96.5 Mln XRP Transferred by Blockchain Behemoths While XRP Tanks Almost 10%

News
Wed, 02/26/2020 - 10:17
Yuri Molchan
The XRP price sinks to $0.23 on CoinMarketCap. Meanwhile, Ripple, with two more cryptocurrency heavyweights, transfers almost 97 mln XRP
Cover image via www.shutterstock.com
Contents

Ripple’s XRP seems to have broken under seller pressure and tanked below the $0.25 psychological level. At the time of writing, the third-largest coin is trading at $0.2398, showing an almost 10-percent decline.

Meanwhile, mammoth XRP transactions have been detected in the past five hours – all of them made by giants of the cryptocurrency industry. Also, Ripple transferred 20 mln XRP earlier.

96.5 mln XRP sent between crypto giants

XRPL Monitor shows that almost 77 mln XRP was recently transferred in several consecutive transactions. 40 mln was sent between Binance wallets. Bithumb also sent 36.5 mln XRP from one of its addresses to another.

Prior to Binance, blockchain giant Ripple transferred 20 mln XRP between its wallets.

Image via Twitter

XRP tanks 9.85 percent

As per figures shared by CoinMarketCap, the third-largest crypto is trading below $0.25 again after a short period fluctuating between $0.26 and $0.29. Prior to that, XRP managed to hit $0.32 for a short while.

Image via CoinMarketCap

Digital asset investor Kevin Cage has posted a tweet on this price plummet, saying that temporary XRP price swings do not matter, since the Ripple ecosystem being created around the coin is still immature.

However, Cage insists that the world is in need of this fintech solution.

Related
Ripple to Significantly Improve Cross-Border Payments in South Korea with These Partnerships

Anthony ‘Pomp’ would not buy XRP or TRX

On February 25, famous Bitcoin investor Anthony Pompliano (aka ‘Pomp’) talked all things Bitcoin in the CNN studio with Julia Chatterley – the host who previously interviewed Ripple's Brad Garlinghouse and Tron CEO Justin Sun.

Replying to a question, Pomp stated that he would rather buy some tokenized traditional assets than XRP or TRX, since, he believes, these coins are not investment tools or a store of value, unlike Bitcoin.

Pompliano views those as utility coins and would not include them in his investment portfolio.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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