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XRP has seen some decent bullishness over the past several days, which has allowed the cryptocurrency to secure what appears to be a strong foothold within the mid-$0.20 region.

This bullishness has come about in the face of turbulence within the aggregated crypto markets, with Bitcoin struggling to break through the intense resistance that exists between $9,500 and $9,600.

Although XRP’s market structure appears to be highly bullish at the moment, it is important to note that Ripple – the San Francisco-based FinTech company with close ties to XRP – recently received nearly $200 million worth of tokens from their escrow account, meaning that the crypto may soon see a strong selloff.

At the time of writing, XRP is trading up just under one percent at its current price of $0.255, which marks a notable climb from its daily lows of roughly $0.24 that was set around this time yesterday.

It is important to note that XRP has been outperforming Bitcoin over the past 24-hours, and the cryptocurrency appears to be shaping up to see significant further upside in the near-term.

CryptoBirb, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he is more bullish on XRP than he has ever been before, noting that there are a few key factors that warrant his bullishness.

“First time ever I am bullish on XRP in my entire career. Here’s why: – 7-month consolidation – price action near range lows – solid HTF bullish momentum divergence – major altcoin sleeping giants slowly awaking – might be good addition for steady long-term growth.”

Many analysts and investors alike have attributed much of XRP’s bearishness in 2019 to Ripple’s quarterly token sales.

It is possible that the company will continue providing a steady stream of selling pressure on the token, as they just unlocked nearly $200 million worth of XRP that could soon be sold on the open markets.

Jacob Canfield – another prominent cryptocurrency analyst on Twitter – spoke about this latest escrow unlock, noting that the two consecutive escrow transfers total at 700 million XRP worth roughly $178 million.

This latest escrow unlock could be a test of buyer’s strength, as sustained upward momentum could signal that the crypto will see significant further gains in spite of Ripple’s quarterly token sales.

The post Ripple offloads nearly $200m in XRP; will this thwart its growing signs of bullishness? appeared first on CryptoSlate.

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