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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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  • NFT
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    PENGU token loses 20% in August amid Pudgy Party game launch

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

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    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

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  • AI
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    What Is Impermanent Loss? How It Works, and How to Avoid It

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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  • Metaverse
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    PENGU token loses 20% in August amid Pudgy Party game launch

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

    What’s Behind the Double-Digit Declines?

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

  • Gaming
    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    Pudgy Penguins and Mythical Games Launch Pudgy Party Game

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    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

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    Buzzy Ethereum Game Football.fun Has Soccer Fans Scoring Crypto Gains

    Buzzy Ethereum Game Football.fun Has Soccer Fans Scoring Crypto Gains

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    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Play Solana to ship handheld gaming device in October

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  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

    Polyhedra Network launches Proof Cloud in open beta

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

    What Is Cloud Mining in Crypto? Everything You Need to Know to Start

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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    What Is Crypto Arbitrage and How to Use It in Trading?

    What Is Crypto Arbitrage and How to Use It in Trading?

    What’s the Difference & Which Is Better to Trade?

    What’s the Difference & Which Is Better to Trade?

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Altcoins

Ripple’s 1 billion unlock – Examining its effect on XRP’s price

June 2, 2024
in Altcoins
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Ripple’s 1 billion unlock – Examining its effect on XRP’s price
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  • Holders of the token decided to send many XRPs to cold wallets moments after Ripple’s action
  • Declining volumes and price suggested the altcoin might rebound in the short term

On 1 June, Ripple performed its customary act of locking tokens. This time, the blockchain payments firm completed the activity in two separate 500 million XRP transactions, according to data from Whale Alert.

For those unfamiliar with the market terrain, Ripple has been locking this amount since 2017. This idea behind this action is to provide cover for the large token supply over 55 months. This means that 55% of the total XRP supply would take part in this scheme. Most of the time, XRP’s reaction to this development is usually negligible.

Hence, the question – Was it the case this time too?

Ripple locks $1 billion XRP tokens

Source: X

Times have changed

Well, not quite. AMBCrypto noticed a change on the XRP Ledger this time, with the first observation being a notable increase in active addresses.

At the time of writing, XRP’s 24-hour active addresses had risen to 32,000 – Almost double the numbers seen on 1 June. The hike in active addresses revealed that more participants were involved in making successful transactions using the token over the last 12-24 hours.

However, there are times when network activity rises and the price stalls or declines. This was the case here too, with XRP’s price falling marginally to $0.51 on the charts. Will this correction continue though? According to the Mean Coin Age (MCA), no.

The MCA is the average age of all tokens on the blockchain. When the metric spikes, it means that old coins are moving and this could trigger selling pressure and a price depreciation.

See also  Origin Protocol (OGN) Price Prediction

However, a notable fall in XRP’s MCA indicated that more tokens are being retired into cold wallets. At press time, XRP’s 90-day Mean Coin Age had fallen from 40.29 to 33.74.

XRP accumulation increases, indicates a bullish sign

Source: Santiment

Considering the “laws” mentioned above, it would seem that the selling pressure around XRP might soon stop. Subsequently, the price can bounce on the charts and a hike to $0.55 might be possible too.

XRP to fall to $0.50, following which…

Traders might need to watch out for the altcoin’s volume too. At press time, the same was down to $587.39 million. Volume could serve as strength for the crypto’s price.

Therefore, a decline in the same indicates that XRP’s downtrend has been getting weak. While XRP’s value could still fall to $0.50, a bounce could be close as falling volume and decreasing price, together, can be interpreted a bullish sign.

If XRP does rebound, the $0.55 prediction might come to pass. In a highly bullish situation, the price of the cryptocurrency might rally to $0.60 too.

XRP volume weakens price downtrend

Source: Santiment


Read Ripple’s [XRP] Price Prediction 2024-2025


Despite the optimistic outlook, however, XRP holders should be wary of changes in the market— especially Bitcoin’s [BTC] influence.

If Bitcoin’s price appreciates on the charts, then XRP might be able to hike too. However, a collapse in BTC’s value could invalidate the thesis explained above.

Next: Ethereum Classic – Expect this buying opportunity from ETC’s price IF…

READ ALSO

CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?

  • Holders of the token decided to send many XRPs to cold wallets moments after Ripple’s action
  • Declining volumes and price suggested the altcoin might rebound in the short term

On 1 June, Ripple performed its customary act of locking tokens. This time, the blockchain payments firm completed the activity in two separate 500 million XRP transactions, according to data from Whale Alert.

See also  Cardano's long-term price will depend on THESE factors

For those unfamiliar with the market terrain, Ripple has been locking this amount since 2017. This idea behind this action is to provide cover for the large token supply over 55 months. This means that 55% of the total XRP supply would take part in this scheme. Most of the time, XRP’s reaction to this development is usually negligible.

Hence, the question – Was it the case this time too?

Ripple locks $1 billion XRP tokens

Source: X

Times have changed

Well, not quite. AMBCrypto noticed a change on the XRP Ledger this time, with the first observation being a notable increase in active addresses.

At the time of writing, XRP’s 24-hour active addresses had risen to 32,000 – Almost double the numbers seen on 1 June. The hike in active addresses revealed that more participants were involved in making successful transactions using the token over the last 12-24 hours.

However, there are times when network activity rises and the price stalls or declines. This was the case here too, with XRP’s price falling marginally to $0.51 on the charts. Will this correction continue though? According to the Mean Coin Age (MCA), no.

The MCA is the average age of all tokens on the blockchain. When the metric spikes, it means that old coins are moving and this could trigger selling pressure and a price depreciation.

However, a notable fall in XRP’s MCA indicated that more tokens are being retired into cold wallets. At press time, XRP’s 90-day Mean Coin Age had fallen from 40.29 to 33.74.

XRP accumulation increases, indicates a bullish sign

Source: Santiment

Considering the “laws” mentioned above, it would seem that the selling pressure around XRP might soon stop. Subsequently, the price can bounce on the charts and a hike to $0.55 might be possible too.

See also  XRP Set For Rapid Rally, Target At $5 In The Short Term

XRP to fall to $0.50, following which…

Traders might need to watch out for the altcoin’s volume too. At press time, the same was down to $587.39 million. Volume could serve as strength for the crypto’s price.

Therefore, a decline in the same indicates that XRP’s downtrend has been getting weak. While XRP’s value could still fall to $0.50, a bounce could be close as falling volume and decreasing price, together, can be interpreted a bullish sign.

If XRP does rebound, the $0.55 prediction might come to pass. In a highly bullish situation, the price of the cryptocurrency might rally to $0.60 too.

XRP volume weakens price downtrend

Source: Santiment


Read Ripple’s [XRP] Price Prediction 2024-2025


Despite the optimistic outlook, however, XRP holders should be wary of changes in the market— especially Bitcoin’s [BTC] influence.

If Bitcoin’s price appreciates on the charts, then XRP might be able to hike too. However, a collapse in BTC’s value could invalidate the thesis explained above.

Next: Ethereum Classic – Expect this buying opportunity from ETC’s price IF…
Tags: BillioneffectExaminingPriceRipplesUnlockXRPs

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