Biggest Movers: XRP, MATIC Move to Multi-Week Highs on Wednesday

XRP was a big mover on Wednesday, despite cryptocurrency markets mostly consolidating in today's session. Traders have moved to secure recent gains, ahead of September's Federal Reserve interest rate decision. Polygon was also in the green, hitting a two-week high in the process.

Timeline of Polygon, Xrp

According to a recent X post published by a Ripple advocate, founder of Crypto.Law John Deaton, Ripple's chief executive Brad Garlinghouse has just shared at the Mainnet 2023 event that the blockchain decacorn has open vacancies in countries located in various corners of the globe – the UAE, London and Singapore.

As discussed earlier in our analysis, Ripple recently dropped below its 200-day moving average in late August and continued to decline. However, it subsequently experienced a rebound, leading to a rally back towards the 200-day MA.

Popular blockchain platform Whale Alert, which tracks down large crypto transactions, has spotted yet another hefty XRP chunk moved by Ripple Labs crypto behemoth to the Bitstamp exchange.

David Schwartz, Ripple's chief technology officer, has stepped up to address some criticism from the community. The executive recently took to X (formerly Twitter) to respond to accusations that the company has not done enough to dispel misleading information surrounding Ripple and XRP.

Ripple is not planning to back down from the fight even as the Securities and Exchange Commission seeks to appeal Judge Analisa Torres' findings in July. Ripple president Monica Long asserted recently that the blockchain payments firm intends to continue its fight against the SEC's lawsuit “all the way through”.

XRP Ledger is steadily approaching a significant milestone with nearly 5 million accounts, currently numbering 4.78 million. According to data from XRPL Services, these accounts collectively hold a substantial 58.682 billion XRP, which translates to 58.68% of the total token supply.

Neil Hartner, an Engineer at Ripple Labs has shared one of his latest discoveries about the functionality of the XRP Ledger (XRPL) as it relates to the XRP coin. The Liquidity Allowance of XRPL According to Hartner, it is still possible to provide liquidity for a restricted token that is resident on the XRPL.

Following recent reports on the exit of Binance US chief executive officer Brian Shroder on September 13, 2023, the entity's chief legal officer Norman Reed was said to have taken over the role in the interim. However, recent reports reveal that the company has proposed to name Reed as the permanent replacement for the CEO

A recent discussion between legal expert Bill Morgan and a community member named Micah XRP brought to light some critical insights regarding Ripple's XRP. The focal point? XRP's status and the implications of its ongoing legal saga with the SEC (Securities and Exchange Commission).

Recently, a rumor suggesting that BlackRock, the world's largest asset manager with over $9 trillion in assets under management, might be pivoting its digital currency strategy from Bitcoin to XRP caught fire on the X social media platform.