50 million XRP has been moved between three large trading platforms and the Japanese BitBank, XRP price has strong signs of growth

Network XRP has just appeared a considerable trade with a total value of up to $ 13,790,820, equivalent to 50 million XRP.

50 million XRP – Binance, Huobi, Bitbank

Because XRP is one of the most popular cryptocurrencies, the large transactions made with it attracted a lot of public attention. This time, XRPL Monitor has detected four transfers with a total of 50 million XRP.

  • The first transaction came from Binance, transferred to Huobi.
  • The second transaction from Bithumb is transferred to another wallet on Bithumb.
  • The third transaction also switches from Bitbank to Bitbank.
  • The final transaction goes from one anonymous wallet to another.

Ripple’s milestones in 2020 so far

This year, Ripple has made a few key moves – Brad Garlinghouse mentions an IPO that may occur this year. Even then, he claimed that he was misunderstood a lot. Furthermore, Garlinghouse was first interviewed with Julia Chatterley of CNN. This could suggest that Ripple is the only cryptocurrency company to date that has received considerable interest outside the cryptocurrency community.

Besides, Ripple is included in the top 100 cross-border payment companies.

XRP price has definite signs of growth

After peaking last week, Bitcoin, Ethereum, and XRP and smaller altcoins have had some fluctuations. XRP has been struck by the pullback, dropping from several-month highs above $ 0.34 to a low of $ 0.226 during Wednesday’s sell-off, liquidating millions of dollars worth of Bitcoin positions on BitMEX and other leverage exchanges.

Despite a 25% retreat from the price of the third-largest cryptocurrency, analysts remain optimistic, offering some indicators that the bulls may soon return to XRP.

Well-known crypto commentator CJ recently commented that the chart setup shows a strong breakout for a possible price rise soon. In his chart, he described the fact that XRP has been building a bearish wedge pattern for the past two weeks, often without breaking the uptrend. The wedge CJ pulled out at the top of the demand area (which may act as a support zone) is about $ 0.24, adding to the potential for the wedge to break – something the analyst proposed to take. XRP to $ 0.35.

The XRP price consolidates around $ 0.27 when analysts keep an eye on the head and shoulders pattern

At press time, the price of XRP is trading around $ 0.28, marking a noticeable decline from the weekly high of $ 0.32 that was set earlier this week. From this point, XRP saw some indiscriminate trading before rising to a top of $ 0.31 on Wednesday, which is when the synthetic cryptocurrency market witnessed an intense sell-off caused by Bitcoin flash crash from $ 10,200 to $ 9,200.

Peter Brandt, a well-respected veteran trader, and analyst talked about XRP in a recent tweet, explaining that it is likely that cryptocurrencies are forming a top off-price and the highest shoulders, having could lead to as low as $ 0.20 in the near term.

The bearish head and shoulders pattern Brandt reference is not the only thing currently against XRP, as there is a multitude of other technical factors that suggest that the next loss could be imminent.

Cold Blooded Shiller – a well-known cryptocurrency analyst and trader – talked about these factors in a recent tweet, pointing to the increasing resistance, and recently, it was formed lower than two in the number of these factors.

The price action will likely depend in part on Bitcoin, as any other BTC drawback will probably confirm this price drop and potentially cause XRP and other altcoins to suffer significant losses.

 

XRP Price | Source: CoinMarketCap 

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