Saturday, January 23, 2021

Bithumb Moves $11M in XRP as Analyst Foresees $5 XRP Price

According to a report made available by XRPL Monitor, a tool that monitors XRP transactions, the sum of 52.5 million XRP worth $11 million was moved by the major South Korean exchange Bithumb. While a crypto analyst foresees $5 for the digital currency.

The price of Ripple’s digital token XRP has been stable above $0.2 support level. While Bitcoin (BTC), the largest cryptocurrency by market cap, keeps failing to hold its much-needed support for further price uptrend.

Bithumb Transfers 52.5 Million XRP in 3 Transactions

Going by the data shared by XRPL Monitor a few hours ago, the sum of 6,500,000 XRP worth $1,381,250 at the time of publication, was transferred from the wallet supposedly owned by Bithumb rMa2gKSPbDHanFefkaFabY9Ytk1U4a6hpZ to another wallet rsdd66csGZkTzk42NDpJun7PNrGsC7WJHv.

About 2 hours later, another transaction of the sum of 40,000,000 XRP worth $8,500,000 was spotted by XRPL Monitor. At this time, it was reported that Bithumb transferred the huge funds to the same wallet where the first transaction was effected, rMa2gKSPbDHanFefkaFabY9Ytk1U4a6hpZ.

Lastly, about 5 hours later, another 6,000,000 XRP worth $1,275,000 at press time, was transferred from the same wallet that has been sending and receiving huge funds rMa2gKSPbDHanFefkaFabY9Ytk1U4a6hpZ, to another wallet rsdd66csGZkTzk42NDpJun7PNrGsC7WJHv.

Despite all these huge movements of funds, XRP still managed to remain stable above $0.2, which is seen as an important support for a subsequent price increase.

Analyst Foresees $5 for XRP Price

A cryptocurrency trader and analyst identified on Trading View as moon333” has recently shared a prediction regarding the price trend of Ripple’s digital token XRP.

He said he expects XRP, the 3rd largest digital currency by market capitalization, to significantly rise to $5 within the next one or two years.

Several indicators were considered by the analyst before drawing his conclusion at $5 for the price of XRP. He also emphasized on the Falling Wedge pattern that the digital token has been resting on since it last recorded its price all-time high.

Bithumb Moves $11M in XRP as Analyst Foresees $5 XRP Price
Courtesy of Trading View

He wrote:

“Here we can observe one more thing that the relative strength index (RSI) indicator 1st went in oversold in January 2020 and in the month of March it went again very close to the oversold zone and now it has turned bullish. And if we see the price action of XRP then it can be easily seen that the price line has also formed a double bottom as well that is another very powerful bullish sign.”

A trader alike, who reacted to his analysis and prediction concurred to his assertion, claiming he’s a similar opinion.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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