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XRP whales move more than $12 million as token’s price continues to disappoint

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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.

Source:ambcrypto

XRP

XRP’s long term valuation awaits another crash as ascending channel takes shape

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The flash crash on 24 September impacted the entire cryptocurrency industry. Bitcoin registered a drop of over 18 percent, while Ethereum fell by as much as 24 percent. The third-largest cryptocurrency in the market faced a similar fate and failed to escape the bearish assault. At press time, XRP was steadily recovering after the decline, but the recent pattern suggested that bears were far from gone from the market.

1-day chart

Source: XRP/USD on Trading View

The 1-day chart for XRP exhibited consistent growth after the fall. However, the price movement of the asset led to the formation of an ascending channel. The lower trend line registered a couple of higher highs and the valuation navigated within this pattern. The decreasing trade volume was also noticed, something which confirmed the bearish diversion. An imminent bearish break would see the token re-test the newly lined support at $0.220. A further breach of the same would lay the path for a yearly-low for XRP.

The MACD highlighted the current bullish nature of the market, but the signal line was converging, indicating an approaching trend reversal.

12-hour chart

Source: XRP/USD on Trading View

Bearing similarities with the 1-day chart, the 12-hour projections suggested that the 50 Moving Average had completed a bearish crossover with the 100 Moving Average. However, the momentum swung both sides. Decreasing volume was witnessed and the immediate resistance was lined out by Fibonacci Retracement lines. The bearish pullback would receive support at $0.278 and $0.266 immediately. A higher degree of momentum could see another massive devaluation for the coin.

A major bearish pattern was observed in the Relative Strength Index. XRP was near the overbought section at press time, exhibiting high investors’ interest. However previously, after breaching the 70-line marker, XRP walked into the crash of 24 September. The possibility of something similar is on the cards and the next few weeks are crucial for the digital token.

Source:ambcrypto

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CoinField unveils ‘secret’ XRP Ledger project, Sologenic

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CoinField exchange was in the news recently after it fed speculations that it was ‘secretly’ powering an unknown XRPL project, soon after it announced that it had become one of Ripple’s verified validators. CoinField has today released its latest XRPL project named Sologenic. The information was brought to light by a crypto-enthusiast, @XrpCenter, who tweeted,

“CoinField’s Secret XRPL Project (@realSologenic) has been revealed.
Sologenic will use the #XRPL to enable the tokenization of non-blockchain assets (ie. stocks/ETFs) and trade them against #XRP or IOUs.”

Built on the XRP Ledger, the official whitepaper states that “Sologenic is introducing a sophisticated ecosystem that facilitates users with investing, trading, and on-demand tokenization of assets such as stocks, ETFs, and fiat.”

Source: Sologenic

The whitepaper added that Sologenic will leverage its in-house token, SOLO coin, which will be issued on the XRP Ledger and will “allow liquidity to be moved almost instantly.” While the exchange remains one of the few platforms to pair over 30 cryptocurrencies and a number of fiat currencies directly with Ripple’s native token XRP, the company mentioned that stablecoins including TSLAƨ  and USDƨ are tradable and redeemable against XRP and SOLO on both CoinField exchange & XRPL DEX.

Sologenic’s official website also highlighted that the SOLO coins are intended to create a dynamic bridge between crypto-assets and non-blockchain-based assets by being paired directly with fiat to settle with third-party brokerage firms.

Source:ambcrypto

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Altcoins Energized as XRP, XLM and ZRX Leave Bitcoin Behind

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Another day of inactivity and consolidation for Bitcoin has kept the king of crypto just above support. Its lethargy has resulted in another dip in market share as a few of the altcoins start to make bigger moves. Ripple’s XRP, Stellar Lumens and 0x are among them.

Bitcoin Dominance Dip Good For XRP

A couple of very brief touches of $8,400 was all that BTC could muster over the past 24 hours. Clearly there are too many bears lurking here and resistance is proving too strong for another day. On the low side Bitcoin dropped to $8,240 but recovered back to site smack in the middle of its ranging channel at just over $8,300 again.

The continued tedium on BTC markets has been music to the ears of altcoin traders, especially those into XRP. The Ripple token has made over 11% since the weekend, adding half of that today as it approaches strong resistance.

According to Tradingview.com XRP is one of the day’s top performing digital assets as it hit $0.298 a couple of hours ago. The move has invigorated the ‘XRP Army’ on CT who has turned bullish on their baby which has posted a 20% gain in October.

XRP price

XRP price October 2019 – Tradingview.com

What should be noted however is that even after this increase, the Ripple token is still down 15% since the beginning of the year so has a long way to go.

The upcoming Ripple Swell event in Singapore early this month appears to be driving momentum as it has done in previous years. The gathering of Ripple executives and XRP advocates is the most bullish event of the year for the company and its token deserves some long awaited love.

There is a massive wall of resistance at $0.30 which is currently being tested, but a break of this could see a bigger pump for XRP.

Stellar, 0x Lifting Off

As usual when XRP moves, its little sister follows. XLM has made 8% over the past 24 hours as it climbs to $0.065, however it too is way down from previous highs and has a long way to go. Stellar momentum is likely to mimic Ripple’s as the two tokens often move in tandem.

There is little fundamentally driving XLM at the moment so the Swell event could be beneficial to it too. Stellar is currently ranked tenth in terms of market cap which has reached $1.3 billion today.

Today’s other big mover is ZRX which has made a larger 10% jump to reach $0.337. Daily volume for the DEX protocol token has doubled to $64 million as it creeps back up the market cap charts outperforming those around it. Plenty of updates were announced at Devcon 5 as development on the protocol continues.

Bitcoin’s slowdown is finally starting to benefit some of the altcoins with XRP, XLM and ZRX leading the way today.

Source:newsbtc


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