Ripple Makes a Bold Move with ODL Service Rebrand
In a surprising turn of events, Ripple, the San Francisco-based fintech powerhouse and creator of the Ripple (XRP) cryptocurrency, launched a sudden rebranding effort. The company's decision to remove the section dedicated to on-demand liquidity (ODL) from its offerings raised eyebrows among Ripple enthusiasts and the wider crypto community. Ripple's Vice President, Emi Yoshikawa, stepped forward to clarify this strategic move, offering insights in a statement released on 15 September 2023.
Yoshikawa explained that Ripple had opted to "consolidate" its ODL services under a new umbrella term, "Ripple Payments", citing as a justification a concern that the term "ODL" might be too confusing to outsiders at first glance. Yoshikawa also took pains to reassure the crypto community that, despite the unexpected rebranding, the ODL mechanisms themselves will continue to operate unchanged.
Although Ripple was born from the crypto community, the project has courted a broad user base through integrations with traditional financial service providers such as Mastercard. As such, it would be a logical move for the company to make its branding as accessible as possible.
Dispelling the BlackRock XRP rumour
Recent rumours suggested that BlackRock, the world's largest asset manager, was shifting its crypto investment focus from Bitcoin (BTC) to XRP. This idea initially gained traction through a post by the somewhat dubious news source, WallStreetBulls, which claimed that BlackRock was following a "shift in institutional confidence towards more sustainable and efficient digital assets." Although this rumour was repeated by other financial news outlets, neither BlackRock nor any credible sources have yet to make any official statement on this matter.
Whatever your position on the suitability of Bitcoin compared to XRP, the rumour remains unsubstantiated. In the current market, XRP is enjoying a small boost while BTC appears to have stagnated, barely holding on to $26,000. But that's not the whole story.
Large XRP transfer to Ripple amid price movements
On Sunday, 17 September, Whale Alert data revealed a substantial transfer of 100 million XRP valued at $49,977,350 from an unidentified wallet to Ripple. This transaction could signify a routine wallet adjustment or an over-the-counter (OTC) trade conducted outside the conventional crypto exchange framework.
At the time of writing on 20 September, XRP is trading at $0.52, showing a 1.66% increase over the past 24 hours. In recent weeks, XRP's price has fluctuated between $0.436 and $0.558. On 15 September, after four days of positive price movement, XRP briefly peaked at $0.508. Looking ahead, the $0.517 daily moving average (MA 200) stands as a pivotal level to monitor in the short term.
Bitcoin's on-chain surge hits new record, sparks bullish divergence
While XRP continues to show resilience compared to the wider crypto market, on-chain data appears to paint a picture of Bitcoin that shows the original cryptocurrency becoming more widely adopted and popular than ever despite minimal price movements. Although the flagship cryptocurrency has been trading flat around the $26,000 mark, new BTC addresses continue to surge. From an on-chain perspective, this development signifies a robust bullish divergence. The statistics reveal record-breaking numbers, with 4,487,486 addresses holding 0.1 BTC or more and 49,138,848 non-zero Bitcoin addresses. These figures point to growing interest and increased participation among investors in the Bitcoin market.
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