The cryptocurrency market appears to be having a major comeback as the medium and long-term outlook for Bitcoin becomes bullish and whales start moving funds in XLM and XRP. On cryptocurrency Twitter, whale watchers noticed that 507 million units of XRP which is approximately $159 million were transfers from cryptocurrency exchange Bittrex to Upbit, the South Korean exchange. The post on Twitter from Whale Alert was as follows:
“We tracked 50 transactions of 10 million #XRP each from #Bittrex to #Upbit the past hour. The total value of the transactions was $159,536,070 USD.”
XRP (XRP) Price Today – XRP / USD
Shortly after that transfer was made, another big move was recorded. About 10 million units of XLM was moved from Bittrex to an unknown cryptocurrency wallet. Each transaction was equal to about $867,000. This brought the total amount of XRP and XLM that was moved within a few hours to $727 million. Whale Alert insists that someone is moving significant amounts of XRP and XLM confirming that this isn’t a bug.
Cryptocurrency Price Analysis
As stated earlier, the long and medium-term outlook of BTC is bullish. This morning, the flagship cryptocurrency fell below the support at $3,750 testing the $3,650 area. After reaching $3,650, there was a price recovery that took BTC above the significant $3,750 resistance level. This is according to the price analysis of NewsBTC’s Aayush Jindal. The price broke above the major bearish trend line that had resistance at $3,785.
Bitcoin (BTC) Price Today – BTC / USD
When BTC reaches the $3,860 and $3,900 resistance level, it will gain bullish momentum. Currently, BTC is moving into the positive zone slowly. The next major move will either take up the price above $3,900 or below $3,700. The relative strength index is currently above the 50 levels and the MACD is gaining bullish momentum. The price is at $3,875.93. This means that it is up by 0.19%. There is strong resistance at $3,900. The trading volume is $8,286,006,863 while the market capitalization is $68,071,578,209.
Meanwhile, the cryptocurrencies that are being moved, XLM and XRP are having mixed signals. XRP is trading at $0.315291. This means it is up by 1.30% against the USD and down by 0.50% against BTC. The trading volume over a 24 hour period is $680,097,826 and the market capitalization is $13,042,232,203.
Stellar (XLM) Price Today – XLM / USD
Stellar (XLM) is trading at $0.085541. This means that it is down by 0.92% against the USD and down by 1.07% against BTC. The trading volume over a 24 hour period $108,754,578 and the market capitalization is $1,642,863,667.
Do you think the long-term bullish stance of BTC is based on fundamentals, technicals or just mere speculation? Share your thoughts below.