In spite of the financial crises that hit the crypto market so hard, the usual transfer of funds around the ecosystem is still going on. Not less than $5 million worth of XRP at press time was moved to an unknown wallet today. However, some have said moving huge sum of crypto could end up flooring the value of the cryptocurrency.
The transfer happened at around the time XRP is making significant positive changes in terms of price.
As reported by transaction monitoring platform Whale Alert, 36 million XRP was transferred from Liquid exchange to an unknown wallet at about 05:15:21 UTC on Tue, 17 Mar 2020.
36,000,000 #XRP (5,308,532 USD) transferred from #Liquid to unknown wallet
— Whale Alert (@whale_alert) March 17, 2020
The fund transfer seems to be creating confusion as there was a previous transfer of the same amount from Liquid into an unknown wallet of different addresses.
36,000,000 #XRP (5,243,196 USD) transferred from unknown wallet to #Liquid
— Whale Alert (@whale_alert) March 17, 2020
After careful observation of the whole transactions and the wallets, NewsLogical was able to confirm that Liquid moved the 36 million XRP to the same unknown wallet that earlier transferred the XRP to its account.
XRP Displaying Significant Price Change
Third largest cryptocurrency by market cap, XRP, is now in the green zone after a sharp nosedive yesterday. The dire market situation experienced yesterday dunged the value of XRP to as low as below $0.13, a value it did not attain in the last 1 year.
For now, there have been slight changes in the market. XRP among other top coins are striving for revival and it is evident in their performance. Within 24 hours XRP has added more than 10% to its value.
Pessimist and critics of the crypto market have said the present financial crises has made Bitcoin display that it is not worthy of being called digital gold and it is not a good means of storing value. Bitcoin maximalists have issued several rejoinder but the pessimists received no conviction from the crypto market.
Nevertheless, fractals displayed by Bitcoin and some other altcoins like XRP in the last 24 hours may be a strong attempt for a rebuttal to Bitcoin critics.
XRP has now broken a new resistance. The cryptocurrency of the remittance company Ripple edged into the $0.15 line after falling to below $0.13 yesterday. At present, the XRP fractal is headed up and if this is maintained for the next 72 hours, we may see XRP break into the $0.20 resistance again.
