XRP Might Hit $0.50 Mark As Whale Moves Over $25 Million Worth Of XRP

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • The crypto market is performing exceptionally well with all the significant cryptocurrencies gaining a considerable sum in this month.
  • With the tremendous growth within the crypto market, XRP is getting a lot of attention from the traders during the last couple of weeks.
  • Whalealert has revealed that over 78,000,000 XRP, which is equivalent to $25 million, has been transferred to an unknown wallet.

The crypto market is performing exceptionally well with all the significant cryptocurrencies gaining within the past 24 hours. Ethereum has gained over 2.79%, XRP has managed to get a 3.55% boost, and at 7.5%, Tezos is also performing well. As for the Bitcoins, they are trading above $10,000 at the moment.

XRP Price Analysis

With the tremendous growth within the crypto market, the coin is getting a lot of attention from the traders during the last couple of weeks. All the remaining top altcoins have gained over 70% since the beginning of 2020. However, XRP did not manage to get to its full potential and only gained about 52%. Now, in the past 48 hours, the currency has shown some improvement and increased 18% to set an intraday high of USD 0.3240.

Ripple Price Analysis

On taking a look at the daily candle charts, the 200 EMA is providing essential support to the XRP/USD pair and expects a continuation of the bullish trend. Right now, the pair is touching the upper 20-day Bollinger Band, and it appears that we will see a term reversal before a new bullish move towards 50 cents begins. This move would propel the tokens even further, and it might be a good time to invest in the currency.

XRP worth $25 Million on Move

In another new, Whale alert has revealed that over 78,000,000 XRP, which is equivalent to $25 million, has been transferred to an unknown wallet. The move was made from Bithumb exchange. A move this big indicates that a possible institutional purchase of XRP has taken place. This purchase will increase the bullish sentiment of the currency.

It cannot be confirmed that the whale transaction has directly resulted in the pump of XRP to $0.3340 per coin. However, the transfer of such a large sum still makes one wonder where the market is heading. The charts show a positive trend for Ripple’s native cryptocurrency, and Ripple Inc. is showing tremendous development. Now, it is only a matter of time before XRP starts trading at $0.50 per coin.

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