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Ripple CTO Explains XRP II, 1 Trillion SHIB Moved to Coinbase, Another BTC Price Model Fails: Crypto News Digest by U.Today

Tue, 12/06/2022 - 14:14
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Valeria Blokhina
Check out U.Today’s news digest to stay updated on the latest crypto events!
Ripple CTO Explains XRP II, 1 Trillion SHIB Moved to Coinbase, Another BTC Price Model Fails: Crypto News Digest by U.Today
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U.Today has prepared the top four news stories over the past day.

What is XRP II? Ripple CTO explains

After one of David Schwartz’s followers found a mention of XRP II in Ripple Labs’ official documents, Ripple CTO took to Twitter to explain what it is. According to Schwartz, XRP II is a separate legal entity controlled by Ripple Labs and needed to conduct separate, specific activities. In the next tweet, he separately clarified that XRP II is not a cryptocurrency but an LLC, which appears to have been previously named XRP Fund II. As stated in the original document, XRP II is involved in the sale of cryptocurrencies to third parties. Thus, this company was selling XRP in exchange for fiat money.

One trillion SHIB moved to Coinbase as coin prints long green candle

Data provided by @shibaplay_ Twitter user shows that yesterday, an anonymous whale moved a whopping amount of Shiba Inu. This anonymous address shifted a total of 1,060,594,914,048 SHIB to a Coinbase wallet to possibly sell it later. At the time of the transfer, this enormous lump of SHIB was worth $10,415,042 in fiat equivalent. Earlier that day, the meme coin printed a long green candle on an hourly chart, followed by another, smaller one. The SHIB price then surged by nearly 6%. However, over the last 24 hours, SHIB has seen an almost 4% drop in value.

All Shiba Inu (SHIB) Indicators Are Flashing Red, But Is It That Bad?

Yet another Bitcoin price model fails

As reported by CryptoQuant crypto analytics firm, the Hash Ribbon model has failed for the first time. The model was first presented by Charles Edwards in 2019 and is based on two metrics: Bitcoin's hashrate and mining difficulty. Hashrate and difficulty are presented as two simple moving average lines (the "ribbons"). When the ribbons cross each other, it signals the start of miner capitulation. Edwards believes that the best time to invest in Bitcoin is in the middle of the capitulation phase. However, as pointed out by CryptoQuant contributor Dan Lim, the Hash Ribbon model's death cross came after the golden cross without an increase in the price of Bitcoin.

SHIB burn rate jumps 353% as price gains in last 24 hours

The SHIB community was presented with a pleasant surprise of +353% in the Shiba Inu burn rate yesterday. Per Shibburn data, over the past day, 37,957,807 SHIB were destroyed, which is almost five times more than the amount burned the day before, 8,375,655 SHIB. With more than 37 million SHIB burned at the start of the week, it appears that this week is off to a fantastic start. In comparison, in the past week, only 126 million tokens were incinerated. At the moment of writing, SHIB is changing hands at $0.000009371, per CoinMarketCap.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.