Ripple moves 65 million XRP to unknown address
Ripple offloads a large amount of XRP to an unknown adress as the asset continues to trail downward.
- Mysterious transfer. Ripple transferred 65 million XRP, worth over $121 million, to an unknown address in a single transaction.
Ripple has stirred discussions across the crypto community today following a large XRP transfer pulled by the renowned San Francisco-based blockchain company.
On Tuesday, December 23, blockchain monitoring platform Whale Alert showcased data revealing a massive crypto transfer from Ripple involving tens of millions of XRP amid the broad crypto market volatility. The data shows that Ripple moved 65 million XRP worth over $121 million to an unknown address, sparking curiosity about what the firm might be up to.
Some market participants interpret the move as a potential liquidity operation, while others worry it could precede a sell-off.
- Potential scenarios. Some market participants interpret the move as a potential liquidity operation, while others worry it could precede a sell-off.
The transfer, which was executed in a single transaction, came at a time when the broad crypto market was moving on a negative path, with XRP trading in deep red territory.
While such a move is not frequently noticed from Ripple, the mysterious transfer of such a large volume of XRP from the firm has caused market watchers to wonder about the purpose of the transfer. Some commentators fear that the transfer could signal a potential sell-off from the firm or a liquidity move, considering its timing and nature.
SHIB OI surges despite crypto market-wide weakness
Shiba Inu has flipped Bitcoin and XRP in futures activity, as its open interest volume shows an impressive 3.42% surge.
- OI spike. SHIB futures open interest jumped 3.42% in the last 24 hours, with traders committing 11.03 trillion SHIB to active contracts.
The broad crypto market is down, but the Shiba Inu derivatives market has shown strength, flipping all leading cryptocurrencies, which have continued to see weak futures activity over the last day.
Despite the negative market trend, Shiba Inu has seen its open interest surge notably by 3.42% over the last day, with traders committing a massive 11.03 trillion SHIB to its futures market, according to data from the futures market.
SHIB futures open interest jumped 3.42% in the last 24 hours, with traders committing 11.03 trillion SHIB to active contracts.
- Sentiment shift. In dollar terms, more than $80 million worth of SHIB is now tied up in futures positions.
After multiple days of trading negatively, the impressive open interest volume marks a major shift in investor sentiment, as the token has restored hopes with its strong futures activity.
While leading cryptocurrencies like Bitcoin and XRP have seen their open interest each plummet by about 2%, Shiba Inu has flipped the leading crypto assets in the key metric, as over $80 million worth of the tokens have been committed in active contracts.
Cardano and Solana founders agree on cross-chain bridge plan
The bridge could make Cardano's native token (ADA) to be usable on the Solana network for trading and DeFi.
- Cross-chain. Yakovenko suggested on X that fighting with Cardano or XRP is “bearish,” signaling openness to cooperation.
Cardano founder Charles Hoskinson and Solana founder Anatoly Yakovenko have agreed to establish a cross-chain bridge between their two networks.
Historically, the Solana and Cardano communities have been fierce rivals. Hence, this marks quite a significant breakthrough.
It began with Anatoly Yakovenko showing a desire to end the hostility between blockchain communities. On the X social media network, he opined that fighting with Cardano or XRP is "bearish."
- ADA vs. SOL. Prominent community members engaged in heated debate over which chain is superior.
However, before the founders could seal the deal, prominent community members engaged in a heated debate over which chain is superior.
Despite the bickering, Yakovenko replied to the idea of interoperability with "Let's do it." Hoskinson then quote-tweeted the interaction with "Time to get cooking."
Midnight (NIGHT) outpaces XRP and Solana
A single token built on Cardano is out-trading both XRP and SOL.
- Outperforming. Charles Hoskinson said the NIGHT token has outperformed both XRP and Solana.
Input Output Global CEO Charles Hoskinson has taken to the X social media network to boast about NIGHT, the native token of the privacy-focused Midnight network, outperforming both XRP and SOL.
According to CoinGecko data, the 24-hour trading volume for the red-hot token has surged to a whopping $4 billion.
The NIGHT token officially launched Dec. 8 following months of anticipation. It swiftly became available for trading on centralized exchanges of the likes of Kraken, Bybit and various Cardano DEXs. Hoskinson has described the token's debut as an incredible success.
- “Success”. Hoskinson described the launch as an “incredible success” and said Midnight could see a sharp increase in TVL (total value locked) and MAUs (monthly active users).
Hoskinson has predicted that the network could see a huge uptick in TVL (total value locked) and MAUs (monthly active users). He is confident that privacy solves the biggest pain points of the DeFi (decentralized finance) space.
"When Midnight turns on, imagine the 12-month rolling average TVL, transactions, and MAUs. A lot of people want private prediction markets, stablecoins, and DEXes," he said.
Dan Burgin
U.Today Editorial Team
