83.5 million XRP transferred while XRP price stuck in $1 zone
Within the past day, 83,500,000 XRP were transferred to the market, most from Ripple. This amount is equivalent to $89,289,527. One-fifth of this amount has been sent to Huobi trading giant over the past ten days. At the time of writing, the XRP price is changing hands at $1.07.
Ripple shifts 83.5 million XRP, sending part to Huobi while XRP price stuck
Source: Whale Alert
Specifically, Ripple made three transactions, carrying 50,000,000, 20,000,000, and 13,500,000 XRP. The transfer was made to its alternative wallets: RL18-VN and RL43-EE. The company has previously used the currency to push XRP outside of Ripple – to crypto exchanges and financial institutions on the RippleNet network or has partnered with the blockchain giant.
According to Bithomp, in the past ten days, Ripple has sent more XRP to the Huobi exchange at present, leaving all existing users in mainland China removed.
XRP has been trading above $1 for over five days now, with the cryptocurrency valued at $1.06 after a weekly gain of 13%. For now, while the growth looks pretty decent, XRP’s trajectory relative to the larger market can be seen as slow.
While the XRP ecosystem is a pretty hot space due to the SEC episode v. Ripple Labs, XRP received some social appreciation recently after XRPL Labs announced that offline payments could be available on XRPL soon.
Over the past few months, XRP’s network health has gotten off to a good start, with active addresses also hitting all-time highs at press time. Daily Active Addresses finally broke out after being in an uptrend since bottoming in late July.
As highlighted by Santiment, this surge in users against a relatively quiet price action was a sign that it’s likely not speculators but the actual deployment of users on the network for whatever use-case there is out there at the moment.
Overall, the XRP indices paint a very optimistic picture for the altcoin. However, its price is still struggling to break the $1.1 resistance.
The XRP price has been hovering near the $1 mark for quite some time. The altcoin recorded a yearly high of $1.96 in April, and since then, it has not been able to inch ahead of that threshold. XRP’s short-term price movement looks pretty market-driven, and it doesn’t seem like the spikes in indicators have much of an impact on the altcoin’s price. Additionally, in contrast to the surge in early August and May, the drop in trading volume is another worrying trend.
Overall, at the moment, the waning popularity and sluggish price action of XRP seem to be concerned. However, XRP can pull itself out of this pothole by riding on a wave of its growing network power.
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