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Ripple news: XRP Ledger displays a transaction worth 150 million XRP

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Ripple

For the past few days, the crypto market has been nothing good to write home about. Yesterday, the crypto market witnesses a bit of recovery from XRP’s 0.502 swings low against the US dollar to exchange above the 0.52 US dollar and 0.53 US dollar level as a pair. However, the upside move was limited by the 0.545 US dollar and 0.55 US dollar resistance levels from previous supports.

Earlier today, one colossal settlement appeared on Ripple’s XRP ledger which has stirred commotion among traders, investors, and members of the Ripple community.

Through the social media handles, the Ripple community are crying foul and speculating the reasons behind this large transaction and its confusing destination address. The transaction amounts to about 150 million XRP with the transaction charge being less than a cent.

The open source blockchain technology, XRP Ledger which is behind Ripple’s cryptocurrency is said to be independent of any influence from any one person or entity.

However, the Ripple community has erupted with disappointment and speculations as to whether the existence of XRP as a currency is only a source of money for Ripple as a company and as an asset used to increase the company’s financial standing.

https://twitter.com/XRPL_Monitor/status/1048053145635643398

A section of the community believes that the founders initiated the transaction while others are still of the idea that the transaction either belongs to Chris Larsen or Jeb McCaleb.

The suspicious transaction comes at a time where there has been a lot of pressure towards the Ripple management to come clean on whether a single individual can influence the XRP Ledger within the company or any other business.

Speaking this week during the Swell 2018 event, Ripple CEO, Brad Garlinghouse was forced to address this issue, making it crystal clear that Ripple (XRP) is utterly decentralized despite the growing discomfort.

Further, the leader of Ripple Labs went ahead to clear his chest by saying that all the FUD revolving towards XRP was only a result of haters spreading negative rumors and news concerning XRP to benefit from the negativity.

On his response on whether Ripple XRP is centralized, Brad went on to reveal that even him as the CEO has no control or administrator rights that can influence the XRP Ledger.

That is how decentralized Ripple’s XRP currency asset is. As a former Uber driver and now the leader of one of the most promising cryptocurrency, at the moment, Brad emphasized the decentralization of XRP to the crowd.

Ripple (XRP) Price Analysis

Over the course of one of its largest gathering, Ripple (XRP) prices took a downturn tumbling to the extent of being sold off to the extent of 4 billion US dollars, in spite of big news from a host of top of the range listers from the world of virtual currency, traditional markets, and Ripple Labs.

On Sunday, the prices of Ripple (XRP) reached 0.6 US dollars in the run-up to the Swell 2018 event but has unfortunately depreciated by 13 percent since then, falling below 0.52 US dollars.

All hope is not lost as a section of experts still believe this year is going to be the year Ripple (XRP) is going to increase in price significantly once again. A few months are remaining before the year ends during which tides might change to lead an exponential price increase given the fact that Ripple XRP has been partnering and closing deals with top fintech firms.

In recent times, Ripple has been enjoying a lot of trust and goodwill from some institutions adopting its xRapid product that facilitates superfast cross-border settlements more conveniently. Ripple is a blockchain technology that is improving the services companies are offering to their customers and cannot be written off easily.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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