Ripple and two major crypto exchanges have transferred 110 million XRP while price doesn’t cross $0.6
Over the past 16 hours, Ripple and the two largest crypto exchanges have moved a staggering 110 million XRP. Half of that amount was transferred by the blockchain giant. At press time, XRP price is trading at $0.59, up 4% over the past 24 hours.
Ripple and two major Asian digital exchanges have transferred 110 million XRP
According to tweets posted by crypto tracking company Whale Alert, Ripple, exchange Huobi and Binance transferred 110 million XRP in two transactions. This amount is equivalent to $65,105,100.
Huobi has shifted 50 million XRP to Binance. In an earlier transaction, Ripple moved 60 million to its RL18-VN wallet. This address is usually used to send XRP outside of Ripple, to crypto exchanges, financial institutions and banks that work in partnership with Ripple, and custody wallets as well.
So far, the blockchain giant has consistently sent XRP to Huobi. The last XRP amount allocated to that was 150 million XRP on May 28. Since then, Ripple has been sending daily tranches to Huobi, changing that amount each week: 6.6 million XRP, 5.3 million XRP, 3.3 million XRP. Since July 18, the RL18-VN wallet has been transferred 1,781,675 XRP to Huobi on a daily basis.
XRP price recoiled from support $0.52, clearing the path toward $0.6
XRP has gained some ground since the selloff earlier this week. The cross-border money transfer token lost a considerable amount of its value, whereby the bearish leg extended from $0.6 to $0.52. A more than 10% decline in the cryptocurrency market is not surprising, but the same in another industry would leave an imperfect and an unwanted storm.
Meanwhile, the XRP price seems to have gained all the ground this week. At the time of writing, the token teeters at $0.59 and looking forward to trading above $0.6 in the near term.
XRP/USD 4-hour chart | Source: TradingView
Several buy signals prompted XRP to continue trending as investors speculated on the price to hit higher highs in the coming sessions. A settlement above $0.6 would be a great impetus to determine market stability.
As AZCoin News reported, Visa has announced its decision to acquire RippleNet customer Currencycloud to improve cross-border payments. Currencycloud runs on RippleNet and operates in over 180 countries with over 500 customers.
Additionally, Ripple recently hired a former senior executive from Mastercard to lead its expansion in Europe. Sendi Young has been invited to join Ripple as the managing director of its European operations.
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