Ripple Price Analysis: 114 mln XRP transferred to exchanges, no reaction from XRP/USD

Ripple's XRP settled above $0,1850. The third-largest digital asset has been range-bound since the beginning of the week despite the recovery of Bitcoin above $7,000. The coin has lost 1.5% both since the beginning of the day and on a day-to-day basis. Ripple's trading volume is registered at $8.2 billion, while an average daily trading volume settled at $1.8 billion.

Massive XRP transactions

Over the past twenty-four hours, XRPL Monitor has detected 114 mln XRP transferred between anonymous wallets and crypto exchanges. One of the five MoneyGram ODL corridors took part as well.

In the recent 24 hours, XRPL Monitor detected massive XRP transactions between anonymous wallets and crypto exchanges including Coinone, Bithumb, CEX.IO, Bitmax.LINE.The service ant tracks XRP movements reported about ten transfers worth 114 million XRP (over $21 million). 

Apart from that, about 14 million XRP was moved by a Philippines-based cryptocurrency exchange Coins.ph, via one of MoneyGram ODL corridors. 

XRP/USD: Technical picture

On a daily chart, XRP/USD is oscillating between 38.2% and 23.6% Fibo retracement levels for the downside move from February 2020 high ($0.2030 and $0.1700 respectively).  A sustainable move in either direction is needed for the momentum to gain traction. On the upside, psychological $0.2000 reinforced by the upper line of the daily Bollinger Band may slow down the recovery and push the price towards the support lines. However, Once it is out of the way, the bullish momentum will take the price towards $0.2100 and daily SMA100 at $0.2190. The coin has been trading below this MA since the beginning of March.

On the downside, the initial support is created by $0.1800 with daily SMA50 located on approach. A sustainable move lower will open up the way towards the lower border above-mentioned consolidation channel at $0.1700. If it is broken, the sell-off may continue towards March low at $0.1129.

XRP/USD daily chart