Whale Alert, a cryptocurrency tracking bot, has discovered a slew of significant XRP transfers across exchanges. Coinbase, a publicly-traded United States company, was one of them. Because a considerable amount of the XRP-affiliated coin has been traded, several XRP enthusiasts have speculated about a likely relisting of Ripple.
Coinbase Moved 89M XRP
Whale Alert discovered five huge transactions totaling 208.6M Ripples. Coinbase was responsible for two of the transfers, totaling 88.6M Ripples. The digital currency was transferred from a Coinbase wallet and into another.
Coinbase remains the first cryptocurrency exchange to prohibit Ripple trading in January last year, following the filing of a lawsuit against Ripple Labs by the Securities and Exchange Commission in late December 2020. The SEC filed a lawsuit against Brad Garlinghouse and Christopher Larsen for trading Ripple, which the Securities and Exchange Commission argued was unlicensed security. The case is still being litigated today.
Some users speculated that these Ripple transactions between Coinbase internal wallets meant that the company was prepared to continue Ripple trading. As of early last year, even though the exchange stopped trading XRP pairs, it lets its users keep and retract their Ripple from their wallets. They could start depositing and withdrawing the coins as needed.
Exchanges and ODLs Moved 120.3M XRP
Bittrex, a cryptocurrency exchange corporation located in the United States, performed the other three Ripple trades with Bitso, a Mexican cryptocurrency unicorn, and Bitstamp, a European business. Bittrex transferred 20M Ripple to Bitso, and Bitstamp received a similar amount. In their respective continents, America and Europe, both markets function as XRP ODL routes.
Finally, the South Korean Bithumb exchange moved 89M XRP within itself as a last step in the process. An estimated total of $166,483,409 in XRP has been sent, based on the present XRP/USD exchange rate.
XRP Price Analysis for 18th February
XRP/USDT. Source: TradingView
After a significant gain last week, Ripple hit a consolidation stage, building a massive pennant. As a result, volatility diminished, and the price dropped 4.9 percent in the last 7 days. Where XRP goes next would be determined by a breakout from the pennant. The main resistance level is $0.96, while the critical support level is $0.70.
Volatility fell due to lower volatility, although the volume is projected to increase until the price exits the pennant. Likewise to Ethereum, the present price movement is in a flat trend with negative signs.
The cryptocurrency may regain prominence if it can increase beyond $1 shortly, as it has astonished the market with its latest rally. The price must not fall below a certain level for this situation to happen.