Validators representing over 90% of the stake on the Sui blockchain have voted in favor of a recovery plan to address the recent Cetus hack. The on-chain community vote concluded early due to the overwhelming support for the proposal. This decision enables the transfer of frozen funds to a multi-signature wallet to be held in trust until they can be returned to users. Sui Validators Vote Approves Fund Recovery The Sui Foundation said that over 90% of validators with voting authority backed the recovery plan, resulting in the vote closing early at just four days. In the voting stage, validators and stakers had a major say in the decisions for protocol governance. Validators voted “yes,” “no,” or “abstain,” and the weights of their votes depended on how much at stake they represented. The Sui Foundation’s interest was not counted to preserve an even playing field. The proposal gives clearance for… Read More at Coingape.com
A massive $237 million XRP transfer reported by Whale Alert caused a stir in the crypto community, with many speculating that a major whale had just bought a huge amount of XRP. But according to Ripple’s CTO David Schwartz, that’s probably not the case.
Instead, Schwartz believes the large transaction was just an exchange withdrawal – not a fresh buy. Still, the buzz has raised fresh questions about XRP’s price movement and how transparent the market really is.
What Really Happened with the $237M XRP Transaction?
Whale Alert flagged a transfer of 236,982,972 XRP (worth $567,278,563) from the Kraken exchange to an unknown wallet. This triggered speculation across X, with some users pointing out that despite the massive transfer, XRP’s price didn’t move at all.
Experts on X discuss that XRP may be facing some fundamental issues, and manipulation is concerning.
Ripple CTO: “Almost Certainly” Just an Exchange Withdrawal
Ripple CTO David Schwartz stepped in to calm the speculation. He explained that the transfer was “almost certainly” just a withdrawal from Kraken – not a new purchase. That would explain why there was no price impact.
This isn’t the first time large XRP transfers have made headlines. Earlier this month, Whale Alert reported similar movements, none of which had any major effect on XRP’s price. That’s because these transfers aren’t actual buy orders. They’re just token movements between wallets.
Analysts Flag Caution Despite Bullish Sentiment
Crypto app Alva responded to the news, highlighting technical indicators that suggest caution. According to Alva, XRP is showing overbought conditions and a bearish MACD signal, pointing to a possible pullback – even though overall sentiment remains positive.
Whale activity and institutional interest often shape the crypto narrative, but falling open interest may be a sign for traders to stay cautious. Still, for long-term investors, these dips could offer good entry points if XRP adoption continues to grow.
XRP Price Holds Steady
Despite the buzz around the $237 million transfer, XRP’s price hasn’t reacted much. As of now, it’s trading at $2.43 – down around 3.95% in the past 24 hours, according to CoinGecko.
One user on X pointed out that every buy has a matching sell, and in this case, the transfer didn’t represent a real trade.
So… Just Another Day in Crypto?
While the XRP community buzzed over the massive transfer, Ripple’s CTO has likely put the rumors to rest. The transfer was probably just a typical exchange withdrawal.
Still, the reaction online shows how quickly the crypto crowd jumps to conclusions, especially when high-value transactions are involved.
In a market where speculation moves faster than facts, staying informed is more important than ever.
The post Ripple CTO Dismisses $237M XRP Buy Theory Amid Manipulation Claims appeared first on Coinpedia Fintech News
A massive $237 million XRP transfer reported by Whale Alert caused a stir in the crypto community, with many speculating that a major whale had just bought a huge amount of XRP. But according to Ripple’s CTO David Schwartz, that’s probably not the case. Instead, Schwartz believes the large transaction was just an exchange withdrawal …
HYPE has reclaimed the $20 zone, surging 105% this month and reigniting bullish momentum with strong daily gains of 5.39%.
Recent technicals show a well-formed ascending triangle pattern, with resistance at $26–28 and a breakout target around $33–35.
On-chain volume has rebounded with a sharp rise to $5.27B on May 6, reflecting renewed trader participation and liquidity inflow.
Heavy long liquidation zones around $50K–$82K and short squeeze risk building above $103K, hinting at possible volatility spikes.
With the current momentum and pattern strength, HYPE looks positioned to retest its ATH of $35 within the next 4–6 weeks if resistance flips support.
Hyperliquid (HYPE) has made a strong resurgence with 105% jump in value in one month, back above the critical $20 mark. HYPE is now priced at $21.18 (+5.39% daily) at a market cap of $7.07B and 24h volume of $127.66M (+47.19%). The coin reached an all-time high (ATH) of $35.02 on Dec 21, 2024 (~40% off ATH), and several traders are hoping for a portfolio full reversal.
HYPE’s momentum is attributed to the following catalysts:
HYPE’s New Fee & Staking System Announcement (launched May 5):
Hyperliquid introduced a fee and staking system on May 5. Users can now stake their HYPE coins to receive a trading fee discount of between 5% and 40%, depending on the amount staked.
The fee discount uses different rates for futures and spots; spot volume counts as double for fee tier calculations. And a big upgrade comes from linking staking and trading accounts, so the discounts apply to any trading account and will incentivise all traders to engage and provide liquidity to the platform.
Ethena’s USDe Stablecoin After Launch:
Ethena Labs has integrated its USDe stablecoin into Hyperliquid’s DEX, and integrated USDe with its HyperEVM blockchain. Users who hold 100+ USDe on HyperCore are now eligible to earn daily rewards for holding USDe in their accounts that automatically air-drop to their spot accounts!
This integration allows for better liquidity as it builds asset use cases for USDe, and increases interest from investors in the entire Hyperliquid crypto ecosystem.
Bullish Setup: HYPE/USD Forms Ascending Triangle with $33–$35 Target in Sight
HYPE Coin recently completed a strong V-shaped recovery and is now forming an ascending triangle—a bullish chart pattern that often leads to breakouts. The main support zone sits at $17.5–18.0, which has held well during past dips. The key resistance zone is $26–28, and this is the level to watch for a breakout.
A Fibonacci retracement drawn from the previous high ($35) to the recent low ($10) shows that $26–28 also lines up with the important 0.618–0.786 Fib levels—making it a critical barrier where many traders expect a reaction.
The chart also shows a neckline breakout, a positive sign that buyers are in control. The 20/50 EMA lines have crossed upward, confirming a bullish setup, and the RSI is around 66, which shows good momentum but not overbought yet. The MACD also supports the bullish trend.
If HYPE can close above $26–28 with strong volume, the next target is around $33–35, its previous all-time high. Based on the current pace, this move could happen in the next 4–6 weeks.
Liquidity & Liquidations: How On-Chain Data Confirms HYPE’s Breakout Potential
Volume Surge: Confidence Rebuilding
HYPE’s on-chain volume tells the story of a market regaining strength. After its big run earlier this year, volume cooled to around $2.39B by April 5, showing a pause in trader interest and liquidity as price corrected.
But by May 6, daily volume jumped back to $5.27B—marking a strong resurgence of participation. This confirms that the current uptrend is supported by real buying power, not just a weak technical bounce.
Liquidation Heatmap: Historical & Current Pressure Zones
The liquidation map shows how traders have been positioned. During past corrections, especially after its all-time high, HYPE saw heavy long liquidations between $50K–$82K BTC equivalent, with a peak of 886 BTC liquidated at $82K.
These events reveal where bulls were forced out, marking danger zones in bearish scenarios. Now, the tables are turning: shorts are heavily stacked between $103K–$142K, with recent spikes (e.g., 722 BTC at $103K) showing that many are betting against further upside.
If HYPE Coin clears the $26–28 resistance, these shorts could get squeezed fast—likely triggering a surge toward the $33–35 ATH area.
The post Hyperliquid, HYPE Coin Surges 105% In A Month, Will The Current Momentum Drive To Restest ATH $35? appeared first on Coinpedia Fintech News
Key Highlights: HYPE has reclaimed the $20 zone, surging 105% this month and reigniting bullish momentum with strong daily gains of 5.39%. Recent technicals show a well-formed ascending triangle pattern, with resistance at $26–28 and a breakout target around $33–35. On-chain volume has rebounded with a sharp rise to $5.27B on May 6, reflecting renewed …
Hyperliquid recently surpassed the trade volume of perpetuals exchange dYdX, reaching $1.5 trillion. Despite being a much newer platform, Hyperliquid’s token buybacks and lack of cash incentives have provided long-term stability.
To be fair, Hyperliquid has also been involved in much larger controversies, famously delisting JELLYJELLY in response to a short squeeze earlier this year. Nonetheless, the platform has been rebuilding its reputation and generating high volume.
dYdX is a decentralized perpetuals exchange that has been active for five years, whereas Hyperliquid’s platform only launched in 2023.
Nonetheless, the younger protocol has overtaken it. After launching its native token in 2021, dYdX began employing it to reimburse users’ trading fees, boosting its volumes. It then built community hype around an informal “trading contest” with competitors.
Hyperliquid, on the other hand, did not rely on dYdX’s incentive strategy. After its own TGE last year, it managed to accumulate huge volumes through functionality, word-of-mouth, and product quality.
2024 was a peak year for crypto perpetuals trading, and the HYPE TGE took advantage of the moment. This has apparently proved to be a more durable approach.
Additionally, Hyperliquid directs the vast majority of its trading fees to token buybacks, which dYdX only instituted months later, and to a lesser degree.
This helped the firm repurchase 17% of the total circulating HYPE tokens, providing several key advantages. Over the last month, HYPE’s market cap has been steadily rising towards $10 billion:
Despite its strong rise, Hyperliquid has also seen several major controversies. For example, it denied claims of a Lazarus Group security breach despite clear on-chain evidence last year.
dYdX hasn’t suffered a public debacle like that in many months, but Hyperliquid did act quickly to rebuild its reputation. So far, this seems to have worked.
Earlier today, Hyperliquid also reached a new all-time high in open interest, surpassing $8 billion. If it can maintain this momentum, the exchange can build a commanding lead over DeFi’s perpetuals market.
