It seems that the DOGE coin has emerged as a contender for XRP and ADA in the markets. Despite all odds and an ongoing federal lawsuit, XRP has shown tremendous potential and resolve to hold onto the 4th top ranking at the global crypto scale. The crypto whale tracker has reported that there have been massive amounts of XRP moved from several exchange platforms.
The movement has been made by the blockchain enterprise Ripple labs itself and includes names like Coinbase, Binance, Bitrue, BitGo, Upbit, Bitstamp, and many others. The total amount of XRP moved is a staggering 72 million tokens. This movement has been part of the Ripple business endeavor to bequeath market supplies to its ODL partner based in Mexico. At the moment, XRP is trading for $1.61 that makes the amount of XRP movement valued at $116 million.
Is Ripple in a Safe position?
While the leading coin has taken a steep dive into the support range, the rest of the altcoins have followed suit. XRP that is deemed as the fourth-largest cryptocurrency by market capitalization, has been taken a drop of 19.57% and rests at a correction of $1.38 for the time being. This massive dive has been rumored to be caused by the increasing pressure of government legislation on the crypto markets.
Many noteworthy names like Ron Conway, Brain Armstrong, and Jesse Powell have been issuing warnings about the increasing possibility of US sanctioning and imposition on the digital asset markets. For the time being, the SEC is only grappling the neck of Ripple labs execs Chris Larson and Brad Garlinghouse. However, the remarks of US Treasury head Janet Yellen have invited more skepticism about the whole situation.
Why Did Kraken CEO Warn Crypto Businesses about the Upcoming Government Regulations?
In a CNBC interview earlier this month, Kraken CEO Jesse Powell told the media that it is highly likely that the US government tries to put a direct and straightforward ban on the crypto markets and send a message to the world that the USD is threatened by its presence. However, he has been keen on the subject to lean towards potential damage to the digital asset markets if any regulations are introduced.
It should be noted that Kraken is making plans for going public in 2022 and waiting for a better regulatory environment for the digital asset exchanges, just like Grayscale that has been lined up for a BTC-ETF for a long time. Powell also explained that the US government could take note of China’s federal stance on crypto and its ability to create more friendly regulations. Industry giants like Coinbase, Kraken, Fidelity, Square Inc., and Paradigm have formed a unilateral crypto council earlier this month as a vanguard for fair regulatory lobbying.