The Theft of XRP and the Rise of the Crypto Market


itcoin gained 3.8% in the past 24 hours to hit $19,400. Quotes stabilized near the lower end of the three-month range. Ethereum gained temporary support after falling below $1300 and was up 6.7% in 24 hours.

XRP jumped 28% overnight and 66% over the week to $0.54, posting the highest gain among the top 100 cryptocurrencies. There are rumors that crypto whales have switched from ETH to XRP after the SEC and Ripple Labs asked the court to expedite hearings in their case.

The other top altcoins are rising between 4.5% (BNB) and 7.1% (DogeCoin).

Despite this upward movement, the technical chart does not yet suggest a break in the downtrend and the generalized tightening of monetary policy suggests new pressures on the markets.

On the other hand, we see precious metal prices rising with a 5% increase in crypto market capitalization in the last 24 hours. This could be the start of a new trend, where investors view alternatives as a safe haven for capital due to concerns over countries’ creditworthiness.

News background

Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange, Binance, said bearish trends are common and healthy for the crypto market. He said the crypto industry still has room to grow, while inflation and rising energy prices have drawn attention to cryptocurrencies.

According to Oklink, Ethereum’s recent decline is a result of the activation of miners. Mining pools have fallen nearly 17,000 ETH in the past seven days alone.

The final version of the European Crypto Asset Markets Bill (MiCA) equates NFTs with securities. Technically, the MiCA is still open to amendments, but other reports suggest the European Union has finalized the full text of the bill.

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