TronWeekly

Crypto World News

You are here: Home / Archives for xrp

xrp

Analyst Predicts XRP 1160% Surge And $6.7 Price Target

by

Recently, EGRAG CRYPTO, a well-known crypto analyst, took to Twitter to share some insights about the future of XRP. Their tweet, which bore the headline “XRP To Surge 1160% Why!!!!!!!” immediately caught the crypto community’s attention.

EGRAG CRYPTO’s analysis delved into percentage moves, particularly focusing on candle pumps that exhibit staggering increases of 300% or more. The analyst honed in on a single candle’s measurement, revealing a detailed breakdown of these impressive moves. 

What emerged from this meticulous examination was nothing short of astonishing – an average surge of 1160%. This remarkable prediction suggested that XRP could reach a price of $6.7, neatly nestled within the range of $6.5 to $7. It aligns harmoniously with the Fib 1.618 level at $6.5, adding further weight to the projection.

Five Key Observations To Understand XRP’s Journey

EGRAG CRYPTO’s post built upon a previous insightful analysis from the day before, which had explored a 4-month timeframe. This examination revealed that higher time frames were less susceptible to deceptive signals, providing a more reliable view of the XRP landscape.

The analyst’s observations didn’t stop there. They presented five strategic and profound takeaways from their analysis that could help fuel a deeper understanding of XRP’s journey.

First, they noted the resilience of Zone A’s Steel Foundation, which remained unscathed during the previous brutal Bear market. In contrast, Zone B’s foundation crumbled, highlighting the importance of a robust foundation in weathering market storms.

Second, EGRAG CRYPTO pointed out the action of the Bulls. In June 2022, September 2022, and January 2023, XRP came close to breaching the Steel Foundation, but the Bulls valiantly defended it, painting an exceedingly Bullish picture for the cryptocurrency.

Third, the chart highlighted the 0.80-0.85 cent range as a historical battleground. XRP had never closed a full-bodied Green Candle above this threshold during the Bear market descent, signaling its significance in the crypto landscape.

Fourth, EGRAG CRYPTO suggested an imminent transformation. The next time one witnesses one monthly Green candle closing above 0.83 cents, it would mark the birth of the next Steel Foundation. In simpler terms, it implied that XRP might never again be acquired for less than $1 in one’s lifetime.

Lastly, crypto enthusiasts were urged to brace themselves for the $2 range. In this territory, the FOMO (Fear of Missing Out) phenomenon was poised to ignite like wildfire, potentially driving XRP’s value even higher.

Related Reading | Bitcoin: SEC Greenlights Franklin Templeton’s Spot ETF Amidst Congressional Pressure

Former White House Official Joins Ripple As Head of U.S. Public Policy & Government

by

Ripple, aimed at bolstering its presence in the United States amid an ongoing legal battle, has appointed Lauren Belive as its Head of U.S. Public Policy and Government. The former official with the White House’s Office of Legislative Affairs and policy director with the United States House Committee on Rules shared her new role in a LinkedIn post on September 26.

In her statement, Belive expressed her enthusiasm for her new role:

I am thrilled to share that I have taken on a new challenge as the Head of U.S. Public Policy and Government at Ripple. In a time where technology meets finance, Ripple stands at the forefront of revolutionizing the cross-border payments sector. As we navigate this transformative journey, engagement is pivotal.

Belive also outlined her role’s core responsibilities, including leading Ripple’s engagement efforts in Washington and nationally. She emphasized the importance of ensuring that Ripple actively contributes to ongoing discussions surrounding the crypto industry and fosters policies that support the sector and benefit individuals and businesses looking to leverage these advancements.

In her closing remarks, Belive expressed her gratitude and excitement to collaborate with Robert Grant and the Ripple team, highlighting the strong leadership and vision within the company.

Ripple Chief Legal Officer’s Response to Gensler’s Testimony

Meanwhile, today, SEC Chair Gary Gensler is scheduled to provide testimony before the Financial Services Committee on Capitol Hill. His appearance is part of the Oversight of the Securities and Exchange Commission hearing. U.S. lawmakers are expected to pose tough questions to Gensler during this hearing, particularly concerning the SEC’s motion for an interlocutory appeal. 

The ongoing de­liberation on this motion is being carried out by Judge­ Analisa Torres. A ruling is expected to be announced soon. Stuart Alderoty, Ripple­’s Chief Legal Officer, has offe­red his perspective­ on Gensler’s pre-drafte­d testimony. He asserts that Ge­nsler intends to make misle­ading statements before­ Congress.

Specifically, Alderoty mentioned Gensler’s intention to claim a “crypto asset securities market” and assert that tokens constitute investment contracts. In response, Alderoty referenced a line from the Court’s decision on July 13, 2023, regarding the Ripple case, which stated:

XRP, as a digital token, is not in and of itself a ‘contract, transaction[,], or scheme’ that embodies the Howey requirements of an investment contract.”

However, Belie­ve’s appointment at Ripple and the­ ongoing developments in the­ XRP case are continuously shaping the re­gulatory landscape of the cryptocurrency industry and influe­ncing its interactions with the SEC. 

Related Reading | Shiba Inu Unleashes It’s Secret Weapon, Shiba Hub

SBI Ripple Asia Launches XRP-Enabled Remittance Service In Southeast Asia

by

SBI Ripple Asia, a joint venture between SBI Holdings, Ripple, Tranglo, and SBI Remit, has announced the launch of an international money transfer service utilizing the crypto asset XRP. The service will be initially introduced to bank accounts in the Philippines, Vietnam, and Indonesia, with plans to expand to more countries.

This collaboration builds on the successful partnership between SBI Remit and Ripple, which dates back to 2017 when SBI Remit first started using Ripple’s technologies for cross-border transactions. 

In 2021, they introduced a unique Ripple-powered crypto solution for money transfers between Japan and the Philippines. Now, the scope of this collaboration is expanding to cater to countries with significant remittance corridors.

One of the key elements of this initiative is the partnership with Tranglo, a leading cross-border payments provider. XRP will serve as an intermediary currency, offering speed, cost-efficiency, and enhanced scalability for global transactions. 

By leveraging XRP as a bridge currency, SBI Remit aims to reduce the cost of pre-funding destination accounts, making the service more efficient.

The go-live­ scheme works like this: SBI Re­mit sends the customer’s payme­nt request, while SBI VC Trade­ promptly responds with XRP. Tranglo then processe­s the customer’s payout reque­st and facilitates the transfer to the­ beneficiary’s bank account in the re­ceiving country.

This decision is anticipate­d to have a significant impact on the remittance­ market, especially in countrie­s like the Philippines, Vie­tnam, and Indonesia. These countrie­s receive a conside­rable portion of the remittance­s deposited into bank accounts. Introducing this move­ will offer users an expe­dited, cost-efficient, and scalable­ solution for international money transfers.

Ripple’s Vision for Crypto Adoption

In addition to their collaboration, the company­ has recently expressed its commitment to simplifying the adoption of cryptocurre­ncies for businesses. The­ company recognizes the importance­ of essential components for running a crypto e­nterprise smoothly, including managing liquidity at scale, custody se­rvices, payments facilitation, and compliance adhe­rence.

Ripple active­ly works towards providing these esse­ntial capabilities to enterprise­s seeking to incorporate cryptocurre­ncy into their operations. However, initiatives like the one started by SBI Ripple Asia are opening the way for more effective and accessible international money transfers as the world of blockchain and cryptocurrency continues to develop, and the company intends to make it easier for companies worldwide to use cryptocurrencies.

Related Reading | XRP Fractal Analysis: Is A $1.3 Milestone On The Horizon?

XRP Fractal Analysis: Is A $1.3 Milestone On The Horizon?

by

XRP, Ripple’s native coin with a history of ups and downs, is now at the center of attention. EGRAG CRYPTO has ignited excitement among XRP enthusiasts by hinting at the possibility of the cryptocurrency hitting the $1.3 mark. Using a year-long fractal dating back to January 2023, analysts have started to piece together potential clues about XRP’s future trajectory. 

By overlaying this fractal onto the current price movement, they have gained valuable insights into how the cryptocurrency may behave at critical price levels.

One of the most prominent hurdles in the coin’s recent history has been the MACRO Resistance zone, spanning from $0.80 to $0.85. This formidable barrier has stubbornly held its ground since 2018, presenting a significant challenge for XRP bulls during price surges. Overcoming this historical resistance has proven to be a daunting task.

However, the real test awaits at the coveted $1.3 mark. Here, it faces an even more formidable MACRO Resistance in the form of a descending trendline. Analysts suggest that if the coin ascends to $1.3, the cryptocurrency community should brace itself for a nail-biting moment. 

A strong rejection at this level could potentially lead to another prolonged struggle, spanning months or even years, to breach this critical barrier. On the other hand, a successful breakthrough could catapult XRP into uncharted territory.

XRP’s Train to Valhalla: A Promising Journey

In a tweet from September 14th, EGRAG CRYPTO indicated that “XRP Train Left the Station.” To support this claim, they shared a Monthly Time Frame chart, emphasizing that while monthly wicks provide insightful hints, the solid candle bodies truly define market structure.

Since hitting its lows in June, the coin has been steadily chugging along the tracks, and according to the tweet, the train is officially en route to Valhalla.

While a brief pit stop around $0.40 to $0.33 may occur, some investors remain undeterred. Dollar-cost averaging is a strategy many embrace to maintain composure in the face of market fluctuations. 

The next major hurdles on the coin’s journey are identified at $0.80 and the aforementioned $1.3 mark. Optimistic investors believe that it could potentially reach these targets in a single candle, given the right conditions.

Furthermore, regulatory clarity has positioned XRP as a safe investment choice in the next bull run, as liquidity is expected to flow into the cryptocurrency. The analysts emphasized that the XRP Army encourages its members to stay steady and hold on for the ride, as they believe that XRP’s future prospects are brighter than ever.

Related Reading | Bitcoin & Ethereum Supplies Decline As Traders Embrace Long-Term Outlook

Ripple’s Legal Ripple: 80% Global Hiring Amidst SEC Battle

by

Ripple Labs is charting a bold new course in the world of cryptocurrency, with CEO Brad Garlinghouse announcing that over 80% of the company’s hiring in the current year will take place outside the United States. This strategic move comes at a time when Ripple finds itself locked in a protracted legal battle with the Securities and Exchange Commission (SEC) on home turf.

Brad Garlinghouse, Ripple CEO

The decision to expand the firm’s global workforce reflects the company’s confidence in jurisdictions that have embraced the crypto industry with open arms. Garlinghouse highlighted nations such as Singapore, Hong Kong, the UK, and Dubai as prime examples of places where governments are actively collaborating with the crypto sector. They are providing clear regulatory frameworks that foster innovation and growth, attracting companies like Ripple to set up shop on their shores.

This move also underscores the challenging regulatory landscape the firm faces in the United States. The SEC, under the leadership of Chair Gary Gensler, has been intensifying its scrutiny of digital assets since the market turbulence of 2022, which witnessed the downfall of entities like the FTX exchange. Gensler’s stance categorizes most tokens as securities, subject to the agency’s oversight. Meanwhile, progress in Congress toward establishing clear crypto regulations has been slow and arduous.

Ripple’s $100M Fight for XRP Legitimacy

Ripple’s legal battle with the SEC began in 2020 when the agency alleged that the XRP token should have been registered as a security. The company vehemently disagreed, leading to a drawn-out courtroom saga. Garlinghouse revealed that the firm has spent over $100 million in legal fees thus far but remains optimistic about prevailing in the case. He expressed confidence in the face of adversity, suggesting that the SEC is persisting in a battle it has essentially lost.

Speaking from Singapore, where he attended a crypto conference, Garlinghouse’s remarks signal Ripple’s determination to flourish beyond American borders. This strategic expansion not only diversifies Ripple’s workforce but also positions the company in more favorable regulatory climates, allowing it to continue its mission of revolutionizing global payments through blockchain technology.

In conclusion, Ripple Labs’ decision to channel its hiring efforts overseas reflects its proactive approach to navigating a challenging regulatory landscape in the United States. By tapping into crypto-friendly jurisdictions, the firm aims to secure its foothold in the ever-evolving world of digital finance, while confidently facing its legal challenges at home.

XRP’s Declining Public Interest: A Hidden Buying Opportunity?

by

In recent months, XRP, the digital currency associated with Ripple, has seen its public interest dwindle. Google Trends data reveals a sharp decline in search interest, both globally and in the United States, since its peak on July 13. The decline in public interest coincides with a mixed ruling by the U.S. District Court of the Southern District of New York, which created uncertainties around XRP’s regulatory status.

Following the court ruling, the token initially surged to over $0.80, giving hope to investors and enthusiasts. However, it has since retraced to approximately $0.505287, according to CoinGecko data. For some, this drop in price and search interest might seem like a red flag.

XRP’s Reduced Search Interest: A Valuation Indicator

Market analysts suggest that the reduced search interest in XRP may indicate a more reasonable valuation for the digital asset. The absence of “excessive exuberance” often associated with cryptocurrencies in their peak phases could mean that the token is trading at a fairer price point. It’s a classic principle in investing: “Buy when it’s boring, sell when it’s not.” Many voices on social media echo this sentiment.

Despite the rollercoaster ride in price and interest, XRP now boasts a unique advantage: regulatory clarity in the United States. Ripple CTO David Schwartz highlighted this during a recent industry event, stating that “Other than Bitcoin, the altcoin is now the only digital asset with regulatory clarity in the United States.”

This regulatory clarity is a crucial development for XRP, as it distinguishes the token from many others in the market. It implies that the token can operate within the confines of U.S. law, providing a more stable and secure environment for long-term investors. Such regulatory certainty is often a significant factor in the future price trajectory of cryptocurrencies.

XRP’s current market cap stands at $26.8 billion, a far cry from its previous heights. However, this may be an opportunity for investors who are looking for an entry point into a cryptocurrency with regulatory clarity and a potentially realistic valuation. While market sentiment can be fickle and unpredictable, the fundamentals of XRP remain intact.

In conclusion, the decline in public interest in XRP might be seen as a buying opportunity by some market experts. Regulatory clarity in the United States sets it apart from many other digital assets, providing a potential anchor for its long-term growth. Whether or not XRP can bounce back from its recent setbacks remains to be seen, but for those willing to bet on its future potential, the current lull in excitement might just be the perfect time to get in on the action.

XRPL Achieves Astonishing 4000% Increase in Transaction Throughput

by

The Ripple-affiliated XRP Ledger or XRPL has achieved a remarkable milestone, catapulting its throughput from a modest 80 XRP payment transactions per second [TPS] to an astounding 3400 sustained transactions per second. This incredible surge represents an extraordinary improvement of over 4000%. This breakthrough was initially observed on the blockchain firm’s website and swiftly garnered attention in the cryptocurrency community.

For those unfamiliar with the term, transactions per second, or TPS, is a metric that measures the number of transactions processed by a blockchain network in a single second. A blockchain network’s TPS depends on various factors, including its consensus algorithm, block size, network latency, and transaction complexity.

Despite the skepticism expressed by numerous experts regarding the sudden surge in XRPL’s throughput, the Ripple engineering team previously shed light on this achievement in a blog post back in July. In their release, the company explained that this accomplishment resulted from an extensive and meticulous testing process conducted in three distinct phases with a strong focus on maintaining network stability and performance.

Image Credit: https://ripple.com/xrp/

A prominent member of the XRP community, Krippenreiter, acknowledged the existence of three pull requests on GitHub aimed at enhancing throughput and stabilizing the ledger. Two of these requests have been completed and are set to be deployed with Rippled v1.12. However, Krippenreiter pointed out that these figures should be regarded as hypothetical, allowing room for interpretation and further scrutiny.

Ripple CTO’s Conflicting Claims On XRPL TPS

It’s worth noting that the previously advertised 1,500 TPS throughput for the XRP Ledger has been a subject of debate. In April, Ripple’s CTO, David Schwartz, revealed that the team had never witnessed the XRPL handling up to 1,500 TPS live on the mainnet.

Schwartz clarified that since the XRP Ledger’s launch in 2012, they had never observed it reaching up to 1,500 TPS on the live network. However, he acknowledged that the blockchain’s current configuration could support between 300 and 500 transactions per second on a live network.

Furthermore, he suggested that the initial 1,500 TPS figure on the website might have been “poorly worded” and could indicate the XRPL’s capability to consistently handle this level of load. As of now, Schwartz, one of the original architects of the XRP Ledger, has not commented on this latest development.

Shiba Inu’s Woof Dominates Indian Crypto Scene

by

In the world of Indian cryptocurrency investments, Shiba Inu remains the crowd-pleaser, with its bark resonating loudest on the WazirX exchange throughout the month of August. This meme-inspired coin, shared the limelight with the Ripple-associated token XRP, drawing considerable attention from investors across the nation.

The exchange recently tweeted a list of the top five traded coins. In addition to SHIB and XRP, this prestigious lineup includes the familiar names of Bitcoin [BTC], Ethereum [ETH], and Tether’s USDT. While Bitcoin and Ethereum reign supreme in terms of market capitalization, Indian enthusiasts display a special fondness for cryptocurrencies that inject humor and memes into the mix.

Back in January, WazirX revealed its Proof of Reserves [PoR] statement, disclosing the cryptocurrency holdings of its customers and their respective storage locations. The exhibit unveiled that Shiba Inu held the throne as WazirX’s premier token, representing approximately 20% of the total, which amounted to around $63,804,084 on the given day. In stark contrast, Bitcoin holdings accounted for less than half of that sum, standing at roughly $28,366,065.

Rajagopal Menon, Vice President at WazirX, expressed, “Shibu Inu and Dogecoin are pretty close to the hearts of a lot of Indians, which is proven in our reserves,” in an interview with a local news outlet. He highlighted that, unlike Bitcoin, cryptocurrencies like Shiba Inu offer a lower “ticket size,” meaning investors receive more tokens for their money.

Shiba Inu Gained Mainstream Media Attention

As of September 6, SHIB is trading at around $0.0000076. Menon elaborated, “Shiba Inu is at a relatively small ticket size, so customers prefer to get into crypto so that they get a feel of crypto and get a sense of their first ownership of crypto, which is not a very substantial investment.”

“So we [the Shiba Inu investors] buy small units, small ticket sizes of small units, and it hopefully follows the trajectory of Bitcoin and Ethereum and does wonders in the long run,” he said.

In addition to the substantial contribution of approximately $1 billion in Shiba Inu tokens to a COVID-19 relief fund in the country during the pandemic, a move that garnered significant media coverage, it prompted individuals to delve deeper into Shiba Inu and the Indian cryptocurrency community.

Notably, SHIB also reigned as the most traded asset on CoinSwitch, another prominent Indian crypto exchange, from April 15 to 20 this year, surpassing heavyweight contenders like BTC and rival DOGE.

 

Binance Revolutionizes Crypto Trading with FDUSD Pairs

by

Binance, the world’s leading cryptocurrency exchange, is making strategic moves to enhance its trading offerings and diversify its stablecoin portfolio. On September 7, 08:00 UTC, Binance will introduce new trading pairs, notably XRP and Dogecoin matched with First Digital USD (FDUSD). This announcement follows the addition of other trading pairs, such as TOMO/TRY and UNFI/TRY, signaling Binance’s commitment to expanding its crypto trading ecosystem.

FDUSD, introduced in June 2023, is a reserve-backed stablecoin created by FD121 Limited, a subsidiary of Hong Kong-based financial firm First Digital Limited. It operates on both the Ethereum and BNB Chain networks, offering users a versatile and reliable digital asset. What sets FDUSD apart is its stability, ensured by the equivalent amount of cash or cash equivalents held in reserves by its custodian, First Digital Trust Limited.

One of the key strengths of FDUSD is its diverse range of use cases. Beyond providing a stable store of value, it serves as a catalyst for efficient cross-border remittances, a reliable payment solution, and an essential utility in decentralized finance (DeFi) applications. This multifaceted utility makes FDUSD a valuable addition to the exchange’s trading platform.

Furthermore, the exchange has taken a significant step by waiving trading fees for Bitcoin and Ether pairs with FDUSD. This strategic move aims to bolster the trading volume of FDUSD and further expand Binance’s stablecoin portfolio. The decision to waive fees for FDUSD comes after regulatory issues impacted the Binance USD (BUSD) earlier in the year, necessitating a pivot towards a more diversified stablecoin offering.

XRP and Dogecoin Boosting Binance’s Appeal

The addition of XRP and Dogecoin trading pairs with FDUSD is expected to draw more traders to Binance and facilitate a broader adoption of FDUSD in the crypto market. XRP and Dogecoin are among the most popular cryptocurrencies, with active communities and growing demand. Pairing them with FDUSD opens up new opportunities for traders, enabling them to access stable liquidity while trading their favorite assets.

In conclusion, Binance’s move to introduce new trading pairs with FDUSD and waive trading fees for Bitcoin and Ether paired with FDUSD demonstrates a strategic commitment to diversify its stablecoin offerings and provide more choices to its users.

This announcement not only strengthens Binance’s position as the world’s largest cryptocurrency exchange but also underscores its dedication to innovation and adaptability in the ever-evolving crypto landscape. As the crypto industry continues to grow and evolve, Binance’s strategic moves are positioning it for long-term success and relevance in the global marketplace.

XRP’s Surging Utility: 4.8B Transactions & 2.03B Circulation Spark Frenzy

by

Santiment’s recent tweet has ignited discussions about the remarkable surge in utility for XRP at the onset of the month. The cryptocurrency has achieved milestone highs in both on-chain transaction volume, totaling 4.8 billion XRP, and circulation, reaching 2.03 billion XRP. 

Simultaneously, the development activity surrounding XRP, the fifth-largest cryptocurrency by market capitalization, has witnessed substantial growth. 

XRP & XLM: Navigating The Future

In the midst of this cryptocurrency excitement, analyst EGRAG CRYPTO took to Twitter to discuss the future of finance with a focus on XRP and XLM. The central theme revolves around global finance transformation, driven by CBDCs ascent and the pursuit of decentralization in currency control.

The emerging vision entails a world where every major nation introduces its own digital currency, effectively supplanting conventional fiat currencies. These CBDCs, issued and overseen by central banks, are poised to become the cornerstone of our financial systems.

Moreover, financial institutions actively embrace the digital revolution by tokenizing their reserves and potentially introducing native tokens. This trend signifies the broader adoption of digital assets as integral components of financial operations.

The overarching shift towards digital assets extends to diverse value categories, including real estate, stocks, and commodities. The lines differentiating asset classes are fading as everything migrates to blockchain and distributed ledger technology.

One of the most significant aspects of this financial transformation is the move away from a single dominant reserve currency, like the US Dollar, which has historically led to financial imbalances. Decentralization on a global scale is deemed necessary.

CBDCs, while resolving the issue of a single reserve currency, introduce the challenge of requiring a decentralized bridge currency. This bridge currency would facilitate seamless cross-border transactions and serve as a connection between various CBDCs.

Cryptocurrencies, such as XRP and XLM, are emerging as potential candidates for this pivotal role, according to discussions within the crypto community. However, the landscape remains dynamic, and new contenders may emerge. Nevertheless, it’s undeniable that distributed ledger networks (DLNs) will be at the forefront of this transformative process.

However, the future of finance is destined to be digital, decentralized, and underpinned by CBDCs and DLTs. The era of a single reserve currency is waning, and cryptocurrencies like XRP and XLM may pave the way to this new financial paradigm. 

Related Reading | Shiba Inu Burn Bonanza: 5.7 Billion Tokens Go Up in Smoke!