Friday, November 22, 2019

Ripple’s XRP: Confirmation Of A Breakout Needed

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on [email protected]

Ripple’s XRP was created to introduce better solutions for cross border payments; and now, the revolutionary digital asset has advanced past a significant trend line resistance on the long term chart, which requires confirmation by means of moving past specific levels so that the bulls can gain an advantage.

Bulls On The Right Path To Breakthrough

XRP/USD has made a gain of about 1.7 percent on the day at $0.3150 as a result of hitting a $0.320 high. Besides, so far, the day’s range has exceeded 3 percent. The first and significant sign of a breakout was witnessed on the coin’s 12-hour chart, in which bulls somehow succeeded in pushing past a major descending trend line resistance.

However, success lies in sustaining past the day’s recorded high, $0.3203 and $0.327, as this will determine how far the bulls will go in this North-bound journey.

Ripple and India’s Federal Bank Partnership

The Ripple xCurrent has captured the attention of India’s Federal Bank. The Federal Bank has announced a partnership between itself and Ripple to make use of the company’s xCurrent cross-border payment solution. The bank added that Ripple’s network of financial institutions and banks would be used in its pursuit of other ventures.

Meanwhile, Bitrue, the Singapore-based crypto exchange, is boosting XRP for the third time this week. The crypto asset is currently paired with Binance Coin.

Another Bithumb Attack

In less than a year, Bithumb has suffered its second attack as the attackers were able to cart away 20 million XRP and 3 million EOS coins. The ensuing laundering of the 21 million dollar haul was later tracked by a twitter analyst in real time, as the hacker exchanged the tainted coins for other digital currencies on non-KYC exchanges.

It then came to light that in the course of the attack, 20 Million XRP were stolen alongside the EOS. The XRP funds that got stolen are worth about $6 million. This prompted Bithumb to start transferring the remaining funds that were still in the hot wallet into the cold wallet.

Meanwhile, the stolen funds were laundered through complex back-and-forth transactions between addresses and multiple exchanges.

Bithumb Reiterates Commitment to Security

Bithumb reminded its users through a post on Twitter via its official handle that their funds remained safe:

“We deeply apologize to our members for delaying the cryptocurrency deposit and withdrawal service, we would like to inform you of the circumstances of the grounds and confirm that your assets are safe.”

Bithumb also assured its users that the stolen funds would be recovered and that security would be improved upon.

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