XRP sees mass migration to exchange
This Crypto Winter has been on of the worst on record to date with exchange after exchange falling over as if a stack of Dominos were lined up and one after the other they fall. While many are feeling the pain this is something that wasn't already for seen and much like the Dot.com bubble Crypto too is following the same way. You can read a bit more of my words about this being Crypto's Dot Com Moment. As many do fall there are still many that remain such as Binance which has taken a front row seat as it's competitors continue to crumble.
Over the past few months though things have been Shakey with $1.5 Billion Bitcoin Exodus from Coinbase as investors have learned the hard way, not your keys, not your crypto and to avoid a total loss of assets while exchanges gamble with other peoples money. Many are fleeing to cold storage no doubt to hibernate through this Crypto winter as there appears to be no sign of recovery any time soon.
Transfer of Crypto
Despite the low activity on sales fronts outside of Bitcoin and Ethereum which still dominate the sales charts there has been a large amount of movement of other cryptos many of which are heading for exchanges which is a worrying display.
I recently warned about the Incoming Danger for Shibinu HODLRS as Crypto.com shifted 1.8 Trillion Shibainu tokens to Binance and although we haven't seen any mass dumps that would cause price instability as the 7 day outlook still looks relatively okish. This doesn't dispute the fact the token stands at risk of a 1.8T dump or slow drip dump and investors should be careful if trading this token.
XRP put on watch notice
Another token to be placed on the watch list is XRP which recently saw $56,521,052 worth of Ripple transferred to Bittrex exchange which may also spell a danger for the once unstoppable token which reached highs exceeding $3 back in 2017 and was amongst the first Crypto Currencies to be impacted by the 2017 Crypto Winter.
First started in 2012 Ripple was supposed to be the be all to end all cross payments system until the SEC decided to take it on and most recently many have been saying that Ripple is unlikely to win it's case. The issue for the SEC so much isn't the crypto currency but in how it raised it's capital and that is what has put it in the class of action.
XRP issue solved
Since the establishment of Ripple a new company has arisen to support people launching projects and undertaking crowd sourcing called ORBEON and although the project looks like it may help those in the futuer it does nothing for XRP currently. We will delve into ORBEON in another article.
The bigger issue for XRP currently is that SWIFT the international payment system for mainstream banks has now launched their crypto cross chain payments so XRP is in short a competitor so as things become cleaned up or more so that Dot.com bubble pops XRP has become a target.
It will be interesting to see what occurs with XRP over the coming days but once again investors should be aware of the potential dump awaiting to happen as whales begin to cash out of XRP if it loses it's court case and SWIFT continues to progress with it's crypto cross chain payments system.
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