XRP, the native token of the Ripple network, has reportedly surpassed Bitcoin in trading volume on the weekly average. The digital asset, following a significant legal win last week, now claims 21% of all cryptocurrency trade volume over the last week. This achievement is just one of many in Ripples recent journey in the spotlight.

Ripples presence in the news lately owes to a landmark court decision in its favor. The United States Securities and Exchange Commission (SEC) had initially taken legal action against the firm, accusing it of selling unregistered securities.

However, a federal judge in New York has recently declared that XRP is only security when sold directly to institutional investors under specific written contracts. And when the token was sold to retail investors on crypto exchanges, it is not deemed a security.

This verdict led to major cryptocurrency exchanges relisting XRP, causing a subsequent surge in demand and trading volume.

Ripple Through The Market

Last weeks court decision catalyzed a rally for XRP, as its price experienced an approximate 65% increase. The relisting on various platforms, following the victory in court, ignited significant interest in the token and pushed trading volumes to new heights.

#XRP has surpassed #BTC as the highest volume asset

Since last weeks court ruling, 21% of all crypto trade volume has been for XRP. pic.twitter.com/OLdTQrk1kO

Kaiko (@KaikoData) July 17, 2023

However, it is worth noting that XRP has experienced a 20% drop in value after reaching its recent peak. Yet, this has not seemed...

Despite Bitcoins current struggle to surpass the $30,000 mark, data analytics firm Glassnode earlier today reported that the assets realized capitalization has since been on an upward trajectory, nearing the $400 billion mark.

Bitcoin Realized Cap Nears $400 Billion

According to Data analytics firm Glassnode, Bitcoins Realized Cap is now inching closer to $400 billion, showing that new capital is continuously entering the market despite the years ups and downs. 

Related Reading: Standard Chartered Raises Bitcoin Forecast To $120,000, Citing Miners Reduced Selling

Bitcoins Realized Cap represents the total value of all BTC at the price they were last moved or transacted, indicating the cost basis of holders. When this metric rises, it reveals that BTC is being traded at progressively higher prices, which suggests an increase in demand.

Glassnode reported that the increase in BTCs realized cap signals the consistent influx of capital into the asset throughout the year 2023. This steady inflow represents a stable investment climate surrounding Bitcoin, despite its recent price fluctuations.

Furthermore, Glassnodes assessment of the ascending realized cap is indicative of a broader trend in the cryptocurrency market. The data analytics firms said, It signals that coins are changing hands at higher prices on net, a phenomenon that underlines a rising demand for Bitcoin.

It is worth noting that this recorded increasing demand for Bitcoin comes at a time the asset might have flashed a hope of bul...

After the launch of the mainnet on May 3, the SUI token fell into a deep downtrend, which has caused the price to drop by more than 87%. Low user numbers and poor on-chain data have severely clouded the outlook. However, a few days ago, there was a surprise that gave a big boost to the SUI price.

The SUI network made waves in the crypto space by surpassing its competitor Solana in daily transactions. However, with a sudden record of 29 million transactions in 24 hours, SUI has left many crypto enthusiasts questioning the validity and sustainability of this sudden surge.

Renowned analyst and crypto whale Andrew Kang, known for his insightful commentary, has raised concerns about the authenticity of these transactions, suggesting that SUI may be artificially inflating its numbers. Kang writes today:

Sui pumping their numbers up. Chart looks good, market does not seem to be discerning about validity of transactions. Fake it til you make it.

Is SUI Still Worth Buying?

As Kang argues, the question is: Are the numbers legitimate and can drive a sustainable upward trend, or will the hype quickly die down because of fake numbers?

The recent surge in transactions can be primarily attributed to the introduction of the on-chain game, Sui 8192. Developed by the team behind the wallet provider, Ethos Wallet, this casual game has captured the attention of users with its gameplay reminiscent of the classic puzzle game 2048.

Each move within the game triggers a transaction, resulting in the state of the game being recorded on the blockchain. With the integration of a pre-approval mechanism in Ethos Wallet, players can optimize their gameplay experience by setting a token amount before each game.

Its Important to know that the SUI Foundation has allocated $5 million to further stimulate activity within the game, offering players the opportunity to earn rewards in the form of SUI tokens by competing against others or completing tasks. However, this could call into question the sustainability of this increase in transaction activity.

Perhaps the game is only experiencing a short hype at the moment because players want to grab the free tokens. Once the marketing budget is exhausted, the hype could quickly be over. SUI traders and investors should therefore be cautious.

Prior to this transaction surge, the project had been marred by negative headlines, including allegations of suspicious token movements, concerns about venture capital influence, and opaque tokenomics. These controversies have left some investors wary of the projects long-term prospects....

The Cross-Chain Interoperability Protocol (CCIP), designed for building cross-chain applications and services, has now launched for early access users on the Avalanche, Ethereum, Optimism, and Polygon blockchains.

On July 20, the Chainlink protocol will become available to developers across the four blockchains testnets and also Arbitrums Goerli. As a result of this, the price of Chainlinks native token, LINK, rallied nearly 10% to touch $7.30 following this announcement on Monday.

Chainlinks CCIP The Future Of Interoperability?

In a blog post dated July 17, Chainlink announced the launch of the Cross-Chain Interoperability Protocol to early access users on Avalanche, Ethereum, Optimism, and Polygon blockchains. While DeFi lending protocol Aave is set to integrate the protocol, it has already been adopted on the derivatives platform Synthetix.

Related Reading: Bitcoin Price Needs To Clear $30,500 For Hopes of a Fresh Rally

According to the post, CCIP is an interoperability protocol that allows developers to design their own cross-chain solutions. It also offers Simplified Token Transfers, which allows protocols to swiftly send tokens across chains through audited token pool contracts.  

Chainlink claims that CCIP is a blockchain layer designed to foster a connection between enterprises and any public or private blockchain ecosystem.

The cross-chain protocol is a collaborative effort with Swift, the renowned global financial messaging network. It leverages Swifts messaging infrastructure to facilitate token transfers across various public and private blockchains.

According to Chainlinks co-founder Sergey Nazarov, CCIP is a solution that aims to connect the fragmented public blockchain landscape and the growing bank ecosystem into a single Internet of Contracts.

He also stated that such technology will be crucial to developing and maintaining a blockchain-powered society.

Just like key standards such as TCP/IP remade a fragmented early internet into the single global internet we all know and use today, we are making CCIP to connect the fragmented public blockchain landscape and the growing bank chain ecosystem into a single Internet of Contracts. https://t.co/BDMFMfknY2 pic.twitter.com/DDscglD2An

Sergey Nazarov (@SergeyNazarov)...

Over the last week, the XRP token has dominated the headlines following Ripples partial court victory over the United States Securities and Exchange Commission (SEC). 

On July 13, Judge Analisa Torres of the US District Court of the Southern District of New York ruled that XRP doesnt qualify as a security leading to a massive price surge in which the token gained by almost 90%.

However, while it may appear that XRPs positive effect on the market is waning, with most assets slipping into a bearish state, there is still a high level of interest surrounding this altcoin, proven by a recent report from prominent crypto exchange Bitrue.

Bitrue Users Accumulate $800M Worth Of XRP In Futures Market. 

In the late hours of yesterday, a crypto analyst with the Twitter handle @cowboycrypto313 revealed that Bitrue had shared a report via email with its users, noting a massive increase in the notional value of the open interest of the XRP token.

Related Reading: XRP Price Retreats After Massive 80% Rally, Buy The Dips?

The notional value of open interest refers to the total value of outstanding contracts in a futures or optional market. In this context, it represents the total value of XRP on the Bitrue exchange based on what its traders have pledged to buy or sell in the future. 

In this report, Bitrue states that XRP holdings in its Futures service spiked from less than $200 million to over $800 million during the weekend. Interestingly, the exchange further revealed that 88% of its users are holding a long position on this asset.

According to a chart shared by Bitrue, the notional value of open interest for XRP on its platform had been below $200 million for the majority of the last two weeks. However, following the court ruling on July 13, this index started rising, with the XRP Futures market recording a notable spike on July 16. 

...

Cryptocurrencies and the gaming industry have a new contender in Rollbit, and it has been making headlines over the past few days thanks to a slew of improvements to its blockchain technology.

In a recent development, Rollbit disclosed its most current changes to the platforms blockchain technology, propelling it to the forefront of the market.

Notably, the company has started offering strong support for its own native cryptocurrency, Rollbit Coin (RLB), giving customers access to better ecosystem functionality and advantages.

Based on crypto market tracker Coingecko figures, this lesser-known RLB coin has skyrocketed by more than 120% in the last seven days. At the time of writing, RLB was trading at $0.1224, up 24% over the previous 24 hours.

RLB is a crucial part of the Rollbit lottery system, which decided to airdrop RLB tokens to their current Rollbit.com gaming and trading platform customers rather than holding an initial coin offering (ICO).

Despite being a relatively new platform, Rollbit has quickly become one of the top competitors in crypto casinos. Rollbit has established itself as a dominant and significant power in the business, with an average monthly wagering volume above $1 billion.

RLB has a market valuation of $357,728,046 with a 24-hour trading volume of $15,311,290. There are 3.3 billion coins in circulation.

The highest transaction for RLB today was $0.1248. Its current price is over 14% less than its previous peak.

The Unstop...

The Bitcoin price has fallen to the lower end of its almost one-month trading range between $29,800 and $31,300. Already yesterday, BTC briefly fell to as low as $29,704, only to recover to $30,306 within a few hours. At press time, BTC was again moving towards the $30,000 mark, and another fall and liquidity grab seems likely.

While this week the macro data releases are pretty quiet, its worth taking a look at whats happening in the Bitcoin market itself.

Why Is Bitcoin Down Today?

Swissblock Insights observed a peculiar calm in the market when Bitcoin reached a new yearly high of $31.840 last week. However, the momentum quickly faded, and selling pressure increased, causing BTC to drop to the low $30ks. They highlight the narrow Bollinger Bands, stating, The Bollinger Bands are very narrow, with only a 4.2% value difference separating the upper and lower bands. A move is brewing.

Moreover, the analysts emphasize the need for a significant catalyst to inject life into the current lackluster scenario:

Volatility is expected to appear on the scene, although, in the short term, we are in no mans land; liquidity remains low, open interest is still flat and shorts are nowhere to be seen. Theres no command in the direction we are going, and only a significant catalyst can spice things up in this dull scenario we are in.

According to the analysts, a breakdown of the $29.650 support level would invalidate a long setup. On the other hand, a bullish leg up $31.500 could reignite momentum and surge the price to $33,000. But for this to happen, spot demand needs to reignite strongly and longs need to enter the market, otherwise momentum will continue to fading.

Glassnode, an on-chain data provider, further illuminates the current state of the Bitcoin market. Despite the temporary yearly high, they describe the market as extremely quiet, also pointing to the Bollinger Bands. This compression in volatility signals a market reminiscent of the calm observed in early January, as NewsBTC reported yesterday.

Furthermore, Glassnodes analysis reveals a slow but steady inflow of capital into Bitcoin. The Realized Cap currently sits just shy at $396 billion. After hitting a cycle low at $380 billion, the metric indicates that a slow but steady stream of capital is entering the market throughout 2023.

Elon Musk has consistently proven to be a pivotal figure in cryptocurrencies, particularly Dogecoin (DOGE), his crypto of choice. His influence on DOGE has been nothing short of remarkable, with any mention or action from him causing significant fluctuations in its price.

In the digital currency landscape, where DOGE has struggled to keep pace with its counterparts despite the recent positive sentiment surrounding cryptocurrencies, any movement on the meme coin carries a heightened significance.

Enthusiasts eagerly await every word uttered by Musk, recognizing the potential impact his statements can have on the price and overall market sentiment.

Given this context, what did Elon Musk, the Tesla and SpaceX top honcho and Twitter owner, say this time, and how did it reverberate within the DOGE community?

Elon Musk Doges Preference Boosts Dogecoin Price

Musk recently responded to a question on a popular social media platform. The question was about his preference between cats and dogs, and the enigmatic billionaire, promptly answered, Doges. This seemingly innocuous response had an immediate impact on the price of the meme coin.

Doges

Elon Musk (@elonmusk) July 17, 2023

Following Musks endorsement, Dogecoin experienced a surge in its price on Monday, with a notable 3% gain. Its trading value climbed from $0.07 to $0.073, reflecting the enthusiastic market response to Musks statement.

The sudden price increase further solidified the significance of Musks influence on Dogecoin and the broader cryptocurrency market.

However, as of the time of writing, the initial excitement has subsided, and DOGEs price on Coingecko has adjusted to $0.070024. Despite the slight dip from the peak, the meme coin still managed to record a modest increase of 0.5% within the last 24 hours.

Over seven days, Dogecoin showcased a more promising rally, with a substantial gain of 8.2%.

...

Chainlinks LINK price is gaining pace above $7.00. The price could rise further if it clears the $7.35 and $7.50 resistance levels.

• Chainlink token price is showing positive signs and rising from $6.50 against the US dollar.
• The price is trading above the $7.00 level and the 100 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
• The price could gain bullish momentum above the $7.35 resistance zone.

Chainlink (LINK) Price Eyes More Gains

After a short-term downside correction, LINK price found support near the $6.45 level against the US Dollar. A low was formed near $6.458 and the price started a fresh increase, unlike Bitcoin and Ethereum.

There was a clear move above the $6.65 and $6.90 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low. LINK price is now trading above the $7.00 level and the 100 simple moving average (4 hours).

There is also a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair. The pair is now facing resistance near the 76.4% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low.

Source: LINKUSD on TradingView.com

The first major resistance is near the $7.35 zone. A clear break above $7.35 may possibly start a fresh increase toward the $7.50 and $7.85 levels. The next major resistance is near the $8.00 level, above which the price could revisit $8.80.

Dips Supported?

If Chainlinks price fails to climb above the $7.35 resistance level, there could be a...

Ethereum price corrected further lower below the $1,900 level against the US Dollar. ETH is showing bearish signs and might decline further toward $1,825.

• Ethereum extended its decline and tested the $1,875 level.
• The price is trading below $1,930 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could decline further if it stays below the $1,910 and $1,940 resistance levels.

Ethereum Price Could Extend Losses

Ethereums price made a fresh attempt to start a decent increase above the $1,950 resistance. However, ETH struggled to gain strength for a move above $1,950.

A high was formed near $1,943 and the price reacted to the downside. There was a break below the $1,900 support zone. A new weekly low is formed near $1,875 and the price is now attempting a fresh increase. It broke the $1,890 and $1,900 levels.

There was a move above the 50% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low. Ether is now trading below $1,930 and the 100-hourly Simple Moving Average.

On the upside, immediate resistance is near the $1,910 level. There is also a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,950 zone, above which the price could rise toward the $1,985 resistance zone. The next major resistance is near the $2,030 level. Any more gains could send Ether toward the $2,120 resistance or even $2,200.

More...

On-chain data shows that Bitcoin miners may have once again been participating in selling recently, something that could lead to the asset declining.

Bitcoin Miner Reserve Has Been Declining In The Last Two Weeks

As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has been observing outflows recently. The miner reserve here refers to the total amount of Bitcoin that the miners as a whole are holding in their wallets right now.

When the value of this metric goes up, it means that these chain validators are transferring coins into their addresses currently. This kind of trend can be a sign that the miners are accumulating, and hence, can be bullish for the price of the asset.

On the other hand, the indicator trending down suggests the miners are taking BTC out of their wallets at the moment. Generally, these investors withdraw coins from their reserve for selling-related purposes, so such a trend can have bearish consequences for the cryptocurrencys value.

In the context of the current discussion, the miner reserve itself isnt of interest, but rather its rate of change (ROC) is. This metric keeps track of the percentage changes in the miner reserve over a specific period. Here, the relevant period is the 14-day one.

Now, below is a chart that shows the trend in the 14-day ROC of the Bitcoin miner reserves over the last few months:

As shown in the above graph, the 14-day ROC of the miner reserve had been green last month as Bitcoin had rallied above the $30,000 level. These positive values of the indicator imply that the miner reserve had been rapidly going up.

The timing of these positive ROC values could suggest that the accumulation from the miners might have provided support for the surge in the cryptocurrencys price.

In the first week of this month, though, the metric turned negative, implying that the miner reserve started to decline. The miners look to have continued to withdraw coins from their wallets since then, as the indicators value has remained red.

The Bitcoin price has been struggling in this period, as it hasnt been able to mount up any significant moves. It would appear that this selling...

On-chain data shows the stablecoin exchange deposits have remained low recently. Heres what this may mean for Bitcoin.

Stablecoin Exchange Deposits Stay Low, While Withdrawals Jump

As pointed out by an analyst in a CryptoQuant post, the fact that the stablecoin exchange withdrawals have spiked while deposits have stayed low may be slightly alarming for BTC.

There are two indicators of relevance here: the stablecoin exchange withdrawing transactions and the stablecoin exchange depositing transactions. As their names already imply, these metrics track the total number of withdrawals and deposit transfers, respectively, that investors of the ERC-20 stables are making right now.

Generally, investors seek the safety of these fiat-tied tokens whenever they want to escape the volatility associated with the other assets in the sector. Eventually, when these holders think that the prices are right to jump back into the volatile markets, they swap their stables back for their desired cryptocurrency.

These investors usually make use of centralized exchanges for this purpose. So, when the exchange withdrawing transactions are high, it can be a sign that holders are exchanging coins like Bitcoin for stablecoins right now.

On the other hand, the deposits being high can imply these investors are looking to buy volatile assets using their stables. Naturally, in the former case, Bitcoin and others may feel a bearish effect from the selling, while in the latter case, the prices might see a bullish boost.

Now, here is a chart that shows the trend in the stablecoin exchange withdrawing and depositing transactions over the past couple of years:

As displayed in the above graph, the stablecoin exchange depositing transactions metric has been relatively low for a while now. This would suggest that there may not be enough demand for converting stables into other assets right now.

From the graph, its visible that the last time the indicator spiked was back in March of this year. Following the deposits back then, Bitcoin observed a sharp rebound in its price as the rally saw a revival. The timing of these inflows might mean that it was the buying from these stablecoin holders that had provide...

Celsius, the bankrupt crypto lender, has started selling its non-Bitcoin and non-Ethereum crypto assets, records on July 17 indicate. According to on-chain data from Lookonchain, Celsius has transferred approximately $23.5 million of various cryptocurrencies, including BNB, ZRX, LINK, BONE, and SNX, to FalconX and OKX, respectively.

Different amounts of these tokens were transferred by Celsius, a move that, while it could be positive for creditors, may impact the token valuations of those projects.

Celsius Selling Altcoins 

Lookonchain revealed that Celsius moved $8.5 million worth of LINK, the native currency of Chainlink, a middleware protocol linking on-chain smart contracts to external but verified data. At the same time, it also moved $7.84 million worth of SNX, the native token of Synthetix, a protocol allowing users to trade derivatives called synths, was transferred.

Celsius also went on to move $3 million worth of BNB, the coin behind the sprawling Binance ecosystem, $2.26 million worth of 1INCH, the token aggregator, and $1.9 million worth of ZRX, the token behind one of the first decentralized finance platforms, Ox Protocol.

The bankrupt lender also moved $709,678 worth of FTT, the token behind the collapsed FTX exchange, to FalconX. In response, FalconX has started depositing these tokens to Binance for selling.

The only token moved to a different exchange was BONE, where Celsius moved $235,000 of the meme token to the popular cryptocurrency exchange, OKX.

While OKX caters to retail and institutional investors, FalconX serves institutional investors, offering diverse services, including liquidity provision and risk management. So far, a large tranche of tokens held by Celsius has moved through FalconX.

In late June, Judge Martin Glenn of the Southern District of New York allowed Celsius to start converting all their tokens to either Bitcoin or Ethereum, the two currencies that would be allowed to pay back creditors. All conversions were set to begin on July 1.

Altcoins Taking A Hit

The transfer also comes amid a favorable ruling that saw a US Judge say XRP, one of the major altcoins, is not a security and can be traded like a commodity, just like Bitcoin. However, even though news pumped altcoins, mostly XRP, momentum tapered during the weekend, and most altcoins fell back from last weeks highs.

Related Reading:...

Polkadot (DOT) has enjoyed a successful three-week period, with bullish investors maintaining their position at the forefront despite fluctuations in the market.

In addition, the recent legal victory of Ripple against the US Securities and Exchange Commission triggered a positive response across the entire market, benefiting not only significant cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) but also altcoins in general.

Nevertheless, it is essential to note that Bitcoin and Ether experienced notable downward corrections in the short term after they attempted to surge higher last week. As a result, there might be some selling pressure soon for these leading cryptocurrencies, which could potentially harm the price of DOT.

Given this scenario, how can DOT bulls regain control and overcome a potential market correction?

DOT Price Update: Minor Dip, But Open Interest Improves

The latest update on DOTs price from CoinGecko shows that it currently stands at $5.30. While the cryptocurrency experienced a slight decline of 1.7% over the past 24 hours, it still managed to maintain a seven-day rally of 4.8%. However, a closer analysis of the DOT price report shows some concerning indicators.

According to a report, by mid-June, the Open Interest had significantly diminished compared to its April levels, signaling a bearish sentiment. However, as the month advanced, a reversal in this trend emerged.

Related Reading: Shiba Inu Encounters Familiar Resistance, Prompting Concerns About Bull Run

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Since the Bitcoin price reached a new yearly high of $31,840 last week, only to invalidate the bullish breakout within a few hours and fall towards $30,000, there has been a strange tranquility in the market. Already since June 23, BTC has been in the trading range between $29,800 and $31,300, with every breakout attempt to the upside and downside having failed within a very short period of time.

However, one of the most prominent technical indicators, the Bollinger Bands, predict that this calm may soon be over. Created by the esteemed trader John Bollinger, these bands provide invaluable insights into market volatility and potential price levels.

Bollinger Bands Predict Big Move For Bitcoin

The Bollinger Bands consist of three distinct lines on a price chart: the middle band, the upper band, and the lower band. The middle band is a simple moving average (SMA) that represents the average price over a specified period. The upper and lower bands are derived from the middle band, with the upper band usually set two standard deviations above the SMA, and the lower band set two standard deviations below it.

The primary purpose of the Bollinger Bands is to measure market volatility. When the price of an asset experiences significant fluctuations, the bands widen, indicating increased volatility. Conversely, during periods of reduced price movement, the bands contract, indicating lower volatility. This contraction is commonly referred to as a squeeze, where the upper and lower bands come closer together, forming a narrowing price channel.

When the Bollinger Bands squeeze, the potential for a significant price movement looms. The squeeze suggests that the market is in a state of temporary equilibrium, akin to a coiled spring ready to release its stored energy. The direction of the breakout determines whether its a bullish or bearish signal.

Up Or Down?

Glassnode, a respected on-chain data provider, highlighted today the current state of the Bitcoin market, noting a remarkably low volatility environment. The 20-day Bollinger Bands are experiencing an extreme squeeze, with a mere 4.2% price range separating the upper and lower bands. This suggests that Bitcoin is currently in a period of limited price movement, making this the quietest Bitcoin market since the lull in early January.

XRP is now witnessing a surge in network activity as prominent holders of the cryptocurrency make their moves. 

The latest findings from Lookonchain, a renowned data analytics firm, shed light on the purchase and sale patterns of XRP whales on the Binance Smart Chain (BSC), signaling a potential rise in selling activity within the market.

Ripples triumph over the SEC has undoubtedly injected a fresh wave of confidence into the XRP community. With the regulatory cloud dissipating, investors and holders are now eager to capitalize on the newfound clarity surrounding the tokens status.

As a result, the actions of these notable whales have become a focal point of interest for market observers and enthusiasts alike.

XRP Whales Purchasing Habits Revealed: Insight From Lookonchain

Based on analysis by Lookonchain, the transactional behavior of four influential whales has come to light. Each of these whales demonstrates distinct patterns in their purchasing habits, shedding light on their strategies within the crypto market.

1/ Did whales sell $XRP as the price of $XRP rises?

Lets check the top 4 whales of $XRP on the #BSC. pic.twitter.com/cwkXIcK6s2

Lookonchain (@lookonchain) July 15, 2023

One of the whales, known as 0xf522, has amassed a staggering 25 million XRP, equivalent to $18 million, between April 22 and November 24, 2022. Interestingly, this particular whale has refrained from selling any of their holdings thus far. 

...

A record 592,000 Bitcoin, or roughly $17.8 billion, was accumulated when the coin was trading at $30,200, recent Glassnode data indicates. At this accumulation rate, suggesting possible demand, more entities bought more coins at the second fastest pace in the networks history. This record was only broken when 637,000 BTC were bought at an average price of $16,500.

592,000 Bitcoin Bought At $30,200

The spike in Bitcoin accumulated at this price point preceded the decision by a United States court to rule that XRP, an altcoin issued from the XRP Ledger (XRPL), is a commodity, just like Bitcoin. The ruling on Friday, July 14, was received positively by the crypto community and temporarily lifted prices, sustaining Bitcoin above the psychological $30,000 mark.

According to Glassnode, the Bitcoin Entity-Adjusted Economic Ratio Per Day (ERPD) is a metric designed to assess economic activity within the network, considering the number of entities participating. This metric is calculated by dividing the Network Value to Transactions (NVT) ratio by the entity-adjusted on-chain volume.

In on-chain analysis, the NVT ratio represents the relationship between the market capitalization and the recorded on-chain trading volumes at a specific price point. A higher NVT ratio indicates a greater value than recorded trading volumes.

While the NVT reading can be useful, it can also be misleading if the entities, or clustered addresses, involved in transactions are not accounted for. To correct this error, the ERPD integrates addresses involved at that price point, used in taking account of the market cap. This way, it can be easy to gauge the entities and total coins involved.

Shifting Sentiment?

The surge in Bitcoin ERPD development will also likely impact altcoins. Considering its liquidity and support across the board, Bitcoin sets the tone for other altcoins in crypto. Its performance and transactions can gauge market-wide sentiment, which might, in turn, change how altcoins are perceived in the current market conditions.

Still, some commentators on Twitter were unsure if the metric was a positive development or a position for further price crashes. One believes that most such transactions are conducted by paper hands who buy Bitcoin when the price increases and are set to sell at any moment of negative news....

Shiba Inu (SHIB) has faced a significant challenge in the form of the December 2022 low. This crucial level has proved a formidable barrier for SHIB bulls, thwarting their attempts to increase prices. 

Despite recent upside movements, the resistance at this level has proven to be persistent, creating a precarious situation for the cryptocurrency. 

As the price of SHIB hovers in this area, the question arises: Will the selling pressure overpower the bulls determination and cause a reversal in the price action?

Shiba Inu Faces Bearish Order Block And Potential Liquidity Hunt

SHIB faces a significant challenge as its December 2022 low coincides with a bearish order block (OB) ranging from $0.00000785 to $0.00000824. This particular range, as highlighted in a recent SHIB price report, could serve as a stronghold for bearish sentiment in the market.

Consequently, the possibility of a liquidity hunt in this region cannot be disregarded, potentially leading sellers to extend their gains toward the immediate support level at $0.00000711.

Amid recent market fluctuations, SHIB is currently trading at $0.00000788, based on data by crypto market tracker Coingecko. This reflects a decline of 3.4% over the past 24 hours.

However, despite this short-term setback, SHIB has also notched a seven-day rally of 3.4%, showcasing its inherent resilience and potential for recovery in the long run.

Decrease In SHIB Token Burns: Implications For Supply, Demand

Meanwhile, Shibburn reported a notable decline in the number of tokens burned within the past 24 hours. A mere 1,233,806 SHIB tokens were burned in a single transaction, representing a sharp 91.59% decrease in the daily burn rate and in contrast, the previous week witnessed the burning of nearly 1 billion SHIB tokens.

In the last 7 days, there have been a t...

In the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the recent order granting in part and denying in part the motion for Summary Judgment by Judge Torres has left many XRP investors eagerly awaiting the next steps. To shed some light on the situation, prominent attorney Jeremy Hogan has shared his thoughts on the matter, offering valuable insights into the potential appeal process with deadlines and its implications for both parties involved.

Ripple Vs. SEC: The Next Possible Deadline

Hogan, a seasoned attorney with experience in appeals, cautions that appeals are typically pursued after a case is completely finished. After the final judgment is entered, either party has 60 days to appeal, says Hogan who emphasized that the Ripple case is not yet finalized, any potential appeal at this stage would be considered an interlocutory appeal.

As far as I can see in the Rules, you have 10 days to notice an interlocutory appeal, states Hogan. Since the Summary Judgment was issued on July 13, an appeal by the SEC or Ripple Labs would have to be filed by July 23 at the latest (or by July 24 if the deadline does not start until the following day). This means that next Monday at the latest it will become public whether one of the parties files an appeal.

But an interlocutory appeal is rarely granted and generally requires compelling reasons, such as the release of significant information that could impact the case. However, Hogan points out that Judge Torres did not certify her ruling for immediate review, indicating that an interlocutory appeal might not be granted in this scenario. This suggests that the SEC and Ripple would need to wait for a final judgment before pursuing an appeal. Hogan believes that both parties might ultimately choose not to appeal for various reasons.

According to the lawyer, the SEC might hesitate to appeal because, even if successful, it could potentially jeopardize their overall case. Winning the appeal would retract some unfavorable aspects of the trial-level case. However, if the SEC were to lose at the appellate level, it could set a precedent that all courts in the 2nd DCA (Second District Court of Appeals) would have to follow, amplifying the impact of their loss.

On the other hand, Hogan believes that Ripple may opt not to appeal if it can afford to pay the fine and if the rulings effect on its business, particularly the aspect concerning the On-Demand Liquidity (ODL) feature, is manageable. These factors, combined with the fact that Ripple secured a favorable outcome in the ruling, might dissuade them from pursuing an appeal.

When considering the potential...

The value and popularity of TerraUSD Classic, or USTC, the algorithmic stablecoin of the Terra Classic (LUNC) ecosystem, have skyrocketed recently.

Today, the stablecoin makes a surprise rally, sparking a great deal of interest among investors and cryptocurrency aficionados.

The sharp growth in USTC could be an indication of a sharp rise in demand and emphasizes the markets rising confidence in this stablecoin.

Data from crypto market tracker Coingecko shows USTC trading at $0.0186, notching a 24-hour increase in value of 21.4%. In the last seven days, the stablecoin registered an impressive 58% rally, causing its trading volume to balloon to a solid 409%.

USTC Organic Growth Pushes Stablecoin Up

Despite the fact that the causes of this upswing are yet unknown, the recent spike in USTCs value shows organic growth.

Organic growth refers to the increase in value of USTC that occurs naturally, without the influence of external factors or artificial means.

It suggests that the growth is the result of the companys internal operations, strategies, and market dynamics, rather than being driven by external factors such as acquisitions, mergers, or financial manipulations.

After it was de-pegged more than a year ago, USTC saw a huge price decline. Since USTC is a stablecoin with a 1:1 tie to the USD, its price should always be $1.

The stablecoin has since traded at lower prices, reaching a 52-week high of $0.06 during that time. There are signs, nevertheless, that USTC could revisit the $1 level and recoup its worth.

The TerraUSD Classic de-pegging caused major difficulties for the larger digital currency ecosystem, and its effects are still being felt today.

A few Web3.0 firms with exposure to its parent company Terraform Labs went out of business in addition to the more than 99% decline in price of its linked cryptocurrency, Terra Classic.

Th...