Cryptocurrency Market Update: Ripple ODL platform raises eyebrows after moving 70 million XRP

The cryptocurrency community is impressed by Ripple’s ability to move 70 million XRP using the On-Demand Liquidity payments platform. The colossal transaction was highlighted by the Twitter bot XRPL Monitor. ODL is the largest blockchain-based liquidity platform currently working with XRP/MXN that has been developed by MoneyGram, Ripple’s strategic partner.

Transaction Type: Payment
Amount: 11,746,883.485858 XRP
Fee: 10,000 drops (0.01 XRP)
Sender: rHjJwY4maqRyUxCnJ9bNNQ2Tva9fe9T8ud
Sender Balance: 20
Receiver: Ripple
Receiver Balance: 11,747,054.481501
Link: https://t.co/N8w6ynkhnQ

— XRPL Monitor (@XRPL_Monitor) May 26, 2020

The other chunk of the transaction was done by Bithumb, a leading cryptocurrency exchange platform in South Korea.

Ripple’s CEO Brand Garlinghouse advises the US government to embrace digital currencies

The CEO of Ripple, Brad Garlinghouse has asked the United States regulators to change tactics and “lean into digital currencies.” In his opinion the US is trailing China when it comes to digital innovation.

U.S. regulators: now is the time to step up and lean into digital currencies. Remaining complacent is actually setting us back, while China’s grip on both crypto and fiat payments becomes stronger. https://t.co/NuGmFZmf7x (1/2)

— Brad Garlinghouse (@bgarlinghouse) May 26, 2020

As reported earlier, the People’s Bank of China (PBOC) is targeting to launch the digital yuan by the 2022 Winter Olympics. China’s digital currency is already in limited trial across four Chines cities. If results from the trials are satisfactory, China could even launch it as soon as next year. However, the exact timelines remain unknown according to a statement made this week by Yi Gang, the central bank governor.

Read more: China to debut sovereign digital currency by 2022 Winter Olympics – PBOC

Crypto market update

Meanwhile, the cryptocurrency market is becoming bullish at the time of writing. Buyers are working extremely hard to clear the short term hurdles that have continued to keep them away from the desired gains since Monday.

For instance, Bitcoin has moved above the confluence resistance discussed earlier in the day at $8,878. The crypto is trading at $8,920 after adjusting a higher 0.88% on the day. The short term target is breaking the resistance at $9,000 which will help shift the focus to $10,000.

Ethereum has not been left behind and like Bitcoin is improving the technical picture. The price is up 1.46% on the day to trade at $203. Over the last 24 hours, ETH/USD has sustained the trend above the initial support at $200.

Ripple on the other hand, is working hard to break the resistance zone at $0.20. Since Monday, it has not been easy to sustain the price above $0.1950. On the downside, support at $0.19 has kept the bearish pressure in check. A break above $0.20 could once again renew the momentum targeting $0.30.