multinational companies from one region to another using crypto as the transport layer.

McLoughlin stressed that big companies moving money around typically pay heavily for sluggish and complex cross-border transfers. However, Ripple is mitigating the challenges with the ODL product, offering a cheaper and faster alternative.

In Ripple’s ODL network, Uphold provides on- and off-ramp service for Ripple’s clients in the U.S., U.K., and European corridors.

According to the CEO, Uphold helps instantly convert the XRP assets put into the client’s account on the exchange into fiat and then handles the payouts to banks in the U.S., U.K., and Europe.

Essentially, Uphold’s role in the Ripple ODL service is facilitating crypto-to-local currency conversions for users in the three regions. 

Well-known Names Are Using XRP

Remarkably, McLoughlin revealed that its position grants Uphold “a fantastic peep behind the curtains” of Ripple’s payment network. They could witness tens of millions of dollars being moved by well-known companies leveraging XRP for cross-border transactions.

In parallel, McLoughlin was asked to specifically cite some of the companies using Ripple’s ODL service. Due to non-disclosure agreements, the Uphold CEO declined to mention any names. However, he stressed that Ripple’s payment network is home to some of the “well-known names” in finance.

“I’m sorry, I can’t. But what I can say is that there are some very well-known names. This is not like a fringe activity; there are some major corporations moving money this way,” McLoughlin remarked.

Big Names Using XRP Outside U.S. and U.K.

While the Uphold CEO cannot disclose Ripple’s U.S. and U.K. clients, publicly known institutions using XRP for intercontinental transfers via ODL include Malaysia’s Tranglo and Japan’s SBI.

As The Crypto Basic reported, Tranglo uses XRP for real-time transactions to countries like Singapore and the Philippines. Similarly, Japan’s SBI Remit leverages XRP for transactions involving Vietnam, the Philippines, and Indonesia.

Floki Launches Proposal to Burn 15,246,000,000 Tokens

Albert Brown
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Floki Launches Proposal to Burn 15,246,000,000 Tokens

FLOKI DAO is considering a new proposal to burn 15.24 billion FLOKI tokens, aiming to reduce supply and potentially increase market value.

Floki has again made headlines with a new proposal from its decentralized autonomous organization (DAO). Per Floki’s official X page, this initiative could see over 15 billion FLOKI tokens permanently removed from circulation.

Specifically, the DAO is considering a burn of 15,246,000,000 FLOKI tokens, a move that follows a series of previous token burns aimed at reducing supply and potentially bolstering the token’s market value.

Historical Context of Floki Token Burns

Floki community previously participated in key decisions concerning token burns. Notably, in February 2024, the DAO approved the burning of approximately 190.9 billion FLOKI tokens that were recovered from a Multichain bridge, as reported by The Crypto Basic. 

Earlier, in January 2023, a decision was made to disable the Floki cross-chain bridge, resulting in the burning of about 4.97 trillion tokens. Another proposal emerged after one of the blacklisted wallets, which had failed to comply with a previous deadline, sent back 15,400,000,000 FLOKI tokens to the project’s multi-sig wallet. 

The DAO is now deliberating on returning 1% of these tokens to the sender as a gesture of goodwill while burning the remaining 99%. This action is expected to encourage other holders of excess tokens to return them, aligning with the community’s standards on token circulation.

Market Reaction and Comparative Performance

Following the announcement of the new burn proposal, the price of FLOKI has seen an appreciable uptick. As of today, the token is trading at $0.0001907, marking a 15.27% increase in the last 24 hours and a 6.82% rise over the past week. 

These figures are particularly notable in contrast to the general market downturn, where the global crypto market has dipped by 2.10%. However, per CoinGecko, Floki’s performance still trails behind similar Ethereum ecosystem cryptocurrencies.

Adding to the positive market sentiment, VanEck, a prominent asset manager known for its Bitcoin ETFs, has included FLOKI in its MarketVector Memecoin Index. This inclusion could also bolster market adoption.

K9 to Burn 410M KNINE to Honor Vitalik Shiba Inu Burn

Lele Jima
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K9 to Burn 410M KNINE to Honor Vitalik Shiba Inu Burn

The Shiba Inu official liquid staking partner K9 Finance DAO launches a new proposal that could lead to the burn of 410 million KNINE tokens.

According to K9 Finance, the move is part of efforts to honor Ethereum co-founder Vitalik Buterin, who burned a whopping amount of Shiba Inu (SHIB) on May 16, 2021.

Ethereum Co-Founder Burns 410T SHIB

Recall that to reduce Shiba Inu’s hefty circulating supply, Buterin sent 410 trillion SHIB, or 41% of the circulating supply, to a dead wallet in May 2021.

Buterin initiated the burn shortly after Shiba Inu’s pseudonymous founder, Ryoshi, gifted him 50% of the token’s supply.

The burn played a significant role in putting Shiba Inu in the spotlight, as many investors accumulated the token, leading to its surge to an all-time high of $0.00008845 in October 2021.

K9 Wants to Honor Vitalik Shiba Inu Burn

Notably, the team behind the K9 ecosystem, which became an official liquid staking partner of the Shiba Inu ecosystem in February, launched a proposal to burn 410 million KNINE tokens ($12,127) in honor of Buterin’s 2021 SHIB burn.

K9 Finance said it would obtain the 410 million KNINE from the tokens allocated for marketing purposes within the Treasury. K9 community members are required to vote “Yes” or “No” to the proposal to burn 410 million KNINE tokens.

So far, the majority of K9 community members support the proposal. In particular, 77.32% of the total votes want 410 million KNINE destroyed to honor Buterin’s SHIB burn. The “Yes” votes have accrued 6.9 billion KNINE tokens. However, only 22.68% of the total votes are against the proposal. The “No” votes have accumulated 2 billion KNINE tokens so far.

The proposal, which was created on May 13, will conclude on May 18, 2024.

Notably, the proposed tokens the team seeks to burn are only a fraction of the token’s 1 trillion total supply. For context, of the 1 trillion token supply, only 112.49 billion KNINE is in circulation.

Despite the community supporting the proposal to burn 410M KNINE, the token is down 3.98% over the past day to $0.00002958.

K9 Launches Proposal to Generate Passive Income

Besides the proposal to burn 410M KNINE, K9 DAO also suggested plans to invest its ETH and stablecoins held within the Treasury to earn passive income on Lido Finance, Aave, and MakerDAO.

Voting for the proposal, which commenced yesterday, would end on May 18, 2024. As expected, the vast majority of K9 community members are in support of the proposal. At press time, while 93.84% of users have voted “Yes,” 6.16% are against the initiative.

Ripple Transfers 150M XRP, Moves to Sell 100M Amid 4% Price Surge

Abdulkarim Abdulwahab
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Ripple Transfers 150M XRP, Moves to Sell 100M Amid 4% Price Surge

Ripple transfers 150 million XRP to an external wallet, a move coinciding with a 4% surge in XRP’s value over the past day.

Prominent crypto payment company Ripple recently took steps to cash out XRP tokens it holds amid recent gains in XRP’s market. Automated market tracker Whale Alert first called attention to the development in a post on X.

According to the update, Ripple moved out 150 million XRP assets to an unidentified wallet yesterday May 13, at 18:24 UTC. At the time of the disclosure, the tokens had a monetary value of $75,790,534.

Ripple Moves 100M XRP to External Wallet

Meanwhile, further investigation from The Crypto Basic confirms that the recipient address with the initials “rP4X2hTa7A,” though tagged unknown, was activated by Ripple. Moreover, data from XRP explorer Bithomp shows that this wallet has a long history of interacting with Ripple’s publicly known XRP addresses. 

For instance, on April 24, wallet “rP4X2hTa7A” received 100 million XRP from Ripple, which it later distributed piecemeal to other external addresses. Similarly, upon the receipt of 150 million XRP yesterday, it moved out 100 million tokens to the XRP wallet “rhWt2bhRq.”

This second movement occurred precisely one hour after the first transaction, and Whale Alert documented it.

Notably, Ripple has repeatedly used the wallet ‘rP4X2hTa7A’ to distribute XRP tokens to external addresses such as ‘rhWt2bhRq.’ Essentially, of Ripple’s latest XRP transfer, which involved 150 million, 100 million were offloaded to the external address ‘rhWt2bhRq.’ This was the same wallet Ripple used to offload 100 million XRP on April 25.

It is worth mentioning that since Ripple unlocked 1 billion XRP for May in its usual monthly escrow unlock, this is the first instance this month that the payment company has transferred parts of the unlocked tokens to an external destination.

Sell-off Amid XRP Gains

Given the scale of the assets moved from Ripple, community members reacting to the update conveyed the sentiment that the payment firm was again “dumping on retail.” This sentiment emerged considering the timing of the Ripple transaction.

In particular, while XRP registered an intraday low of $0.4916, the asset has since advanced by 3.99% to the daily peak of $0.5112. Ripple’s movement of 100 million XRP to an anonymous wallet coincides with this uptick.

Ripple Moves to Keep Discounts Offered on XRP to Institutional Buyers Private

Lele Jima
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Ripple Moves to Keep Discounts Offered on XRP to Institutional Buyers Private

San Francisco-based crypto payments company Ripple files an omnibus motion to seal certain materials relating to the SEC’s motion for judgment and remedies. 

Ripple submitted the request yesterday at the United States District Court for the Southern District of New York (SDNY).

Ripple’s Sealing Requests 

According to the recently filed motion, Ripple seeks narrowly tailored redactions to the remedies-related brief. The company also requests that the court seal specific exhibits completely to protect its highly confidential business information and third parties’ legitimate privacy interests. 

Before filing the motion, Ripple’s and the SEC’s counsels conferred to deliberate about the proposed sealing requests. The SEC consented to certain Ripple’s sealing requests but opposed others. 

Why Ripple Wants Its Financial Docs Sealed 

The information Ripple wishes to seal relates to the company’s audited financial statements and ongoing business relationships. Ripple highlighted four reasons the court should grant its request to seal the audited financial documents.  

First, the company argued that since it is a private company, it has never disclosed its financial statements. Second, Ripple contended that public disclosure of its financial statements would be highly detrimental to its operations. The company added that publishing its financial documents would expose its financial condition, revenue streams, and long-term business plans. 

Third, the company stated that the proposed redactions to its financial statements do not affect the relevant substance of the remedies-related brief. Lastly, Ripple emphasized that the court had granted similar sealing requests during the summary judgment phase of the lawsuit. 

Ripple Moves to Protect Its Confidential Business Relationship 

Ripple also moved to seal some materials regarding its confidential business relationship, encompassing the financial terms of its contractual agreements with certain third-party business partners.  

According to Ripple, the sealing requests are specifically targeted, focusing only on the financial and pricing terms negotiated between the company and other past or existing counterparties. 

Here, some of the proposed redactions relate to discounts offered to institutional buyers of XRP. The company pointed out that while the contracts and discounts may be relevant to the SEC’s remedies-related arguments, the financial and pricing terms are not pertinent in this context. 

Furthermore, Ripple pointed out that its sealing requests would minimally affect the court’s decisions regarding judgment and remedies. 

“Ripple’s proposed redactions are narrow and targeted-they only pertain to information that is highly sensitive and would cause harm to Ripple, innocent third parties, and non-third party Ripple employees if publicly disclosed,” an excerpt of the motion read. 

Commenting on the development, pro-XRP lawyer Bill Morgan emphasized that Ripple wants to seal the discounts offered to institutional buyers of XRP. 

Meanwhile, Ripple’s CFO (Chief Financial Officer), Jonathan Bilich, submitted a declaration supporting Ripple’s motion to seal certain materials relating to the SEC’s motion for judgment and remedies. 

As usual, seasoned defense lawyer James K. Filan shared Ripple’s proposed sealing requests.

The SEC is expected to file its opposition to Ripple’s omnibus motion to seal by May 20, 2024. Afterward, the court would decide whether to grant or deny Ripple’s sealing request before issuing its final judgment. 

Shiba Inu Needs to Break This Level to Push Towards $0.00002954

Sam Wisdom Raphael
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Shiba Inu Needs to Break This Level to Push Towards $0.00002954

Shiba Inu seeks to breach the upper trendline of a multi-month descending channel at $0.00002444 in an attempt to push toward $0.00002954.

The recent market volatility dealt a blow on prices, triggering a 14.88% drop in the value of Bitcoin (BTC) last month and equally exerting selling pressure on altcoins. Shiba Inu witnessed a 27.16% price collapse in April, but now looks to recover these losses in a recovery campaign.

Market analyst Ali Martinez confirmed in his analysis that, on the 4-hour timeline, Shiba Inu has continued to trade below the upper boundary of a descending parallel channel since March. All attempts to breach this upper boundary have proven futile. 

Shiba Inu Looks to Breach Major Resistance 

However, the recent recovery effort has seen Shiba Inu again flirting with the upper boundary. SHIB closed yesterday with a 4.71% gain, its highest intraday gain since May 3. It now records an 8.20% upsurge over the last 24 hours, making it one of the largest gainers among the top 100 assets.

Martinez’s analysis suggests that Shiba Inu would face another stern resistance at the upper boundary as the ongoing rebound progresses. According to him, this resistance level currently sits at the $0.00002444 price, aligning with the Fibonacci 0.382 level on the daily timeframe.

With Shiba Inu now changing hands at $0.00002361, data from IntoTheBlock (ITB) confirms that it faces minimal resistance below the $0.0000244 price territory. Notably, the only supply wall posing a threat to SHIB’s journey toward $0.000025 consists of 21,660 addresses, which hold 7.58 trillion SHIB at an average price of $0.000024.

Shiba Inu GIOM IntoTheBlock 4
Shiba Inu GIOM | IntoTheBlock

Breaching this area would put Shiba Inu above the upper boundary of the descending channel, a position capable of catalyzing more gains. Accordingly, Martinez believes SHIB has the potential to engineer a push toward $0.00002954 once it breaks above the $0.00002444 territory.

SHIB Faces Market Turbulence

Nonetheless, amid a recent drop in volatility, Shiba Inu has to navigate a market dominated by bears over the last few days. Volatility has dropped to 75.55%, according to ITB data, down from the 232.58% high on March 4 when SHIB clinched the yearly high above $0.000045. 

Further data shows that the bears have overshadowed the bulls in the past three days, with 44 whale addresses selling over 1% of the 24-hour volume from May 11 to 13, while 41 whale addresses have purchased over 1% of the 24-hour trade volume within the same timeframe.

SHIB BullBear Difference
SHIB BullBear Difference | IntoTheBlock

SHIB needs to witness a resurgence of buyers to sustain the ongoing upward momentum. Interestingly, while SHIB has recorded a massive 269% increase in derivatives volume to $309 million in 24 hours, the long/short ratio sits at 0.9654, indicating a prevalence of short positions as market participants bet on a correction.

Here Are Top 10 Altcoins Held by Crypto Wealth Mentor

Abdulkarim Abdulwahab
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Here Are Top 10 Altcoins Held by Crypto Wealth Mentor

Levi Rietveld, a widely followed crypto wealth mentor on the X platform, has disclosed the top ten cryptocurrencies that make up his crypto investment portfolio.

In a recent post on X, Rietveld revealed the leading crypto assets he holds in anticipation of the fast-approaching bull market. These assets range from some of the most valuable crypto assets in the market to less prominent tokens. Specifically, they include XRP, RNDR, Hedera (HBAR), Bitcoin, and Stellar (XLM).

Notably, Rietveld did not provide a specific factor that influenced his selection of these assets. However, it can be inferred that the present and historical performances of these assets, coupled with their distinctive contributions to the blockchain ecosystem, played a role in his selection.

Bitcoin and XRP

Interestingly, of the top ten most valuable crypto assets on the market, only Bitcoin and XRP made it to Rietveld’s top holdings. Notably overlooked options include BNB, Solana (SOL), Toncoin (TON), Dogecoin (DOGE), and Cardano (ADA).

Regarding performance, Bitcoin is up nearly 50% year-to-date despite the two-month bearish market. As the premier crypto now being recognized as digital gold equivalent, BTC is expected to have a spot in Rietveld’s investment portfolio.

Unlike Bitcoin, XRP has been down 17.59% since the start of 2024. XRP struggles with cumulative negative growth across the 30-day, 60-day, and three-month timeframes. Other assets like SOL and TON, which did not make Rietveld’s top holdings, hold more commendable price performance records.

Essentially, Rietveld’s inclusion of XRP, despite its lack of recent gains, suggests an anticipation of future bullish trends for the asset.

ICP, HBAR, RNDR, XLM, KAS

Internet Computer (ICP), RNDR, HBAR, XLM, and KAS are the next set of billion-dollar-valued crypto projects on the crypto wealth mentor’s list. 

ICP stands out with a valuation surpassing $5.5 billion, placing it 20th in the market cap rankings. The asset was one of the frontrunners in the early stages of the current bull market, maintaining an impressive 131% increase in its annual gains.

Similarly, RNDR has been a top-performing asset for the last seven months. This asset spearheaded a surge in the last quarter of 2023 and into the first quarter of 2024, mainly as interest in AI-centric crypto projects like Render has escalated. At its current value of $11.31, RNDR retains over 517% gains in its one-year trajectory.

Likewise, Kaspa (KAS) has maintained a comparable 484% growth since last year with its price at $0.1176. Also, HBAR boasts a 113% gain over the past year despite the market-wide dip. In this group, XLM pales in comparison with the more modest 18% growth since 2023.

Other Highlighted Cryptos

Other tokens, such as Flare (FLR), FIRE, and MYRIA, that made the list are lower-ranking crypto projects with valuations of $1 billion and below. These assets, except MYRIA, have shown underwhelming performances since last year.

Ethereum Price Forecast: Is Bitcoin Halving FUD Driving ETH Below $2,800?

Mark Brennan
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Ethereum Price Forecast: Is Bitcoin Halving FUD Driving ETH Below $2,800?

Ethereum price opened trading at $2,928 on Monday, May 13, recording a 4% surge over the weekend, but recent ETH 2.0 staking trends suggest more downside ahead.

Ethereum Crosses 1 Million Node Validators 1-Year After Shappella Upgrade.

Ethereum recorded another major milestone in May 2024 as the number of node validators staking coins on the network hit the 1 million mark.

Ethereum completed its transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus with the Shappella upgrade executed on April 12 2023, allowing ETH holders to earn passive income and secure the network by stake their coins.

Since then, Ethereum 2.0 staking trends have been highly influential in ETH price action.

Ethereum Node Validators vs. Staked ETH | Beaconcha.in
Ethereum Node Validators vs. Staked ETH | Beaconcha.in

According to the latest data from Ethereum’s Beacon chain, there are now 1,015,570 active node validators as of May 13, 2024, who have jointly staked a total of 32.5 million ETH staked (~$96 billion).

Centralization of staking power among a few affluent investors was one of the major risks identified when ahead of Ethereum’s PoS transition in 2023. Hence, Ethereum reaching a milestone of 1 million unique stakers significantly eases those concerns, clearing the coast for edgy investors to commit to the ETH project’s long-term prospects.

However, in the short-term, things could pan out slightly differently. A closer look at the another critical metric shows that ETH has been struggling to attract new stakers since the Bitcoin halving.

The chart below shows the number of stakers that enter the Ethereum validator queue on a given day, in contrast to those exiting and withdrawing their staked ETH.

Ethereum ETH Staking Validator Queue
Ethereum ETH Staking Validator Queue

22,297 unique wallets who fulfilled the 32 ETH requirement moved to join the Ethereum staking network on April 16.

But as depicted above, it has been downhill since then. The latest data shows only 704 unique addresses opted to join the Ethereum staking queue on May 12, reflecting a 98% decline from the local peak recorded on April 16.

The timing suggests that fears of a crypto market crash after the April 20 Bitcoin halving has spooked prospective investors into cutting down on their ETH investment. Also, since April 16, ETH price succumbed to a 13% dip.

Undoubtedly, Ethereum reaching 1 million validators is a major milestone for future viability and decentralization of the network. But, this prolonged decline in the number of new entrants could soon begin have a bearish impact on ETH short-term price action.

ETH Price Forecast: $2,800 Support at Risk

Ethereum’s price is trading at around $2,960 at the time of writing on May 13. However, the 98% drop-off in new staking inflows puts ETH price at risk of a breakdown below $2,900 level in the near-term.

Looking at the lower-limit Bollinger band technical indicator, the Ethereum bulls could mount an initial support buy-wall at the $2,847 territory.

Ethereum ETH Price Forecast
Ethereum ETH Price Forecast

But if that vital support level fails to hold, a breakdown below $2,800 could be on the cards as predicted.

On the contrary, if the market sentiment turns positive on the upcoming US CPI and PPI inflation reports expected to be published this week, bulls could eye a rebound toward $3,200. But still, the looming sell-well at $3,063 level poses a major roadblock in the short-term.

Whale Moves 100,000,000,000 Shiba Inu to Coinbase, Eyes Loss

Albert Brown
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Whale Moves 100,000,000,000 Shiba Inu to Coinbase, Eyes Loss

100 billion SHIB has moved to Coinbase from wallet 0x462, valued at $2.24 million, attracting analyst attention.

Recently, a SHIB whale, identified by the wallet address 0x462, made significant trades involving SHIB. According to on-chain data analyst The Data Nerd, the whale deposited 100 billion SHIB, approximately valued at $2.24 million, into a Coinbase account. 

 

This move is part of a broader pattern of large-scale transactions that have occurred within the past week. The Data Nerd’s analysis indicates that the whale accumulated SHIB at an average price of $0.00002408 each and stands to incur a loss of around $178,000 if the tokens are sold at the current price of $0.00002324.

This transaction is just one part of a larger narrative involving SHIB’s liquidity and price stability. Over the last seven days, SHIB has experienced a 6.19% decline in value, underperforming in the context of the broader cryptocurrency market’s 2.60% decline and compared unfavorably to other cryptos within the Ethereum ecosystem, which have seen an average increase of 12.70%.

Exchange Inflows and Outflows

Recent activities have gone beyond this single transaction. Data provided by Arkham Intelligence highlights other significant inflows and outflows of SHIB across various exchanges. For instance, the Binance and Upbit exchanges have reported massive inflows into their hot wallets, with values exceeding hundreds of billions of SHIB.

Shiba Inu Highest Flows in 24H
Shiba Inu Highest Flows in 24H | Arkham Intelligence

The transfer of 100 billion SHIB into Coinbase has notably been identified as the seventh largest among the largest SHIB inflows in the past 24 hours. Particularly, the graph of on-chain exchange flow for SHIB shows a varied pattern throughout the day, with a notable spike in inflows and prolonged outflows continuing.

Other Notable Transactions

The activity of SHIB whales extends beyond the wallet address 0x462. For example, on May 10, other whale addresses moved 705.9 billion SHIB, worth over $16.5 million, away from cryptocurrency exchange platforms, suggesting a strategic shift in holdings. Additionally, on May 2, an anonymous wallet withdrew 1.75 trillion SHIB from the Robinhood exchange, indicative of a continuing accumulation trend amid fluctuating prices.

This flurry of transactions and the corresponding market movements show the influence of whale activities on the liquidity and price stability of SHIB. Notably, SHIB has a current market cap of approximately $13.7 billion and a daily trading volume nearing $400 million.

Analyst Say XRP Could Reach $1.98 Following Increased Transactions

Albert Brown
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Analyst Say XRP Could Reach $1.98 Following Increased Transactions

Armando Pantoja forecasts a rebound for XRP to $1.98, citing a surge in transaction volumes as a key indicator.

Armando Pantoja has forecasted a rebound for XRP, with price predictions reaching as high as $1.98, in a post to his 11.3K X followers. This projection is based on a recent surge in network transactions, highlighting a robust correlation between transaction volumes and price movements per Santiment data.

 

Over the past week, XRP has demonstrated volatility with price fluctuations between $0.46 and $0.52. The transaction counts also reflected substantial activity, ranging from 240,000 to over 350,000 daily. A sharp increase in transactions was recorded on May 1, coinciding with a peak in the price at approximately $0.52. This trend suggests that transaction volume may play a crucial role in influencing XRP’s price.

A notable rise in daily transaction counts also reflects an expanding adoption and usage of the blockchain network, suggesting heightened engagement by users and entities.

Starting on April 29, XRP’s price was at about $0.501. The price was followed by a slight recovery and a continued surge henceforth, reaching $0.52 by May 10.

On the other hand, the transaction count initially dipped below 240,000 on April 30 but surged to approximately 280,000 on May 1. After this peak, the transaction volume showed a general decline, although it peaked at 352,000 by May 10. This pattern of sharp rises and falls indicates a market responsive to both internal network dynamics and external market pressures.

During this coverage, XRP is bullish, changing hands at $0.5052. Technical indicators such as the Relative Strength Index and Simple Moving Average show sideways movement but room for future price movements.

Broader Market Context

Other analysts, such as U-copy, have echoed similar sentiments regarding XRP’s potential, citing a seven-year accumulation and a symmetrical triangle formation that might lead to significant price movements in 2024.

Moreover, the recent 12% price dip following the SEC’s $2 billion legal contention against Ripple has been a critical factor in XRP’s price movements. Despite this, the underlying bullish indicators from early May suggest resilience in XRP’s market fundamentals.

Ripple’s influence in the payment solutions sector is further evidenced by its partnership with Tranglo, which uses XRP in all its real-time transactions. This utilization shows XRP’s functional value beyond speculative trading, potentially stabilizing its price in the long term.

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