MATIC, Ripple & Chainlink – European Wrap 5 February

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MATIC, the native token of Ethereum’s largest scaling solution has plans to rollout the Etrog mainnet upgrade on Tuesday, February 6. This upgrade is key for MATIC holders as it will transform Polygon’s blockchain to a Type 2 zk-EVM that allows developers to deploy their code directly on the chain, just as they would, on Ethereum, with no further modifications. 

Polygon has plans to transform its zero-knowledge Ethereum Virtual Machine (zk-EVM) network into a Type 2 zk-EVM. The difference is that the upgrade will simplify the process for developers to deploy their code on Polygon, attracting more protocols to the chain and boosting its utility. 

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XRP (XRP) price trades broadly unchanged on Monday at $0.5046, up 0.30% on the day, after recording a 3.74% loss in the past week. The next key date in the SEC vs. Ripple lawsuit is February 12, when the remedies-related discovery period ends. According to legal expert Bill Morgan, presiding Judge Analisa Torres might need to rule on the regulator’s motion to compel before the deadline. 

The SEC vs. Ripple lawsuit has weighed heavily on XRP price since its beginning. Ripple was handed a pivotal victory in July as Judge Torres ruled that XRP was not a security by itself. The latest development in the lawsuit is the US regulator’s motion to compel Ripple to share detailed financial statements for 2022 and 2023 and post-complaint contracts governing XRP sales to institutional investors. 

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Chainlink, an Ethereum-alternative token, climbed nearly 4% on Monday after posting gains consistently for two weeks. Large wallet holders with LINK tokens are pulling the altcoin off exchanges, supporting a recovery in Chainlink price. 

According to data from Lookonchain, a crypto intelligence tracker, four large wallet addresses scooped up 119,583 tokens from Binance, early on Monday. After two weeks of consistent profit-taking, it is likely that LINK whales are ready to begin Chainlink accumulation, according to a Santiment chart. 

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