Ripple Records Whale Transactions Despite Bearish Market Tone
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Top cryptocurrency Ripple (XRP) has recorded significant whale activities over the past few days despite the prevailing bearish market sentiment. According to a recent report by Whale Alert, a blockchain/crypto analytics platform, the cryptocurrency just recorded two massive XRP transfers involving over 124 million coins.
Earlier today, a leading XRP wallet address transferred 84.3 million coins to an unknown wallet on Bithomp.com. At the current market price, this transaction stands at about $50 million.
In another transfer, about 40 million coins worth over $23 million got moved from a crypto wallet to Binance. This transaction took place early yesterday.
Reports show that XRP whale activities have been on an upward trajectory since the start of 2021 amid the significant price hike recorded at the beginning of the year. In June, another transaction worth 176 million coins ($174 million at the time) popped up on the Ripple network.
Apart from whale transactions, XRP-related investment products courted massive attention from institutional investors this year. According to a report by CoinShares in June, XRP’s popularity in the institutional space spiked in the last week of May. CoinShares detailed in the report that:
“Investment product flows indicate that altcoins remain popular, with inflows into all altcoin investment products. The data suggests proof-of-stake coins remain the most popular with inflows into Cardano (ADA), Polkadot and XRP of US$5.2 million, US$3.8 million and US$4.5 million, respectively.”
Key Ripple Levels to Watch — July 19
Ripple remains in a depressed state of mass uncertainty in the market, worsened by increased regulatory efforts across the globe. The seventh-largest cryptocurrency traded within a tight range through the last weekend, as bears kept the price below our descending channel and the $0.6000 resistance.
With the drought in trading volume and market momentum, we could see this sideways movement persist and, most likely, culminating in a steep drop towards the $0.5500 support.
Meanwhile, our resistance levels are $0.6000, $0.6200, and $0.6500, and our support levels are $0.5500, $0.5200, and $0.5000.
Total Market Capitalization: $1.28 trillion
Ripple Market Capitalization: $26.6 billion
Ripple Dominance: 2.09%
Market Rank: #7
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