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Ripple’s XRP Loses $790 Million In Market Cap Amid Unfavorable Market Conditions

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Recently, amid unfavorable cryptocurrency market conditions, Ripple’s XRP token has experienced a sustainable rally – but it then fell victim to persistent selling pressure on November 28th, losing around $790 million in value within a day. 

According to CoinMarketcap‘s statistics, the current market cap of the seventh-ranked token is $19.15 billion, with a significant decrease of about 7% in the last 24 hours. While the token’s 24 hours volume displays a notable rise of approximately 70%.

XRP 1D graph coinmarketcap
Source: CoinMarketcap

According to Whale Alert, a large amount of Ripple’s token was sent from BitGo – a company that secures digital assets using multi-signature technology and operates out of California – to the European cryptocurrency exchange called Bitstamp. This trade occurred less than an hour ago when 30 million XRP were moved from one wallet address tagged as unknown.

Nevertheless, in spite of being one of the most volatile cryptocurrencies in today’s digital world, the token has experienced an unyielding and surprisingly sustained bullish rally in the past few days. This growth can largely be attributed to the ongoing court battle between Ripple lab – the company behind XRP – and SEC.

XRP Bullish Trend 

On November 8th, XRP had a straight decline from $0.464 to $0.407. Since then, it has not gone back to this region. Furthermore, it coincides with the range lows around $0.427, where XRP lasted for seven weeks.

Furthermore, there was also a sharp increase seen previously in XRP’s social metrics recently. A well-known crypto analytic firm LunarCrush recorded twenty-four million social interactions.

After that, XRP rose over $0.39 to change its market structure from bearish to bullish on November 27th. The token marked a daily high of $0.4079, with a growth of 9.91%. Since November 8th, it has returned to $0.40 to $0.42 region for the first time.

After a bullish start to the day on November 28th, XRP soared to a high of $0.42300. At $0.4089 and $0.4217, respectively, it overcame the First Major Resistance Level (R1) and Second Major Resistance Level (R2). But an unexpected turn in the cryptocurrency market caused XRP to drop to a low of $0.39468.

XRPUSDT 2022 11 28 08 02 02
source: Tradingview

As per Coimarketcap, the token is now trading at $0.38 and has gained approximately 6.49% over the last seven days while suffering a loss of about 7% during the past 24 hours. However, the price may drop as low as $0.35 if the bearish trend continues.

Related Reading | Bitcoin (BTC) Shrimps & Crabs Balances On Rise Despite FTX Demise

Shiba Inu Is Now Available to the US Customers via BitStamp Listing

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As per the cryptocurrency exchange Bitstamp’s announcement, trading Shiba Inu (SHIB) tokens is now possible in the United States. After the biggest European exchange began offering SHIB trading in other markets, this happened.

American users of Bitstamp will be able to exchange the well-known meme cryptocurrency for dollars and euros. Early in June, Shiba Inu was finally made tradable on the major European cryptocurrency platform.

The listing was first disclosed by the well-known trading platform in December. Fans of SHIB, however, had to wait half a year before they could trade their preferred cryptocurrency on Bitstamp due to technical issues.

Trillions of Shiba Inu swapped in the last 24 hours

11 trillion SHIB or 11,182,405,061,512 SHIB have been swapped in the last day, according to data from CoinMarketCap. After momentarily dipping to the $0.0000099 level, Shiba Inu (SHIB) has recaptured the $0.000010 level.

Shiba Inu was showing a slight boost at the time of publication, rising 5% to $0.0000105. The SHIB price dropped down to trade below this crucial level once more after hitting highs of $0.00001058 on Oct. 26 after a four-day upward trend.

On October 24, sellers drove SHIB to a low of $0.0000985. Shiba Inu is trying to establish a base at the $0.00000985 price level after prices failed to fall below it for the second day in a row today.

Before the next move, there may be range trading, since the RSI has flattened below the midway. According to CoinMarketCap data, the prices of the Shiba Inu ecosystem tokens BONE and LEASH have also seen slight gains in the last day.

Despite being down 88% from its peak, SHIB still draws a sizable number of investors. Shiba Inu currently has 1,230,068 holders, according to cryptocurrency data tracker WhaleStats, indicating that the number of SHIB holders has increased recently.

Since the beginning of 2022, the percentage of Shiba Inu “hodlers,” or addresses that have owned SHIB for more than a year, has increased from less than 4% to over 37% of holders.

37% of SHIB holders have held their SHIB for more than a year, 60% have held for less than a year, and 3% have held onto their tokens for less than a month, per IntoTheBlock’s data on holder composition by time held.

Shiba Inu Is Now Trading On Europe’s biggest Crypto Exchange

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The world’s most popular meme coin has been officially listed on Europe’s largest trading platform Bitstamp. Announcing the same, the exchange revealed that the decision to list SHIB was made in December 2021 but was postponed due to some technical difficulties at the time.

The listing is of great significance for the Shiba Inu community as it will be now traded against the US dollar and the Euro on a platform that is regarded as one of the most trustworthy and reliable. Spread over 100 nations, the 11-year-old firm caters to over 4 million customers across the globe.

Additionally, the trading firm is noted for its stringent regulatory compliance and cautious listing policy which is why the latest development is a great accomplishment for the SHIB’s ecosystem.

However, in its latest launch announcement, the exchange did not explain the exact reason for the 1-year delay. But, it did re-affirm several times that it would still list SHIB.

Also, Bitstamp has not given a date for the full trading release. Instead, it states this will happen “once the order books gather sufficient liquidity”.

According to the blog post, order books will be offered in a limited-time-only mode starting from 7 June 2022. Limit orders placed by users will be matched during the same day.

Moreover, transfers were made available as early as Monday on the trading platform.

Bitstamp cites Shiba Inu’s popularity and its vibrant community as the reason behind its listing

“Among all the serious crypto projects with their serious tokens and coins, there are some that represent the dogs of the world,” the Luxembourg-based crypto exchange said.

“Shiba Inu is one such project which started out as utterly light-hearted, boasting a pretty picture of a dog, but now has an incredibly large and vibrant community behind it,” the blog read.

In April 2022, Shiba Inu’s vibrant community got their long-awaited wish fulfilled when the coin was listed in the U.S.-based commission-free trading platform Robinhood.

With respect to the price action, SHIB has been mostly flat and is currently trading at $0.00001056, far down by 88% from its previous peak on Oct 21, last year.

Bitstamp pushes Shiba Inu [SHIB] listing to 2022

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Bitstamp had earlier mentioned that it will be listing Shiba Inu [SHIB] on its exchange portal. Along with the ‘dogecoin killer’, Bitstamp is also listing DYDX, GALA, and Perpetual Protocol (PERP) cryptocurrencies.

As the wait continued for Bitstamp to list Shiba Inu, the investors of the famous meme coin grew curious. The exchange has been experiencing a lot of technical difficulties while integrating SHIB on their portal, but they seem to be redressing the issue.

Better late than never; A happy Christmas for Shiba Inu community

Bitstamp has reassured its traders that the meme coin will be listed on their portal, but it might take a while. The exchange portal has taken to Twitter to announce that the asset will be enlisted in the coming year, 2022.

Shiba Inu being listed on Bitstamp has a hefty impact as SHIB accomplished this feature in less than two years of its initiation. Bitstamp isn’t just another trading platform in the market, it is the most trusted and user-friendly application that European investors rely on. Bitstamp is the largest exchange in Europe and claims to have 4.4 billion users all over the world.

The fans of this meme coin, who call themselves the ‘SHIBARMY’ have expressed their gratitude with a tweet

“Thank you for the update, #SHIBARMY truly appreciate you support”

Shiba Inu coin was created in the year 2020, anonymously. The altcoin rapidly gained speed and value as a swarm of investors were drawn by the appealing charm of the coin. The new listing has created a rampage of excitement amongst the Shiba Inu community and has created hope for many more first-time investors.

Many other exchanges are looking to list this meme coin as it gains more value by the minute. At the time of writing, Shiba Inu was priced at $0.0000338 and had taken a plunge by 0.42% in the last 24 hours.

Bitstamp Mandates KYC; Dutch Users Banned From Withdrawals Without KYC

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Cryptocurrencies were rolled out into the world in order to steer clear of the centralized institutions. Bitstamp seems to be complying with the laws imposed by these institutions as it recently mandated KYC for its users in the Netherlands.

Bitstamp Now Requires Users To Submit Photographic Proof

Bitcoin and other cryptocurrencies stood out as they were not affiliated with any centralized entity or financial institution. However, over the years, as popularity and the value of the crypto market surged, people started pouring their funds into it. This also lured in perpetrators who wanted to pocket quick money without working hard. To combat this, governments started scrutinizing the platforms that were part of the industry. Bitstamp was seen abiding by these laws put forth by the Dutch government.

In a recent tweet, a Twitter user, Bitcoin Marcus revealed that users of the prominent cryptocurrency exchange, Bitstamp were required to submit KYC related documents in order to carry out withdrawals. The tweet read,

The post stressed on the latest rules put forth by the financial regulators of the Netherlands. The exchange wrote,

“Due to new regulation regarding cryptocurrencies introduced by the Dutch government, we have made some changes to how cryptocurrency withdrawals work at Bitstamp. […] before you can withdraw crypto from Bitstamp to an outside address, you have to add that address to your whitelist and provide a photo that proves it really is your address.

Users can carry this out on the exchange’s web page. The exchange went on to enable the withdrawal whitelisting option starting from 15 January 2021.

These rules came about in November 2020 where the Dutch Central Bank mandated the verification process. The cryptocurrency exchange revealed that its Europe wing wanted to serve its users while upholding security.

Netherlands wasn’t the only country doing so as several others including the USA have started implying stricter laws against crypto.

XRP’s Tiff With The SEC Proves To Be Expensive As Bitstamp Puts A Hold On XRP Trading

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Bitcoin has been traversing into greater heights. The king coin has managed to take along several other coins with it. XRP seems to be rather confused. The asset has been juggling between the bears and the bulls. The altcoin’s highly volatile nature and a recent allegation from the Securities and Exchange Commission of the United States have put the altcoin in a bad light. While Ripple is trying to wiggle out of the lawsuit, several cryptocurrency exchanges have been expressing distress with regard to their association with the asset. More recently, Bitstamp revealed that it wanted to steer clear of trouble by putting a hold on the trading of the fourth-largest cryptocurrency.

XRP Loses A Spot In Bitstamp

While the crypto community was celebrating Bitcoin’s all-time high, XRP holders were given a big shock. The price of the asset depleted down by almost 50% after its parent company, Ripple was slapped with a lawsuit by the Securities and Exchange Commission [SEC] of the US. This lawsuit caused a huge uproar in the entire industry. Several platforms including MoneyGram revealed that it had never utilized the RippleNet or its ODL services. Apart from this, small cryptocurrency exchanges like Beaxy, CrossTower as well as OSL went on to put a hold on the trading of the asset.

While rumors that prominent cryptocurrency exchange, Coinbase was going to pull the plug on trading services of XRP surfaced, another popular exchange affirmed that it was going to halt trading for the crypto asset. In a brief blog post, Bitstamp revealed that it would eliminate services for XRP. However, this was limited to its US customers alone. The blog post read,

“In light of the recent SEC filing against Ripple Labs Inc., which alleges that XRP is a security, we are going to halt all trading and deposits of XRP for our US customers on 8 January 2021 at 9 PM UTC.”

The platform affirmed that it would observe the situation and assess its subsequent steps. Additionally, the customers of the US would be able to withdraw XRP.

XRP seems to be still reliving its downhill days as the asset was seen trading at $0.3099 with an 8.65% dip over the last 24-hours. This seems rather wary as all the other assets were seen lounging on the greener side.