Ripple Insights Says the Theme for the Year Is “Utility” as XRP Records Sharp Spike
Ripple Insights recently released a report on the projections for the year. The Ripple Insights report highlights the predictions and expectations of top Ripple executives for the year 2023, with a particular focus on the increased usage and utility of crypto assets.
According to the report, utility is the central theme among the predictions made by the Ripple executives. They believe the increased usage and application of crypto assets in real-world scenarios will drive continued institutional adoption of crypto and blockchain technology. This is seen as the key to crypto's long-term success and mainstream acceptance.
The report also noted that at the time of publication, the XRP cryptocurrency was performing well, with its price rising 5.6% over the last 24 hours and reaching $0.370. Additionally, XRP was outpacing the other top 10 cryptocurrencies in daily gains.
The Ripple Insights report emphasizes that the adoption of crypto for real-world use cases and its increasing utility are crucial for the crypto industry and the growth of XRP along with them.
FOX Business’ Gasparino Makes Prediction on SEC vs. Ripple Outcome
The ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple has sparked concern among those in the crypto industry, as it has the potential to set a precedent for how the regulator views and handles cryptocurrencies.
Charles Gasparino, a senior correspondent at FOX Business, noted on Twitter that if the SEC were to win its case against Ripple, it could force other crypto projects beyond just Bitcoin to register with the SEC as securities. This outcome could potentially lead to a regulatory crackdown on crypto assets that are registered as securities.
Coinbase Preparing for Scenario Where SEC Comes on Top
Coinbase, a San Francisco-based exchange, is apparently taking note of these concerns. They recently announced that they are already making preparations to survive a potential crackdown by the SEC.
The exchange has informed FOX Business that its plan is to use a broker-dealer method to offer cryptocurrencies registered with the SEC, indicating that they are taking the necessary steps to stay compliant with the regulator should the outcome of the case go against the crypto industry.
Whale Alert Flags Massive Movement of XRP
Blockchain tracking platform Whale Alert recently shared updates on a large transfer of XRP tokens by the fintech company Ripple. On January 10, nearly 500 million XRP coins were moved, which led to a significant increase in the value of the XRP token.
The transfer was made in several large chunks, with the two largest being 214,000,000 XRP worth $73,525,151 and 100,000,000 XRP valued at $34,004,188. The exchange Binance moved the former amount between its internal wallets, and the latter chunk was sent from one Ripple wallet to another Ripple-based address.
Whale Alert also reported that 33.5 million XRP coins from the 100 million tokens were sent to another Ripple wallet. Furthermore, the remaining 480 million XRP tokens were transferred to an unknown address in chunks of 36,000,000, 30,000,000, and 40,000,000 XRP.
It is important to note that such large transfers of cryptocurrency, especially those involving major industry players, can significantly impact the value of a token. This move by Ripple has led to a price increase in XRP, but it is unclear what their intentions were for the transfer or the ultimate destination of the funds.
XRP on the Move
As mentioned earlier, XRP currently trades up by 5.6% at $0.370, as the broader market maintains a general bullish undertone. Interestingly, the cryptocurrency has traded up by over 25% from its lowest point in 2023 to its yearly peak of $0.375.
That said, traders and investors are curious to see how the crypto market maintains its newfound bullish momentum over the coming weeks.
XRP Statistics Data
XRP Current Price: $0.370
XRP Market Cap: $18.5B
XRP Circulating Supply: 50.6B
XRP Total Supply: 99.9B
XRP Market Ranking: #6
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Disclaimer
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.