Arslan Butt
The XRP price has slipped back below $0.40 due to a combination of negative factors. Ripple (XRP) coin is now well-offered around the 0.3958 level. Many cryptocurrencies fell on the day, which could be attributed to a significant drop in US stocks. Furthermore, the increase in whale activity in the Ripple token was viewed as a significant factor undermining the coin price.
According to statistics, XRP coins worth more than $200 million have recently been transferred between numerous accounts, according to Whale Alert.
#XRP has a bearish div on RSI and should drop soon! Ideally we need to come back down below $.366. For now, we're under .5 fib at $.375, so $.28 is still in play! #RIPPLE #Bitcoin pic.twitter.com/WF82WE2oIm
— TARA (@PrecissionTrade) February 6, 2023
On the other hand, the cryptocurrency decline was confirmed when Bitcoin (BTC), the world’s oldest and most popular cryptocurrency, fell below the $23,000 barrier. Other famous cryptocurrencies, such as Ethereum (ETH), Dogecoin (DOGE), and Litecoin (LTC), also ended up in the red, which had a negative influence on Ripple prices. If the selling pressure continues, Ripple might hit $0.37.
#Bitcoin Whales buy in bear markets… pic.twitter.com/uW0ma4CDCS
— Crypto Rover (@rovercrc) February 6, 2023
On the positive side, the SEC and Ripple jointly urged the judge to rule on summary judgment. This would put an end to the legal issue and avert a trial. So yet, this news has had little impact on ripple pricing.
XRP Price
XRP, which is now the 6th-ranked cryptocurrency in the world, has been trading at $0.395859 over the past 24 hours. During this time frame, it has declined by 3.58% and its 24-hour trading volume has been $1,002,078,368. Its current market capitalization stands at around $20 Billion.
How the US Dollar Could Unravel Crypto Markets: A Closer Look
On Monday, the global cryptocurrency market failed to sustain its previous week’s uptrend and turned negative due to a risk-off sentiment in US stocks, which bolstered the safe-haven US dollar and put a cap on any further gains in the cryptocurrency market. Recent positive US economic data has further reinforced the strength of the US Dollar.
Metal commodity. Gold prices hit a more than four week low to $1'877.31, as the US dollar firmed after stronger than expected jobs data fanned concerns that the Federal Reserve might keep hiking interest rates. pic.twitter.com/HXCQOpXGt6
— Arth Ben (@ArthurBenta) February 6, 2023
Consequently, Bitcoin prices slumped 2.5% as labor market data indicated that US employment remained much higher than expected in January, raising fears that the Federal Reserve has room to hike interest rates in the future.
In addition to Bitcoin (BTC), several other cryptocurrencies were impacted by the decline in U.S. stocks caused by Friday’s surprisingly high employment growth figures. This raised fears of an impending interest rate hike, putting downward pressure on the Bitcoin market.
Moving forward, investors will be looking for new economic cues from Chair Jerome Powell’s address at the Economic Club of Washington, D.C. on Tuesday. They will also pay close attention to any comments made regarding the trend of inflation and the latest labor statistics.
Is the Ripple v. SEC Case Over?
The Securities and Exchange Commission (SEC) has been battling Ripple since December 2020, and their ultimate confrontation is just months away. On December 5, the SEC and Ripple jointly asked a judge to decide on summary judgment, thereby presenting their final arguments and concluding the litigation without the need for a trial.
Ripple v. SEC court case update as of February 6, 2023
Individuals in the Securities Exchange Commission (SEC) and Ripple case are now in a waiting game regarding the potential outcome … Continued pic.twitter.com/UjWmhBgZrx
— Crypto Verse News (@VerseCo_News) February 6, 2023
Although District Judge Analisa Torres has yet to schedule a new hearing, this show of collaboration led some to hope that a settlement was imminent. Garlinghouse has stated that he anticipates a decision to be made in the first half of 2023.
The SEC and Ripple have been exchanging court documents throughout this time. James Filan, an attorney for Ripple, claims that the SEC just filed a motion to prevent the expert witnesses’ evidence from going forward.
With the #Ripple v #SEC case coming to a conclusion, we are expecting a big increase in new users of the #XRPL ecosystem.
We are excited to launch our Baby XZillas collection in Mar-2023. This is when @FilanLaw (GOAT) is predicting that Ripple beats the SEC!
New backgrounds pic.twitter.com/qabzJFFbZK
— XZilla NFTs (on the XRPL) (@XZillasXRPL) February 6, 2023
However, the Ripple team is confident that they will win the lawsuit, which will have a positive influence on Ripple pricing and help them limit their further losses.
XRP Price: How Significant Investors Move Millions of Tokens
As previously reported, the price of Ripple’s native coin briefly fell on Monday after it had peaked at $0.41 over the weekend. However, Whale Alert reported that the recent increase in whale activity was mainly responsible for the continuous drop in the token. Many addresses recently moved 508,500,000 XRP coins, worth more than $200 million.
After that, prominent crypto tracking platform Whale Alert detected several major XRP transactions from anonymous wallets, two of which carried more than 400 million tokens. In total, these wallets moved more than half a billion XRP. pic.twitter.com/v9BYm8dKxy
— Crypto Talkies – Sentiment Analysis Tool (@crypto_talkies) February 2, 2023
According to WhaleAlert, cryptocurrency whales transferred 32,043,479 XRP tokens worth $13,002,714 over the last 24 hours to Bitstamp and unidentified private accounts. The first whale sent the tokens from Binance to an unidentified wallet address.
The second transfer involved 205,500,000 XRP (worth $81,762,093) going from one unidentified wallet address to another unidentified wallet address. The second and third whales shifted 81,000,000 XRP, totaling $32.1 million.
Alternative Coins
Despite the current decline in the cryptocurrency market, buying alternative currencies while they are still in the presale phase is still profitable.
Meta Masters Guild (MEMAG)
MEMAG (Meta Masters Guild) is a brand-new mobile gaming guild. The network aims to improve the P2E ecosystem by providing enjoyable games that encourage users to stay on the platform.
Participants are not required to invest in monetary assets if they do not wish to. They only need to download the games, start playing, and reap the benefits right away. This is a fantastic recruiting tool for the network’s gaming community.
$3.1M raised by #MEMAGFAM!
❤️The outpouring of support has been truly remarkable Thank you so much!
Join the metaverse and be part of the family.⚔️
Get your $MEMAG today! ⬇️ https://t.co/SBqVjX5mWn #Presale #P2E #Metaverse #Tokens pic.twitter.com/iOftPHXnsh
— Meta Masters Guild (@MEMAGgames) February 6, 2023
The presale has already raised over $3 million and is now in stage 5, which will end in three days. The cost will rise from $0.019 to $0.021.
Fight Out (FGHT)
Fight Out (FHGT), a new cryptocurrency project launched this year, provides an opportunity to earn money using a cutting-edge Move-to-Earn (M2E) method. M2E is a revolutionary method that promotes and rewards physical activity.
The site’s current Fighting Fit theme generates interest in its cryptocurrency, FGHT. Because it drives the development of Web3, the platform has a lot of potential, especially for gamers and fitness enthusiasts.
Huge news #FightOutCrew!
We have now raised over $3.9M in our presale
Remember, you can now buy $FGHT with $USDT on both #Ethereum and #BinanceSmartChain!
Join now and get up to a 50% bonus! https://t.co/ZJslyfHI4t#DeFi #Crypto #CryptoPresale #ETH #BNB pic.twitter.com/TQWRyz1MqD
— Fight Out (@FightOut_) February 5, 2023
The price of $FGHT in stage 1 was $0.0166; it is now $0.01998. When the presale ends on March 31, the price will gradually rise to a maximum of 0.0333 USDT. Depending on the quantity purchased, investors can receive up to 50% bonus tokens.
Related news
- Is it Too Late to Buy XRP? Crypto Experts Give Their XRP Price Predictions
- XRP Price Prediction as $1.2 Billion Trading Volume Comes In – $1 XRP Incoming?
- Where to Buy XRP (Ripple) – Beginner’s Guide
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
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