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Bittime - Ripple (XRP) is a cryptocurrency backed by Ripple Labs, a company developing a fast and low-cost global payments network. On February 29, the price of XRP rose again and created a wave of optimism among crypto market fans around the world.
Based on the CoinmarketCap chart, XRP managed to penetrate the $0.60 level again, after touching it yesterday. This increase attracted even more attention because it occurred after the US Securities and Exchange Commission (SEC) submitted a request to extend the deadline for submitting arguments regarding the lawsuit filed by the SEC against Ripple.
In the midst of this rise, two massive transactions involving XRP emerged in the crypto market, which made crypto traders and investors around the world curious. The reason is, XRP has been moving sluggishly in the last few days. Today's rise in XRP, in line with derivative data, also signals that the market is experiencing a positive trend.
Two Massive XRP Transactions Happened on Binance
According to data revealed by Whale Alert, a blockchain activity tracking site, there were two massive transactions showing the movement of 61.99 million XRP to and from Binance, one of the world's largest crypto exchanges.
The first transaction shows the sending of 21.99 million XRP, worth $12.85 million, from Binance to an unknown wallet, rarG6FaeYh…gFsPn2bZKk. Meanwhile, a second transaction saw the sending of 40 million XRP, worth $23.47 million, from an unknown wallet, rPz2qA93Pe…ycJR1N4iNf, to Binance.
These transactions show mixed sentiments among large holders of XRP in the crypto market, as some are showing signs of accumulation while others are selling large amounts, giving rise to speculation. However, XRP price movement reflects a bullish climate for this altcoin in the market, which is also in line with XRP derivatives data.
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Ripple (XRP) Rises Again Above $0.60
As of this writing, the price of XRP is up 4.63% in the last 24 hours and is currently trading at $0.6051. This spike above the $0.60 level received great attention because XRP was previously slow moving, as mentioned.
XRP Derivatives Data Shows Positive Trend
Derivatives data for Ripple-backed XRP shows new money flowing into the market, with market activity increasing. Coinglass data shows a 7.51% increase in XRP open interest, while volume jumped 59.85%, indicating an uptrend.
Ripple (XRP) is one cryptocurrency that has the potential to be a millionaire maker, as it works to disrupt the massive global money transfer market. According to The Motley Fool , the global money transfer market will be worth over $150 trillion by 2022, and Ripple is seeking to penetrate this huge market.
The usual cross-border money transfer process can be slow and expensive, involving many parties and intermediaries. Therefore, Ripple's idea of improving this imperfect system makes a lot of sense.
Ripple (XRP) Has the Potential to Change the Global Money Transfer Industry
To increase adoption, Ripple has partnered with many financial institutions. For example, there is a partnership with Mastercard to explore use cases for a central bank digital currency on the Ripple network.
Even Bank of America has a positive view of what Ripple is trying to do. The network appears to be active. According to bitinfocharts.com, Ripple handled nearly 700,000 transactions in the last 24 hours.
Ripple (XRP) Faces Legal and Competitive Challenges
However, Ripple is also facing legal challenges from the SEC, which is suing Ripple for allegedly selling XRP as an unregistered security. The SEC recently requested changes to the deadline for submitting arguments regarding the lawsuit.
Ripple's deadline to submit a reply letter could be extended to April 22, 2024. This lawsuit creates regulatory uncertainty which is a major risk for investors and Ripple's banking partners.
Apart from that, Ripple also faces competition from other projects that use blockchain technology for money transfers, such as Stellar, Cardano, and Binance Coin. Ripple must be able to prove that XRP has advantages and added value compared to other cryptocurrencies.
On the first day of every month, Ripple unlocks 1 billion XRP from the escrow system using the XRP Ledger. On March 1 (Friday), the company will unlock $600 million worth of tokens in three transactions of 200 million, 300 million, and 500 million XRP. This opening could impact the supply and demand for XRP in the market, which could affect the price of XRP.
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Several factors that could support the increase in XRP are the existence of an ETF (exchange-traded fund) based on Bitcoin, which could increase investor interest in the crypto market as a whole, as well as the possibility of launching an ETF based on XRP in 2024.
Ripple (XRP) is an interesting cryptocurrency to watch, as it has great potential to change the global money transfer industry. However, there are also risks and challenges that must be faced, both from a legal and competitive perspective. Therefore, investors should be careful and do their research before deciding to invest in XRP.
How to Buy XRP Tokens on Bittime
You can buy and sell XRP tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. XRP is available on Bittime with XRP IDR pairing .
To be able to buy XRP/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make XRP purchases in the application. Learn a more complete guide on how to buy XRP on Bittime
Monitor price movements of Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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