• XRP/USD is locked in a tight range above $0.1600.
  • Ripple has moved a large number of tokens between wallets.

Ripple's XRP is changing hands at $0.1620, mostly unchanged since the beginning of the day. The coin has been range-bound recently, despite large movements in Bitcoin and some other altcoins. Ripple's market value is registered at $7 billion, while its average daily trading volume exceeded $2 billion.

Ripple moved 130 million XRP tokens 

Amid the recovery on the cryptocurrency market, XRPL Monitor reported a series of large transactions to the total amount of 174.4 million XRP. About 130 million tokens worth of $20.8 million were transferred by Ripple. The breakdown is as follows: 100 million XRP was moved between Ripple's wallets and eventually settled in a BitGo wallet, 20 million tokens were sent to multi-signature wallets, while the rest went to the wallet of a custody service BitGo.

These moves produced little effect on the market, obsessed by coronavirus spread, global economic crisis and massive liquidity injections by large central banks.

XRP/USD: Technical picture

XRP/USD bottomed out at $0.1129 on March 13 and has been range-bound with bullish bias ever since. By the time of writing, the coin settled at $0.1620, having gained over 40% from the above-said low. On a daily chart, XRP/USD has created two Doji candles with small shadows, which emphasizes the sense of indecision on the market. A sustainable move above $0.1700-$0.1730 (the middle line of the daily Bollinger Band) will kick start the recovery and push the price towards psychological $0.20 that served as a support at the beginning of the month. The next strong barrier is created by SMA100 1-day at $0.2230. 

On the downside, a sustainable move below $0.1600 will attract new speculative sellers and bring $0.1450 back into focus, This support has been tried on several occasions during the recent week, but stayed unbroken. If it is cleared, the selling pressure will increase with the next aim at  $0.1400 (March 18 low) and $0.1283 (March 16 low).

XRP/USD daily chart


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000. However, the buyers failed to develop an upside momentum above the critical resistance and the coin returned to $6,900 by press time.

More Bitcoin News

Why XRP/USD bottom eyes $0.05 mid-2020?

Ripple has remained relatively bullish from Monday this week following a breakdown over the weekend. XRP/USD refreshed the levels around $0.16 before focusing on recalling the ground towards $0.20. 

More Ripple News

ETH/USD needs to retest $140.00 before another attempt at $150.00

ETH/USD is changing hands at $144.50. The second-largest digital asset has gained nearly 4% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market. 

More Ethereum News

IOTA Price Analysis: IOTA scored by Crypto Ratings Council; IOT/USD goes into recovery mode

IOTA, now the 24th largest digital asset with the current market value of $429 million and an average daily trading volume of $12 million. At the time of writing, IOT/USD is changing hands at $0.1528. 

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP