Ripple News Today – 1 Billion Idle XRP Moved From One Wallet to Another As XRP Continues to Consolidate – June 10th, 2020 

Ripple XRP Price Prediction
  • One Billion Idle XRP Tokens are Currently on the Move but the Price of XRP Continues to Consolidate
  • Ripple XRP Loses the Support at $0.2030 and May Face Lower Lows Near-term 

Ripple News Today – Ripple is always moving XRP from one point to the other. This isn’t a surprise since the company controls more than 60% of the Ripple XRP token in circulation. The tokens are sold to institutions and the money is used to fund projects on the Ripple network. Other whale investors have also contributed to moving major portions of XRP from wallet A to wallet B. However, Ripple has a reputation for being the highest mover of XRP. Due to their sale of XRP, the cryptocurrency community has accused them of manipulating the price of the token at the expense of retail investors. This might be one of the many possible reasons why the XRP token has been struggling against the USD for such a long time.

Ripple News Today – Ripple XRP Starts Consolidating as 1 Billion XRP Tokens are on the Move

Toward the end of trading yesterday, the XRP token started consolidating against the USD but it remained contained within the $0.1920 and $0.2120 range. The price has been relatively stagnant for the last two weeks but the Bollinger bands have been forced to squeeze based on the 1-day chart. These squeezes usually appear during periods of low volatility. Whenever they show up, the next thing that usually follows is a significant surge in price. So, there is hope that the price of the token will increase soon, just try not to hold your breath while you wait. The technical index still hasn’t put forward a clear path for the XRP price direction. The stagnation has made the upper and lower levels of the band a no-trade zone.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$1.0001.05%

According to the reports by Santiment’s Token Age Consumed index, there is a significant spike in the number of idle XRP that is moved from time to time. On-chain metrics revealed that more than 1 billion idle XRP tokens are currently moving between addresses. These tokens moved within a few hours. This shows that long-term holders of XRP may be changing their holding patterns. Whenever old tokens change hands like this, the price of the XRP token tends to increase in volatility so the stagnation will end soon. The question is; what direction will the token take?

XRP Price Prediction 2020 – Ripple Price Prediction 2020

In 2019, when idle XRP tokens took a similar move, the price of the token lost 30% of its value in just a few days. As idle tokens continued to change hands in 2019, an international settlement with XRP dropped by more than 42%. At the time of writing, the token was trading at $0.202193. It is down by 0.21% against the USD and down by 0.91% against Bitcoin BTC. The trading volume over a 24 hour period is $1,079,371,696 and the market capitalization is $8,919,298,359.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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