The Whale Alert team reported yesterday on anonymous bags transferring over 70 million Ripple (XRP) coins to each other. One minute later, the “KsTqv” wallet moved slightly more than $70 million to XRP. The USD equivalent to Ripple transmitted to “KsTqv” amounted to $147.7 million. With no recent transactions worth more than $140 million or $70 million, the person who made the highest deal is claimed to have had no intention of selling himself unless it was an OTC trade.
Image Source: WhaleAlert
This resulted in an over 3.5% increase in the price of Ripple following an 11.6% drop from the top spot earlier on Wednesday.
According to the Indonesian Council of Religions, all cryptocurrency transactions are now banned or prohibited by Muslims. The potential of crypto to show clear profits is what drives its use by Muslims, which is why it is expressly outlawed by Sharia. The council’s decision, however, does not necessarily imply that global trade is static. The finance department will make the final decision on the digital currency’s financial standing.
The meme coin Elonomics (ELONOM) has recently discovered a dynamic market movement. On Monday, November 8, ELONOM was trading at $3.49 USD before jumping to $ 77.20 minutes later, showing a 21x rise. It plummeted in five hours and remained at the $20 USD peak for more than a day. Coin climbed 28% to a little over $38 USD per token at 12:04 a.m. Thursday but dropped 95% in six minutes to $1.83 USD. At the reporting time, ELONOM is presently trading at a price around $5.08 USD, which is already -81.32% down for the day.
Elonomics ($ELONOM) Price Chart – Source: CoinMarketCap
What is perplexing about this pricing action is that ELONOM is a token with an extendable supply, which should address volatility. However, an algorithm that explains this rectification of visceral overcorrections could still be devised.