Ripple is collaborating with top fintech experts for the latest CBDC Innovate Challenge. Meanwhile, the altcoin has lost 12 percent in the past week. However, whale addresses took advantage of this opportunity to collect more than 360 million XRP tokens.
Digital Euro Union announces Challenge!
Cryptocurrency giant Ripple Labs has revived the Central Bank Digital Currency (CBDC) Innovate competition. According to an announcement, the competition is designed to encourage the development of various applications for CBDCs. Specifically, the purpose of CBDC Innovate 2023 is to promote the development of fintech and payment solutions using Ripple’s corporate services. “You are invited to create or update an original fintech or payment solution using Ripple’s CBDC solutions,” the announcement said.
According to the announcement, it is possible for both individuals and businesses to participate in the competition with CBDC application concepts. Interestingly, Ripple has set aside a reward worth $200,000.
CBDC Challenge stages of the competition
It should be noted that the struggle is divided into two different phases.
Stage-1
For the first phase (Phase 1), participants are expected to create an application on the public XRP Ledger (XRPL). The submission of CBDC applications for the first phase, which began on May 15, will end on August 18. Following the submissions, a jury team consisting of professionals from the Digital Euro Association, Mastercard, Bank of Finland, Amazon Web Services (AWS), PwC, BIS and DXC Technology will begin to select innovative projects from August 21 to September 4, 2023. Jury members will announce the finalists between September 6 and September 8, 2023.
Stage-2
The winners of the first stage will move on to the second stage (Tier-2). In this category, stage 1 finalists will develop applications on the recently launched Ripple’s Custom CBDC Platform. Specifically, the deadline for submission of applications was scheduled for 31 October 2023. Ripple will announce the date when the jury will select the most innovative solutions. The six finalists will receive invitations to present to executives at the “Ripple CBDC Winners Only event” with prize pools of $10,000 and $140,000 each.
Whales are collecting XRP as altcoin price drops!
cryptocoin.comAs you follow, the altcoin has recently succumbed to bearish pressure. So it faces one of the most unfavorable months of the year. In the midst of this situation, the altcoin fell by 12% from June 22 to June 28. However, it has triggered the accumulation spree of whales who have since purchased an astonishing 360 million XRP.
Leading graphic artist Ali Martinez drew attention to this development for the first time in a tweet today. Citing data from behavioral analysis platform Santiment, the analyst emphasized that whales with 10 million to 100 million XRPs purchased 360 million XRP over the past week.
A closer look at the balances of these whale addresses seems to confirm this claim. According to Santiment data, the cumulative balance of these addresses is 4.50 billion XRP as of June 23. The data in the analyst’s screenshot shows that this value has recently increased to 4.86 billion XRP.
This rise represents a balance increase of up to 360 million XRP worth $170 million at current rates. However, available data shows that this balance has dropped slightly to 4.82 billion XRP. The market has observed this accumulation trend by whales holding 10 million to 100 million XRP from late February to early March. Interestingly, the past accumulation spree also coincided with the XRP price drop.
These whale addresses have a cumulative balance of 3.69 billion XRP as of February 21. However, they launched a buyout campaign, raising their holdings to 4.34 billion XRP on March 8. This represented a 650 million buying spree. The accumulation took place before the XRP rally, which started a few weeks later.
Small XRP addresses are up for altcoin sale!
Despite this marked increase in backlog among whale addresses, smaller XRP addresses have been selling their bags since mid-June. Addresses holding 10 to 100 XRP tokens have sold more than 1.7 million XRP since June 14.
Recently, Santiment data drew attention to this distribution pattern. According to the report, the altcoin is witnessing larger volumes of damaging transactions. This shows that most investors sell their assets at a loss. However, Santiment emphasized that this pattern is bullish for XRP. He also noted that it indicates a higher probability of a price increase. In particular, this trend typically leads to liquidation of speculative owners. Thus, it allows more whales to collect the tokens and support a price hike.
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