Ripple Handovers Millions of XRP to Unknown Digital Wallets

USA – Crypto traders wonder after Ripple moved 356,2017,423 XRP to unknown wallets while Bitcoin Whales transferred $134,600,000. An analyst warned a drop in percentages. On the bright side, another expert stated that the IPO might do good for Ripple.

Ripple Transfers 356,207,423 XRP as Bitcoin Whales Handover $134.6M

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Cryptocurrency traders are vexing to define why Ripple is transferring 356,2017,423 XRP, which is worth $78.4 million.

The San Francisco-based company, which owns over half of the XRP, sent the funds to unidentified wallets in two different transactions. The first handover occurred on Wednesday, January 22. As for the second transfer, it happened two days after the first transfer.

In response to the tweet of Whale Alert about the transfer of XRP, wherein it’s worth $39,496,930, digital asset enthusiasts linked the transfer to the Luxembourg-based digital asset exchange Bitstamp.

Traders gamble the undertaking was an over-the-counter sale to the trade and question whether the handover is linked to the plans of BItsamp to join the XRP-based liquidity result of Ripple.

In the meantime, Bitcoin whales are out to perform. On the last day, some of the most prominent Bitcoin holders on the record transferred 15,992 BTC, which is worth $134.6 million.

Four of the handovers involved Bitcoin transferring on an exchange. It might be sold on the open crypto market. The outstanding three allocations were traders moving their cryptocurrency from trade to wallets of unidentified origin.

A previous report from the cryptocurrency exchange Binance figured out that whales bought XRP and Ethereum at a boosting pace through December 2019. As for the significant holders of Bitcoin, these showed to expect a rally. It didn’t come to a realization.

XRP Index of Liquidity to Make New Records in Two Biggest Corridors

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Ripple’s XRP has come near to breaking a new record about the index of liquidity on the two On-Demand Liquidity or ODL corridors in the Philippines and Mexico. These corridors are set up by MoneyGram, which is a Ripple-backed company.

In Mexico, the corridor goes over the largest local virtual trader Bitso. Ripple also financed in Bitso in the previous year to fund its further improvement.

As the chief executive of MoneyGram, Alex Holmes, said in the previous year, during the SWELL conference of Ripple held in Singapore. Around 10% of all MoneyGram transactions made to Mexico. Furthermore, these transactions were steered using XRP.

The international payments service operated by Holmes utilizes the On-Demand Liquidity (ODL) scheme of Ripple.

The corridor in the Philippines goes via the cryptocurrency exchange platform.

The present all-time high or ATH of Bitso’s XRP Liquidity Index has a total of 11,138,681. The current exchange volume is near to getting over the figure. Moreover, the present time is equal to 10,419,890.

The present ATH on is about to be exceeded as well. The day development is 42%, and the total is 1,442,610.

Cryptocurrency depositors look forward to each new milestone to do with Ripple’s XRP since these investors hope it will help drive the price of the coin up. However, it didn’t work. The previous XRP price increased was brief. Moreover, the coin is exchanging flat at the cost of $0.21 again, according to CoinMarketCap.

Expert Warns XRP Might Drop by Dozens of Percentages

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For digital currency markets, as well as the news site Brave New Coin, Josh Olszewicz previously released a wide-ranging video study on XRP. At the end of the said video, this analyst talked about the chart of XRP over Bitcoin (XRP.BTC), providing his opinions on the exchanging par. He was also specific on where the crypto market might go next.

Olszewicz noted that in about 3,000 satoshis each XRP, the digital asset is looking very bearish as it’s under the 200-day exponential moving average. It’s also under the Ichimoku Cloud regularly. Moreover, it’s exchanging under a high volume zone, as noted by volume profiles. It’s indicating a bullish resistance overhead. Also, he stated that there’s nothing optimistic about the price action, and it might revisit lows.

Olszewicz continued to state that he doesn’t trust that XRP looks excellent, even in a void. He’s adding that depositors might short the highs because of the long-term bearish trend molded after the blow-off uppermost in early 2018.

As Olszewicz becomes skeptical about the future performance of XRP from a longer-term aspect, there’s a proof that starts to recommend that a short-term recoil is on the prospect. It’s for both the pair of a cryptocurrency over the United States or the US dollar and BTC.

According to the recent reports from Ethereum World News, Luke Martin previously stated that XRP/BTC has already recaptured a significant support level. It has endured for about a week consecutively. The hinge supposedly is “bullish,” wherein this analyst is anticipating outperformance.

Martin also stated that the present price action for the exchanging pair is very similar to the rounded bottom, which XRP formed in September. It preceded a bullish breakout in the rising direction onward the Swell event.

Michael Van de Poppe echoed the analysis. He said that the pair is on the edge of a downtrend-break out. It forced prices at the beginning of 2019. It also recommended a muscular strength is establishing.

Galaxy analyzed the performance of the asset over the dollar. He commented that the digital asset is looking prepared to rally 20% or higher to $0.28, which draws attention to the being of a strong uptrend. As the asset flipped several significant resistances to supports bode for the strong case.

XRP Expert Proposes IPO Might Be a Hit for Ripple

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Brad Garlinghouse, Ripple Labs’ chief executive in San Francisco, announced during a Wall Street Journal event held at the World Economic Forum in Davos, Switzerland. He shared that he aims to bring the company in public in the forthcoming decades. Moreover, he added that he anticipates several blockchains and cryptocurrency-related IPOs in the following 12 months.

Because of the unanticipated news, several spectators had thoughts about the declaration. Some users were doubtful, while some are positive. Hodor, a cryptocurrency analyst with 50,000 followers, explained why the company is going in public. He also said that it might be game-changing for it as well.

Hodor released a blog post last year to coil on how the plan of Ripple might affect XRP. He said that the company might issue stocks on the public stock market, and it’s seen as a sizable IPO. The estimate will take about $5 billion cash for equity, and it’s lesser than the previous $8 billion-IPO of Uber, $18 billion-sale of Visa in 2008, and $16 billion-public round of Facebook.

Even though Ripple invested 20%, wherein it’s worth $1 billion. It might have a significant cash reserve.

Hodor stated that with the $5 billion-cash, Ripple might contribute to bullish marketing. He said that no amount of probable marketing is out of hand. Moreover, the days of Superbowl ads on digital assets might be on spectators.

The analyst also stated that the sale of the shares of Ripple might provide the company more volume to contribute to more business trades and achievements. With the CEO of Ripple’s statement last year, acquisitions are a significant focus. The announcement was during the partnership of Ripple with MoneyGram.

Hoder recommended that the cash reserve might reduce the incentive of Ripple to partake in XRP’s programmatic sales, wherein depositors like Kyle Samani from Multicoin Capital may depress the asset price in the previous years. Moreover, he added that the IPO of Ripple might boost the adoption of the payment processing software, which preferred cryptocurrencies.

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Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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