Ripple whales move more funds away from exchanges following the global outflows trend
Undisclosed XRP wallet decides to withdraw a large volume of XRP coins from centralized exchanges as part of the global exchange outflows trend.
According to the whale alert tracking service, a whale-tier address withdrew 12.7 million XRP coins from the medium-tier CoinOne exchange to an unknown wallet. Funds have not moved since from the receiving wallet.
The transaction falls under the rapidly developing outflow trend that is currently present on the market after volatility rapidly increased.
Previously, U.Today reported that Ethereum traders are draining exchange supplies by moving away from the majority of existing assets for undisclosed reasons.
Ripple could not avoid the global cryptocurrency correction that hit the market in the last couple of days. Ripple lost approximately 14% of its value in only eight days while previously moving in a strong uptrend for the last 40 days.
During the most recent run, Ripple gained more than 40% to its value compared to the beginning of October.
Ripple To Deploy Climate Friendly National Digital Currency In Partnership With Palau
With the increase in the adoption of digital assets across several mainstreams, some countries are strategizing on moving with the flow.
Hence, most countries across the globe are working and experimenting on developing a national digital currency that they can link with their fiat currencies. This is the primary reason for collaboration between the Republic of Palau and Ripple’s digital payment network.
Through the partnership, Ripple will assist the Pacific Island country in developing its national digital currency. The initiation ensures that the digital currency is USD-backed and will support Palau’s payments across borders.
In addition, Ripple announced that it would produce a national stablecoin within the first half of next year through the partnership. This will stand as the first of its kind globally with government backing.
Furthermore, Ripple indicated that the national digital currency for Palau might not be a Central Bank Digital Currency (CBDC). The digital payment network explained that its support to Palau cuts across design, business, policy, and technology.
It talked about the influence of exploring a USD-backed stablecoin and its use cases on the XRP Ledger. It mentioned that such an application would give a preferable substitute to CBDCs for a nation like Palau.
On his part, President Suangel Whipps Jr. of Palau confirmed that the citizens receive increased financial access through the national digital currency.
Commitment Of Ripple To Climatic Considerations
Furthermore, Palau as an island is prone to impacts from climatic changes. Also, this is another reason for the partnership with Ripple. The network explained that XRP Ledger is carbon-neutral and conserves energy more by 120,000 times than Proof-of-Work blockchains.
Ripple’s VP of Central Bank Engagements, James Wallis, disclosed their excitement with the collaboration with Palau in handling both the financial and climatic issues. He said it offers them the opportunity of displaying their experience and technology within Palau’s unique attributes. Hence they will effect a real impact on both the economic and social aspects of the country.
The place of Ripple within environmental and climatic influences is beyond that of a newbie. This year, in February, the network announced its aim of being carbon net-zero by 2030. The move involves using the EW Zero tool in turning XRP carbon net-zero.
As an Energy Wen open source solution, EW Zero will enable developers to buy tokenized renewables that will empower them to be carbon net-neutral.
Additionally, Ripple piloted the fundraising project of about $44 million for Nelnet Renewable Energy, a fintech provider. This project was for the funding of conscious environmental campaigns within the United States.
The payment network still manages its case with the SEC concerning whether the XRP tokens in 2013 were unregistered securities. However, according to Brad Garlinghouse, the issue has progressively gone pretty well and will end in 2022.
Ripple Price Prediction: Bears Contemplate A 9% Decline As XRP Drops Below $1
Ripple price dropped below the $1.0 psychological level on November 26, unravelling a possible bearish forecast. The descending parallel channel chart pattern suggests that Ripple could see a 9% drop. To invalidate the pessimistic outlook, XRP would need to overcome the 200-day SMA resistance.
Ripple price fell below the $1.0 psychological level on November 26, paving the way for further losses. The bulls of the international remittances token are struggling to keep their heads above the water as overhead pressure mounts.
Ripple Price Could Drop To $0.8708
XRP price is trading at middle boundary of the descending parallel channel around $0.9545 as seen on the daily chart. A descending parallel channel is a significantly bearish chart pattern that suggests a continued bearish leg as long as the price of an asset remains within the confines of the falling channel.
For XRP, the descending channel chart pattern points to a 9% downswing from the current price to tag the lower boundary of the channel at $0.8708.
The down-sloping moving averages and the position of the Relative Strength Index (RSI) indicator at 36.06 close to the oversold region suggest that Ripple is firmly in the hands of the bears, accentuating this bearish outlook.
XRP/USD Daily Chart Live Chart
On the upside, the bearish thesis could be invalidated if XRP price overcomes the immediate resistance at $0.9753 embraced by the 200-day Simple Moving Average (SMA). If this happens, Ripple price may potentially unto the losses that began on November 08 by breaking out above the upper boundary of the prevailing chart pattern at $1.0513.
However, any movement further could be inhibited by stiff resistance from $1.1056 and $1.1157 where the 100- and 50-day SMAs lie respectively.
Ripple bulls would need support from the wider market to overcome these hurdles which may see the XRP price pushed higher towards the peak of the descending parallel channel at $1.3542.
Ripple (XRP) Drops Market Cap, Ranks 7th in the Crypto World
- Ripple (XRP) has plummeted by market cap, ranking as 7th crypto in the market.
- Binance (BNB) Coin is now the 3rd largest after XRP dropped.
- Tether, Solana, and Cardano also follow BNB tightly in terms of ranking.
Despite its long stay among the top 3 cryptos in the market, Ripple (XRP) has dropped down drastically in market capitalization, ranking now as the 7th biggest cryptocurrency in the world today.
The XRP’s current rally comes amid how several other crypto projects have updated their market performance. At the moment, Binance Coin (BNB) is now sitting as the 3rd largest crypto by market cap right after XRP made a remarkable drop.
Next to BNB is Tether (USDT) as the 4th biggest crypto, with its price value always equal to one dollar. It also has a threshold value of over $74 billion market capitalization on Coingecko. Additionally, following USDT is Solana (SOL) in the 5th position which is also giving out an impressive performance like never before.
Meanwhile, starting this month, Solana’s price revamped to a new ATH of $259 but the asset is presently trading at $194 in the market. More so, right after Solana is Cardano (ADA) as the 6th cryptocurrency in the world by market cap.
Interestingly, since the gap between the above-mentioned cryptos is not all that heavy, there is no secret that the cryptos are still liable to overtake themselves any moment from now. With much sentiment, many attribute the current XRP drop to the never-ending Ripple-SEC lawsuit.
According to the report, XRP still has the chance to explode exponentially in price if Ripple wins the case over the US SEC.