Ripple (XRP) showed bullish momentum and traded above its 200-day simple moving average. Over the past month, it has seen 15 days of growth. It also has high liquidity, making it one of the best cryptocurrencies to buy right now.
In an expected move, Ripple recently sold the entire share of XRP tokens of 200 million units, which were intended for sale in August via the usual monthly process. This was done amid a sharp decline in cryptocurrency prices, as the cryptocurrency market experienced a wave of liquidation that also affected XRP, while the company transferred its units from its treasury account.
Ripple opened one billion XRP at the beginning of August, with 200 million of them held in the Treasury account. The same amount is opened monthly in preparation for sales, where the company transfers the reserved tokens to an anonymous account, which later expires in B andcryptocurrency stacks. Due to the opaque nature of these transactions, the market considers these transfers from the treasury to the anonymous account as over-the-counter sell-offs.
It should be noted that the transaction was worth about $120 million, while XRP was trading at $0.59. This occurred less than two hours before a significant drop in price to $0.55. At the moment, XRP is trading at $0.583, having seen some recovery.
As for the 200 million XRP Ripple sale, observers noted that the company waited 27 days after booking the tokens before completing the sale, which is unusual behavior. Ripple usually makes these sales in stages during the month, but the August sale was made in one batch in the middle of the last week of the month, four days before the end of the month.
Arthur Hayes: The Fed’s Impact on Cryptocurrencies, Bitcoin and Ripple
Arthur Hayes compared the actions of the US Federal Reserve to a short-term rise in the economy, with the effects of a rising wave of cryptocurrencies. Hayes claims that although the immediate impact of low interest rates can keep traditional markets afloat, there are significant implications for fiat currencies and crypto assets. Hayes highlights that as the spread in interest rates narrows, the yen is likely to strengthen, exposing the global market to turmoil and prompting central banks to expand balance sheets. Further. This balance sheet expansion will add liquidity to the markets and enhance the value of limited supply assets such as BTC
, in the past thirty days, long-term bitcoin holders have increased their supply by a staggering 262,000 BTC. This accumulation brought their total holdings to 14.82 million bitcoins, accounting for 75% of the total supply of bitcoin. The accumulation of 262,000 BTC in just one month highlights long-term confidence amid short-term market volatility. Bitcoin fell more than 6% in yesterday’s trading session, the worst drop since the August 5 crash. Still down more than 3% and trading at around $60.000.
The cryptocurrency market has seen significant activity by the richest XRP investors, also known as “whales”. Despite the recent 10% drop in the price of XRP, these investors are increasing their holdings, indicating strong confidence in the asset’s long-term potential.
According to a report from FX Empire, these large investors were aggressively buying XRP during the recession, indicating a strategic accumulation phase. The behavior of these major players reflects their belief in the core value of XRP and its future usefulness, especially as the market expects further developments in cryptocurrency legal battles and adoption scenarios.
Trade 200 million XRP and the upcoming Cardano upgrade
Nearly 200 million XRP was traded in the last 10 hours, equivalent to $110.12 million. This action happened in two quarters, where the first 100 million wallet tokens left “rP4X2” to “rhWt2″. The next chapter was 10 hours later, when another 94.33 million XRP was sent, with an approximate value of $53.66 million, from rn8om” to “rnTxM”. Notably, all addresses belong to unknown entities. Interestingly, the transaction occurred amid a downturn in the cryptocurrency market, with bullish traders experiencing losses amid liquidations of more than $150 million within a few hours.
Cardano Blockchain is fully ready and heading towards “Chang Hard Fork”, its biggest upgrade in two years. The upgrade was initially scheduled to take place this week but was postponed to September 1 so some exchanges could set up their systems. The main advantage of the recent upgrade is to give Cardano the ability to offer governance features on the chain. ADA holders will be able to Cardano from electing representatives and voting on improvement proposals as well as future technical changes to the blockchain. This means that the Cardano community will be responsible for the maintenance and formation of the blockchain network..
Bitcoin mining company Vortex Brands (VTXB) recently revealed the purchase of MSTR shares. Vortex Brands has started acquiring MSTR shares as its strategic asset. While the initial purchase of the company is only 10 shares, the move comes with a broader approach to leveraging the arbitration strategy between corporate public markets and the value of BitcoinNotably, the company led by Michael Sailor also topped the S&P 500, according to Sailor’s recent post on X. The MSTR share price fell 1% today to $140, although the stock has risen 104% so far and 45% over the past six months.
