- Ripple Price Drop Ahead of Powell’s Speech
- Massive XRP Transfer by Whales
- Is Visa Collaborating with Ripple Behind the Scenes?
Ripple Price Drop Ahead of Powell’s Speech
Traders and investors are highly anticipating Federal Reserve Chair Jerome Powell’s speech, which will address the market at 5:00 PM GMT in Washington today. Traders are searching for clarification and a potential drop rather than the little rebounding in the European Market.
Powell’s comments on interest rate hikes have led to drastic market changes; the traders and investors are eager to hear his perspective on the market’s reaction. As provided by the Australian Central Bank, the unexpected interest rates and future hike guidance have led to market price uncertainty due to persistent inflation in various places worldwide.
The price of XRP has seen little change over the past week compared to other leading cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC), which have maintained their increased gains. On Monday, the price of XRP fell below $0.4000; currently, the prices are below that mark.
The change has been minimal since Tuesday, with a -0.18% over the past 24 hours. The US dollar contributed to the fall of XRP prices since it gained over 2% against the Euro. In addition, the bond markets declined, causing the rise of interest rates and a risk-off sentiment across the market, which failed cryptocurrencies to maintain their value.
The recent changes in XRP price have resulted in a market capitalization of $39,650,596,142.92, with a 16.36% increase in 2023. XRP is categorized as a currency under CoinDesk’s Digital Asset Classification Standard (DACS) and is the leading digital asset of the XRP ledger, a public blockchain focused on efficient and cost-effective transactions.
XRP has fallen below the 200-day Simple Moving Average (SMA), heading further below the $0.38 mark where the 55-day SMA is located. If the US dollar strengthens following Powell’s speech this evening, then the pressure may result in a fall in the prices of XRP.
A break below the $0.3700 mark could result in a decline to $0.3000 in the long run. The stagnancy of the XRP may be due to a pending lawsuit between Zakinov and Ripple.
Massive XRP Transfer by Whales
According to WhaleAlert, traders transferred approximately 540 million XRP worth $216 million in the last 24 hours. The largest single transaction was the movement of 205 million XRP, valued at $81.7 million, to a private wallet.
Some whales have taken the decrease in XRP prices to their advantage and thus have increased their XRP investments. Data shows that accumulation was highest with the addition of 40 million XRP, valued at $16 million. In multiple transactions, traders exchanged over 76 million XRP valued at $30 million through several transactions.
Is Visa Collaborating with Ripple Behind the Scenes
An anonymous XRP influencer, 24HRSCRYPTO, claimed that financial services giant Visa secretly collaborates with Ripple. The assertion was made on Twitter yesterday with a video demonstrating that Visa has fully acquired or made alliances with at least four Ripple partners like CurrencyCloud, Dee Money, Earthport, and Novatti.
Visa has developed CurrencyCloud and Earthport and created partnerships with Novatti and Dee Money in recent years, speculating this as a positive outcome for XRP. However, it is challenging to assert that Visa is working in conjunction with Ripple.