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XRP price has risen by around 8% within the last 24 hours. 211 million XRP has been recently transferred between several wallets with some anonymous and others identified to be owned by corporate investors.
As every crypto coin has begun to gain momentum and is rising now, XRP price is also rising. The coin is trading at $0.20 at the time of writing. It means that the coin has gained 7.78% within 24 hours.
The crypto has broken above the overhead resistance at $0.18867. If the bulls can sustain the altcoin above this level, it will signal strength. There is a minor resistance at the 50-day SMA ($0.20) and above this level a rally to $0.25 is possible.
Reportedly, as the coin gradually gain momentum, unidentified investors at both retail and institutional level are transferring a large amount of the coin amongst their wallets and sending them to major crypto exchange firms.
According to XRPL monitor, in the last 8 hours, as much as 211 million XRP was transferred between several wallets with some anonymous and others identified to be owned by corporate investors. The other wallets were set up and now being operated by crypto exchange firms.
The transfers were made over 12 times to send and receive around the whole sum which amounts to $39,518,525.
Part of the identified crypto exchange firms that were involved in the transfer where Bithumb, Ripple, and Binance according to the Bithomp website. There is a series of tweets on the XMRL Monitor Twitter account.
XRP Price Rises to Achieve $0.20
Regarded as the third-largest crypto coin after BTC and ETH, XRP is trading at $0.20, Now it means that it is the second in this row as for the gains within 24 hours. As XRP has gained around 8%, BTC has added around 4% while ETH is the leader with its 13%.
Reportedly, the rise to $ 0.20 was anticipated by traders and also expected to plunge back to as low as $0.14. XRP token, however, has continued to gain traction with Republican Congressional candidate David Gokhshtein declaring support for the coin saying that XRP is not useless.
Gokhshtein, who is a rare pro-crypto voice, also has explained before now that the coronavirus backed economic recession will no doubt have a drastic effect on the crypto industry and predicted then also that individuals would begin selling their Bitcoin for fiat, a way of surviving during this crisis.