You can hate Ripple but you can’t deny XRP does what it promises

$33 million moved for third of a cent

Cryptocoinspy reports that yesterday, somebody transferred 90,000,000 of Ripple’s XRP tokens between two unknown wallet addresses, prompting crypto sleuths to start a guessing game. Transfers of this magnitude are usually made between wallets of an easily identifiable cryptocurrency exchange, but in this case, both transaction identities are unknown – making the move that much more suspicious.

However, the more impressive aspect of the equation is the incredibly low cost of the transaction – only 0.005 XRP. The total number of XRP tokens transferred equates to more than $33 million in value but incurred a fee of almost a third of a cent. A similar transfer of fiat currency between traditional banks could easily incur a fee upward of $1 million. In reality, converting the 90,000,000 XRP into usable fiat currency would undoubtedly attract additional fees, but the transaction exhibits the potential that digital assets pose for the future of international remittance.

eToro might be one of the wallets?

It was announced today that XRP has been listed on the wildly-popular trading platform eToro, a traditional trading system that now supports both fiat and cryptocurrency. It’s possible the transfer could be related to eToro acquiring a large amount of XRP for liquidity, although the amount seems excessive even for a large exchange.

Read: How to buy XRP

CCX adds XRP/fiat pair

After being added as a quote pair by Binance, another exchange announced its plans to list XRP as the main trading pair with fiat on their platform – XRP will soon appear on CCX Exchange pairing it with the Canadian dollar.

The exchange has its own native token called ‘Circle eXchange Coin (CCX). XRP army on social media appear to appreciate a platform that considers XRP or any related product of Ripple to enhance liquidity to streamline cross-border remittance.

XRP price analysis

Resistance Levels: $0.38, $0.43, $ 0.46

Support Levels: $0.33, $0.28, $0.22

As zycrypto.com analyst sees it, XRP is on the ranging trend on the medium-term outlook. The bullish momentum placed the coin on the high of $0.46 resistance level on December 24. The bears defended this level by the formation of inverted pin bar candle pattern which returns the XRP price to $0.36 price level after broken the resistance level of $0.43. On December 25, equilibrium state commenced; this is the scenario whereby neither the bulls nor bears are able to neither push the coin up nor push it down respectively.

What XRP wallets are most trusted and used?

The 21-days EMA and 50-days EMA are moving closer to each other, placed horizontally without direction on the resistance level of $0.38. The coin is hovering around and over the two EMAs which is an indication that consolidation is ongoing. The Stochastic Oscillator period 14 is at oversold level (below 20 levels ) with signal lines pointing down indicating that the coin may sell further and find support at $0.28.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Torsten Hartmann

Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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