- 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.
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.
— Whale Alert (@whale_alert) February 13, 2020
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.