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Monero Whale sighting: A Rare Occurrence - Monero News, XMR Price Analysis. Thursday, August 30

30 august 2018, 19:03 by Jofor Humani

Monero Cryptocurrency News

Monero Whale sighting: A Rare Occurrence

It is not something seen often in cryptophere: Monero whale sighting, but this was witnesses on Tuesday this week when a Monero wallet holding billions of XRP moved funds to another wallet belonging to another whale raising speculations that the founders have something up their sleeves. Some are saying the individuals behind Monero are preparing for something big.

A view at the XRPL Monitor of the transaction shows that two transactions moved 6.7 billion XRP tokens under 10 minutes as shown by the Monitor report:

“Transaction Type: Payment
Amount: 4,668,132,964 XRP
Fee: 12 drops (0.000012 XRP)
Sender: r9kkWNia8PmpR44L7mWZn33Hpff3CCzLjA
Sender Balance: 20.980988
Receiver: rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US
Receiver Balance: 4,668,133,063.993”

This has drawn the attention of many in the crypto community due to the rarity of such large fund movement in Monero. This happening is common with Ethereum which hosts initial coin offerings and the funds expectedly moved by founders. The second transaction report says:

Transaction Type: Payment
Amount: 4,668,132,964 XRP
Fee: 12 drops (0.000012 XRP)
Sender: r9kkWNia8PmpR44L7mWZn33Hpff3CCzLjA
Sender Balance: 20.980988
Receiver: rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US
Receiver Balance: 4,668,133,063.993

The total funds moved by the whales are close to $2.1 billion.

Monero is a privacy coin which is secure and completely anonymous due to its ring signature that ensures that funds moved around are untraceable.

XMR Price

Monero Ends Its Sojourn in Greenish Territory

After breaking its 20-day EMA three days ago, Monero faced strong resistance at the $109.20 with increasing bearish pressure building from the horizontal trendline. It was obvious that the 50-day SMA and long-term down trend will cause selloffs and this is what happened.

As at the time of report the coin is selling in red as the green lasted until this morning. The report from Uma Johnson of Smart Ethereum stated that, “The price of Monero (XMR) fell below a significant support all the way to $98.01. This shows that there has been a 5.81% fall in price against the USD and a 3.01% fall against Bitcoin. The trading volume within a 24 hour period is about $29,441,794 while the current market capitalization is $1,604,815,833. The circulating supply of Monero in the market at the time of writing was about 16,362,655 XMR.”

XMR has had a good run in recent weeks despite the bearish market even getting ahead by 9.96 percent on the weekly chart. Trading View reported that,

 “Trend line A was busted to the upside and price reached the previous high to find a wall of sellers. There was some buying interest added to the market on the break, but not a ton of momentum so the previous high was tested and profit-taking set in. 

Price is on a typical throwback to trend line A, which now should act as support (or an area of buying interest). Original buyers and people that did not buy the first break will likely get in on a test of trend line support. 
For trading purposes, we recommend a wait for a drop to support or a break of the higher longer-term trend line “

Andy Gur is also long on XMR while analyzing XMR/BTC trend at Bitfinex, he said, “On the negative side, we are in a bear market, we have strong resistances ahead and we have to be prepared for anything. Going back to 2016 levels is not unthinkable at this point.”

XMR/USD Price Chart, Thursday August 30th:

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