17 Mar 2020 Arjun Agarwal
36 Million XRP Tokens Transferred Amid Ripple Price Swings
The crypto market is mostly marking positive price deviations, as Bitcoin’s price increased with 8% on a daily basis, trading at $5,230.72, as of press time. Bitcoin’s positive push affected the entire market, as the vast majority of the top-100 cryptocurrencies are seeing gains in the 5-15% range.
However, the usual whale activity didn’t stop when the crypto sector was in the red. Crypto watchdog service WhaleAlert noted that $5 million worth of XRP tokens were transferred from the Liquid crypto exchange to yet unspecified wallet address. Coincidence or not, the 36 million XRP tokens were transferred amid the XRP positive price movement.
Strangely, WhaleAlert reported of two consecutive transactions – the first from an unknown address to Liquid, and the second – from the exchange to a different unknown address. The transaction, due to price shifts, earned around $100,00 for the end recipient.
Ripple (XRP) is at its lowest price point in over a year. The rollercoaster ride for the third-largest cryptocurrency, based on market capitalization, began at the beginning of March when the entire crypto sector plummeted with 20-30%.
Ripple saw unprecedented lows, reaching $0.115093 per XRP token. However, shortly after the dip, the price stabilized and is currently sitting at $0.144702, which is a ten-percent increase from the past 24 hours. The trend can be observed in the entire crypto sector, as well.
Nevertheless, the stress on cryptocurrencies intensified when Bitcoin failed to prove the claims of being a safe haven asset, like traditional gold. The market capitalization of the crypto sector saw a substantial increase of over ten percent. Trading volumes, however, are still not so huge to provoke a bullish run, crypto experts conclude.
Technically, Ripple managed to break and hold a key resistance mark of $0,13 with attempts to jump over $0,15. However, the next 72 hours may be crucial for Ripple’s short-term future, as traders are seeking a breakthrough above $0,20 and a strong support zone in the $0,17 region.Bitcoin Cryptocurrency exchange Cryptocurrency Crypto Market Ripple crypto XRP cryptocurrencies cryptocurrency news market Ripple Price Markets Market Capitalization