The News Crypto -
- If the price manages to go above past $0.62 level, then it will likely retest the $0.63 level.
- At the time of writing, XRP is trading at $0.6024, down 1.05% in the last 24 hours.
Whales engaged in two major transactions at once, sending XRP tokens to both centralized exchanges and anonymous wallets. In the wake of the rise in whale moves, the price of XRP also saw minor declines.
Two huge transactions took place recently, according to the data revealed by Whale Alert. An enormous 80 million XRP worth around $48 million left Ripple for an anonymous wallet in the first transaction. In addition, Bitstamp, received 26.70 million XRP worth around $16 million in the second transaction that garnered considerable interest among the community.
For many XRP backers, the news that Ripple’s digital assets custody startup Metaco is collaborating with HSBC bank was cause for immediate delight. Metaco was acquired by Ripple earlier this year.
Ripple has been actively attracting financial institutions, with an eye toward easing transactions involving international money transfers. Metaco and Ripple together provide a full package, which includes both an infrastructure layer and a services layer.
Bears Intervention
At the time of writing, XRP is trading at $0.6024, down 1.05% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 25.18%. The price earlier found support at $0.58 level on November 22 after facing severe selling pressure. However, after climbing all the way till $0.63, bears intervened and a correction followed.
Source: CoinMarketCap
If the price manages to go above past $0.62 level, then it will likely retest the $0.63 resistance level. However, if the price goes below $0.58 level, then it will likely test $0.54 support level. Further downfall will likely result in price testing $0.50 level.
This article was originally published on thenewscrypto.com
