The start of the year saw massive shifts in the cryptocurrency industry with price hikes being a staple across the charts. XRP, which had created ripples in the industry in 2018, looks to be doing the same thing this year with recent news showing massive movement in the cryptocurrency.
Reports show that XRP worth more than $755 million was transferred between Ripple’s Over-the-Counter [OTC] wallets, Ripple’s escrow accounts, and unknown wallets. The discovery also shows that the amount of XRP moved came close to a massive 2.134 million tokens.
The first movement of tokens came from a Ripple OTC wallet, with 10,000,000 XRP being moved to an unknown wallet. The second transaction included a 500,000,000 token movement from a Ripple Escrow wallet to an unknown wallet.
The movement between two unknown wallets was also made prominent, as pointed out by the 300,000,000 XRP transfer. Three other following transactions amounting to a figure of 1.416 billion XRP’s completed the seven transaction cycle. This is not the first time that such massive XRP transactions have taken place, with $90 million worth of unknown XRP transactions taking place just last week.
The movement was brought to notice by Whale Alert, a Twitter handle, which stated:
“90,000,000 #XRP (33,493,911 USD) transferred from Unknown wallet to Unknown wallet.”
Before the close of 2018, the cryptosphere had witnessed a huge number of cryptocurrency transactions, mostly spearheaded by Coinbase, the largest cryptocurrency exchange. The Brian Armstrong-led company had moved about $5 billion worth of cryptocurrencies on their platform. Coinbase had revealed in an official blog post:
“Last week we successfully completed an on-blockchain migration of approximately $5 Billion (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure. To our knowledge, this is the largest movement of cryptocurrency (certainly in USD terms, potentially in absolute terms) ever undertaken.”
With a focus on storing assets in cold wallets, Coinbase has stated that the company is taking steps to ensure the proper hold on the currencies. The company said:
“We successfully completed an on-blockchain migration of approximately $5 Billion (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure.”
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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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