The cryptocurrency market’s sudden uptrend has put a smile on the faces of users and investors as prices have shot up after an extended bear run. The top ten cryptocurrency club including Bitcoin [BTC], XRP and Ethereum [ETH] have all shot up, elevating their market cap as well as their trading volume.
XRP’s price hike is clearly visible on the charts as the trend line shows an acute climb. The uptrend caused the price to move from $0.296 to $0.3216. The support has been holding at $0.292 while the resistance is at $0.322.
The Relative Strength Index shows a market spike on the chart, breaching the overbought zone and settling just below it. This is a sign of the buying pressure being more than the selling pressure.
The Awesome Oscillator too displays a significant climb as the market momentum has been swayed by the arrival of the bulls.
The one day graph for XRP has still not taken the side of the bull as the downtrend is much more apparent. The downtrend resulted in the prices dropping from $0.516 to $0.316 while the support has been holding at $0.263.
The Chaikin Money Flow indicator shows a vertical spike to reach the zero line after which there have been sporadic bullish and bearish signals. The hold below the zero line is an indication of the capital leaving the market being more than the capital coming into the market.
The Bollinger bands have taken a constricted pipe-like shape after the majoritarian sideways movement of prices. The upper band and the lower band have started a slight divergence which means that a trend change is imminent.
The above-mentioned indicators all show XRP recovering from its bearish drudge which is evident even in the increase in market momentum. The only cause for concern is the duration of the bull run, which the signs point to being a short one.
10,000,000 XRP moved as coin fails to record any major price movement
Despite the larger cryptocurrency market recording sideways movement, movement of capital between users has continued to surge. One of the web’s major cryptocurrency transaction trackers, Whale Alert, shared the news of 10,000,000 XRP being transferred over its official Twitter handle. Whale Alert tweeted,
“10,000,000 #XRP [2,621,877 USD] transferred from Funding Wallet 1 to unknown wallet”
Ripple’s token, XRP, has been moving sideways, in line with the downtrend Bitcoin is facing. This transaction was carried out over Ripple blockchain for a transaction fee of 0.000012 XRP. The block height of the transaction was #49504399. The transaction was carried out in 12 drops between the funding wallet address rU1bPM4q2rVhC73F7znm7Lt5QnYzZsV35q andwallet address r4hZoYW8eEkTJMci6qFPGBxqxQfqyWyvB5, with a timestamp of 21:55:00 UTC on 21 August 2019.
Additionally, the hash for the transaction was D9BF424C76FF8AF01EEA9859EDFCB747F405330B93F10C598BF245D3A18CA94A. XRP recorded a dip of 0.251% over 24 hours, and was priced at $0.264 with a market cap of $11.342 billion, at press time. With the present transaction just one in a series of recent transactions, it is clear that XRP whales have come out of their slumber.
Even with no major developments in the Ripple ecosystem recently, such significant whale movements are good news for the XRP community.
India’s Colodax becomes latest exchange to list XRP; brushes off concerns over RBI restrictions
Recently, Ripple’s token XRP got listed on Colodax, the Indian crypto-exchange. Despite no real changes in its own price, the development shed light on the Indian cryptocurrency market, a country where just yesterday, the Reserve Bank of India’s jurisdiction on cryptocurrencies was questioned by the Indian Supreme Court.
Colodax offers low trading fees, in addition to offering instands deposits and withdrawals and faster transactions in INR within 30 minutes. According to the blogpost, the security offered by Ripple’s public ledger makes it a preferable choice for trading.
By adding XRP under its belt, the platform now offers more than 10 trading pairs namely, Bitcoin, Ethereum, Ripple, Stellar, Litecoin, Bitcoin Cash, PundiX, 0x and Tron. This news was released by the exchange’s official Twitter handle. The tweet read,
“You can buy/sell and trade #XRP on @colodax. Take advantage of our Broker network and get instant INR Deposits and Withdrawals! #ripple#xrp #xrparmy #xrpcommunity #cryptocurrency#IndiaWantsCrypto”
With the Supreme Court of India still delibrating the future of cryptocurrencies in the country, many crypto-enthusiasts were curious about the exchange’s actions, in light of present RBI restrictions. The exchange responded to these concerns by commenting,
“RBI had directed all banks to stop providing any services to exchanges accounts. To ensure smooth INR withdrawals and deposits we had build a network similar to P2P [Peer-to-Peer] and we are calling it Broker to Peer i.e B2P. This helps our Indian traders to trade worry free.”
XRP whales move more than $12 million as token’s price continues to disappoint
Despite the cryptocurrency market recording all sorts of wild movements, XRP whales continued to carry out significant volume of transactions. However, these movements cannot be considered as an anomaly as the same pattern was recorded last week too.
Whale Alert, a popular cryptocurrency transaction tracker, shared the news of a significant fund transfer online. Whale Alert tweeted,
“20,000,000 #XRP [5,664,853 USD] transferred from unknown wallet to #Binance”
The transaction took place in 10 drops between wallet address rs8ZPbYqgecRcDzQpJYAMhSxSi5htsjnza and Binance’s wallet address rJb5KsHsDHF1YS5B5DU6QCkH5NsPaKQTcy, with a timestamp of 23:57:51 UTC on 19 August 2019. Additionally, the hash for the transaction was 67725FA9880F7D7F391B5B58C3A411387D7C4C1FFB08EA02B6E9E9F9770AFAEF. This transaction was carried out over the Ripple blockchain for a transaction fee of 0.00001 XRP. The block height of the transaction was #49461801 and it was deemed a successful one.
Previously, Whale Alert had relayed yet another XRP transaction, this one worth worth $7 million,
“25,000,000 #XRP [7,050,229 USD] transferred from unknown wallet to Funding Wallet 1″
XRP were transferred between wallet address rLt5hnUwhTPfCNBmJFLb5jFNiKpUkyKi1h and funding wallet 1 address rU1bPM4q2rVhC73F7znm7Lt5QnYzZsV35q. Transaction had a timestamp of 22:10:02 UTC, 19 August 2019, and it was completed over Ripple blockchain in 12 drops. Block height for this transaction was #49460138, and 0.000012 XRP were charged as transaction fee.
It has been speculated that the growing number of whale movement cases in the XRP ecosystem may be attributed to Ripple’s recent partnership with MoneyGram, and the latter confirming that it will be using XRP. And while news of the partnership hasn’t improved the token’s valuation, the fact that these whale transfers began consistently after the announcement is significant.
At press time, XRP was trading at $0.28, with the token having fallen by over 6% in the last week. In fact, XRP is trading at lows which are lower than the price of XRP during the height of the crypto-winter.