XRP In Bearish Mode As Ripple Unlatches 1 Billion Tokens From 2 Wallets

2022-8-3 20:30

Ripple (XRP) is in bearish mode and was down 1.93% as seen overnight. Moreover, Ripple has recently freed up over 1 billion XRP tokens coming from two separate escrow wallets. Currently, the crypto trades at $0.38 on the biggest spot exchanges.

Ripple has evidently locked over 55% of XRP’s total supply in escrows way back 2017. Analysts believe that its bearish sentiment or weakness is relevant to Bitcoin’s failure to surpass the $24,000 mark as opposed to the controversial unclasping of new tokens that happened recently.

In effect, Ripple is trying to restore most of the tokens that they’re sending to escrow. Additionally, unlocking of the new tokens happen every first day of the month and has no effect whatsoever on XRP price. In spite of the misunderstanding, most of these tokens won’t necessarily swamp crypto exchanges.

Ripple Sold Over $408 Million Of XRP In Q2

To date, Ripple has sold roughly $408 million of XRP in Q2. The recent success or increase in sales is attributed mainly to On-Demand Liquidity Service picking up steam.

Jed McCalbe, Co-Founder of Ripple, has sold the rest of his XRP tokens the previous month which means his letting go of XRP and won’t be able to support or add to Ripple’s selling momentum. According to CoinMarketCap, as of press time, XRP’s total circulating supply is at 48.3 billion tokens.

On July 30, XRP price has skyrocketed by 13% on July 30 and held on to the liquidity that snuggled right above the highs spotted at $0.387.  The recent upturn was exceptional but fell short in terms of momentum. In effect, XRP price ducked and splitting gains.

Further Downtrend Looms For XRP

The four-hour candlestick was seen to close just below the support zone of $0.381 which indicates further downturn. In any case, investors should foresee XRP price to reopen at the support level of $0.340.

On the flip side, if XRP price can stay afloat or above $0.381, then that validates this position as a support level. Further, this also rescinds the bearish perspective. When this happens, the XRP price can potentially pave the way to revisit the resistance zone spotted at $0.439.

On June 22, Ripple Labs announced the launch of their new office in Toronto, Canada plus plans on hiring initially around 50 engineers with plans to hire 100 to 200 staff down the line.  Brad Garlinghouse, Ripple Labs CEO, was ecstatic as seen in the video posted on Ripple’s Twitter page, describing Toronta as a hub for “excellent engineering talent.”

XRP total market cap at $17.7 billion on the weekly chart | Source: TradingView.com Featured image from Ripple Coin News, chart from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 1.5295 (-1.43%)
Объем 24H $19.22b
Изменеия 24h: 9.35 %, 7d: 47.12 %
Cегодня L: $1.4475 - H: $1.6124
Капитализация $87.181b Rank 6
Цена в час новости $ 0.3649 (319.16%)

ripple xrp billion tokens wallets bearish mode

Источник: newsbtc.com

ripple xrp → Результатов: 126


Победа Ripple в суде может обеспечить XRP взрывной рост

После решения суда в пользу XRP Ripple в деле против Комиссии по ценным бумагам и биржам (SEC) ожидается, что стоимость токена заметно повысится. По итогам давней судебной тяжбы суд обязал Ripple выплатить штраф в размере $125 млн, при этом XRP не будет классифицирован как ценная бумага.

2024-8-10 15:20


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ripple CTO Reveals Why The Payment Business Hasn’t Caught On In A ‘Big Way’

In an exchange on X (formerly Twitter), Ripple’s Chief Technology Officer David Schwartz, also known as “JoelKatz”, addressed criticisms about his company and the XRP Ledger. Has Ripple Failed With Its Payments Business? User @188ape challenged Schwartz by questioning the uniqueness of the XRPL in today’s market, stating that it seems like “most new layer […]

Ripple USD Gains Early Customer Commitments Ahead Of Launch

Ripple President Monica Long has revealed that the company’s upcoming US dollar stablecoin, Ripple USD (RLUSD), has already secured early customer commitments prior to its official launch. Speaking at the Singapore Fintech Festival, Long emphasized that stablecoins are set to become a “massive trend” in the payments industry.

Ripple Rumored To Consider Dirham-Backed Stablecoin In UAE

Ripple Labs could be exploring the launch of a dirham-backed stablecoin in the United Arab Emirates (UAE), expanding beyond its existing US-dollar-backed stablecoin, RLUSD. This speculation arises following Ripple’s newest blog post dated November 7, 2024, titled “UAE Stablecoin Regulation: A Blueprint for Financial Innovation.

Ripple Vs. SEC: New Deadline Announced By Second Circuit Court

The United States Court of Appeals for the Second Circuit has issued an order in the XRP lawsuit between the Securities and Exchange Commission (SEC) and Ripple Labs, Inc. The court has mandated that the SEC must file its appellate brief by January 15, 2025, setting a firm deadline. Ripple Case Update: New SEC Filing […]

Ripple Files Civil Appeal Pre-Argument Statement Against SEC: Key Takeaways

On Thursday, October 24, Ripple Labs filed the Civil Appeal Pre-Argument Statement, known as Form C, in its case with the US Securities and Exchange Commission (SEC). This document outlines the critical issues the company intends to present on appeal, each subject to a de novo standard of review, meaning the appellate court will re-examine […]

Elon Musk Speaks Out On XRP: A Game Changer For Crypto?

Elon Musk, CEO of Tesla and SpaceX, directly mentioned XRP for the first time during a Town Hall meeting in Pittsburgh, Pennsylvania. The dialogue unfolded when an attendee, seemingly a supporter, asked Musk: “Do you envision the XRP Ledger being incorporated into financial institutions in the future?” He responded thoughtfully: “I do think that cryptocurrency […]