This will be a big week for the crypto industry. The biggest event so far has been the testimony of the Securities and Exchange Commission chairman, Gary Gensler. On Tuesday morning, Gensler appeared before the House Financial Services Committee.
Titled “Oversight of the Securities and Exchange Commission,” the highly anticipated hearing saw Gensler testify on the SEC’s legal position around cryptocurrency. While the exact outcome of this testimony remains unknown, it’s likely that it will have some implications for the wider crypto market.
115 Million XRP Was Moved Ahead of the Hearing
The crypto market could be seen to be moving in anticipation a day before the hearing. One of the more intriguing movements came from Ripple, which is currently embroiled in a battle with the SEC.
According to data from WhaleAlert, a substantial amount of XRP was moved by users just before the hearing. This occurred in multiple transactions spread across 24 hours. The data shows that the total amount of XRP moved is more than 115 million tokens. These are worth a combined $60 million.
The largest transaction recorded during this period involved 25.3 million XRP, worth approximately $13 million. On the other hand, 48 million XRP, approximately worth $25 million, came from Bitso crypto exchange.
XRP has a circulating supply of 51 billion tokens and a market cap of around $23 billion at the time of writing. It is currently trading at $0.4572, which represents a 1.48% price decrease in the last 24 hours. Its 24-hour trading volume is also down 6.65% to reach $1.089 billion.
Will Solana (SOL) and HedgeUp’s (HDUP) Diversification Strategies Put Them Ahead of Ripple (XRP)?
Solana (SOL), HedgeUp (HDUP), and Ripple (XRP) are three of the most exciting projects in the crypto scene. Each of these brings something unique to the table. Solana has a fast and scalable blockchain and Ripple is focused on cross-border payments. HedgeUp (HDUP), on the other hand, is all about alternative investments through NFTs.
Of the three, Ripple (XRP) has been leading the pack. The project’s official token, XRP, sits in 6th position with a market cap of $23.64 billion. Solana’s (SOL) is four places lower at 10th with a market cap of $8.25 billion. HedgeUp’s token, HDUP, is still in its presale phase with more than 58 million tokens sold and around 34 million left. Interested investors are invited to purchase HedgeUp (HDUP) for $0.013 each.
Recently, the Solana (SOL) Foundation and HedgeUp (HDUP) have been invested in diversification in what can be described as an effort to catch up to Ripple.
Solana (SOL) is focused on building an ecosystem of projects and applications that can fully leverage the capabilities of its blockchain. This strategy involves building new partnerships and collaborations, supporting research and development, and investing in the infrastructure that will allow it to support a wider range of use cases.
Similarly, HedgeUp’s (HDUP) diversification efforts are focused on building a metaverse (HedgeVerse), a DAO (HedgeUp DAO), an online masterclass, and a single application to cater to all of the user’s investment needs.
Overall, if these efforts bear fruit, they might just be enough to push Solana (SOL) and HedgeUp (HDUP) ahead of Ripple’s XRP.
For more information on HedgeUP click the links below:
Presale Sign Up: https://app.hedgeup.io/sign-up
Telegram Link: https://t.me/HedgeUpChat
Official Website: https://hedgeup.io
