Ripple Records Coin Movements as XRP Supply to Huobi Drops

Azeez Mustapha

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Whale Alert DLT, an analytics company tracking large cryptocurrency transactions in the crypto space, has highlighted large Ripple (XRP) movements over the past 24 hours. Their report shows that over 282 million XRP has exchanged hands across prominent exchanges.

Meanwhile, Whale Alert noted that Ripple moved 127.6 million XRP (over $107 million) in two tranches.

The first transaction involved the movement of 15 million XRP from wallet RL92-MN to RL43-EE. The second transaction saw 112,564,445 XRP move from Ripple wallet to RL18-VN. The latter gets used for distributing XRP to other platforms, including crypto exchanges and custody wallet BitGo.

Bybit, Binance, and Bitstamp have emerged as the exchanges used to conduct the recent transactions, with Binance getting used thrice.

82,938,295 XRP moved from Bybit to Binance. Meanwhile, Ripple sent 24 million XRP to Binance, which later got sent to Bitstamp and back to Ripple.

In other news, the XRP blockchain has cut down its daily XRP transfers to the Huobi to 3,358,000 coins. This new supply amount took effect on June 13. The week before that, the payments provider sent 5,275,250 XRP daily to Huobi.

Key Ripple Levels to Watch — June 18

As the market falls into bearish dominance, XRP has entered a sideways momentum between $0.8600 and $0.8250. That said, the cryptocurrency is currently trading within a wedge pattern, emphasizing bearish dominance.

XRPUSD – Hourly Chart

A break beneath the $0.8250 support could accelerate the bearish descent towards the $0.8000 psychological support. However, reclaiming the $0.8500 level could put bulls back in control and boost trading volume.

Meanwhile, our resistance levels are $0.8500, $0.8600, and $0.8800, and our support levels are $0.8250, $0.8050, and $0.8000.

Total Market Capitalization: $1.57 trillion

Ripple Market Capitalization: $38.3 billion

Ripple Dominance: 2.4%

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.

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