In summary:<\/p>\n
The digital asset of XRP has had an eventful first half of the third quarter of 2020. July 1st found XRP trading at around the $0.17 support zone. Since then, the digital asset has since broken out of a two-year-long falling wedge first identified by the veteran crypto analyst, MagicPoopCannon. Furthermore, XRP has since reclaimed its number 3 spot from Tether (USDT) on Coinmarketcap.<\/p>\n
XRPs upward momentum has resulted in a local peak of $0.327 on the 2nd of August. In the same time period, the daily XRP trade volume has increased from $1 Billion to $5.17 Billion. The latter value was attained on the same date of August 2nd and after the local top was achieved. This is an increment of 417% since the beginning of the third quarter of 2020.<\/p>\n
The chart below by Santiment.net provides a better visual cue of the increment in daily trade volume.<\/p>\n
At the time XRP was attempting to claim the $0.30 resistance level, the team at Ripple released the Q2 XRP market report. One key takeaway from the document is the announcement by Ripple, of the sale of $32.55 Million in XRP during the second quarter of 2020.<\/p>\n
The sale of the aforementioned XRP was Over-The-Counter and thus did not affect the crypto market value of the digital asset. The team at Ripple further elaborated on this fact as follows.<\/p>\n
In Q2 2020, total XRP sales were $32.55 million (USD) vs. $1.75 million the previous quarter. Ripple continued the pause of programmatic sales, focusing solely on its over-the-counter (OTC) sales as part of providing increased XRP liquidity to RippleNets On-Demand Liquidity (ODL) customers. This added liquidity is vital as ODL continues to evolve and expand into new corridors.<\/p>\n
Summing it up, if the current bullish crypto market environment prevails, XRP looks set to continue on its upward trajectory and possibly hit the $0.77 value predicted by Magic.<\/p>\n
As with all analyses of XRP, traders and investors are advised to have an eye out for any sudden price movements by Bitcoin that might affect the crypto markets.<\/p>\n
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See more here:<\/p>\n
XRP Daily Trade Volume Increases by Over 400% in Q3, 2020 - Ethereum World News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" In summary: The digital asset of XRP has had an eventful first half of the third quarter of 2020. July 1st found XRP trading at around the $0.17 support zone. Continue reading