Ripple Labs Wins Rare Award in Payments Technology, Ethereum Whales Cash out As ETH Price Drops, XRP Triggers 125% Volume Surge Amid Market Crash: Crypto News Digest by U.Today

Ripple Labs Wins Rare Award in Payments Technology, Ethereum Whales Cash out As ETH Price Drops, XRP Triggers 125% Volume Surge Amid Market Crash: Crypto News Digest by U.Today

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Take a look at what's happening in the world of cryptocurrencies by reading U.Today's top three stories.

Ripple Labs achieves rare victory in payments technology

In a recent post on its official name . The recognition as Best Cross-Border Payments Platform is of great importance for Ripple, elevating it to the top of innovative solutions in the B2B Payments sector. Other notable winners in this category were Corpay for Best B2B Payment Platform and Papaya Global for Best B2B Payment Product. Despite the exceptional nature of this achievement, it failed to increase the price of XRP, the token affiliated with Ripple. At press time, XRP remains relatively low, trading at $0.595, according to CoinMarketCap.

ETH Whales Cash Out Massively Amid Ethereum Price Drop

As the cryptocurrency market experiences volatility, large Ethereum holders, or whales, withdrew millions before the price of ETH dropped. Data provided by Spot on Chain shows that in the last four days, three smart Ethereum traders sold 26,946 ETH worth $95.7 million. Together, they have earned $39 million in profits. These moves come amid ETH's price drop of more than 11% since the start of the week. After hitting a two-year high of $4,093 last week, Ethereum saw a huge sell-off, causing its price to fall to $3,200 per ETH. As reported by CoinGlass, in the previous 24 hours, traders liquidated positions totaling $120 million, of which 85% were long positions, indicating a wave of massive selling and profit-taking among investors. Increasing cash withdrawals by ETH whales during the price crash cause concern regarding the future trajectory of Ethereum and the broader crypto market.

XRP Triggers 125% Volume Surge Amid Market Crash

Despite the tumultuous conditions the crypto market is currently going through, XRP has caused a 125% increase in trading volume. According to data provided by CoinMarketCap, yesterday, XRP showed 138% growth in 24-hour trading volumes, totaling $3.96 billion. The surge in XRP trading volume emerged during a critical time for a crypto market marked by sharp declines in the value of major digital assets, attracting the attention of investors and analysts alike. There are several factors that could have caused the increase in XRP volume, however, the exact reason is unknown. First, they could be investors taking advantage of lower prices in anticipation of a possible recovery. Secondly, the increase in activity may indicate a resurgence of interest in XRP, even though the overall market is experiencing a decline.

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