Ripple Pushes Close to $1 on Sologenic Airdrop Excitement

Updated:

Ripple (XRP) has made some decent bullish strides this week gaining over 13% as the broader market recovers.

Meanwhile, Ripple has recorded a significant amount of whale transactions over the past 48 hours. Whale Alert, an on-chain analytics platform, recently revealed a 17,700,000 XRP (worth $16.8 million at press time) transfer from Bitso to an anonymous wallet. The platform also reported a 20,000,000 XRP transfer from Bithumb to an unknown wallet.

Whale Alert also spotted XRP transfers of 20,000,000 coins to Coins.ph and another 20,000,000 XRP to Bitso. Finally, the platform flagged a whale transaction where an entity moved 449,300,000 XRP (worth $426.8 million at press time) on December 19 in two tranches.

Apart from the recent heightened whale transfers, some argue that the current demand for XRP comes from people looking to get their hands on a $500 million Sologenic airdrop.

Sologenic, an XRP leveraging firm, recently announced that it would drop a token called SOLO to XRP holders. The project aims to “become the most influential blockchain-based project in the world by bridging the gap between traditional financial markets and cryptocurrencies.”

Additionally, the project also plans to release another airdrop with a token called Coreum (CORE). Sologenic revealed that interested users could trade SOLO on its decentralized exchange platform, adding that the token would have a capped supply of 400 million coins. Finally, the Sologenic team noted that the SOLO tokens will be issued on the XRP Ledger (XRPL).

Key Ripple Levels to Watch — December 22

Along with most of the crypto market, XRP has recorded a healthy rebound as investors develop an appetite for risk assets. The seventh-largest cryptocurrency is now on track to reclaim the $1 mark since it fell below that line in late November.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView

XRP currently rests on the $0.9500 support and could post a correction to the $0.9200 soon as bulls run out of steam. However, this correction should help XRP facilitate a rebound towards $1 and possibly higher in the coming days.

Meanwhile, my resistance levels are $1.0000, $1.0500, and $1.1000, and my support levels are $0.9275, $0.9000, and $0.8800.

Total Market Capitalization: $2.25 trillion

Ripple Market Capitalization: $42.8 billion

Ripple Dominance: 1.9%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.