Digital asset investors who hold an enormous amount of cryptocurrencies are called whales and are said to be able to influence market prices by moving them up or down.
63M XRP has been moved
Whale Alert has discovered an enormous amount of XRP being sent to former CTO Ripple Jed McCaleb.
22,000,000 XRP have been transferred between Bithumb exchange wallets – with a total value of $ 5.3 million.
22,000,000 #XRP (5,318,957 USD) transferred from #Bithumb to unknown wallet
– Whale Alert (@whale_alert) March 6, 2020
The second transfer was made to Jed McCaleb's wallet. He is the co-founder of Stellar Lumens and is a former CTO of Ripple. The amount deposited in his wallet is 41,242,351 XRP, totaling $ 9.9 million.
41,242,351 #XRP (9,940,773 USD) transferred from Jed McCaleb Settlement to Jed McCaleb wallet
– Whale Alert (@whale_alert) March 6, 2020
When such large amounts of XRP are delivered to McCaleb's wallet, the community usually expects the price to drop shortly thereafter.
Earlier, 200 million XRP were deposited between the accounts of the largest cryptocurrency exchange in Asia – OTCBTC.
Are whales accumulating?
Mark Phillips, podcast host BetterPRNow, shared the data from the XRP transfer tracking website 'ledger.exposed '. According to the data, 0.01% of XRP accounts (the richest people, holding more than 20 million XRP) have begun to accumulate this additional asset.
Institutional money is moving into #XRP. Notice the growth in the top 0.01% of accounts. Are these governments and / or major banks accumulating?
Stats courtesy of https://t.co/UiZDSweymA. @WietseWind +1.00 #xrptip pic.twitter.com/C1aGpFygAJ
– Mark Phillips (@Mark_Phillips) March 6, 2020
XRP price could soon achieve an 80% increase.
Dave the Wave, one of the most accurate prediction traders in the industry over the past few months, recently shared a chart that shows XRP is capable of forming an inverse head and shoulders pattern, with a neckline. at $ 0.33.
Right now, the asset is in the middle of the right shoulder, supported by the 0.5 Fib retracement of the move from $ 0.17 to $ 0.34. If this happens, a chart of Dave the Wave shows that XRP will trade 80% higher to reach $ 0.40 in June.
Freebie from my alts page (fee-based). Possibility of a very significant pattern forming here … pic.twitter.com/80ce8Najri
– dave the wave (@davthewave) March 4, 2020
Purposefully strong technical outlook was highlighted by a news event that has the potential to drive Bitcoin and its brothers, especially XRP.
On Wednesday, the Indian Supreme Court lifted a crypto ban from the Reserve Bank of India. Besides, South Korea has also officially legalized crypto, such as Bitcoin Magazine reported yesterday.
According to Credible Crypto, a prominent industry commentator and trader, this decision of the Supreme Court will be special price increase for XRP.
"Regulatory clarity is the final part of the puzzle that holds Ripple from bustling money transfer markets like India. Great for XRP ".
You can see the price of XRP here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Annie
Bitcoin Magazine
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