XRP Price Falls to $0.15 as 150 Mln XRP Moved Between Two Crypto Heavyweights

Thu, 03/12/2020 - 12:17
Yuri Molchan
The XRP price is plummenting, following the Bitcoin price collapse. Meanwhile, large sums of XRP are being moved involving the two biggest crypto exchanges
Cover image via www.shutterstock.com

As Bitcoin is heading downwards like a bolt of lightning (from the $7,500 area down to the $6,084 zone), altcoins are following, turning the crypto market into a real blood bath.

The third-largest coin, XRP, has dropped to the $0.15 price mark, losing around 20 percent overnight, according to data from CoinMarketCap.

Meanwhile, the XRPL Monitor bot showed a staggering 150 mln XRP was moved with the participation of two top-performing crypto exchanges.

XRP crashes, following Bitcoin and the stock market

The chief of digital currencies at VanEck, Gabor Gurbacs, has shared some recent data on the stock market collapse on his Twitter page. He called the stock market a ‘time machine’, saying that its current figures have returned to those of March 2018.

The Bitcoin price has been showing a massive retreat and is currently trading in the $6,000 area while just a few hours earlier BTC was worth around a thousand USD more.

This has impacted the price of altcoins, including XRP – it has dropped from $0.19 down to $0.15.

Prominent Bitcoin critic Peter Schiff has compared Bitcoin to a sinking ship as news spread of BTC falling below $7,000.

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150 mln XRP transferred amid the crypto market fall

The XRPL Monitor bot has detected several massive transactions totalling a staggering 150 mln XRP. That’s $23,162,642.

The largest transactions here were made with the participation of the two largest exchanges – Binance and Bitfinex. The Japanese Bitbank was also involved in some of these wire transfers.

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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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