Ripple Transfers 130 Mln XRP to Anonymous Wallet – Will It Impact the Price?

News
Tue, 03/24/2020 - 09:15
Yuri Molchan
Over the past several hours, XRPL Monitor detected several massive transactions, totalling slightly over 174 mln XRP. Most of it was sent by Ripple
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As XRP has entered the green zone along with Bitcoin and the rest of the market, the XRPL Monitor has noticed several major transfers in which 174.4 mln XRP was moved over the past eleven hours.

The biggest ones among them were made by Ripple, totaling 130 mln XRP sent by the cryptocurrency heavyweight.

Meanwhile, traders are sharing their take on the future XRP price, after the Bitcoin rate growth and Monday’s announcement of the US Fed to launch a ‘QE infinite’.

Ripple and major exchanges move 174.4 mln XRP

The XRPL Monitor Twitter bot has reported that over the past several hours several large transactions were made, bearing 174.4 mln XRP in total.

Three of those were conducted by blockchain giant Ripple.

As per data from Bithomp, the 100 mln XRP went from one Ripple wallet to another. 30 mln XRP went to multisignature wallets set up by the BitGo platform which offers crypto custodian services to institutional customers.

The rest of the XRP was sent by the crypto exchanges Bithumb and Coinoine.

Related
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XRP price expectations – bullish ones

Despite the fact that large amounts of XRP dumped by Ripple into the market are usually taken as a bearish sign, this time, traders are saying the opposite.

Now that Bitcoin has risen 14.83 percent and Ethereum has climbed up 14.06 percent, as per data from CoinMarketCap, analysts are feeling bullish on the third biggest coin too.

Trader @GerardWalker5 has spotted a massive Falling Wedge formation on the chart.

Prior to that, he tweeted that he had seen ‘some potentially nice set ups in XRP – an ascending triangle, which might take XRP to $0.22.

Analysts on TradingView are also sharing their bullish takes on the price from its current position. Their predictions are a bit higher, saying XRP is moving towards $0.30.

In particular, trader ‘TradingShot’ says:

“There are two scenarios for XRPUSD right now: Either (A) a +220% Lower High rise as in 2018 to $0.30 or (B) a slower rise to a Lower High at $0.24 assuming the March heavy sell-off was an anomaly caused by the coronavirus panic.”

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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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