Market momentum in the cryptocurrency industry is of paramount importance, since it is often considered as an important marker in the propagation of crypto-use. Ever since the end of the crushing bear market, there have been several instances of massive amounts of cryptocurrencies being moved, especially when it comes to XRP, the third largest coin on the charts.
According to @WhaleAlert, a cryptocurrency data aggregator, there have been multiple drops of large XRP sums, amounting to a total of close to 26 million XRP. The first drop included a transfer of 10 million XRP from a Ripple Over-the-Counter distribution wallet to another unknown wallet in the cryptosphere.
The transfer amounted to a whopping $3.732 million and had a time stamp at 23 May 8:00 UTC. The transmitter address was rMaV5QT2ZCwVFArQ7sdQMxhtzg6mgqJ47h, while the receiver address was rEFtdHuyxgUjDL4t3gBsesQwHtnDy2W8rC.
The first transaction of 6.862 million XRP was preceded by another transfer of 6 million XRP, which occurred from an unknown wallet to a Nexo wallet. The unknown wallet’s address was rhCgcS11iumWeutBF4CPEu7G2zTXkh5oUZ, while the Nexo wallet’s address was rNrWGYBb9GJoRrZKqpH6PigQ2fdj7dRLyk.
The third significant XRP transaction that occurred in the space of 12 hours included another drop of 10 million XRP. The exact amount of XRP transferred was 10.11 million, moved from Ripple to an unknown wallet. The Ripple address on Bithomp was rhmc2XPEbmCN8MW6dcoMUGBuzzp65uKpEn, while the unknown wallet had an address of rH51tppA1cF5J75GS6MqaJhJfQFm2PPXG2.
Ripple and in turn, XRP, was also in the news recently after Ripple partner R3’s Corda released a statement that they were planning to further their partnership with credit union-centric CULedger. The press release from the organization stated,
“This will allow credit unions using CULedger’s network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.”
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XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”
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