The crypto space could have begun with recovery as most of the tokens including XRP price witnessed a decent rebound. XRP holders may get some benefit in the coming days, as a reward to hold XRP through the Flare Network.
Flare network works on the Avalanche consensus protocol. It uses a modified form of the Federated Byzantine Agreement. The platform is also EVM compatible and hosts numerous uses including scaling smart contracts without relying upon economic safety mechanisms.
Flare has been in the works since 2017 and is readying with its canary network Songbird. It is set to bring fortune to the network. Although Flare is relatively late to the game, it is opting for a unique approach.
The ‘AIRDROP’ For XRP Holders
Flare will be launching a beta version of the live network on a testing ground for the main network. Flare’s canary network Songbird is currently under observation, the FTSO contracts (Flare Time Series Oracle) that provides externally sourced data estimates to the Flare network in a decentralized manner.
The FTSO system is all set to begin very soon. And the observation mode is to allow exchanges as well. The network intends to take a different approach by enabling smart contracts to chains that lack the same and are already worth billions of dollars, which can be impactful for the network.
Another important addition that the network will be testing is its F-asset protocol, which intends to bring Turing complete smart contracts to each integrated chain. Following this, the movements of compatible assets into Songbird, and vice-versa will be easier. Currently, DogeCoin, XRP, Litecoin, and Stellar F-assets will be available at launch.
How Other Chains Will Be Benefited?
The network is going to bring smart contract functionality to Doge, along with XRP, Stellar, and Litecoin. Hopefully, we can expect more to join in. Moreover, XRP holders get to rejoice as anyone who held XRP on December 12th, 2020, will get Songbird’s native coin SGB.
The XRP holders will be getting about 30% of the total initial supply of 100 B tokens. While they will be distributing another 22% via liquidity mining in the course of the next seven to eight years to those who move assets from compatible chains to the network. The four prominent blockchains in connection with Flare, are worth billions, and these can bring fortunes to the network.
Summing up, it is to note that the network is under the beta program, and it is advisable to go steady. The platform has set a few guidelines for the exchanges with SGB, that they can distribute, burn, hold with an intention to distribute later or keep for themselves. Collectively, the network’s approach is quite amusing and if things go as expected things can turn fruitful to the platform.
XRP price on edge of cliff as Ripple faces imminent collapse
- XRP price falls below key Ichimoku levels on the weekly chart.
- Key oscillator divergence may hint at near-term support.
- The threat of a 34% drop, however, remains likely.
XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.
XRP price drops below weekly Ichimoku Cloud, threatening flash crash conditions
XRP price completed the most bearish weekly candlestick close within the Ichimoku system since the week of February 28th, 2020, last week.. The candlestick closed below its final Ichimoku support level, the Kijun-Sen ($0.957). XRP now has very little support structure remaining and will now rely on the Chikou Span as its final hope of support.
The saving grace for XRP bulls is where the Chikou Span is positioned. For an Ideal Bearish Ichimoku Breakout entry to occur, the Chikou Span must be below the bodies of the candlesticks and in open space. Open space is a condition where the Chikou Span won’t intercept the body of any candlesticks horizontally over the next five to ten periods. For the open space condition to be accurate, XRP price would need to close at or below $0.59.
Some bullish warning signals are flashing, however, and could trigger some covering by short-sellers. Currently, XRP price has bounced off the 38.2% Fibonacci retracement at $0.84 to return above the Kijun-Sen. Another factor contributing to the bounce is the Chikou Span moving above the body of the candlesticks for the first time since the August 13th weekly candlestick.
XRP/USDT Weekly Ichimoku Chart
There is an almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index. Hidden bullish divergence is when an oscillator creates lower lows while the price chart creates higher lows. Only valid if the prior trend was up – hidden bullish divergence is an early indicator that the prior uptrend will continue. Contributing further to some near-term support is the Relative Strength Index holding the oversold levels of 50 and 40 as support.
Bulls ultimately need XRP price to close at or above the $1.18 level to establish a clear and renewed bull market.
40 Million XRP Moved to Binance Exchange and Sold Immediately
Anonymous wallet moves a large number of coins to exchange while the cryptocurrency market recovers
While others decide to keep their coins in cold or hot wallets instead of exchanges, this XRP whale has moved a large volume of funds to a centralized exchange and, most likely, sold immediately.
According to transactional activity on the chain, an anonymous wallet ending in “kskkhi” has moved 40 million coins to a wallet owned by Binance centralized exchange.
Currently, the unknown wallet holds almost 13 million coins. The wallet received 40 million coins just a day before a large transaction from another unknown wallet that holds significantly more XRP.
The exchange between undisclosed whales is purely anonymous and has not been known to the public. The second wallet, which initially transacted 40 million coins to the wallet that sold it on Binance, is currently holding 156 million XRP coins.
The larger wallet might somehow be connected to another centralized exchange since it has been constantly receiving a large number of funds from it, including those 40 million coins.
The realization of coins on the Binance exchange could have led to the rapid retrace of XRP that has been moving with a 2.5% profit today. The current daily XRP volume on Binance is at 156 million coins. The transacted amount represents approximately 25% of the current daily trading volume on the exchange.
At press time, XRP is trading at $0.97 with 0.17% of daily growth that has peaked at 2.5%. Previously, Ripple faced a strong recovery by dropping below the $0.90 zone and then spiking back up to $0.96 in one day.
WILL RIPPLE AND XRP STEAL THE SHOW AT THE JP MORGAN CRYPTO ECONOMY FORUM?
What will be the trends in the cryptocurrency space in 2022 and what will be the role of XRP once the SEC v. Ripple lawsuit is finished?
We’re headed toward the last month of 2021, a year that saw the cryptocurrency market reaching new all-time highs both in overall market cap and asset prices.
Investors and the digital asset ecosystem are now looking for signals of what to expect in 2022 and onwards as the industry matures.
JP Morgan, one of the world’s largest investment banks, will be hosting its JP Morgan Crypto Economy Forum tomorrow, November 30.
SEC V. RIPPLE AND XRP ADOPTION UNDER THE SPOTLIGHT
A JP Morgan report sent to investors earlier this month put XRP and the SEC v. Ripple lawsuit under the spotlight and concluded that a win would put the crypto asset on the road to mainstream adoption. More on that, here.
Coinbase, which was mentioned as a key player for relisting XRP, announced it will participate in the forum and will be represented by CEO Brian Armstrong and Lead Independent Director Fred Wilson. The exchange operator will share the fireside chat on a live webcast. For more information on time and link to the webcast, here.
Ripple has successfully accelerated its global expansion this year despite fears that the lawsuit could cause hesitancy among institutional partners. Now it seems that the blockchain firm will be hiring a few hundreds in 2022 as they prepare the launch of the upcoming Liquidity Hub.
On top of that, the XRP Ledger has just had a “game-changer” upgrade that took a year to come into effect and it’s likely to strengthen its appeal. Ripple’s CTO David Schwartz said it was “awesome news”.
JP MORGAN MOVES IN CRYPTO
The bank is one of the big ones joining the crypto movement, having created its own digital coin for payments (JPM Coin) and providing wealth management clients with access to crypto via Grayscale and Osprey trusts as well as an in-house Bitcoin fund.
JP Morgan has also been on the headlines admitting that institutional investors are increasingly replacing gold with Bitcoin and are also shifting favorites from Bitcoin to Ether.
As part of the trend in the crypto industry, the financial institution is keeping an eye on Bitcoin, Ethereum, and Dogecoin, as well as Polkadot, Uniswap, and Chainlink.
The JP Morgan Crypto Economy Forum will focus on “Today’s Ecosystem and Tomorrow’s Marketplace”. Conference attendance is by invitation only.
If you’re a client who would like to receive an invitation to the upcoming conference, you can contact your J. P. Morgan representative or email the relevant regional conference team: