XRP whales move 60 million tokens worth $132 million, fueling expectations of a price increase amid market consolidation and optimistic breakout forecasts.
According to blockchain tracker Whale Alert, XRP whales saw a large movement of 60 million XRP, worth $132,202,106, between two undisclosed wallets. This big transaction has piqued market experts’ interest, with some predicting a new all-time high for XRP.
Massive XRP whale transfer sparks speculation
The 60 million XRP transfer, initially reported by blockchain monitoring platforms, resulted in a significant movement of XRP tokens, raising concerns about potential schemes by major holders. XRP whale movements are frequently associated with anticipation for large market events or price moves, especially as the XRP ETF expands launch possibility.
EGRAG Crypto, a well-known market pundit, voiced confidence about XRP’s future, anticipating a rise to $27. He said that XRP is lingering above its Break of Structure (BOS) level and aligned with the 21 Exponential Moving Average (EMA), which might pave the way for a bullish breakthrough.
Furthermore, CryptoQuant data indicated that XRP was the most traded alternative cryptocurrency on Binance’s futures market in December, with a trading volume of $116.6 million. Analysts believe the increased activity may imply more interest in the asset ahead of a potential Santa Claus surge.
Historical patterns indicate potential breakout
Market chartists have drawn parallels between XRP’s recent price swings and its behavior during the 2017 bull run, citing the XRP whales’ actions.
A trader known as Crypto Vilian noticed XRP’s price trend, which is similar to its 2017 track of a rapid collapse, rebound, stabilization, and final spectacular breakout.
Crypto Vilian noticed that the XRP price just broke out of a long-term negative trend, entering a consolidation phase that has traditionally preceded strong higher surges. He also predicted that XRP’s market capitalization will approach $1 trillion this cycle, resulting in a price of more than $17 per unit. However, he highlighted that the outcome will be determined by larger market movements, specifically Bitcoin’s success.
XRP price faces short-term bearish patterns
Despite long-term positive forecasts, XRP’s daily chart shows a descending triangle formation, which might indicate short-term negative pressure. According to TradingView, the support level is approaching $2.19, and if the downward trendline of lower highs is breached, the price might fall to $1.69.
Analysts, on the other hand, believe there is possibility for recovery if XRP bounces from its present support level. A break over the $2.50 level might contradict bearish expectations and allow XRP to revisit its recent high of $2.90.
Meanwhile, Messari’s on-chain data suggests that XRP addresses with over one million tokens have been lowering their holdings, indicating profit-taking by major investors during the asset’s consolidation period. This action has increased market pressure in recent weeks, raising concerns that the XRP price will not rebound soon until the Ripple SEC lawsuit is resolved and Gary Gensler steps down in January.
MicroStrategy announces special shareholders meeting to buy more Bitcoin
MicroStrategy has convened a special shareholder meeting to vote on recommendations to further its 21/21 Bitcoin strategy and strengthen its treasury.
MicroStrategy, a business intelligence provider, is digging down on its Bitcoin approach, considering additional financing alternatives for the BTC acquisition. As a result, the company has called a special meeting of shareholders to vote on proposals to forward the 21/21 plan. The objective is to improve the company’s capital raising capabilities while also aligning director remuneration with the Bitcoin-centric strategy.
MicroStrategy holds a special meeting with shareholders
Following Monday’s announcement of a $516 million Bitcoin acquisition, MicroStrategy announced plans to call a special meeting with shareholders to consider other financing options and boost its Bitcoin holdings. As part of its 21/21 strategy, the corporation will focus on improving its capital-raising skills even further. The following are some of the firm’s significant proposals.
- Increase in Class A Shares: The firm wants approval to increase the number of authorized Class A shares from 330 million to 10.33 billion, providing additional flexibility for future capital-raising initiatives.
- Preferred Share Expansion: The number of approved preferred shares will be increased from 5 million to 1.005 billion. It will assist to increase finance choices for important ventures.
- Amendment to the Equity Incentive Plan: The proposed revisions to the 2023 Equity Incentive Plan include automatic equity rewards for newly appointed directors. This will maintain consistency with the company’s Bitcoin-focused mission.
This demonstrates Michael Saylor’s entire dedication to MicroStrategy’s Bitcoin-centric approach. In the previous four years, the corporation has amassed 439,000 Bitcoins, which are today worth at almost $42 billion. Furthermore, it has catapulted the business’s worth to $82 billion, representing an 80x increase when the corporation initially launched its BTC strategy in 2020.
This significant collection places MicroStrategy as the fourth-largest Bitcoin holder, after only Bitcoin creator Satoshi Nakamoto, BlackRock Bitcoin ETF (IBIT), and cryptocurrency exchange Binance.
MSTR stock on downward trajectory despite Nasdaq 100 inclusion
Despite being included to the Nasdaq 100 Index in December, MicroStrategy’s stock has fallen. On Monday, the MSTR stock price fell 8.78%, reaching $332 levels. With this, it has increased its weekly losses to 19% and monthly losses to 17.65%. The MSTR stock has fallen 30% after reaching an all-time high of $472 in November. However, it has increased by a staggering 384% since the beginning of 2024.
Michael Saylor is likewise optimistic about development during the Donald Trump presidency, suggesting a strategic Bitcoin reserve to assist the US pay its $36 trillion national debt. Saylor commented on the Republican victory:
“With the red sweep, Bitcoin is surging up with tail winds, and the rest of the digital assets will also begin to surge. Taxes are coming down. All the rhetoric about unrealized capital gains taxes and wealth taxes is off the table. All of the hostility from the regulators to banks touching Bitcoin”.
Following last week’s all-time high of $108K, the Bitcoin price has been under significant selling pressure. BTC has fallen another 2% in the previous 24 hours, bringing its weekly losses to 11.52% and putting it on track to collapse below $90,000. Coinglass data reveals $65 million in Bitcoin (BTC) liquidation and $45 million in long liquidations.
FTX’s Sam Bankman-Fried is potentially in consideration for a presidential pardon
Sam Bankman-Fried (SBF), the former CEO of the defunct cryptocurrency exchange FTX, is the subject of rumors regarding a possible presidential pardon.
The rumors are based on his Democratic Party connections and early contributions to President Biden’s 2020 campaign.
Outrageous speculations about Sam Bankman-Fried’s pardon
In November 2023, Bankman-Fried was convicted of all seven counts of fraud and embezzlement and sentenced to 25 years in jail. Federal prosecutors requested a sentence of 40 to 50 years, while his defense team argued for six years.
As a big Democratic Party contributor, he gave $5.2 million to pro-Biden super PACs during the 2020 election season.
In reality, the creator of FTX was the second-largest individual contribution, after Michael Bloomberg. These relationships have generated questions about whether political affiliations may impact leniency in his case.
Meanwhile, the idea gathered traction after Tesla CEO Elon Musk remarked on the subject on social media, stating that he would be “shocked” if Sam Bankman-Fried was not pardoned.
Musk’s words heightened existing concerns about favoritism, particularly in light of previous questionable pardons under President Joe Biden.
Sam Bankman-Fried used over $100 million in stolen customer funds to donate to political campaigns
Watch him get pardoned.
100% Biden.
— Jason A. Williams (@GoingParabolic) December 23, 2024
Biden’s recent actions indicate that he is not scared to make controversial judgments as he exits office. For example, Michael Conahan, a former Pennsylvania judge engaged in the “kids-for-cash” scam, was granted mercy this week.
Conahan was sentenced to more than 17 years in prison after receiving payments to deliver youngsters to correctional camps. Biden shortened Conahan’s sentence, along with 1,500 others, in December, raising worries about future leniency in high-profile prosecutions.
Leniency for FTX collaborators raises eyebrows
The treatment of other players in the FTX collapse has also drawn criticism. Caroline Ellison, the former CEO of Alameda Research, received a two-year sentence after cooperating with prosecutors.
Most shockingly, Gary Wang, who created the technology that allowed Alameda to steal $11 billion in client cash, escaped jail time completely. Critics say that this technique may encourage future offenders to comply as a way to avoid harsher punishment.
Meanwhile, Polymarke indicated a significant increase in the likelihood of a pardon for Bankman-Fried. Following Musk’s statements, the probability increased from 4% to 8%.
On Monday, the FTT token price almost doubled as a result of these predictions.
The fall of FTX remains a major concern for creditors and the cryptocurrency industry. The court authorized the company’s Chapter 11 restructuring plan, which will take effect on January 3, 2025.
As talk of a pardon grows, the argument focuses on the convergence of political influence, judicial impartiality, and the long-term consequences of one of the greatest financial frauds in history.
