XRP price increased to $ 0.29, Ripple unlocked 100 million XRP, what will happen next?
Japanese financial services giant SBI Holdings is currently Ripple’s leading money transfer partner in terms of transaction volume. In other happenings, XRP price is fluctuating around $ 0.282, a slight increase of 2% in the last 24 hours. Before that, XRP price surpassed $ 0.29, declined at $ 0.3 – what’s next?
SBI Holdings’ trading volume is superior to RippleNet
Ripple and SBI first collaborated in 2016 to create SBI Ripple Asia, an alliance designed to promote the adoption of Ripple and XRP technology in the region.
According to a financial report of the company’s international remittance service, SBI Remit, SBI Remit’s transaction volume holds the top spot on RippleNet. The company is using Ripple’s payment messaging system – replacing Swift in terms of transaction speed and cost, to transfer money. SBI Remit recently launched a new corridor between Japan and Vietnam using technology.
SBI also launched a payment application provided by Ripple called MoneyTap in October last year. This app is a domestic payment solution that allows people in Japan to send money instantly using QR codes or phone numbers. SBI said it would push 60 Japanese banks to join, and Ripple could step in to help fund the development of the application.
SBI Holdings aims to pay dividends to shareholders in Ripple (XRP) by the end of this year, with shareholders who can receive a maximum payment of XRP equivalent to about 8,000 yen, following the official announcement on the SBI website.
Shareholders who hold a number of shares from 100 to 1.000 on March 31 and who hold more than 1,000 shares but hold less than one year can choose to receive XRP valued at 2.000 YEN or about $ 18. Shareholders holding more than 1.000 and more than a year will receive XRP worth 8.000 yen or about $ 74 as their dividends.
Ripple unlocks another 100,000,000 XRP, raising fears of a sell-off
Ripple has unlooked another 100,000,000 XRP (worth $ 27.9 million) from its escrow wallet. This move has raised concerns that a new sell-off may be imminent.
? ? 100,000,000 #XRP (27,971,787 USD) transferred from Ripple Escrow wallet to Ripple
— Whale Alert (@whale_alert) February 6, 2020
Ripple’s XRP hodlers may soon face a sell-off due to this token unlocking action from the team’s official escrow wallet. XRP prices have risen sharply this week, but that could be coming to an end…
Print $xrp sell upon breakout. Sounds like a good plan to me ?
— Gilly Mcdouble (@cornpumpthirsty) February 6, 2020
Maybe it’s the missing 100 000 000 XRP from the last 1M escrow release… pic.twitter.com/3Lom1CThhf
— Hopmtl77 (@hopmtl77) February 6, 2020
The token unlocking by the Ripple team didn’t surprise many people at this time. This seems to be a common habit for Ripple, which has caused considerable controversy. Every month, 1 billion XRP (again) is unlocked from the group’s escrow wallet. Therefore, with only 100 million XRP, the community does not pay much attention.
As AZCoin News reported, XRP has been listed on BitMEX for XRP/USD perpetual swaps. However, shortly after the listing, BitMEX executives decided to mock XRP, calling it a puppy.
Recently, Brad Garlinghouse, CEO of Ripple, took to Twitter to protect XRP against critics: he stated that XRP was superior to Bitcoin and the broader cryptocurrency market until 2020.
XRP price surpassed $ 0.29, declined at $ 0.3 – what’s next?
Earlier today, XRP quickly surpassed the price of $ 0.29 and tried to test $ 0.30, a vital price level that analysts thought would create or break the rally next of the property. While the bulls didn’t succeed in making the rally to $ 0.30, the technical analysis for XRP is showing an extremely uptrend, which is suitable for asset investors.
According to Josh Olszewicz, an analyst at Brave New Coin, the market is currently in a state of excitement. Even XRP has started to rise in price, drawing attention to the fact that XRP had increased by more than 50% since the bottom of $ 0.17 in December 2019.
mrkt so bull rn even $XRP starting to turn up
– kumo breakout
– 200-day EMA breach
– will invalidate nearly 700 day bear PF soon pic.twitter.com/uZWSlHv0f0
— Josh Olszewicz (@CarpeNoctom) February 6, 2020
And there are three main technical factors to consider shortly:
- XRP broke above the Kumo range of the Ichimoku Cloud indicator, indicating an uptrend.
- The price of the asset has passed the 200-day exponential moving average. The 200-day EMA is often considered an essential reversal for many assets.
- XRP is looking to disable a 700-day discounted pitchfork line-up shortly, which means that there will be less resistance, and the downtrend for years will be broken.
As AZCoin News reported, the $ 0.28 price for XRP is the most important one, noting that it’s the weekly resistance that has been holding back the cryptocurrency’s recovery for the past few months and has acted as a key support area throughout 2018 and early 2019. XRP’s daily chart is not diverted but with the Relative Strength Index different.
At press time, XRP price is fluctuating around $ 0.282, a slight increase of 2% in the last 24 hours.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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