As ETH drops, XRP pump continues as price hits $ 0.30

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Almost all of the most popular cryptocurrencies have skyrocketed in recent weeks. Bitcoin briefly hit $ 12,273 last night et Ethereum briefly touched $ 400. But in the wee hours of the morning, the two rooms crashed. Bitcoin, which peaked at $ 12,273, fell to $ 11,235 in five minutes. And Ethereum, which peaked at $ 411, fell to $ 373. But Ripple (XRP), the third largest cryptocurrency by market cap, has walked unhindered. It peaked at $ 0.322561 around 5.30am, retreating only slightly to $ 0.293835 (with each XRP still worth a fraction of ETH and BTC, all decimal points count). It jumped 42% last week, by CoinGecko, and 9.6% in the last day, by CoinMarketCap.

According to CoinMarketCap, Bitcoin has declined 3.5% in the past 24 hours; Ethereum rose 4.89% despite its crash, and XRP rose 9.6%.

Etherum’s will was certainly more ambitious. It hit a two-year high, while XRP hit its highest price since mid-February. But the joke is on Ethereum today after its price fell off a cliff (how long is less certain). XRP is the one major coin that still shines with pride, even though the current price is still 91% from the all-time high of $ 3.40 set in January 2018.

As pointed out by Cryptoglobe, XRP has seen the strongest price growth over the past week among the top 20 cryptocurrencies, ranked by total market capitalization (XRP is # 3).

XRP hit $ 0.25 on Friday—A much anticipated award seen as a barrier to psychological resistance for members of the XRP military, the activist but decreasing Ripple fan base. Then $ 0.3 was the next barrier, one she hit – so briefly.

While members of the XRP military, new and old, are surely happy with the coin’s price hike, there are fears that dumping may diminish that momentum. As seen on Whale Alert, Ripple moved a total of 1 billion XRP from its escrow wallet – which it regularly does once a month – and then locked in 800 million.

What about the remaining 200 million XRP? As of this writing, Whale alert has shared large Ripple transactions totaling around $ 86million so far, between the Ripple OTC Distribution wallet and unknown wallets.

The other lingering question mark is Ripple co-founder Jed McCaleb, who owed XRP 9 billion as part of his settlement with the company after he left. Another transaction yesterday showed 56330248 XRP went from a settlement account to his personal wallet.

As part of his deal with the company, McCaleb is allowed to sell one percent of the daily volume of XRP, and he sells around 2 million XRP every day.

However, if McCaleb were to sell a much larger sum at a time to take advantage of the price hike, it could put a damper on that pump. XRP loyalists are bickering already on social networks on such a possibility.

Warning

The opinions and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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