• 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

Latest Crypto News & Analysis

Editors’ Picks

FTX will ignite the tokenization of everything

FTX will offer 24/7 tokenized stock trading by enabling users to buy fractions of shares. The cryptocurrency exchange announced the partnership with CM-Equity, a primary tokenization solutions provider. 

More Crypto News

DOT bears tighten their hold, price aims for $4

DOT/USD has been on a downtrend after charting the evening star pattern. The 4-hour chart has flashed the buy signal with a red-nine candlestick in the TD sequential indicator.

More Polkadot news

UNI bulls aggressively fight for an upswing to $3.5

UniSwap bounces off support at $2.5 as bulls work around the clock to regain control. UNI/USD must break the descending channel middle layer resistance for gains above $3.

More UniSwap

DeFi Top 3 Losers: Loopring, SushiSwap and Band Protocol

The craze surrounding DeFi has relatively settled down since the September crash. IntoTheBlock noted on Twitter that the ratio of DeFi tokens’ market cap to Ethereum went from being around 25% in late August to just over 15%.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast