Ripple News Today – Ripple Sends Millions of Tokens Out but the Price Still Struggles Against the USD – April 28th, 2020

XRP
  • XRPL Identifies Massive 55.8 Million XRP Transaction from Ripple but the Price of XRP Doesn’t Bulge
  • Despite the Current Price Trend of XRP, the Token May be Able to Move Above $0.28 Level Against the USD

Ripple News Today – Ripple’s crowned jewel, the XRP token, might not be the favorite in the cryptocurrency community but it has been able to maintain its position as the third-largest cryptocurrency per market capitalization for a long time. Normally, large transfers of XRP tokens affect the price of the token. Yesterday, however, Ripple XRP maintained its downtrend despite the significant surge in the price of the token. XRPL Monitor shared statistics of a major XRP transfer which was about 55.8 million tokens. About 8 million of the tokens transferred were sent from Ripple to an anonymous wallet. The remaining 42 million tokens were sent from UpBit to Bittrex. The total amounts to about $11,010,484 at current prices.

Ripple News Today – XRP Gets Mocked as a The Stablecoin Due to Lack of Price Action

For many days, the price of XRP has been struggling in the $0.19 level, unable to test the all-important support at $0.20. Irrespective of the major XRP transactions, the token hasn’t made any key progress. Right now, there are two possibilities for the token; the price of XRP might move higher and test the $0.28 level and the USD or it will keep moving lower until it reaches the $0.1420 level. At the time of writing, the price of XRP was $0.1985. This means that it is up by 0.49% against the USD and up by 0.32% against the price of Bitcoin BTC.

XRP analyst David Smith had this to say about the current attitude of traders;

“One more retest of the Channel’s resistance will come in case we break the higher boundary of the current range we formed above the midline. Downward breakout of the range will lead to the retest of the midline and if we lose the midline then it’s expected to retest the lower boundary of the channel.”

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.467
-6.50%

There are many different price analyses for XRP and there is no guarantee that any of them will come true. For now, we just have to wait and see. The good news is that Ripple is still making progress in promoting the use of its other products and services across the globe. With time, it is expected that this progress will eventually reflect on the price of the XRP token.

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