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The post 80 Million XRP Moves to Exchanges, Correction Incoming? appeared first on Coinpedia Fintech News

Ripple’s native token, XRP, has been making waves in the cryptocurrency realm with its impressive upside momentum. Amid this remarkable price surge, recent activity by whales and investors has raised concerns about a potential sell-off.

80 Million XRP Moves to Binance 

The price of XRP has shown consistent growth over the past week, with a significant 45% surge. During this period, some whales and investors have dumped their holdings on Binance, the world’s largest cryptocurrency exchange.

According to the on-chain analytics firm CryptoQuant, Binance’s XRP reserve increased by 80 million over the span of seven days, indicating a potential sell-off and raising concerns about a price decline. Despite this substantial dump of tokens onto the exchange, the XRP price remained neutral and showed consistent growth.

Source: CryptoQuant Current Price Momentum

Currently, XRP is trading near $3.39 and has experienced a price surge of over 16% in the past 24 hours. This impressive price increase has attracted significant attention from investors and traders, leading to a 45% jump in trading volume, indicating their participation during the same period.

Expert View on XRP 

Despite the notable upside momentum in the past 24 hours, a prominent crypto expert recently made a post on X (formerly Twitter) and stated, “Buying XRP at $3 may seem like a good idea, but buying when I did at $2.48—and during the dip at $2.40—would have been better.”

This statement by the expert suggests that XRP is still undervalued and has the potential to soar significantly in the coming days.

XRP Technical Analysis and Upcoming Level 

According to expert technical analysis, XRP appears bullish as this rally follows the breakout of the bullish flag and pole price action pattern.

Source: Trading View

Additionally, the XRP price had been consolidating before this rally began, which is another bullish sign. Based on the recent price action, there is a strong possibility that XRP could soar another 32.5% to reach the $4.45 level in the coming days.

However, as we approach President-elect Donald Trump’s inauguration, this forecasted target seems easily achievable. Though time will tell what happens, it’s clear that sentiment and the cryptocurrency market are likely to soar once Trump takes his presidential oath.

TikTok’s CEO Shou Zi Chew is heading to Washington, D.C., not for damage control but to watch Donald Trump’s second inauguration from one of the most coveted seats in the house.

According to reports, Chew will sit on the dais alongside tech giants like Elon Musk, Mark Zuckerberg, and Jeff Bezos.

Google’s Sundar Pichai will also attend, making it a veritable who’s who of tech leaders. The timing is almost poetic, as TikTok’s future in the U.S. hangs by a thread with a possible ban just days away.

This unexpected gathering comes after weeks of legal battles, high-level political discussions, and mounting pressure on ByteDance, TikTok’s parent company, to sell its U.S. operations to an American firm.

ByteDance hasn’t budged, and with Sunday’s deadline looming, the stakes couldn’t be higher for TikTok and its 170 million American users.

Trump’s change on TikTok and the ban’s complex politics

Donald Trump’s relationship with TikTok has been anything but consistent. Once a fierce critic of the app, calling it a national security threat and promising to ban it during his first term, Trump has recently changed his opinion.

During his campaign, TikTok became a powerful tool for rallying voters, a move that played no small part in his return to the White House. Now, as president-elect, Trump has filed an amicus brief with the Supreme Court, urging justices to delay enforcing the ban to allow his administration time to strike a deal.

“Why would I want to get rid of TikTok?” Trump posted on Truth Social, attaching a graphic showcasing his massive reach on the platform. His legal team argued that a negotiated resolution would protect free speech for millions of Americans who rely on TikTok to connect, entertain, and inform.

At the heart of the controversy is a law requiring ByteDance to divest TikTok’s U.S. operations, citing concerns over Chinese government influence and potential data misuse. Chief Justice John Roberts didn’t mince words during last Friday’s hearing, pointing out that TikTok’s parent company, based in Beijing, is subject to Chinese intelligence laws.

“Are we supposed to ignore the fact that the ultimate parent is, in fact, subject to doing intelligence work for the Chinese government?” he asked during arguments.

The Supreme Court hasn’t issued a ruling yet, leaving TikTok in limbo. If the law is upheld, ByteDance must sell its U.S. operations by Sunday or face removal from app stores like Google Play and Apple’s App Store. Without a sale, the app could remain operational but without critical updates, leaving users vulnerable to bugs and security risks.

Biden administration explores options

Outgoing President Joe Biden’s administration has also been working on a contingency plan to avoid TikTok going dark. An unnamed official hinted at the possibility of a temporary solution, saying, “Americans shouldn’t expect to see TikTok suddenly banned on Sunday.”

However, the White House made it clear that deferring enforcement isn’t an option, with one official stating, “Statutorily, we don’t believe we have the authority to do that.”

TikTok has considered several last-ditch options, including keeping the app running without updates or bug fixes. But ByteDance’s refusal to sell has left its U.S. subsidiary teetering on the edge. Meanwhile, millions of American users have already started downloading alternative apps from Chinese developers, raising similar national security concerns.

The law targeting TikTok passed as part of a $95 billion spending package, has drawn criticism from lawmakers like Rep. Ro Khanna and Sen. Ed Markey. Both have called on the White House to extend the deadline for divestment, arguing that a sudden ban would disrupt the lives of millions of Americans who rely on the app for everything from entertainment to business.

“I’m hopeful that President Biden will listen to the millions of voices who don’t want the lights to go out on this app,” Khanna said, pointing out the app’s significance in American culture and commerce. Sen. Markey shares those sentiments, saying he’s pressed White House officials to delay enforcement but has yet to receive a clear response.

Trump’s team eyes negotiated sale

Incoming Trump officials, including national security adviser Mike Waltz, have signaled that the president-elect is prepared to step in to preserve TikTok’s access to the U.S. market. Waltz told Fox News that TikTok’s importance to American users and its role as a campaigning tool make it a priority for the new administration.

Pam Bondi, Trump’s pick for attorney general, added to the uncertainty by refusing to commit to enforcing the ban during her Senate confirmation hearing. This hesitance, combined with Trump’s shifting position, suggests that a negotiated sale could be on the table.

Congressional Republicans, like Rep. Mike McCaul and Sen. John Kennedy, have made it clear that divestiture is the only viable path forward for TikTok. “They have to divest by law,” McCaul said, describing Trump as a “top negotiator” who could broker a deal that satisfies both national security concerns and the app’s American users.

Kennedy said, “What I’m hoping for is the owners of TikTok come forward and say, ‘We will never share Americans’ data with the Communist Party of China and here’s how that will be enforced: divesting from the parent company.’”

He warned that ByteDance’s current ownership poses a risk not just to Congress but to American children. As the Sunday deadline looms, all eyes are on Washington. The drama surrounding TikTok is as much about politics as it is about technology, with the app becoming a flashpoint in the ongoing battle between the U.S. and China.

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The downfall of Terra ($LUNA ) is etched in history as one of the most catastrophic events the cryptocurrency world has ever witnessed.

In a single day, over $35 billion in market value evaporated, sending shockwaves across the globe. Investors, both small and large, were left in disbelief as their holdings turned worthless. But what caused this monumental collapse? Here’s the story behind the crash and the vital lessons it offers to every crypto enthusiast.

What Was Terra and Its UST Stablecoin?

The Terra blockchain introduced an ambitious concept: a decentralized algorithmic stablecoin named UST. Unlike traditional stablecoins backed by physical reserves like cash or treasury assets, UST used a delicate balance mechanism with its sister token, LUNA, to maintain a fixed price of $1.

The process was straightforward in theory:

Holders could exchange 1 UST for $1 worth of LUNA at any time.

This was designed to maintain stability. If UST dropped below $1, the system would burn UST and mint LUNA to rebalance supply and demand.

But while the idea seemed revolutionary, its foundation relied heavily on market confidence. This design, under pressure, turned out to be its greatest weakness.

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What Sparked the Crash?

In May 2022, UST began losing its $1 peg due to massive withdrawals from a platform called Anchor, a DeFi protocol offering high yields of up to 20% on UST deposits. This created panic, and UST holders started selling in bulk.

As panic grew:

1. The system minted large quantities of LUNA to stabilize UST.

2. However, this led to an oversupply of LUNA, flooding the market and reducing its value dramatically.

The result? A devastating cycle where both UST and LUNA spiraled downward uncontrollably.

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The Numbers Behind the Collapse

UST’s value fell from $1 to just $0.08 in days.

LUNA’s price plummeted from $85 to a fraction of a cent.

LUNA’s circulating supply ballooned into trillions as minting accelerated.

Within a week, Terra’s market cap, which once stood at nearly $40 billion, was reduced to almost nothing.

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The Fallout and Aftermath

1. Investors Lost Everything
Millions of investors, believing in the stability of UST, watched their portfolios vanish. The crash wiped out savings and left many in financial ruin.

2. Exchanges Took Action
Major platforms, including Binance, delisted LUNA and UST to protect users from further losses.

3. Do Kwon’s Role
Do Kwon, Terra’s controversial founder, became the center of blame. Despite his bold claims of Terra’s invincibility, his efforts to recover the system by creating a new blockchain failed to restore trust.

4. Legal Consequences
Lawsuits poured in, accusing Terra’s team of fraud and negligence. Regulators across the globe began investigating whether the collapse involved manipulation or deceit. In March 2023, Do Kwon was arrested in Montenegro after being on the run for months, marking the culmination of Terra’s downfall.

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Key Lessons for Investors

1. Understand the Risks of Algorithmic Stablecoins
Unlike reserve-backed coins, algorithmic models are vulnerable to market shocks.

2. High Yields Come with High Risks
The 20% returns offered by Anchor were unsustainable and a red flag for experienced investors.

3. Diversification Is Crucial
Never put all your investments into a single project, no matter how promising it seems.

4. Regulation Matters
The Terra collapse highlighted the need for stricter oversight in the crypto space to protect investors.

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Conclusion

The Terra collapse serves as a cautionary tale of overconfidence and untested systems in the volatile world of crypto. While the technology behind Terra aimed to revolutionize finance, its failure demonstrated the fragility of poorly designed mechanisms. For investors, the event underscores the importance of thorough research, risk management, and skepticism of projects offering unrealistically high rewards.

Let this be a lesson—crypto is an evolving landscape where both opportunities and dangers abound. Stay informed, stay cautious, and invest wisely.