Ripple and Bitso Wire 84.5 Mln XRP but XRP Price Expected to Fall from $0.19

News
Fri, 04/03/2020 - 08:33
Yuri Molchan
Ripple and its Mexican ODL partner Bitso wired a gargantuan amount of XRP as the liquidity index surges. However, analysts expect the price to reach $0.19 and decline
Cover image via stock.adobe.com
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Over the past twenty-four hours, XRPL Monitor has detected a wire of a dragon-sized amount of XRP – over half of it was transferred by the blockchain giant Ripple and its Mexican partner Bitso exchange, the largest in Latin America.

Earlier today, the XRP Liquidity Index hit a new all-time high in this Mexican ODL corridor. However, analysts are expecting the coin’s price to make a bearish reverse as soon as it hits the $0.19 level.

Almost 85 mln XRP getting moved

The Twitter bot XRPL Monitor has spotted nearly 85 mln XRP transferred by several entities over the past twenty-four hours. Over half of this amount (48.6 mln XRP) was transacted by Ripple and the Mexican Bitso exchange.

The other half was moved by South Korean exchanges Coinone and Bithumb.

Image via Twitter
Image via Twitter

XRP liquidity index sets new ATH

Meanwhile, earlier today, the XRP liquidity index set up a new all-time high in this ODL corridor – Bitso (Mexico). The new ATH amounts to 21,157,313 versus the previous one 19,431,401.

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Will XRP drop from $0.19?

At the time of writing, XRP is trading at $0.18, as per figures from CoinMarketCap. However, some analysts on TradingView believe that the third largest cryptocurrency is about to start a decline.

Trader ‘Alex_Clay’ expects XRP to reverse at $0.18 and drop. He said:

“The price formed a rising wedge bearish pattern.”
Image via TradingView

‘David_Smith’ from the same trading platform offered a similar forecast:

“XRP got rejected by the mid line of an ascending channel and the lower boundary of the formation can be retested.”

Trader ‘ProjectSyndicate’ is also going bearish on XRP.

“This is XRPUSD 4 hour chart chart we got in spot light right now. Marginal upside from here capped by 19.5cents. 15.5 is a low volume pocket, so re-test is very likely.”

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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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