XRP is Waking Up But Liquidity in All the Major Corridors Are Taking A Hit

XRP recording gains today but 415 million XRP moved by the $2 billion PlusToken Ponzi scheme poses risk for the digital asset. Meanwhile, people are still buying it.

The fourth-largest cryptocurrency XRP isn’t doing really well. Not only it is one of the worst-performing top coins of 2020 with over 6% negative returns but is still down more than 95% from its all-time high of $3.92.

But it might start picking up finally. Today, XRP has jumped nearly 4% and is currently trading at $0.185.

“Suddenly, the majors start waking up. LTC, EOS, and even XRP are showing great candles,” tweeted trader Crypto Michaël.

According to him, XRP needs to reclaim $0.195 for a test of $0.23 which should put it back above 100-day and 200-day MA.

“For this one; back to support,” he said adding “Similar to BTC pair -> needs to reclaim 2075 and then 2400 sats test likely.”

Adding pressure to the price is the 415 million XRP that is moved by the $2 billion PlusToken Ponzi scheme. Some of these XRP are also sent to exchanges viz. Huobi, OKEx, and HBTC.

Amidst this, XRP holders are partaking in some accumulation. Small to big XRP holders, all bought more XRP but the amount added has been relatively low.

As per the rich list, the top 100 accounts own over 69% of XRP in circulation at 35 billion.

Declining Liquidity Across the Board

XRP may be ready to move but its inaction for a long time has spilled onto its ODL indices. The liquidity index for Bitso, XRP/MXN, one of the most active corridors has fallen to its lowest numbers.

On June 1st, 2020, it hit its all-time high of 37.3 million which has declined to 2.3 million on June 25th, a new low for 2020.

The market liquidity here covers more than just trade volume and helps in assessing “net” liquidity provision.

The case is the same for all the other Liquidity Indexes.

Bitstamp XRP/EUR, has fallen to 7.3 million, last seen in March 2020, from the high of 35.7 million earlier this month. Coin.ph XRP/PHP climbed to 11.5 million in April and is currently at just 1 million, back to early January levels. XRP/AUD market tumbled to 992k, down from 16 million high last month, as per Liquidity Index Bot.

Ripple (XRP) Live Price

1 XRP/USD =$0.1816 change ~ 2.74%

Coin Market Cap

$7.86 Billion

24 Hour Volume

$124.43 Million

24 Hour VWAP

$0

24 Hour Change

$0.0050

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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