Holpop News

The price of XRP has risen by 55% in the last two days as the sixth-largest cryptocurrency by market capitalization redoubled its efforts to build an inclusive and sustainable cross-border payment network.

According to data from Cointelegraph Markets and TradingView, XRP fell to a low of $0.566 in the early hours of April 4 before a surge in trading demand helped raise its price to a peak of $0.877 in the last few hours.

The increase in trading volume was triggered by a blog post by Ripple titled “Creating a More Financially Inclusive and Sustainable Future,” which explored how the initiative has collaborated with “mission-driven financial technology firms, leading universities, NGOs, foundations, and social entrepreneurs to achieve greater economic justice and prosperity for all.”

Also Ripple announced acquisition of 40% stake in cross-border payments specialist Tranglo and these recent announcements have led to a 257% increase in XRP trading volume over the past two days, from an average 24-hour volume of $5 billion on April 4 to $18.4 billion traded on April 5.

Since newcomer Polkadot (DOT) overtook its market cap in a continuing altcoin shake-up, XRP momentarily lost its top-three altcoin spot on Feb. 9.

Cointelegraph Markets and CoinMarketCap data confirms that XRP is only narrowly hanging on to the fifth-largest position for cryptocurrencies and could exit the top five entirely soon.

The new order among large cap altcoins comes as a new “altseason” hits the market, with investors’ chosen targets differing considerably from the last in early 2018.

Among the victims is Bitcoin Cash (BCH), which this week was excluded from the top ten altcoins because of Stellar (XLM) and Dogecoin (DOGE), as Cointelegraph stated.

In the case of XRP, the losses could have been worse. Trading at $0.46 at the time of writing, the token previously traded as low as $0.16 amid legal problems at major shareholder Ripple.

Ripple Labs, a company behind the Ripple payment protocol and XRP-based products, is facing another lawsuit alleging the firm violated securities laws in the United States.

Florida-based XRP investor Tyler Toomey has filed a federal lawsuit against Ripple Labs and Ripple CEO Brad Garlinghouse, according to a Jan. 25 court filing. The case alleges that by failure to file with the Florida Office of Financial Control, the defendants refused to comply with Florida securities laws.

Toomey noted that Ripple Labs and Garlinghouse were already facing a similar lawsuit for reportedly violating federal securities laws. The $1.35 billion suit was brought by the U.S. Securities and Exchange Commission on Dec. 22, 2020.

Bitcoin (BTC) continued its habit on Jan. 7 of hitting all-time highs almost every day as bulls took the largest cryptocurrency above $38,000.

BTC/USD was accompanied by data from Cointelegraph Exchanges, Coin360 and TradingView as it eliminated another barrier on the road to the psychologically important $40,000 benchmark.

Gains accelerated on Thursday, with Bitcoin holders seeing 11.5 percent 24-hour returns . Bitcoin traded at $28,000 at the start of the year just a week ago.

The biggest cryptocurrency, along with Ether (ETH) and a handful of other altcoins, has been the strongest investing bet of 2021, as Cointelegraph announced, leaving even Tesla stock far behind.

Since the coronavirus collapse in March, with Bitcoin still being defeated by Ether, TSLA has been the winning punt of 2020.

“The next correction is absolutely going to be painful for all the #FOMO buyers,” Cointelegraph Markets analyst Michaël van de Poppe warned Twitter followers as Bitcoin reached another new record high of $38,510.

In altcoins, meanwhile, a curious renaissance occurred for embattled number-four cryptocurrency XRP.

XRP experienced a dramatic revival this week, rising from $0.23 to $0.35 in a single day, despite having recently lost a significant amount of its worth due to legal troubles at big stakeholder Ripple.

$0.35 now marks the make-or-break threshold for bulls to keep for Van de Poppe in order to continue their advances, which come after no real change in the legal proceedings.

To be able to resume the upward drive, XRP needs to break this critical resistance region. More restructuring is needed if it doesn’t happen, he commented.

After Coinbase’s decision to halt trade, the XRP price fell by 30 percent on Dec. 29.

Owing to the fear of further exchange delistings, the investor mood around XRP has been disproportionately adverse.

In the short term, at $0.224, $0.1743 and $0.1471, XRP faces three main historical support values.

Where is the XRP price going to go next?

XRP’s current price pattern is neither cyclical nor contingent on technical research. It is due to buyers selling XRP from big cryptocurrency exchanges following the suspension of trade.

Coinbase announced on Dec. 29 that it is suspending trading pairs of XRP on its website. The chief legal officer at Coinbase, Paul Grewal, wrote:

“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”

As Cointelegraph had previously reported, after the United States Securities and Exchange Commission lodged its lawsuit, analysts wanted Coinbase to suspend XRP trading.

Coinbase expects to undergo an initial public offering, and it is in the best interest of the company to be completely compliant with U.S. regulators.

Although the bulk of the media limelight has been hogged by Bitcoin (BTC) as it comes to the latest bullish activity seen in the crypto industry, the altcoin XRP has also soared over the past month, breaking out of a multi-year downtrend to recover some traction previously lost. The price of XRP against the U.S. dollar, for instance, hovered around the $0.15 mark in March, only to scale up to a record high of around $0.80 by the first week of December.
However the valuation of XRP has not been able to break through the $1 psychological barrier, considering all of the above optimistic developments. Not just that, even with news of the forthcoming Flare Network airdrop, for which a blockchain snapshot took place successfully on Dec. 12, the third-largest cryptocurrency has not been able to make any significant monetary advancements by overall market capitalization and currently sits at about $0.50.

The Flare Network, a Ripple-supported startup, launched the process of issuing Spark (FLR) tokens at 12:00 a.m. In a one-to-one ratio based on the XRP holdings owned on participating exchanges, UTC on Dec. 12. In addition, even Ethereum wallets such as Metamask and Ledger allow their users to take part in the case. While this month’s balances would be resolved, the actual allocation of tokens would take place throughout 2021.

Ripple deals against the US Dollar in a contract range of $0.6000. The XRP price. XRP price is setting up for a major break either above $0.6200 or below $0.5800.

Ripple’s XRP price began a steady recovery after testing the $ 0.5500 support area. To step into a short-term bullish position, there was a break above the $0.5750 and $0.5800 resistance levels.

Fake “Ledger Live” Chrome extensions that are stealing its victims’ backup phrases to get its hands on their cryptocurrency. The chrome extensions are used to collect user backup passphrases. They are advertised in Google searches and use Google Docs for collecting data. Accounts are being emptied and we have seen more than 200K XRP being stolen the past month alone.

Ripple’s Chief Technology Officer (CTO) David Schwartz said he was working on adding new features to the company’s crypto ledger. In addition to “core consensus improvements,” the CTO stood by past statements in not further developing one of the more common features of blockchain: “Proof-of-Work is kind of a technological dead-end.”

The funds are broken up between two quarters, $2.4 million in Q3 and an additional $8.9 million in Q4, for a total of $11.3 million. Previously, MoneyGram disclosed it utilizes various Ripple products, including its On-Demand Liquidity product that runs on XRP. It had piloted Ripple’s flagship cryptocurrency in 2018.