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Home Markets Cryptos
XRP rebounds strongly as investors appeal to SEC

Unknown whale moves 50 million XRP amid Bitcoin’s pending death cross

Olumide AdesinabyOlumide Adesina
2 years ago
in Cryptos, Markets, Spotlight
Share on FacebookShare on TwitterShare on Linkedin

Wealthy investors are currently reducing their crypto holdings amid a relatively bearish trend as regards XRP, on price signal patterns that reveal a pending death cross (strong bearish sign) move with investors facing an aurora of negative news.

The death cross is a bearish signal that occurs when the 50-day moving average crosses below the 200-day moving average. Market pundits anticipate such a signal occurring this weekend at the pioneer crypto market.

READ: President Buhari can no longer ignore Africa’s largest Crypto market

Additionally, data retrieved from Whale Alert revealed that an unknown whale, a few hours ago moved 50,000,000 XRP worth about $39.3 million from an unknown wallet to the world’s largest crypto exchange, suggesting a sale was about to take place.

? ? ? 50,000,000 #XRP (39,301,009 USD) transferred from unknown wallet to #Binancehttps://t.co/qx9qrs3fM0

— Whale Alert (@whale_alert) June 19, 2021

At the time of writing, XRP, the seventh most valuable crypto traded at $0.793546 on the FTX exchange with a daily trading volume of $2.6 billion and is down 5.65% for the day.

Present price patterns on the FTX exchange revealed the fast-growing crypto-asset had lost about two-thirds of its value since touching its multi-year high in mid-April, with a number of leading crypto exchanges including Coinbase restricting the trading of the crypto asset class on account of the SEC v. Ripple lawsuit.

READ: Ripple seeks documents from offshore exchanges to aid case against SEC

Ripple is still battling an ongoing legal tussle with the Securities and Exchange Commission, with its top executives charged for offering unregistered securities to investors.

The bone of contention is that the financial regulator termed the crypto asset, ‘security,’ and it also revealed it gave the fintech start-up a fair notice that selling XRP would be deemed a security offering.

What you should know

  • Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The currency trading is known as XRP and transfer times are super-fast.
  • Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.

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Tags: BinanceRippleXRP
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market journalist and investment trader. Message Olumide on Twitter @tokunboadesina

Comments 1

  1. Chydy says:
    June 20, 2021 at 11:23 am

    Please is it safe to buy etherum now or the the crypto market crashing ?

    Reply

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