- Ripple transfers 220,303,137 XRP to Crypto Exchange Bitstamp
- Bitcoin Whales Move 6,200 BTC
- Ripple’s Long-term Bullish Momentum
A massive transaction from Ripple has got the crypto sphere talking, the company transferred 220,303,137 XRP worth about $49.2 million on Monday. The XRP was transferred to the Luxembourg-based exchange Bitstamp. Twitter user @whale_alert stated: “220,303,137 #XRP (49,277,247 USD) transferred from Ripple OTC Distribution wallet to #Bitstamp.”
Ripple owns more than half of the total supply of XRP and sells bits of its holdings over-the-counter to exchanges and institutional companies regularly. The company states that its sales of XRP declined 74% in the Q3 of this year, from $251.5 million to $66.2 million.
Bitcoin Whales Move 6,200 BTC
For now, Bitcoin whales are evolving in reasonably small numbers as the price of BTC trades sideways. In the past few days, some of Bitcoin’s biggest investors have transferred a total of 6,200 BTC worth about $44.5 million. Two of the transfers involved crypto transferring from unidentified wallets to a crypto exchange, where they could be sold in the open market. The remaining two transfers sent BTC from crypto exchanges to unidentified wallets.
The transfer transaction went thus:
1,750 BTC (12,561,687 USD) sent from unknown wallet to Binance
2,000 BTC (14,482,303 USD) transferred from OKEx to unknown wallet
1,750 BTC (12,672,015 USD) moved from anonymous wallet to Binance
700 BTC (5,069,523 USD) sent from Binance to an anonymous wallet
Though attention is on Bitcoin currently, a prominent crypto analyst has pointed out some points that clearly show Ripple’s native token XRP will have the upper hand at seeing a massive bearish trend.
XRP (XRP) Price Today – XRP / USD
The trader identified as Moe stated that their use of the Richard Wyckoff schematics, used to define market cycles, clearly shows that the “distribution” stage of the long-term XRP price path is coming to an end, suggesting a reduction will come next. This has been validated by the fact that the cryptocurrency has broken below a descending triangle.
Ripple’s Long-term Bullish Momentum
Even though XRP is showing a strong bearish trend at the moment, some investors are still optimistic that Ripple’s XRP will show a positive trend soon. Sometime in November, U.K. remittance firm TransferGo disclosed that it will soon be using Ripple’s On-Demand Liquidity. ODL is a solution created on RippleNet that the company claims to permit financial institutions to issue cheap, consistent, 24/7, and swift transactions via XRP, which serve as the link between institutions.
Alastair Constance, the CEO of international payments specialist Mercury FX in a recent event talked about Ripple stating that: “To grow we wanted to target anyone who needs cross-border payments… When we discovered that Ripple could help us settle payments 100 times faster and at a fraction of the cost, it was a game-changing moment.”