The amazing speed offered by Ripple’s deployed blockchain technology has been a major factor expediting its adoption across the globe. As the entire crypto market rallies up steadily ahead of the much-expected bullish halving with crypto assets like XRP enjoying significant gains, it has been recorded that a huge amount of XRP has been moved through the XRP Ledger with yet a usual meager cost of transaction.
As reported by XRP L monitor on Twitter today, 5,999,999.999 XRP was moved from one wallet to another. The report confirmed that the huge fund was moved from Houbi Global exchange wallet to another wallet on the same exchange with a transaction fee of 1,000 drops (circa 0.001 XRP).
Transaction Type: Payment
Amount: 5,999,999.999 XRP
Fee: 1,000 drops (0.001 XRP)
Sender Balance: 20
Receiver Balance: 17,812,432.229444
— XRPL Monitor (@XRPL_Monitor) April 7, 2020
Further research by NewsLogical established that the transaction was validated in ledger 54629646. Per information obtained, the same amount of XRP sent was transferred to the receiver.
Also, another 5,000,000 XRP moved on the XRP Ledger a few hours later also had a transaction cost of 0.001 XRP. Nevertheless, a 6 million XRP transaction executed earlier had a transaction fee of 0.0012 XRP.
Price Analysis: XRP Breaks Above $0.20 Semi-Bullish Point, Signals 50% Recovery
In the last 7 days, XRP digital asset has added a whopping sum of 13+% against the US Dollar at a time the world financial market is in distress. In the last 24 hours, the cryptocurrency has also added more than 4% to its value against Dollar and over 2% against BTC.
For quite some time, $0.20 and $0.25 has been a major breaking point for XRP in the market. The $0.20 level serves as a semi-bullish signal for the third-largest cryptocurrency by market cap. XRP has now managed to break above this psychological resistance level with about 10% added value since Monday, presenting a semi-bullish signal.
While the momentum of the remittance-oriented cryptocurrency remains strong on the upside, XRP registered an intraday low of $0.0.195.
While moving on the upside trend, XRP reached a high value of $0.2052 – its peak since March 12 sell-off, and the resistance coincided with the SMA50 daily at this point.
If the present momentum is maintained with a break above the $0.2200 on the SMA100 daily in the next few hours, a recovery of about 50% should be expected before the end of April 2020.