Ripple whale activity declines, supporting XRP price growth with bullish on-chain metrics
Ripple price rallied to the $0.55 level, after yielding 6.2% weekly gains. As the asset sustains above the $0.50 psychological barrier, its rally is supported by bullish on-chain metrics. That said, there is a possibility of a correction in XRP price, if the asset drops to support at $0.50, it could plummet lower.
The downside is likely limited with bullish developments making headlines. XRP’s Chief Executive Officer, Brad Garlinghouse, recently voiced his dissent on former SEC Chief Jay Clayton’s comments in a Squawk Box interview.
Week Ahead: Macroeconomic events unlikely to spoil BTC ETF victory march
Blackrock’s listing on the DTCC website was noticed, which was then removed but relisted later. The IBTC ticker was also given to Blackrock’s spot Bitcoin ETF. DTCC later revealed that this listing has been present on the website since August.
Grayscale’s ruling was finalized, and the company submitted a fresh filing for converting its GBTC product into spot ETF. Lately, the US Securities and Exchange Commission (SEC) has been on the back foot after losing multiple crypto-related lawsuits. To pile up, the Grayscale vs. SEC lawsuit has also seen a development favoring Grayscale. As a result, the next ETF decision deadline in January 2024 will be key. Crypto investors are expecting approval of spot Bitcoin ETF soon.
Maker price drop continues as selling pressure on MKR brews across exchanges
Maker, an ERC-20 token native to the Maker Protocol, has registered an increase in its reserves across exchanges. Part of this increase in reserves can be attributed to a move from institutional crypto trading platform FalconX, which according to data from an on-chain tracker has sent $12.8 million worth of MKR tokens to exchanges over the past week.
Typically, rising exchange balances are correlated with a decline in the asset’s price. FalconX transferred $12.8 million worth of MKR tokens to exchanges over the past week. According to data from Lookonchain that tracks recent transactions, the firm sent the asset to centralized exchanges OKX and Binance, contributing to the rise in the asset’s supply.
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