COINDESK DAILY: XRP Hodlers Win $1.5B in Weekly Profits, Morocco to Legalize Crypto
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 27 November 2024
⏱️ 3 minutes
🧾️ Download transcript
Summary
Host Christine Lee breaks down the latest news in the crypto industry from XRP's gains in the past month to Morocco's plan for crypto.
XRP long-term holders made a weekly gain of $1.5B in profits, while Ripple Labs injects $25 million in the next U.S. election cycle. Plus, Tornado Cash wins a major legal victory and Morocco is preparing to legalize cryptocurrencies. "CoinDesk Daily" host Christine Lee breaks down the biggest headlines in the crypto industry today.
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This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee and edited by Victor Chen.
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Transcript
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| 0:00.0 | XRP and Ripple Labs are big winners after the U.S. elections. |
| 0:04.5 | Now Ripple is investing many more millions on the next election cycle. |
| 0:08.5 | It's Wednesday, November 27. |
| 0:10.4 | This is CoinDest Daily. |
| 0:11.7 | I'm your host Christine Lee. |
| 0:18.0 | XRP skyrocketing 175% over the past month. In the last week, long-term holders of XRP skyrocketing 175% over the past month. |
| 0:22.6 | In the last week, long-term holders of XRP realized over $1.5 billion worth of profits |
| 0:28.2 | as the payments-focused cryptocurrencies zoomed to a three-year high, |
| 0:32.7 | marking the highest profit realization since April of 2021. |
| 0:36.8 | FX Street reporting that the market value to realized |
| 0:39.7 | value ratio surged to 270% on Tuesday, according to sentiment data, suggesting that the current |
| 0:46.7 | market valuation of XRP is significantly higher than its average purchase price. High profit |
| 0:52.8 | taking and an MVRV ratio indicating overvaluation could lead to a market correction. |
| 0:59.2 | Since the U.S. election, several catalysts have catapulted XRP price, including the clearing |
| 1:04.2 | of regulatory headwinds for closely related Ripple Labs, the launch of money market funds on |
| 1:09.7 | XRP ledger, and Ripple's plans to |
| 1:12.3 | invest in the newly rebranded Bitwise physical XRP ETP. Ripple further plans to add $25 million |
| 1:19.8 | into Cryptopac Fair Shake, which will now have over $100 million to spend on the next U.S. |
| 1:26.2 | Congressional election. |
| 1:34.2 | This latest contribution puts the Political Action Committee in a powerful position to repeat its successes from this year's elections, |
| 1:38.3 | in which dozens of favored pro-crypto candidates won their races. |
| 1:43.8 | A U.S. Federal Appeals Court has delivered a major legal victory to the crypto sector by throwing out the |
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