With Bitcoin maintaining its position above the $10,000 mark, the crypto-market saw a host of significant whale movements between wallets. In spite of the larger market’s sideways movement, Ripple and its token, XRP, have benefited from the king coin’s surge.Whale Alert, one of the web’s major cryptocurrency transaction trackers, shared news of a significant transfer on Twitter. The tweet read,
“500,000,000 #XRP [131,218,427 USD] locked in escrow at Ripple”
500 million XRP were locked in escrow, and had a time stamp of 04:50:42 UTC on 3 September 2019. The hash recorded for the escrow was 0ECCB576AEE1B58F25AE7148B985CD3EE472F2E889DE657B335D474DD9EF84E3. These XRP were locked in escrow with a transaction fee of 0.0005 XRP and a block height of #49777228. The transfer was carried out from Ripple’s wallet address rsjFB8mPWqiZgPUaVh8XYqdfa59PE2d5LG, successfully over Ripple blockchain in 500 drops. Just a couple of minutes before this, Whale Alert notified the crypto-community about,
“200,000,000 #XRP [51,974,090 USD] transferred from Ripple Escrow wallet to Ripple”
XRP were transferred between Ripple’s escrow wallet address rDdXiA3M4mYTQ4cFpWkVXfc2UaAXCFWeCK and Ripple’s wallet address rBg2FuZT91C52Nny68houguJ4vt5x1o91m. The time stamp recorded for this transfer was 04:48:21 UTC, 3 September 2019 and hash for the transfer was C7890ED7140BAB1D4B7F86D93AEAC6B83C490FFFA6B1EC65A5D22B63928CDAC7. Transaction was done over Ripple blockchain with a transaction fee of 0.0005 XRP. Also, the transfer was done in 500 drops as the block height recorded for the transfer was #49777191. Previously, Whale Alert had informed the community,
“300,000,000 #XRP [78,078,428 USD] transferred from Ripple Escrow wallet to Ripple”
The transfer happened over Ripple blockchain
“500,000,000 #XRP [130,130,714 USD] transferred from Ripple Escrow wallet to Ripple“
The transfer was initiated over Ripple’s blockchain with a timestamp of 04:45:10 UTC, 3 September 2019. Also, a transaction fee of 0.0005 XRP was charged as the transaction was deemed successful in 500 drops. The block height for the transaction was #49777141 as XRP were transferred between Ripple’s escrow wallet address rDdXiA3M4mYTQ4cFpWkVXfc2UaAXCFWeCK and Ripple’s wallet address rsjFB8mPWqiZgPUaVh8XYqdfa59PE2d5LG. Hash for the transfer was 9479E74779378110E2E38A9C92690B2E6654C8A83CD94E284C6FED2A90898B90.
It would thus seem that XRP whales have become wildly active after a long period of dormancy.
Ripple Price Update: XRP/USD reclaims $0.24 support while the focus shifts to $0.30
- Ripple’s short-lived recovery brushes shoulders with $0.25 and upholds the support at $0.24.
- The spotted rising wedge pattern signals a near future reversal towards $0.20.
Ripple is back in the green after correcting a higher 2% on Sunday. The weekend session started on a bearish note, where the majority of cryptocurrencies trimmed a fraction of the gains made on Friday. However, the situation is different on Sunday with most of the digital assets pushing for recovery.
The third-largest cryptocurrency on the opened the session at $0.2428 and adjusted northwards to $0.2514. The bull
Technically, Ripple is ready for more action, targeting $0.30. The Relative Strength Index recovery from average levels around 50 to brushing shoulders with the overbought (70) displays a bullish picture for Ripple. If the upward motion continues above $70, it will encourage the buyers to increase the entries in the market and force gains towards $0.30.
Longer-term analysis shows that Ripple is not safe from losses or a devastating reversal. Especially with the rising wedge pattern information. For starters, the bulls must try to defend the immediate support at $0.24. Moreover, they must guard the pattern support trendline at all costs because a break beneath could encourage the bears to increase their entries, which could further push Ripple in the direction of $0.22.
XRP may briefly undergo correction or test resistance levels at $0.236
After dropping close to 45 percent in terms of valuation from 7th November to 18th December, XRP has started 2020 on a positive note.
Since January 1st, XRP has registered a price hike of up to 28.19 percent, breaching key resistance at $0.0225, and currently, XRP consolidated above the key level. Over the past 24 hours, XRP underwent a 3.63 percent surge, and at press time, the valuation stood at $0.235 with a market capitalization of $18.65 billion.
XRP/USD on Trading View
The 1-hour chart of XRP pictured the formation of a symmetrical triangle. The pattern started taking shape since the collective market surge of 14th January, and at press time the price was abiding by the trend lines.
A symmetrical triangle evens out the chances of both a bullish and bearish breakout in the future. The trading volume has been decreasing in the same time frame, which should witness a spike once a breakout takes place.
In case of a bullish breakout, the price is expected to climb back toward the resistance at $0.236 as the
On the other hand, a bearish breakout would see the price drop below between the range of $0.231 and $0.225, but the support level at $0.225 should withstand the bearish pressure.
XRP/USD on Trading View
Other indicators suggested that a case for a bearish break was stronger than a bullish one at the moment. Relative Strength Index appeared to decline at press time, hinting at a bearish scenario. MACD indicator exhibited a similar outlook with MACD line approaching a trend reversal with the signal line.
However, depreciation in terms of volatility may indicate that the breakout would not be extensive but a minor correction from the current market’s perspective. Although, it is important to note that volatility is subject to changes in the market, while not dictating the market trend itself.
Over the next 24-48 hour time frame, XRP may slightly rise again to test the resistance at $0.236 or depreciate under $0.230, as price corrections may take over.
XRP could breach below channel to $0.20 before February
XRP increased in value from $0.184 to $0.245 in the days between 2nd and 12th of January, marking a whopping ~33% increase in value over less than two weeks. The coin dropped in value since then, to around $0.22 at the time of writing, and could dip further down in the weeks to come. CoinMarketCap data showed XRP currently has a market capitalization of over $9.8 billion, with nearly $2.3 billion worth of XRP traded in the last 24 hours.
XRP 4-hour chart
Source: XRPUSD on TradingView
The 4-hour chart showed XRP in an ascending channel formation, which it looked to have entered early on in the month. The volume could be seen spiking as the price approached the trend lines; however, the price’s failure to move all the way to the upper trend line after the third touch could suggest a weakness in the pattern and might indicate a more bearish market sentiment.
The 50-moving average was seen creeping up along the pattern’s lower trend line, well under the price candles, which is usually a bullish signal. However, the Relative Strength Index (RSI) indicator displayed a
In this scenario, XRP will likely move into the region between the support at $0.22, and the 23.6% Fibonacci retracement line at $0.227 in preparation for a downward-facing breakout.
Source: XRPUSD on TradingView
The On-Balance Volume indicator, a running total of an asset’s trading volume, looked to be dropping since January 14, and could be retracing its movement from just a week prior. The reducing trade volume could mean some sideways movement for XRP until it moves into the breakout region.
From there, XRP is likely to break down to at least the 0% Fibonacci retracement line at $0.20 before the month is up, and could possibly dip further down to the $0.183 support in the weeks following.
XRP is likely to experience some sideways movement on the 4-hour chart until it enters the breakout region between $0.22 and $0.227. From here, XRP will probably break downward and could drop to at least $0.20 before February arrives.