Significant activities recorded by Ripple while the market sentiment remains bearish
The market sentiment towards one of the leading cryptos Ripple has been bearish for some time now. Although the sentiment remains bearish, it was recently reported by Whale Alert, which is a crypto analytics platform, that Ripple had recorded two massive transfers which involved more than 124 million coins.
In addition, yesterday, the XRP wallet address transferred as much as 84.3 million coins to an unknown wallet using Bithomp. The price of the transaction is almost $50 million. It was also reported that over $23 million worth of Ripple was transferred from a wallet to Binance, one of the leading crypto exchanges in the market.
The reports also indicate that the whale transactions using Ripple have been steadily increasing for a long time now, starting from the beginning of 2021. In addition to many whale transactions, the popularity of the cryptocurrency also continues to increase significantly, with more traders using Ripple for investments.
According to market analysts, the popularity of altcoins is increasing a lot. This is especially true for proof-of-stake coins that remain most popular in the market.
Market performance of Ripple
At the time of writing, Ripple’s price stands at around $0.52, which is about a 9 percent drop compared to the price 24 hours before.
The XRP/USD chart shows the price movements of the Ripple. As can be seen on the chart, the price of the coin has been dropping since late May, after hitting one of the all-time highs. This was during the massive increase in crypto prices in the market.
Although the general sentiment in the market remains bearish, some are expecting the price to increase in the near future. Tuesday trading day was opened by a ripple on a negative side, which has confirmed the fact that the market is largely controlled by bears.
Although there were hopes for the price to reclaim the crucial support of $0.60, the market went bearish. One thing blocking Ripple from upward movement is the 20-day SMA which shows that the price has been stuck under it since July 8.
One thing that traders should look an eye on is the SEC and Ripple settlement. The sides are finally heading towards a crucial phase where different possibilities may arise, including the possibility of closure.
Although 70 percent drop from its highs of around $1.96, XRP still managed to be among the best performing cryptocurrencies in the first quarter of 2021. Other cryptocurrencies in the market are down around 40-30%, while the performance of XRP is more than 21 percent. Because of this, many believe that the upcoming months might be successful for cryptocurrency.
If you believe that the price of Ripple is going to increase, this might be a great time to invest in the crypto asset. There are numerous opportunities that traders have when it comes to crypto investments.
One of the most popular ways of crypto trading is using crypto exchanges, which are very popular in the market. Thanks to the crypto exchanges, you can easily buy any of the crypto assets.
However, when it comes to markets like crypto trading, it might be a little hard to analyze all the important data in the market and make correct decisions. One thing that can help you better analyze the market is using crypto trading bots.
Numerous companies have created crypto trading robots that are very useful for traders. These robots are able to analyze a lot of data in a very short time, which makes them highly effective and efficient.
One of the most popular robots in the market is Bitsgap’s crypto trading bot, which is available on over 25 crypto exchanges. The trading bot of Bitsgap uses your API key to connect with your account as well as the crypto exchange you are using.
Bitsgap is one of the leaders in the market due to the services that it offers to traders. This is an all-in-one trading platform for cryptocurrencies and offers trading, portfolio, arbitrage, signals, and many other things.
Traders can also create a demo account at Bitsgap.com to test out different strategies and see how they work. All of this happens within one interface, which makes trading very comfortable. Bitsgap’s trading bot is capable of analyzing over 10,000 crypto pairs every second, which makes it a very quick and efficient trading bot. Among the crypto exchanges supported by Bitsgap are those like Binance, Kraken, Coinbase, and many others.
To test out the offerings of the Bitsgap trading bot, you can start trading using a free 14-day trial. All you have to do is to go on the website of Bitsgap, open a free account, connect the exchange of your choice, and start trading cryptocurrencies.
The trading platform is secured with a very high-end 2049-bit encryption, which makes it very safe and secure. The company makes sure that your funds remain on the exchange balance and Bitsgap won’t have access to it.
To make sure you are using a strategy that fits your trading needs, you can find predefined strategies offered by Bitsgap. By backtesting these strategies, traders can be sure that they are using a strategy that actually works.
This way, the crypto trading bot will be able to initiate trading for you. Trading bots such as Bitsgap make trading ripple a lot easier and accessible for traders.
Ripple is a famous payment settlement, currency exchange, and remittance system the main aim of which is to create an efficient way of transferring assets. Ripple differs from other crypto assets in the fact that it does not run with a proof-of-work system like bitcoin, for example. Instead, the transactions heavily rely on a consensus protocol to validate account balances and transactions on the system.
Simply put, it is a technology that is capable of acting as both cryptocurrency and a digital payment network for financial transactions. Released back in 2012, it has managed to become very popular around the world. Because it does not use mining, it uses less energy for transactions when compared to other cryptos, like bitcoin for example. The transactions are confirmed very fast and cost very little.
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Author: Peter Williams