Large XRP Transactions Causes A Stir As Whale Exit Rumors SwellSince the beginning of October, XRP has been extremely volatile, which can be attributed to the growing concern regarding the cryptocurrency’s future prospects.
This is further accelerated by a recent report by Whale Alerts which shows two whale-sized transactions involving XRP have recently made their way onto cryptocurrency exchanges, prompting investors to ponder the reasons behind the transactions and speculate on possible outcomes.
54.9 Million XRP Tokens Moved To Crypto Exchanges
Two whale-sized XRP transactions recently sent the community into speculation. On October 11, crypto whale transfer tracker Whale Alerts posted on social media platform X two whale transfers.
The transfers, worth over $26.5 million combined, were sent from a single wallet address “r3zUh” to crypto exchanges Bitso and Bitstamp. The first transaction of 31,200,000 XRP worth $15,149,324 was sent to Bitstamp.
31,200,000 #XRP(15,149,324 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Xzi6xUN2Nt
— Whale Alert (@whale_alert) October 11, 2023
The second transaction of 23,700,000 XRP worth $11,502,941 was sent to Bitso shortly after.
23,700,000 #XRP(11,502,941 USD) transferred from unknown wallet to #Bitsohttps://t.co/CuumLCSnko
— Whale Alert (@whale_alert) October 11, 2023
A further examination of the address shows other transfers of 2.1 million, 300,000, and 7.1 million XRP tokens to crypto exchanges between these transfers. The wallet now holds a bare 4,660.55 tokens worth $2,231.
Although the token currently has a market cap of $25.5 billion, the timing of these mega-moves of the token also coincided with a drop in its price. The token is down by 1.79% in the past 24 hours, fueling further rumors of the whale offloading its bags.
Will Bulls Or Bears Prevail?
XRP has been particularly volatile with increased selling pressure, falling more than 8.45% in a 7-day timeframe. On-chain data has revealed multiple whale transactions to exchanges, showing some whales might be selling off to avoid further price decline.
At the same time, on-chain data has shown some whales taking advantage of the price fallto increase their holdings. According to Whale Alerts, 50 million tokens worth $24.8 million were transferred from Crypto.com to a private wallet earlier in the week.
50,000,000 #XRP(24,894,598 USD) transferred from #CryptoComto unknown wallethttps://t.co/f2Zrx9pLf3
— Whale Alert (@whale_alert) October 9, 2023
Historical data suggests a move into a bullish pattern is possiblethis quarter. As earlier reported, Q4, on average, has produced a 30% ROI for investors in recent years. Only time will tell whether bulls or bears prevail in this situation.
The token is currently approaching major support at $0.46, and a substantial rebound will show the prevalence of the accumulationby bullish whales.
Crypto analyst Matthew Dixon has projected a further declinefor the token and its ecosystem. Dixon’s analysis uses the Elliot Wave Theory to suggest a bearish outlook. On the other hand, crypto analyst Dark Defender uses the same Elliot Wave Theory to predict an XRP price riseto $5.85.Ethereum Layer-2’s Are on the Rise, Tradecurve Markets Booming, Litecoin Reaches 180M Transaction MilestoneLayer-2 transactions accounted for over 60% of all of the Ethereum (ETH) activity seen in Q2 of 2023. Analysts are now bullish on its future momentum. Moreover, Litecoin (LTC) has processed its 180 millionth transaction. In addition, Tradecurve Markets(TCRV) launched a demo platform, with over 18,000 users already using it.
Summary
Ethereum can surge to $2,335.71 by the end of 2023
Litecoin can climb to $105.02 by the end of the year.
Tradecurve Markets to climb 50x at launch.
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Ethereum (ETH) Layer-2 Solutions Accounted for 60% of All Transactions
Activity across Layer-2 networks is increasing, as they accounted for 60% of all Ethereum (ETH) activity in Q3 of this year. Based on data from Messari, Coinbase’s Base Network did more transactions than Ethereum’s Mainnet. Other L2s saw a lot of growth over the past quarter as well. Optimism saw a 40% increase in transactions.
As for its recent price performance, the Ethereum crypto traded between $1,561.31 and $1,656.82 during the week. Moreover, it saw a price increase of 20% in the past year. If Ethereum keeps up with this momentum, it could reach new heights. Based on the Ethereum price prediction, it can surge to $2,335.71 by the end of 2023.
Litecoin (LTC) Reaches a 180M Transaction Milestone
Litecoin (LTC) recently announced that it crossed 180,000,000 transactions. Last year, only 39,000,000 transactions were recorded, but this year, the network recorded an additional 51,000,000 transactions. This marked a new record for the Litecoin network.
Litecoin traded between $62.05 and $66.18 during the previous week. However, it also saw an annual performance similar to competing projects, where Litecoin grew by 18.5%. According to the Litecoin price prediction, it can reach a maximum point of value of $105.02 by the end of the year.
Tradecurve Markets (TCRV) Onboarded over 18,000 Users and Launched a Demo Platform
Tradecurve Marketsis a hybrid trading platform that’s getting a lot of attention among Web3 circles following its demo launch. The platform has already appealed to over 18,000 users who signed up to use it.
It enables access to multiple asset classes. Anyone can diversify, from cryptos to forex, commodities, and company stocks. This is a one-stop solution that eliminates the inconvenience of managing different platforms. It offers a single, streamlined interface that anyone can utilize.
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🌟 Join the revolution on https://t.co/HChjGWsMD4#Tradecurve$TCRVpic.twitter.com/5kK0Rkoops
— Tradecurve (@Tradecurveapp) October 4, 2023
The platform also eliminates the tedious KYC procedures. Instead, users can effortlessly onboard with just their email address and a crypto deposit.
Besides this ease of use, Tradecurve Markets distinguishes itself with advanced trading tools. It includes AI-enhanced trading strategies and Copy Trading opportunities. There is leverage starting at 500:1, which can cater to novice and advanced traders.
Now, at Stage 6, the TCRV tokentrades at $0.03.This represents a 200% jump from its starting value. At launch, analysts projecta climb of 50x can occur.
For more information about the Tradecurve Markets (TCRV) presale:
Website: https://tradecurvemarkets.com/
Buy presale: https://app.tradecurvemarkets.com/sign-up
Twitter: https://twitter.com/Tradecurveapp
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
THORSwap moves to ‘maintenance mode’ to halt proliferation of unlawful transactionsTHORchain-powered decentralized exchange (DEX) THORswap paused its usage after the persistent “movement of illicit funds” illicit funds through the platform.
In an Oct. 6 statementon X (formerly Twitter), the protocol decided to “temporarily transition the THORSwap interface into maintenance mode” after extensive “consultation with advisors, legal counsel, and law enforcement.”
THORSwap said the move was made to “swiftly curtail any further potential illicit activity” and expressed strong opposition to using its platform for any criminal activities. It added:
“THORSwap will remain in this mode until a more permanent and robust solution can be implemented to ensure the platform’s continued security and integrity.”
Over 50% of funds moved through THORSwap are stolen
Cryptocurrency researcher Tayvano reportedthat more than 50% of the Ethereum moved through the THORSwap router during the last four months were stolen funds.
The researcher estimated that 34,583 ETH, approximately $57 million, of “clearly stolen funds, were swapped into Bitcoin via THORSwap. They also added that at least another 3,300 ETH has been laundered through the platform.
Due to this development, THORSwap’s users will be unableto use the platform’s Swaps feature. However, they can still borrow and stake their asset via the protocol.
THORChain unaffected
Meanwhile, THORChain saidTHORSwap’s decision does not affect its operations, as its network remains fully operational and capable of supporting a variety of interfaces.
“THORChain, the network, is fully operational and can handle many different interfaces built on top of it. Interfaces include, Shapeshift, Rango, Trust Wallet, Ledger, XDefi, Asgardex, Edge wallet and more.”
THORChain said THORSwap only “caters to users, presents data, and quotes their swap requests,” adding that users are still tasked with building a swap and submitting the transaction directly to ETH/BTC nodes.
It added:
“The transaction is confirmed on respective L1 networks, and THORChain nodes react to these tx’s in an atomic and immutable way. No THORChain node can unilaterally affect a transaction; 16/20 work together to sign transactions. If a group fail to do a transaction, they are slashed and the swap is re-delegated to a different vault. This ensures tx execution guarantees.”
Posted In: DeFi, Technology
Author
Oluwapelumi Adejumo
Journalist at CryptoSlate
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Liam 'Akiba' Wright
Senior Editor at CryptoSlate
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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